[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 45-5589518 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
104 La Mesa Drive, Suite 102, Portola Valley, CA | 94028 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer [ ] | Accelerated filer [ ] | Non-accelerated filer [x] | Smaller reporting company [ ] |
Emerging growth company [ ] |
Class | Outstanding as of May 14, 2019 | |
Common Stock, $0.001 par value | 100,000 |
PART I — FINANCIAL INFORMATION | |
Item 1. | Financial Statements |
Condensed Statements of Assets and Liabilities (Unaudited) | |
As of March 31, 2019 and December 31, 2018 | |
Condensed Statements of Operations (Unaudited) | |
For the three months ended March 31, 2019 and 2018 | |
Condensed Statements of Changes in Net Assets (Unaudited) | |
For the three months ended March 31, 2019 and 2018 | |
Condensed Statements of Cash Flows (Unaudited) | |
For the three months ended March 31, 2019 and 2018 | |
Condensed Schedules of Investments (Unaudited) | |
As of March 31, 2019 and December 31, 2018 | |
Notes to Condensed Financial Statements (Unaudited) | |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
PART II — OTHER INFORMATION | |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
SIGNATURES |
March 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Loans, at estimated fair value | |||||||
(cost of $194,164,286 and $233,935,818) | $ | 170,447,934 | $ | 210,722,764 | |||
Derivative asset - interest rate swap | 205,070 | 352,121 | |||||
Cash and cash equivalents | 606,666 | 2,839,766 | |||||
Dividend and interest receivables | 1,819,237 | 2,352,345 | |||||
Other assets | 767,738 | 822,885 | |||||
Total assets | 173,846,645 | 217,089,881 | |||||
LIABILITIES | |||||||
Borrowings under debt facility | 58,500,000 | 87,500,000 | |||||
Accrued management fees | 1,086,542 | 1,356,812 | |||||
Accounts payable and other accrued liabilities | 319,111 | 434,646 | |||||
Total liabilities | 59,905,653 | 89,291,458 | |||||
NET ASSETS | $ | 113,940,992 | $ | 127,798,423 | |||
Analysis of Net Assets: | |||||||
Capital paid in on shares of capital stock | $ | 322,645,000 | $ | 322,645,000 | |||
Net unrealized depreciation on investments | (23,511,282 | ) | (22,860,933 | ) | |||
Distribution in excess of net investment income | (185,192,726 | ) | (171,985,644 | ) | |||
Net assets (equivalent to $1,139.41 and $1,277.98 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 10) | $ | 113,940,992 | $ | 127,798,423 |
For the Three Months Ended March 31, 2019 | For the Three Months Ended March 31, 2018 | ||||||
INVESTMENT INCOME: | |||||||
Interest on loans | $ | 6,602,685 | $ | 11,432,014 | |||
Other interest and other income | 21,276 | 22,427 | |||||
Total investment income | 6,623,961 | 11,454,441 | |||||
EXPENSES: | |||||||
Management fees | 1,086,542 | 2,129,707 | |||||
Interest expense | 1,034,182 | 1,423,331 | |||||
Banking and professional fees | 178,616 | 148,418 | |||||
Other operating expenses | 39,955 | 31,486 | |||||
Total expenses | 2,339,295 | 3,732,942 | |||||
Net investment income | 4,284,666 | 7,721,499 | |||||
Net realized gain (loss) from loans | 4,125 | (293,025 | ) | ||||
Net realized gain (loss) from derivative instruments | 79,220 | (102,113 | ) | ||||
Net change in unrealized loss from loans | (503,299 | ) | (2,394,351 | ) | |||
Net change in unrealized gain (loss) from derivative instruments | (147,050 | ) | 412,686 | ||||
Net realized and change in unrealized loss from loans and derivative instruments | (567,004 | ) | (2,376,803 | ) | |||
Net increase in net assets resulting from operations | $ | 3,717,662 | $ | 5,344,696 | |||
Amounts per common share: | |||||||
Net increase in net assets resulting from operations per share | $ | 37.18 | $ | 53.45 | |||
Weighted average shares outstanding | 100,000 | 100,000 |
For the Three Months Ended March 31, 2019 | For the Three Months Ended March 31, 2018 | ||||||
Net increase in net assets resulting from operations: | |||||||
Net investment income | $ | 4,284,666 | $ | 7,721,499 | |||
Net realized gain (loss) from loans | 4,125 | (293,025 | ) | ||||
Net realized gain (loss) from derivative instruments | 79,220 | (102,113 | ) | ||||
Net change in unrealized loss from loans | (503,299 | ) | (2,394,351 | ) | |||
Net change in unrealized gain (loss) from derivative instruments | (147,050 | ) | 412,686 | ||||
Net increase in net assets resulting from operations | 3,717,662 | 5,344,696 | |||||
Distributions of income to shareholder | (4,368,011 | ) | (1,402,486 | ) | |||
Return of capital to shareholder | (13,207,082 | ) | — | ||||
Contributions from shareholder | — | 1,620,000 | |||||
Net increase (decrease) in capital transactions | (17,575,093 | ) | 217,514 | ||||
Net increase (decrease) in net assets | (13,857,431 | ) | 5,562,210 | ||||
Net assets | |||||||
Beginning of period | 127,798,423 | 212,657,017 | |||||
End of period (Undistributed net investment income of $0 and $5,923,874) | $ | 113,940,992 | $ | 218,219,227 |
For the Three Months Ended March 31, 2019 | For the Three Months Ended March 31, 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net increase in net assets resulting from operations | $ | 3,717,662 | $ | 5,344,696 | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |||||||
Net realized (gain) loss from loans | (4,125 | ) | 293,025 | ||||
Net realized (gain) loss from derivative instruments | (79,220 | ) | 102,113 | ||||
Net change in unrealized loss from loans | 503,299 | 2,394,351 | |||||
Net change in unrealized (gain) loss from derivative instruments | 147,050 | (412,686 | ) | ||||
Amortization of deferred costs related to borrowing facility | 93,593 | 93,593 | |||||
Net decrease in dividend and interest receivables | 533,108 | 65,608 | |||||
Net (increase) decrease in other assets | (38,445 | ) | 287,485 | ||||
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees | (385,805 | ) | 420,930 | ||||
Origination of loans | — | (36,000,000 | ) | ||||
Principal payments on loans | 39,700,563 | 30,084,515 | |||||
Acquisition of equity securities | — | (1,254,403 | ) | ||||
Net cash provided by operating activities | 44,187,680 | 1,419,227 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Cash distributions to shareholder | (17,500,000 | ) | — | ||||
Contributions from shareholder | — | 1,620,000 | |||||
Borrowing under debt facility | — | 9,500,000 | |||||
Repayments of borrowings under debt facility | (29,000,000 | ) | (11,000,000 | ) | |||
Payments made for interest rate swap | — | (102,113 | ) | ||||
Payments received from interest rate swap | 79,220 | — | |||||
Net cash provided by (used in) financing activities | (46,420,780 | ) | 17,887 | ||||
Net increase (decrease) in cash and cash equivalents | (2,233,100 | ) | 1,437,114 | ||||
CASH AND CASH EQUIVALENTS: | |||||||
Beginning of period | 2,839,766 | 4,931,102 | |||||
End of period | $ | 606,666 | $ | 6,368,216 | |||
SUPPLEMENTAL DISCLOSURES: | |||||||
CASH PAID DURING THE PERIOD: | |||||||
Interest - Debt facility | $ | 1,027,516 | $ | 930,024 | |||
NON-CASH OPERATING AND FINANCING ACTIVITIES: | |||||||
Distributions of equity securities to shareholder | $ | 75,093 | $ | 1,402,486 | |||
Receipt of equity securities as repayment of loans | $ | 75,093 | $ | 148,084 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Biotechnology | |||||||||||||||||||||||
Phylagen, Inc. | Senior Secured | 12.0% | $ | 34,477 | $ | 34,074 | $ | 34,074 | 7/1/2019 | ||||||||||||||
Phylagen, Inc. | Senior Secured | 12.0% | 99,447 | 98,565 | 98,565 | 3/1/2020 | |||||||||||||||||
Biotechnology Total | 0.1% | $ | 133,924 | $ | 132,639 | $ | 132,639 | ||||||||||||||||
Computers and Storage | |||||||||||||||||||||||
Canary Connect, Inc. | Senior Secured | 12.8% | $ | 964,790 | $ | 784,858 | $ | 784,858 | 12/1/2020 | ||||||||||||||
HyperGrid, Inc. | Senior Secured | 11.5% | 409,205 | 403,552 | 403,552 | 12/1/2019 | |||||||||||||||||
Rigetti & Co., Inc. | Senior Secured | 9.0% | 2.8% | 1,135,720 | 1,121,926 | 1,121,926 | 1/1/2020 | ||||||||||||||||
Computers and Storage Total | 2.0% | $ | 2,509,715 | $ | 2,310,336 | $ | 2,310,336 | ||||||||||||||||
Internet | |||||||||||||||||||||||
Amino Payments, Inc. | Senior Secured | 9.0% | 4.1% | $ | 114,928 | $ | 113,558 | $ | 113,558 | 3/1/2021 | |||||||||||||
Amino Payments, Inc. | Senior Secured | 9.0% | 5.2% | 232,513 | 224,120 | 224,120 | 3/1/2021 | ||||||||||||||||
Amino Payments, Inc. | Senior Secured | 9.0% | 4.4% | 230,561 | 227,897 | 227,897 | 3/1/2021 | ||||||||||||||||
Amino Payments, Inc. Subtotal | 578,002 | 565,575 | 565,575 | ||||||||||||||||||||
Apartment List, Inc. | Senior Secured | 11.0% | 373,648 | 368,540 | 368,540 | 11/1/2019 | |||||||||||||||||
Bitfinder, Inc. | Senior Secured | 10.5% | 312,561 | 306,068 | 306,068 | 9/1/2020 | |||||||||||||||||
Bombfell, Inc. | Senior Secured | 11.0% | 375,800 | 363,223 | 363,223 | 1/1/2021 | |||||||||||||||||
Bombfell, Inc. | Senior Secured | 11.0% | 421,394 | 416,876 | 416,876 | 4/1/2021 | |||||||||||||||||
Bombfell, Inc. Subtotal | 797,194 | 780,099 | 780,099 | ||||||||||||||||||||
Cowboy Analytics, LLC | Senior Secured | 5.5% | 259,030 | 159,447 | 115,712 | * | |||||||||||||||||
CustomMade, Inc. | Senior Secured | 11.0% | 1,374,552 | 699,276 | 699,276 | * | |||||||||||||||||
Deja Mi, Inc. | Senior Secured | 0% | 100,000 | 803,288 | 11,300 | * | |||||||||||||||||
Digital Caddies, Inc.** | Senior Secured | 18.0% | 989,068 | 987,584 | — | * | |||||||||||||||||
DreamCloud Holdings, LLC | Senior Secured | 12.0% | 151,661 | 127,097 | 83,610 | 1/1/2020 | |||||||||||||||||
Giddy Apps, Inc. | Senior Secured | 18.0% | 1,240,498 | 986,954 | — | * | |||||||||||||||||
Glide, Inc.** ^ | Senior Secured | 11.0% | 4,196,976 | 3,842,486 | 643,833 | * | |||||||||||||||||
Honk Technologies, Inc. | Senior Secured | 11.5% | 491,078 | 483,877 | 483,877 | 12/1/2019 | |||||||||||||||||
Honk Technologies, Inc. | Senior Secured | 11.5% | 497,443 | 493,441 | 493,441 | 5/1/2020 | |||||||||||||||||
Honk Technologies, Inc. Subtotal | 988,521 | 977,318 | 977,318 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Leading ED, Inc. | Senior Secured | 10.0% | 175,000 | 76 | — | * | |||||||||||||||||
Playstudios, Inc. | Senior Secured | 10.0% | 866,455 | 845,303 | 845,303 | 3/1/2021 | |||||||||||||||||
Radius Intelligence, Inc. | Senior Secured | 18.0% | 7,421,159 | 7,009,242 | 6,033,730 | * | |||||||||||||||||
Relay Network, LLC | Senior Secured | 8.0% | 4.4% | 642,373 | 626,131 | 626,131 | 9/1/2020 | ||||||||||||||||
Relay Network, LLC | Senior Secured | 8.0% | 4.4% | 642,469 | 636,130 | 636,130 | 9/1/2020 | ||||||||||||||||
Relay Network, LLC Subtotal | 1,284,842 | 1,262,261 | 1,262,261 | ||||||||||||||||||||
Spot.IM, Ltd.** ^ | Senior Secured | 11.8% | 124,480 | 120,008 | 120,008 | 5/1/2020 | |||||||||||||||||
Spot.IM, Ltd.** ^ | Senior Secured | 12.5% | 125,017 | 122,817 | 122,817 | 5/1/2020 | |||||||||||||||||
Spot.IM, Ltd.** ^ | Senior Secured | 12.5% | 164,881 | 160,003 | 160,003 | 12/1/2019 | |||||||||||||||||
Spot.IM, Ltd.** ^ Subtotal | 414,378 | 402,828 | 402,828 | ||||||||||||||||||||
Tango Card, Inc. | Senior Secured | 12.0% | 1,037,073 | 1,023,488 | 1,023,488 | 11/1/2020 | |||||||||||||||||
Thrive Market, Inc. | Senior Secured | 12.0% | 1,024,768 | 1,014,513 | 1,014,513 | 9/1/2019 | |||||||||||||||||
Thrive Market, Inc. | Senior Secured | 12.0% | 512,404 | 510,624 | 510,624 | 9/1/2019 | |||||||||||||||||
Thrive Market, Inc. Subtotal | 1,537,172 | 1,525,137 | 1,525,137 | ||||||||||||||||||||
Traackr, Inc. | Senior Secured | 11.8% | 9,471 | 9,455 | 9,455 | 4/1/2019 | |||||||||||||||||
YouDocs Beauty, Inc. | Senior Secured | 11.0% | 1,350,000 | 1,192,024 | 1,192,024 | * | |||||||||||||||||
Internet Total | 14.8% | $ | 25,457,261 | $ | 23,873,546 | $ | 16,845,557 | ||||||||||||||||
Medical Devices | |||||||||||||||||||||||
Anutra Medical, Inc. | Senior Secured | 10.0% | $ | 121,606 | $ | 116,587 | $ | 116,587 | 12/1/2019 | ||||||||||||||
AxioMed, Inc. | Unsecured | 0% | 14,238 | 14,238 | — | * | |||||||||||||||||
Renovia, Inc. | Senior Secured | 11.0% | 689,679 | 682,883 | 682,883 | 11/1/2020 | |||||||||||||||||
Renovia, Inc. | Senior Secured | 11.0% | 528,881 | 514,175 | 514,175 | 6/1/2020 | |||||||||||||||||
Renovia, Inc. Subtotal | 1,218,560 | 1,197,058 | 1,197,058 | ||||||||||||||||||||
Medical Devices Total | 1.2% | $ | 1,354,404 | $ | 1,327,883 | $ | 1,313,645 | ||||||||||||||||
Other Healthcare | |||||||||||||||||||||||
4G Clinical LLC | Senior Secured | 11.0% | $ | 561,742 | $ | 547,021 | $ | 547,021 | 7/1/2020 | ||||||||||||||
Clover Health Investments Corporation | Senior Secured | 11.3% | 9,891,119 | 9,891,119 | 9,891,119 | 10/1/2022 | |||||||||||||||||
Clover Health Investments Corporation | Senior Secured | 11.0% | 18,617,018 | 18,617,018 | 18,617,018 | 3/1/2022 | |||||||||||||||||
Clover Health Investments Corporation Subtotal | 28,508,137 | 28,508,137 | 28,508,137 | ||||||||||||||||||||
Lean Labs, Inc. | Senior Secured | 12.0% | 11,051 | 10,982 | 10,982 | 4/1/2019 | |||||||||||||||||
MD Revolution, Inc. | Senior Secured | 12.5% | 533,230 | 523,261 | 523,261 | 3/1/2020 | |||||||||||||||||
mPharma Data, Inc.** ^ | Senior Secured | 10.0% | 280,112 | 277,062 | 277,062 | 3/1/2021 | |||||||||||||||||
mPharma Data, Inc.** ^ | Senior Secured | 10.0% | 237,243 | 230,349 | 230,349 | 11/1/2020 | |||||||||||||||||
mPharma Data, Inc.** ^ Subtotal | 517,355 | 507,411 | 507,411 | ||||||||||||||||||||
Myolex, Inc. | Senior Secured | 18.0% | 762,531 | 726,537 | 238,967 | * |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Physician Software Systems, LLC | Senior Secured | 18.0% | 164,677 | 148,042 | — | * | |||||||||||||||||
Project Healthy Living, Inc. | Senior Secured | 11.0% | 408,033 | 401,830 | 401,830 | 9/1/2019 | |||||||||||||||||
Sparta Software Corporation | Senior Secured | 10.0% | 2.5% | 95,307 | 92,437 | 92,437 | 6/1/2020 | ||||||||||||||||
Wellist, Inc. | Senior Secured | 12.3% | 65,782 | 65,194 | 65,194 | 12/1/2019 | |||||||||||||||||
Other Healthcare Total | 27.1% | $ | 31,627,845 | $ | 31,530,852 | $ | 30,895,240 | ||||||||||||||||
Other Technology | |||||||||||||||||||||||
BloomLife, Inc. | Senior Secured | 12.0% | $ | 139,576 | $ | 135,745 | $ | 135,745 | 4/1/2020 | ||||||||||||||
Consumer Physics, Inc.** ^ | Senior Secured | 11.0% | 934,466 | 851,420 | 697,530 | 11/1/2020 | |||||||||||||||||
Ensyn Corporation | Senior Secured | 12.3% | 290,994 | 288,836 | 288,836 | 6/1/2019 | |||||||||||||||||
Ensyn Corporation | Senior Secured | 12.3% | 756,684 | 752,383 | 752,383 | 11/1/2019 | |||||||||||||||||
Ensyn Corporation Subtotal | 1,047,678 | 1,041,219 | 1,041,219 | ||||||||||||||||||||
ETN Media, Inc. | Senior Secured | 11.5% | 180,689 | 176,623 | 143,638 | 7/1/2020 | |||||||||||||||||
ETN Media, Inc. | Senior Secured | 11.5% | 180,813 | 179,123 | 145,595 | 7/1/2020 | |||||||||||||||||
ETN Media, Inc. Subtotal | 361,502 | 355,746 | 289,233 | ||||||||||||||||||||
Flo Water, Inc. | Senior Secured | 11.5% | 171,898 | 164,711 | 164,711 | 5/1/2020 | |||||||||||||||||
FMTwo Game, Inc. | Senior Secured | 4.0% | 500,000 | 193,300 | 18,900 | * | |||||||||||||||||
Gap Year Global, Inc. | Senior Secured | 18.0% | 90,768 | 86,359 | — | * | |||||||||||||||||
Greats Brand, Inc. | Senior Secured | 11.0% | 81,494 | 80,913 | 80,913 | 12/1/2019 | |||||||||||||||||
Greats Brand, Inc. | Senior Secured | 11.0% | 37,048 | 36,309 | 36,309 | 7/1/2019 | |||||||||||||||||
Greats Brand, Inc. Subtotal | 118,542 | 117,222 | 117,222 | ||||||||||||||||||||
Heartwork, Inc. | Senior Secured | 11.0% | 423,117 | 400,656 | 204,651 | 9/1/2020 | |||||||||||||||||
Hint, Inc. | Senior Secured | 11.0% | 2,031,715 | 1,929,884 | 1,929,884 | 3/1/2021 | |||||||||||||||||
Hint, Inc. | Senior Secured | 11.0% | 2,329,216 | 2,329,216 | 2,329,216 | 7/1/2021 | |||||||||||||||||
Hint, Inc. Subtotal | 4,360,931 | 4,259,100 | 4,259,100 | ||||||||||||||||||||
ICON Aircraft, Inc. | Senior Secured | 10.0% | 268,800 | 267,785 | 267,785 | 5/1/2019 | |||||||||||||||||
June Life, Inc. | Senior Secured | 11.8% | 496,650 | 487,093 | 487,093 | 3/1/2020 | |||||||||||||||||
June Life, Inc. | Senior Secured | 11.8% | 496,765 | 492,218 | 492,218 | 3/1/2020 | |||||||||||||||||
June Life, Inc. Subtotal | 993,415 | 979,311 | 979,311 | ||||||||||||||||||||
LanzaTech New Zealand Ltd. | Senior Secured | 13.3% | 2,038,707 | 2,019,216 | 2,019,216 | 3/1/2021 | |||||||||||||||||
LanzaTech New Zealand Ltd. | Senior Secured | 13.0% | 1,971,102 | 1,949,427 | 1,949,427 | 9/1/2020 | |||||||||||||||||
LanzaTech New Zealand Ltd. | Senior Secured | 13.0% | 1,356,476 | 1,302,511 | 1,302,511 | 3/1/2020 | |||||||||||||||||
LanzaTech New Zealand Ltd. Subtotal | 5,366,285 | 5,271,154 | 5,271,154 | ||||||||||||||||||||
Neuehouse, LLC | Senior Secured | 12.0% | 1,750,000 | 1,323,215 | 1,323,215 | * | |||||||||||||||||
Noteleaf, Inc. | Senior Secured | 11.0% | 939,749 | 925,351 | 925,351 | 9/1/2020 | |||||||||||||||||
nWay, Inc. | Senior Secured | 11.0% | 631,570 | 404,183 | 378,942 | * |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
PDQ Enterprises LLC** | Senior Secured | 11.0% | 2,522,501 | 2,487,606 | 2,487,606 | 2/1/2021 | |||||||||||||||||
PLAE, Inc. | Senior Secured | 9.0% | 3.2% | 1,011,876 | 992,230 | 992,230 | 12/1/2020 | ||||||||||||||||
Planet Labs, Inc. | Senior Secured | 11.0% | 12,358,920 | 11,989,074 | 11,989,074 | 11/1/2021 | |||||||||||||||||
Planet Labs, Inc. | Senior Secured | 11.0% | 12,371,876 | 12,371,876 | 12,371,876 | 8/1/2022 | |||||||||||||||||
Planet Labs, Inc. Subtotal | 24,730,796 | 24,360,950 | 24,360,950 | ||||||||||||||||||||
Plenty Unlimited, Inc. | Senior Secured | 9.0% | 11.7% | 2,822,696 | 2,724,653 | 2,724,653 | 9/1/2021 | ||||||||||||||||
Plenty Unlimited, Inc. | Senior Secured | 9.0% | 9.4% | 1,059,900 | 1,048,847 | 1,048,847 | 3/1/2021 | ||||||||||||||||
Plenty Unlimited, Inc. | Senior Secured | 9.0% | 11.7% | 1,012,970 | 985,687 | 985,687 | 1/1/2021 | ||||||||||||||||
Plenty Unlimited, Inc. Subtotal | 4,895,566 | 4,759,187 | 4,759,187 | ||||||||||||||||||||
Rosco & Benedetto Co, Inc. | Senior Secured | 11.0% | 82,663 | 81,474 | 81,474 | 9/1/2019 | |||||||||||||||||
SkyKick, Inc. | Senior Secured | 10.5% | 344,362 | 340,377 | 340,377 | 11/1/2020 | |||||||||||||||||
SkyKick, Inc. | Senior Secured | 10.5% | 791,438 | 771,473 | 771,473 | 6/1/2020 | |||||||||||||||||
SkyKick, Inc. | Senior Secured | 10.5% | 328,491 | 324,967 | 324,967 | 10/1/2020 | |||||||||||||||||
SkyKick, Inc. Subtotal | 1,464,291 | 1,436,817 | 1,436,817 | ||||||||||||||||||||
TAE Technologies, Inc. | Senior Secured | 12.5% | 8,137,545 | 7,869,356 | 7,869,356 | 3/1/2021 | |||||||||||||||||
TAE Technologies, Inc. | Senior Secured | 12.5% | 2,108,794 | 2,077,537 | 2,077,537 | 4/1/2021 | |||||||||||||||||
TAE Technologies, Inc. Subtotal | 10,246,339 | 9,946,893 | 9,946,893 | ||||||||||||||||||||
VentureBeat, Inc. | Senior Secured | 12.0% | 825,775 | 681,771 | 262,328 | * | |||||||||||||||||
Virtuix Holdings, Inc. | Senior Secured | 11.0% | 421,103 | 411,774 | 411,774 | 7/1/2020 | |||||||||||||||||
Wine Plum, Inc. | Senior Secured | 11.0% | 110,226 | 109,665 | 109,665 | 9/1/2019 | |||||||||||||||||
Wine Plum, Inc. | Senior Secured | 11.0% | 220,256 | 218,125 | 218,125 | 9/1/2019 | |||||||||||||||||
Wine Plum, Inc. | Senior Secured | 11.0% | 110,200 | 109,729 | 109,729 | 9/1/2019 | |||||||||||||||||
Wine Plum, Inc. Subtotal | 440,682 | 437,519 | 437,519 | ||||||||||||||||||||
Other Technology Total | 53.8% | $ | 64,739,889 | $ | 62,372,698 | $ | 61,250,847 | ||||||||||||||||
Security | |||||||||||||||||||||||
Nok Nok Labs, Inc. | Senior Secured | 12.5% | $ | 465,970 | $ | 423,148 | $ | 423,148 | 12/1/2020 | ||||||||||||||
ThinAir Labs, Inc. | Senior Secured | 18.0% | 1,128,607 | 1,105,396 | — | * | |||||||||||||||||
Security Total | 0.4% | $ | 1,594,577 | $ | 1,528,544 | $ | 423,148 | ||||||||||||||||
Semiconductors and Equipment | |||||||||||||||||||||||
ETA Compute, Inc. | Senior Secured | 10.3% | $ | 63,560 | $ | 62,836 | $ | 62,836 | 10/1/2019 | ||||||||||||||
ETA Compute, Inc. | Senior Secured | 10.5% | 148,185 | 147,008 | 147,008 | 8/1/2020 | |||||||||||||||||
Semiconductors and Equipment Total | 0.2% | $ | 211,745 | $ | 209,844 | $ | 209,844 | ||||||||||||||||
Software | |||||||||||||||||||||||
Aptible, Inc. | Senior Secured | 11.8% | $ | 180,553 | $ | 176,817 | $ | 176,817 | 2/1/2021 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Bloomboard, Inc. | Senior Secured | 18.0% | 2,510,090 | 1,951,360 | 1,834,258 | * | |||||||||||||||||
BlueCart, Inc. | Senior Secured | 12.8% | 84,249 | 83,668 | 83,668 | 1/1/2020 | |||||||||||||||||
BlueCart, Inc. | Senior Secured | 12.5% | 168,153 | 165,514 | 165,514 | 1/1/2020 | |||||||||||||||||
BlueCart, Inc. Subtotal | 252,402 | 249,182 | 249,182 | ||||||||||||||||||||
DealPath, Inc. | Senior Secured | 11.0% | 1,368,990 | 1,338,242 | 1,338,242 | 5/1/2021 | |||||||||||||||||
DemystData Limited | Senior Secured | 11.8% | 281,836 | 278,913 | 278,913 | 7/1/2020 | |||||||||||||||||
DemystData Limited | Senior Secured | 11.8% | 497,959 | 479,181 | 479,181 | 5/1/2020 | |||||||||||||||||
DemystData Limited Subtotal | 779,795 | 758,094 | 758,094 | ||||||||||||||||||||
Drift Marketplace, Inc. | Senior Secured | 11.0% | 80,449 | 78,414 | 78,414 | 3/1/2020 | |||||||||||||||||
Drift Marketplace, Inc. | Senior Secured | 11.0% | 107,271 | 106,593 | 106,593 | 3/1/2020 | |||||||||||||||||
Drift Marketplace, Inc. | Senior Secured | 11.0% | 80,700 | 80,168 | 80,168 | 3/1/2020 | |||||||||||||||||
Drift Marketplace, Inc. Subtotal | 268,420 | 265,175 | 265,175 | ||||||||||||||||||||
Due, Inc. | Senior Secured | 0% | 1,350,000 | 101,519 | — | * | |||||||||||||||||
Estify, Inc. | Senior Secured | 11.5% | 842,819 | 828,805 | 828,805 | 11/1/2020 | |||||||||||||||||
FieldAware US, Inc. | Senior Secured | 11.0% | 7,616,117 | 7,304,378 | 5,704,022 | 2/1/2022 | |||||||||||||||||
Gearbox Software, LLC | Senior Secured | 11.0% | 2,033,486 | 2,020,381 | 2,020,381 | 3/1/2021 | |||||||||||||||||
Gearbox Software, LLC | Senior Secured | 11.0% | 1,380,143 | 1,371,436 | 1,371,436 | 11/1/2020 | |||||||||||||||||
Gearbox Software, LLC | Senior Secured | 11.0% | 1,878,787 | 1,789,383 | 1,789,383 | 9/1/2020 | |||||||||||||||||
Gearbox Software, LLC Subtotal | 5,292,416 | 5,181,200 | 5,181,200 | ||||||||||||||||||||
GoFormz, Inc. | Senior Secured | 12.0% | 864,287 | 837,187 | 837,187 | 11/1/2020 | |||||||||||||||||
HealthPrize Technologies, LLC | Senior Secured | 12.0% | 82,140 | 80,746 | 80,746 | 12/1/2019 | |||||||||||||||||
Highfive Technologies, Inc. | Senior Secured | 11.5% | 3,955,332 | 3,840,154 | 3,840,154 | 10/1/2021 | |||||||||||||||||
IntelinAir, Inc. | Senior Secured | 11.5% | 14,027 | 14,027 | 14,027 | 6/1/2019 | |||||||||||||||||
IntelinAir, Inc. | Senior Secured | 11.5% | 14,027 | 13,628 | 13,628 | 6/1/2019 | |||||||||||||||||
IntelinAir, Inc. Subtotal | 28,054 | 27,655 | 27,655 | ||||||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 531,042 | 508,718 | 508,718 | 6/1/2020 | |||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 1,361,687 | 1,325,504 | 1,325,504 | 4/1/2021 | |||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 1,361,902 | 1,361,902 | 1,361,902 | 4/1/2021 | |||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 1,167,515 | 1,167,515 | 1,167,515 | 4/1/2021 | |||||||||||||||||
Invoice2Go, Inc. Subtotal | 4,422,146 | 4,363,639 | 4,363,639 | ||||||||||||||||||||
JethroData, Inc.** ^ | Senior Secured | 11.0% | 704,868 | 681,877 | 306,631 | * | |||||||||||||||||
Metarail, Inc. | Senior Secured | 12.0% | 699,552 | 659,690 | 659,690 | 10/1/2021 | |||||||||||||||||
Metric Insights, Inc. | Senior Secured | 11.0% | 147,650 | 146,807 | 146,807 | 7/1/2019 | |||||||||||||||||
Mines.io, Inc.** ^ | Senior Secured | 12.0% | 282,260 | 272,100 | 272,100 | 7/1/2020 | |||||||||||||||||
Mintigo, Inc.** ^ | Senior Secured | 10.0% | 397,953 | 393,574 | 393,574 | 7/1/2021 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Mintigo, Inc.** ^ | Senior Secured | 10.0% | 298,379 | 296,043 | 296,043 | 7/1/2020 | |||||||||||||||||
Mintigo, Inc.** ^ | Senior Secured | 10.0% | 245,414 | 239,426 | 239,426 | 4/1/2020 | |||||||||||||||||
Mintigo, Inc.** ^ Subtotal | 941,746 | 929,043 | 929,043 | ||||||||||||||||||||
Norse Networks, Inc. | Senior Secured | 18.0% | 3,500,000 | 3,445,429 | — | * | |||||||||||||||||
Swrve, Inc. | Senior Secured | 11.8% | 1,714,783 | 1,579,446 | 1,579,446 | 11/1/2020 | |||||||||||||||||
The/Studio Technologies, Inc. | Senior Secured | 11.0% | 396,669 | 379,511 | 379,511 | 6/1/2020 | |||||||||||||||||
Truss Technology Corporation | Senior Secured | 2.2% | 2,000,000 | 238,275 | — | * | |||||||||||||||||
Unmetric, Inc. | Senior Secured | 11.5% | 148,634 | 144,331 | 144,331 | 2/1/2020 | |||||||||||||||||
VenueNext, Inc. | Senior Secured | 11.0% | 744,139 | 717,641 | 717,641 | 5/1/2020 | |||||||||||||||||
Viewpost Holdings, LLC. | Senior Secured | 11.5% | 11,000,000 | 10,526,842 | 3,849,678 | * | |||||||||||||||||
Vuemix, Inc. | Senior Secured | 11.3% | 172,607 | 167,253 | 167,253 | 11/1/2020 | |||||||||||||||||
Xeeva, Inc. | Senior Secured | 12.0% | 1,372,855 | 1,361,787 | 1,361,787 | 7/1/2020 | |||||||||||||||||
Software Total | 31.6% | $ | 53,639,324 | $ | 48,554,185 | $ | 35,999,094 | ||||||||||||||||
Technology Services | |||||||||||||||||||||||
AirHelp, Inc. | Senior Secured | 10.0% | $ | 410,691 | $ | 406,306 | $ | 406,306 | 10/1/2020 | ||||||||||||||
AirHelp, Inc. | Senior Secured | 10.0% | 349,550 | 346,561 | 346,561 | 7/1/2020 | |||||||||||||||||
AirHelp, Inc. | Senior Secured | 10.0% | 616,637 | 602,655 | 602,655 | 5/1/2020 | |||||||||||||||||
AirHelp, Inc. Subtotal | 1,376,878 | 1,355,522 | 1,355,522 | ||||||||||||||||||||
Akademos, Inc. | Junior Secured | 13.5% | 1.5% | 610,862 | 560,751 | 560,751 | 8/1/2020 | ||||||||||||||||
Blazent, Inc. | Senior Secured | 12.0% | 1,888,938 | 1,665,405 | 1,399,755 | * | |||||||||||||||||
Blue Technologies Limited** ^ | Senior Secured | 11.0% | 631,685 | 622,380 | 622,380 | 4/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 991,300 | 983,893 | 983,893 | 12/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 991,240 | 985,534 | 985,534 | 9/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 2,090,511 | 2,069,425 | 2,069,425 | 6/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 991,359 | 982,278 | 982,278 | 3/1/2021 | |||||||||||||||||
Callisto Media, Inc. Subtotal | 5,064,410 | 5,021,130 | 5,021,130 | ||||||||||||||||||||
Dolly, Inc. | Senior Secured | 12.0% | 632,697 | 618,426 | 273,516 | 12/1/2020 | |||||||||||||||||
Fluxx Labs | Senior Secured | 11.8% | 954,627 | 952,523 | 952,523 | 12/1/2019 | |||||||||||||||||
PayJoy, Inc.** | Senior Secured | 10.0% | 961,661 | 919,456 | 919,456 | 8/1/2021 | |||||||||||||||||
PayJoy, Inc.** | Senior Secured | 12.0% | 9,496 | 9,457 | 9,457 | 4/1/2019 | |||||||||||||||||
PayJoy, Inc.** | Senior Secured | 12.0% | 46,545 | 46,396 | 46,396 | 8/1/2019 | |||||||||||||||||
PayJoy, Inc.** Subtotal | 1,017,702 | 975,309 | 975,309 | ||||||||||||||||||||
Sixup PBC, Inc.** | Senior Secured | 12.0% | 70,512 | 70,034 | 70,034 | 6/1/2019 | |||||||||||||||||
TrueFacet, Inc. | Senior Secured | 18.0% | 946,610 | 915,470 | 269,855 | * | |||||||||||||||||
Zeel Networks, Inc. | Senior Secured | 11.0% | 547,412 | 536,319 | 536,319 | 8/1/2020 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Zeel Networks, Inc. | Senior Secured | 11.0% | 273,713 | 271,776 | 271,776 | 8/1/2020 | |||||||||||||||||
Zeel Networks, Inc. | Senior Secured | 11.0% | 273,737 | 271,498 | 271,498 | 8/1/2020 | |||||||||||||||||
Zeel Networks, Inc. Subtotal | 1,094,862 | 1,079,593 | 1,079,593 | ||||||||||||||||||||
Technology Services Total | 11.0% | $ | 14,289,783 | $ | 13,836,543 | $ | 12,580,368 | ||||||||||||||||
Wireless | |||||||||||||||||||||||
Juvo Mobile, Inc.** | Senior Secured | 11.0% | $ | 180,396 | $ | 179,419 | $ | 179,419 | 1/1/2020 | ||||||||||||||
Juvo Mobile, Inc.** | Senior Secured | 11.0% | 197,552 | 196,236 | 196,236 | 2/1/2020 | |||||||||||||||||
Juvo Mobile, Inc.** | Senior Secured | 11.0% | 110,211 | 108,723 | 108,723 | 9/1/2019 | |||||||||||||||||
Juvo Mobile, Inc.** Subtotal | 488,159 | 484,378 | 484,378 | ||||||||||||||||||||
Nextivity, Inc. | Senior Secured | 12.0% | 1,161,843 | 1,161,843 | 1,161,843 | 6/1/2021 | |||||||||||||||||
Nextivity, Inc. | Senior Secured | 12.0% | 4,258,442 | 4,258,117 | 4,258,117 | 6/1/2021 | |||||||||||||||||
Nextivity, Inc. Subtotal | 5,420,285 | 5,419,960 | 5,419,960 | ||||||||||||||||||||
Parallel Wireless, Inc. | Senior Secured | 11.8% | 1,626,353 | 1,601,689 | 1,601,689 | 4/1/2020 | |||||||||||||||||
Parallel Wireless, Inc. | Senior Secured | 11.8% | 990,014 | 981,189 | 981,189 | 10/1/2020 | |||||||||||||||||
Parallel Wireless, Inc. Subtotal | 2,616,367 | 2,582,878 | 2,582,878 | ||||||||||||||||||||
Wireless Total | 7.4% | $ | 8,524,811 | $ | 8,487,216 | $ | 8,487,216 | ||||||||||||||||
Grand Total | 149.6% | $ | 204,083,278 | $ | 194,164,286 | $ | 170,447,934 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Biotechnology | |||||||||||||||||||||||
Phylagen, Inc. | Senior Secured | 12.0% | $ | 59,449 | $ | 58,346 | $ | 58,346 | 7/1/2019 | ||||||||||||||
Phylagen, Inc. | Senior Secured | 12.0% | 122,508 | 121,178 | 121,178 | 3/1/2020 | |||||||||||||||||
Biotechnology Total | 0.1% | $ | 181,957 | $ | 179,524 | $ | 179,524 | ||||||||||||||||
Computers and Storage | |||||||||||||||||||||||
Canary Connect, Inc. | Senior Secured | 12.8% | $ | 1,085,881 | $ | 861,061 | $ | 861,061 | 12/1/2020 | ||||||||||||||
HyperGrid, Inc. | Senior Secured | 11.5% | 537,952 | 528,364 | 528,364 | 12/1/2019 | |||||||||||||||||
Rigetti & Co., Inc. | Senior Secured | 9.0% | 2.8% | 48,635 | 48,504 | 48,504 | 1/1/2019 | ||||||||||||||||
Rigetti & Co., Inc. | Senior Secured | 9.0% | 2.8% | 1,432,659 | 1,410,884 | 1,410,884 | 1/1/2020 | ||||||||||||||||
Rigetti & Co., Inc. Subtotal | 1,481,294 | 1,459,388 | 1,459,388 | ||||||||||||||||||||
Computers and Storage Total | 2.2% | $ | 3,105,127 | $ | 2,848,813 | $ | 2,848,813 | ||||||||||||||||
Internet | |||||||||||||||||||||||
Amino Payments, Inc. | Senior Secured | 9.0% | 4.1% | $ | 126,953 | $ | 125,274 | $ | 125,274 | 3/1/2021 | |||||||||||||
Amino Payments, Inc. | Senior Secured | 9.0% | 5.2% | 256,492 | 246,252 | 246,252 | 3/1/2021 | ||||||||||||||||
Amino Payments, Inc. | Senior Secured | 9.0% | 4.4% | 254,592 | 251,329 | 251,329 | 3/1/2021 | ||||||||||||||||
Amino Payments, Inc. Subtotal | 638,037 | 622,855 | 622,855 | ||||||||||||||||||||
Apartment List, Inc. | Senior Secured | 11.0% | 506,854 | 497,685 | 497,685 | 11/1/2019 | |||||||||||||||||
Bitfinder, Inc. | Senior Secured | 10.5% | 360,053 | 351,451 | 351,451 | 9/1/2020 | |||||||||||||||||
Bombfell, Inc. | Senior Secured | 11.0% | 421,445 | 405,621 | 405,621 | 1/1/2021 | |||||||||||||||||
Bombfell, Inc. | Senior Secured | 11.0% | 465,802 | 460,262 | 460,262 | 4/1/2021 | |||||||||||||||||
Bombfell, Inc. Subtotal | 887,247 | 865,883 | 865,883 | ||||||||||||||||||||
CapLinked, Inc. | Senior Secured | 12.8% | 9,565 | 9,550 | 9,550 | 1/1/2019 | |||||||||||||||||
Cowboy Analytics, LLC | Senior Secured | 5.5% | 259,030 | 165,147 | 121,412 | * | |||||||||||||||||
CustomMade, Inc. | Senior Secured | 11.0% | 1,374,552 | 697,026 | 697,026 | * | |||||||||||||||||
Deja Mi, Inc. | Senior Secured | 0% | 100,000 | 803,288 | 11,300 | * | |||||||||||||||||
Digital Caddies, Inc.** | Senior Secured | 18.0% | 989,068 | 987,584 | — | * | |||||||||||||||||
DreamCloud Holdings, LLC | Senior Secured | 11.8% | 172,846 | 163,907 | 163,907 | 8/1/2020 | |||||||||||||||||
DreamCloud Holdings, LLC | Senior Secured | 11.8% | 471,111 | 438,773 | 438,773 | 6/1/2020 | |||||||||||||||||
DreamCloud Holdings, LLC Subtotal | 643,957 | 602,680 | 602,680 | ||||||||||||||||||||
Giddy Apps, Inc. | Senior Secured | 11.5% | 1,240,498 | 999,454 | — | * | |||||||||||||||||
Glide, Inc.** ^ | Senior Secured | 11.0% | 4,369,958 | 4,050,096 | 691,014 | * |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Honk Technologies, Inc. | Senior Secured | 11.5% | 595,641 | 589,925 | 589,925 | 5/1/2020 | |||||||||||||||||
Honk Technologies, Inc. | Senior Secured | 11.5% | 645,595 | 633,385 | 633,385 | 12/1/2019 | |||||||||||||||||
Honk Technologies, Inc. Subtotal | 1,241,236 | 1,223,310 | 1,223,310 | ||||||||||||||||||||
Leading ED, Inc. | Senior Secured | 10.0% | 175,000 | 76 | — | * | |||||||||||||||||
Playstudios, Inc. | Senior Secured | 10.0% | 963,077 | 936,909 | 936,909 | 3/1/2021 | |||||||||||||||||
Radius Intelligence, Inc. | Senior Secured | 8.0% | 9.2% | 7,421,159 | 7,126,941 | 6,151,429 | 10/1/2021 | ||||||||||||||||
Relay Network, LLC | Senior Secured | 8.0% | 4.4% | 732,924 | 711,759 | 711,759 | 9/1/2020 | ||||||||||||||||
Relay Network, LLC | Senior Secured | 8.0% | 4.4% | 733,049 | 724,776 | 724,776 | 9/1/2020 | ||||||||||||||||
Relay Network, LLC Subtotal | 1,465,973 | 1,436,535 | 1,436,535 | ||||||||||||||||||||
Spot.IM, Ltd.** ^ | Senior Secured | 11.8% | 149,016 | 142,655 | 142,655 | 5/1/2020 | |||||||||||||||||
Spot.IM, Ltd.** ^ | Senior Secured | 12.5% | 149,520 | 146,386 | 146,386 | 5/1/2020 | |||||||||||||||||
Spot.IM, Ltd.** ^ | Senior Secured | 12.5% | 216,500 | 208,266 | 208,266 | 12/1/2019 | |||||||||||||||||
Spot.IM, Ltd.** ^ Subtotal | 515,036 | 497,307 | 497,307 | ||||||||||||||||||||
Super Home, Inc. | Senior Secured | 11.3% | 27,989 | 27,681 | 27,681 | 3/1/2019 | |||||||||||||||||
Tango Card, Inc. | Senior Secured | 12.0% | 1,175,591 | 1,158,103 | 1,158,103 | 11/1/2020 | |||||||||||||||||
Thrive Market, Inc. | Senior Secured | 12.0% | 757,323 | 753,587 | 753,587 | 9/1/2019 | |||||||||||||||||
Thrive Market, Inc. | Senior Secured | 12.0% | 1,514,559 | 1,493,078 | 1,493,078 | 9/1/2019 | |||||||||||||||||
Thrive Market, Inc. Subtotal | 2,271,882 | 2,246,665 | 2,246,665 | ||||||||||||||||||||
Traackr, Inc. | Senior Secured | 11.8% | 18,941 | 18,860 | 18,860 | 1/1/2019 | |||||||||||||||||
Traackr, Inc. | Senior Secured | 11.8% | 37,334 | 37,179 | 37,179 | 4/1/2019 | |||||||||||||||||
Traackr, Inc. Subtotal | 56,275 | 56,039 | 56,039 | ||||||||||||||||||||
YouDocs Beauty, Inc. | Senior Secured | 11.0% | 1,350,000 | 1,192,024 | 1,192,024 | * | |||||||||||||||||
Internet Total | 15.2% | $ | 28,042,037 | $ | 26,554,289 | $ | 19,396,858 | ||||||||||||||||
Medical Devices | |||||||||||||||||||||||
Anutra Medical, Inc. | Senior Secured | 10.0% | $ | 177,487 | $ | 168,853 | $ | 168,853 | 12/1/2019 | ||||||||||||||
AxioMed, Inc. | Unsecured | 0% | 14,238 | 14,238 | — | * | |||||||||||||||||
Renovia, Inc. | Senior Secured | 11.0% | 626,245 | 605,734 | 605,734 | 6/1/2020 | |||||||||||||||||
Renovia, Inc. | Senior Secured | 11.0% | 782,699 | 773,934 | 773,934 | 11/1/2020 | |||||||||||||||||
Renovia, Inc. Subtotal | 1,408,944 | 1,379,668 | 1,379,668 | ||||||||||||||||||||
Medical Devices Total | 1.2% | $ | 1,600,669 | $ | 1,562,759 | $ | 1,548,521 | ||||||||||||||||
Other Healthcare | |||||||||||||||||||||||
4G Clinical LLC | Senior Secured | 11.0% | $ | 658,240 | $ | 638,103 | $ | 638,103 | 7/1/2020 | ||||||||||||||
Caredox, Inc. | Senior Secured | 11.3% | 28,241 | 28,158 | 28,158 | 1/1/2019 | |||||||||||||||||
Clover Health Investment Corporation | Senior Secured | 11.3% | 9,894,125 | 9,894,125 | 9,894,125 | 10/1/2022 | |||||||||||||||||
Clover Health Investment Corporation | Senior Secured | 11.0% | 18,462,733 | 18,462,733 | 18,462,733 | 3/1/2022 | |||||||||||||||||
Clover Health Investment Corporation Subtotal | 28,356,858 | 28,356,858 | 28,356,858 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Hello Doctor, Ltd.** ^ | Senior Secured | 12.5% | 19,830 | 19,492 | 19,492 | 3/1/2019 | |||||||||||||||||
Lean Labs, Inc. | Senior Secured | 12.0% | 43,111 | 42,446 | 42,446 | 4/1/2019 | |||||||||||||||||
MD Revolution, Inc. | Senior Secured | 12.5% | 656,438 | 641,456 | 641,456 | 3/1/2020 | |||||||||||||||||
mPharma Data, Inc.** ^ | Senior Secured | 10.0% | 269,554 | 260,665 | 260,665 | 11/1/2020 | |||||||||||||||||
mPharma Data, Inc.** ^ | Senior Secured | 10.0% | 311,364 | 307,587 | 307,587 | 3/1/2021 | |||||||||||||||||
mPharma Data, Inc.** ^ Subtotal | 580,918 | 568,252 | 568,252 | ||||||||||||||||||||
Myolex, Inc. | Senior Secured | 18.0% | 762,531 | 726,537 | 238,967 | * | |||||||||||||||||
Physician Software Systems, LLC | Senior Secured | 18.0% | 164,677 | 148,042 | — | * | |||||||||||||||||
Project Healthy Living, Inc. | Senior Secured | 11.0% | 602,739 | 589,774 | 589,774 | 9/1/2019 | |||||||||||||||||
Sparta Software Corporation | Senior Secured | 10.0% | 2.5% | 112,015 | 108,064 | 108,064 | 6/1/2020 | ||||||||||||||||
Trio Health Advisory Group, Inc. | Senior Secured | 11.5% | 75,208 | 74,744 | 74,744 | 2/1/2019 | |||||||||||||||||
Wellist, Inc. | Senior Secured | 12.3% | 22,599 | 22,260 | 22,260 | 3/1/2019 | |||||||||||||||||
Wellist, Inc. | Senior Secured | 12.3% | 86,406 | 85,410 | 85,410 | 12/1/2019 | |||||||||||||||||
Wellist, Inc. Subtotal | 109,005 | 107,670 | 107,670 | ||||||||||||||||||||
Other Healthcare Total | 24.6% | $ | 32,169,811 | $ | 32,049,596 | $ | 31,413,984 | ||||||||||||||||
Other Technology | |||||||||||||||||||||||
AltSchool, PBC | Senior Secured | 11.0% | $ | 3,813,807 | $ | 3,599,923 | $ | 3,599,923 | 6/1/2020 | ||||||||||||||
AltSchool, PBC | Senior Secured | 11.0% | 14,859,433 | 14,750,254 | 14,750,254 | 6/1/2021 | |||||||||||||||||
AltSchool, PBC Subtotal | 18,673,240 | 18,350,177 | 18,350,177 | ||||||||||||||||||||
BloomLife, Inc. | Senior Secured | 12.0% | 169,302 | 163,710 | 163,710 | 4/1/2020 | |||||||||||||||||
CommunityCo, LLC | Senior Secured | 12.0% | 33,846 | 33,266 | 33,266 | 3/1/2019 | |||||||||||||||||
Consumer Physics, Inc.** ^ | Senior Secured | 11.0% | 1,089,914 | 1,062,742 | 908,852 | 8/1/2019 | |||||||||||||||||
Ensyn Corporation | Senior Secured | 12.3% | 573,230 | 565,857 | 565,857 | 6/1/2019 | |||||||||||||||||
Ensyn Corporation | Senior Secured | 12.3% | 1,024,930 | 1,017,211 | 1,017,211 | 11/1/2019 | |||||||||||||||||
Ensyn Corporation Subtotal | 1,598,160 | 1,583,068 | 1,583,068 | ||||||||||||||||||||
ETN Media, Inc. | Senior Secured | 11.5% | 211,603 | 206,043 | 173,058 | 7/1/2020 | |||||||||||||||||
ETN Media, Inc. | Senior Secured | 11.5% | 211,748 | 209,434 | 175,905 | 7/1/2020 | |||||||||||||||||
ETN Media, Inc. Subtotal | 423,351 | 415,477 | 348,963 | ||||||||||||||||||||
Flo Water, Inc. | Senior Secured | 11.5% | 205,832 | 195,612 | 195,612 | 5/1/2020 | |||||||||||||||||
FMTwo Game, Inc. | Senior Secured | 4.0% | 500,000 | 193,300 | 18,900 | * | |||||||||||||||||
Gap Year Global, Inc. | Senior Secured | 18.0% | 90,768 | 86,359 | — | * | |||||||||||||||||
Greats Brand, Inc. | Senior Secured | 11.0% | 63,960 | 61,945 | 61,945 | 7/1/2019 | |||||||||||||||||
Greats Brand, Inc. | Senior Secured | 11.0% | 107,205 | 106,216 | 106,216 | 12/1/2019 | |||||||||||||||||
Greats Brand, Inc. Subtotal | 171,165 | 168,161 | 168,161 | ||||||||||||||||||||
Heartwork, Inc. | Senior Secured | 11.0% | 465,983 | 436,474 | 281,506 | 9/1/2020 | |||||||||||||||||
Hint, Inc. | Senior Secured | 11.0% | 2,255,803 | 2,130,280 | 2,130,280 | 3/1/2021 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Hint, Inc. | Senior Secured | 11.0% | 2,474,151 | 2,474,151 | 2,474,151 | 7/1/2021 | |||||||||||||||||
Hint, Inc. Subtotal | 4,729,954 | 4,604,431 | 4,604,431 | ||||||||||||||||||||
ICON Aircraft, Inc. | Senior Secured | 10.0% | 719,616 | 714,154 | 714,154 | 5/1/2019 | |||||||||||||||||
June Life, Inc. | Senior Secured | 11.8% | 611,965 | 597,587 | 597,587 | 3/1/2020 | |||||||||||||||||
June Life, Inc. | Senior Secured | 11.8% | 612,139 | 605,287 | 605,287 | 3/1/2020 | |||||||||||||||||
June Life, Inc. Subtotal | 1,224,104 | 1,202,874 | 1,202,874 | ||||||||||||||||||||
LanzaTech New Zealand Ltd. | Senior Secured | 13.0% | 1,669,064 | 1,588,287 | 1,588,287 | 3/1/2020 | |||||||||||||||||
LanzaTech New Zealand Ltd. | Senior Secured | 13.3% | 2,257,809 | 2,233,790 | 2,233,790 | 3/1/2021 | |||||||||||||||||
LanzaTech New Zealand Ltd. | Senior Secured | 13.0% | 2,264,030 | 2,235,397 | 2,235,397 | 9/1/2020 | |||||||||||||||||
LanzaTech New Zealand Ltd. Subtotal | 6,190,903 | 6,057,474 | 6,057,474 | ||||||||||||||||||||
Neuehouse, LLC | Senior Secured | 12.0% | 1,750,000 | 1,323,215 | 1,323,215 | * | |||||||||||||||||
Noteleaf, Inc. | Senior Secured | 11.0% | 1,081,842 | 1,062,771 | 1,062,771 | 9/1/2020 | |||||||||||||||||
nWay, Inc. | Senior Secured | 11.0% | 810,035 | 603,373 | 433,309 | * | |||||||||||||||||
PDQ Enterprises LLC** | Senior Secured | 11.0% | 2,814,193 | 2,770,652 | 2,770,652 | 2/1/2021 | |||||||||||||||||
PLAE, Inc. | Senior Secured | 9.0% | 3.2% | 1,135,076 | 1,110,298 | 1,110,298 | 12/1/2020 | ||||||||||||||||
Planet Labs, Inc. | Senior Secured | 11.0% | 1,700,417 | 1,694,856 | 1,694,856 | 3/1/2019 | |||||||||||||||||
Planet Labs, Inc. | Senior Secured | 11.0% | 12,362,729 | 11,937,236 | 11,937,236 | 11/1/2021 | |||||||||||||||||
Planet Labs, Inc. | Senior Secured | 11.0% | 12,375,336 | 12,375,336 | 12,375,336 | 8/1/2022 | |||||||||||||||||
Planet Labs, Inc. Subtotal | 26,438,482 | 26,007,428 | 26,007,428 | ||||||||||||||||||||
Plenty Unlimited, Inc. | Senior Secured | 9.0% | 11.7% | 1,120,932 | 1,087,343 | 1,087,343 | 1/1/2021 | ||||||||||||||||
Plenty Unlimited, Inc. | Senior Secured | 9.0% | 9.4% | 1,166,482 | 1,153,018 | 1,153,018 | 3/1/2021 | ||||||||||||||||
Plenty Unlimited, Inc. | Senior Secured | 9.0% | 11.7% | 3,040,235 | 2,925,880 | 2,925,880 | 9/1/2021 | ||||||||||||||||
Plenty Unlimited, Inc. Subtotal | 5,327,649 | 5,166,241 | 5,166,241 | ||||||||||||||||||||
Plethora, Inc. | Senior Secured | 9.0% | 4.3% | 149,605 | 149,118 | 149,118 | 3/1/2019 | ||||||||||||||||
Plethora, Inc. | Senior Secured | 9.0% | 4.3% | 225,218 | 223,515 | 223,515 | 3/1/2019 | ||||||||||||||||
Plethora, Inc. Subtotal | 374,823 | 372,633 | 372,633 | ||||||||||||||||||||
Rosco & Benedetto Co, Inc. | Senior Secured | 11.0% | 122,323 | 119,832 | 119,832 | 9/1/2019 | |||||||||||||||||
SkyKick, Inc. | Senior Secured | 10.5% | 375,566 | 370,957 | 370,957 | 10/1/2020 | |||||||||||||||||
SkyKick, Inc. | Senior Secured | 10.5% | 391,035 | 385,892 | 385,892 | 11/1/2020 | |||||||||||||||||
SkyKick, Inc. | Senior Secured | 10.5% | 937,688 | 909,812 | 909,812 | 6/1/2020 | |||||||||||||||||
SkyKick, Inc. Subtotal | 1,704,289 | 1,666,661 | 1,666,661 | ||||||||||||||||||||
TAE Technologies, Inc. | Senior Secured | 12.5% | 2,327,066 | 2,288,844 | 2,288,844 | 4/1/2021 | |||||||||||||||||
TAE Technologies, Inc. | Senior Secured | 12.5% | 9,019,608 | 8,689,345 | 8,689,345 | 3/1/2021 | |||||||||||||||||
TAE Technologies, Inc. Subtotal | 11,346,674 | 10,978,189 | 10,978,189 | ||||||||||||||||||||
Theatro Labs, Inc. | Senior Secured | 11.0% | 238,897 | 237,912 | 237,912 | 3/1/2019 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
VentureBeat, Inc. | Senior Secured | 12.0% | 825,775 | 706,637 | 287,194 | * | |||||||||||||||||
Virtuix Holdings, Inc. | Senior Secured | 11.0% | 493,447 | 480,680 | 480,680 | 7/1/2020 | |||||||||||||||||
Wine Plum, Inc. | Senior Secured | 11.0% | 163,116 | 161,937 | 161,937 | 9/1/2019 | |||||||||||||||||
Wine Plum, Inc. | Senior Secured | 11.0% | 163,078 | 162,089 | 162,089 | 9/1/2019 | |||||||||||||||||
Wine Plum, Inc. | Senior Secured | 11.0% | 325,940 | 321,469 | 321,469 | 9/1/2019 | |||||||||||||||||
Wine Plum, Inc. Subtotal | 652,134 | 645,495 | 645,495 | ||||||||||||||||||||
Other Technology Total | 68.3% | $ | 91,401,777 | $ | 88,519,296 | $ | 87,293,658 | ||||||||||||||||
Security | |||||||||||||||||||||||
Guardian Analytics, Inc. | Senior Secured | 11.5% | $ | 491,579 | $ | 487,165 | $ | 487,165 | 2/1/2019 | ||||||||||||||
Nok Nok Labs, Inc. | Senior Secured | 12.5% | 524,603 | 470,577 | 470,577 | 12/1/2020 | |||||||||||||||||
ThinAir Labs, Inc. | Senior Secured | 18.0% | 1,128,607 | 1,105,396 | — | * | |||||||||||||||||
Security Total | 0.8% | $ | 2,144,789 | $ | 2,063,138 | $ | 957,742 | ||||||||||||||||
Semiconductors and Equipment | |||||||||||||||||||||||
ETA Compute, Inc. | Senior Secured | 10.3% | $ | 89,662 | $ | 88,268 | $ | 88,268 | 10/1/2019 | ||||||||||||||
ETA Compute, Inc. | Senior Secured | 10.5% | 172,132 | 170,545 | 170,545 | 8/1/2020 | |||||||||||||||||
Semiconductors and Equipment Total | 0.2% | $ | 261,794 | $ | 258,813 | $ | 258,813 | ||||||||||||||||
Software | |||||||||||||||||||||||
Apptimize, Inc. | Senior Secured | 10.5% | $ | 55,593 | $ | 55,467 | $ | 55,467 | 3/1/2019 | ||||||||||||||
Aptible, Inc. | Senior Secured | 11.8% | 201,258 | 196,606 | 196,606 | 2/1/2021 | |||||||||||||||||
Bloomboard, Inc. | Senior Secured | 18.0% | 2,017,197 | 2,001,360 | 751,755 | * | |||||||||||||||||
BlueCart, Inc. | Senior Secured | 12.8% | 107,832 | 106,891 | 106,891 | 1/1/2020 | |||||||||||||||||
BlueCart, Inc. | Senior Secured | 12.5% | 215,283 | 211,017 | 211,017 | 1/1/2020 | |||||||||||||||||
BlueCart, Inc. Subtotal | 323,115 | 317,908 | 317,908 | ||||||||||||||||||||
DealPath, Inc. | Senior Secured | 11.0% | 1,415,432 | 1,378,303 | 1,378,303 | 5/1/2021 | |||||||||||||||||
DemystData Limited | Senior Secured | 11.8% | 329,961 | 325,960 | 325,960 | 7/1/2020 | |||||||||||||||||
DemystData Limited | Senior Secured | 11.8% | 596,110 | 569,404 | 569,404 | 5/1/2020 | |||||||||||||||||
DemystData Limited Subtotal | 926,071 | 895,364 | 895,364 | ||||||||||||||||||||
Drift Marketplace, Inc. | Senior Secured | 11.0% | 99,217 | 96,154 | 96,154 | 3/1/2020 | |||||||||||||||||
Drift Marketplace, Inc. | Senior Secured | 11.0% | 99,469 | 98,666 | 98,666 | 3/1/2020 | |||||||||||||||||
Drift Marketplace, Inc. | Senior Secured | 11.0% | 132,298 | 131,274 | 131,274 | 3/1/2020 | |||||||||||||||||
Drift Marketplace, Inc. Subtotal | 330,984 | 326,094 | 326,094 | ||||||||||||||||||||
Due, Inc. | Senior Secured | 0% | 1,350,000 | 101,519 | — | * | |||||||||||||||||
Estify, Inc. | Senior Secured | 11.5% | 842,819 | 825,560 | 825,560 | 11/1/2020 | |||||||||||||||||
FieldAware US, Inc. | Senior Secured | 11.0% | 7,429,570 | 7,392,583 | 7,392,583 | 8/1/2021 | |||||||||||||||||
Gearbox Software, LLC | Senior Secured | 11.0% | 1,566,288 | 1,555,056 | 1,555,056 | 11/1/2020 | |||||||||||||||||
Gearbox Software, LLC | Senior Secured | 11.0% | 2,162,999 | 2,044,974 | 2,044,974 | 9/1/2020 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Gearbox Software, LLC | Senior Secured | 11.0% | 2,257,770 | 2,241,559 | 2,241,559 | 3/1/2021 | |||||||||||||||||
Gearbox Software, LLC Subtotal | 5,987,057 | 5,841,589 | 5,841,589 | ||||||||||||||||||||
GoFormz, Inc. | Senior Secured | 12.0% | 979,727 | 944,903 | 944,903 | 11/1/2020 | |||||||||||||||||
HealthPrize Technologies, LLC | Senior Secured | 12.0% | 107,920 | 105,559 | 105,559 | 12/1/2019 | |||||||||||||||||
Highfive Technologies, Inc. | Senior Secured | 11.5% | 3,956,592 | 3,823,051 | 3,823,051 | 10/1/2021 | |||||||||||||||||
IntelinAir, Inc. | Senior Secured | 11.5% | 27,659 | 26,308 | 26,308 | 6/1/2019 | |||||||||||||||||
IntelinAir, Inc. | Senior Secured | 11.5% | 27,660 | 27,660 | 27,660 | 6/1/2019 | |||||||||||||||||
IntelinAir, Inc. Subtotal | 55,319 | 53,968 | 53,968 | ||||||||||||||||||||
Interset Software, Inc.** ^ | Senior Secured | 9.0% | 4.5% | 448,295 | 443,235 | 443,235 | 10/1/2019 | ||||||||||||||||
Interset Software, Inc.** ^ | Senior Secured | 9.0% | 4.5% | 551,146 | 538,064 | 538,064 | 10/1/2020 | ||||||||||||||||
Interset Software, Inc.** ^ Subtotal | 999,441 | 981,299 | 981,299 | ||||||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 628,200 | 597,161 | 597,161 | 6/1/2020 | |||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 1,289,405 | 1,289,405 | 1,289,405 | 4/1/2021 | |||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 1,503,796 | 1,459,544 | 1,459,544 | 4/1/2021 | |||||||||||||||||
Invoice2Go, Inc. | Senior Secured | 11.8% | 1,504,063 | 1,504,063 | 1,504,063 | 4/1/2021 | |||||||||||||||||
Invoice2Go, Inc. Subtotal | 4,925,464 | 4,850,173 | 4,850,173 | ||||||||||||||||||||
JethroData, Inc.** ^ | Senior Secured | 11.0% | 879,868 | 856,877 | 410,091 | * | |||||||||||||||||
Libre Wireless Technologies, Inc. | Senior Secured | 12.0% | 232,701 | 225,633 | 225,633 | 1/23/2019 | |||||||||||||||||
Metarail, Inc. | Senior Secured | 12.0% | 709,600 | 662,513 | 662,513 | 10/1/2021 | |||||||||||||||||
Metric Insights, Inc. | Senior Secured | 11.0% | 254,237 | 251,932 | 251,932 | 7/1/2019 | |||||||||||||||||
Mines.io, Inc.** ^ | Senior Secured | 12.0% | 330,361 | 316,502 | 316,502 | 7/1/2020 | |||||||||||||||||
Mintigo, Inc.** ^ | Senior Secured | 10.0% | 298,378 | 289,605 | 289,605 | 4/1/2020 | |||||||||||||||||
Mintigo, Inc.** ^ | Senior Secured | 10.0% | 350,038 | 346,830 | 346,830 | 7/1/2020 | |||||||||||||||||
Mintigo, Inc.** ^ | Senior Secured | 10.0% | 435,345 | 430,085 | 430,085 | 7/1/2021 | |||||||||||||||||
Mintigo, Inc.** ^ Subtotal | 1,083,761 | 1,066,520 | 1,066,520 | ||||||||||||||||||||
Norse Networks, Inc. | Senior Secured | 11.5% | 3,500,000 | 3,445,429 | — | * | |||||||||||||||||
PowerInbox, Inc.** ^ | Senior Secured | 11.0% | 234,838 | 230,952 | 230,952 | 6/1/2020 | |||||||||||||||||
Swrve, Inc. | Senior Secured | 11.8% | 1,941,569 | 1,768,745 | 1,768,745 | 11/1/2020 | |||||||||||||||||
The/Studio Technologies, Inc. | Senior Secured | 11.0% | 469,694 | 445,810 | 445,810 | 6/1/2020 | |||||||||||||||||
Truss Technology Corporation | Senior Secured | 2.2% | 2,000,000 | 238,275 | — | * | |||||||||||||||||
Unmetric, Inc. | Senior Secured | 11.5% | 186,526 | 179,841 | 179,841 | 2/1/2020 | |||||||||||||||||
VenueNext, Inc. | Senior Secured | 11.0% | 891,554 | 853,816 | 853,816 | 5/1/2020 | |||||||||||||||||
Viewpost Holdings, LLC. | Senior Secured | 11.5% | 11,000,000 | 10,596,459 | 3,919,295 | * | |||||||||||||||||
Vuemix, Inc. | Senior Secured | 11.3% | 195,818 | 188,931 | 188,931 | 11/1/2020 | |||||||||||||||||
Workspot, Inc. | Senior Secured | 12.0% | 56,659 | 56,124 | 56,124 | 2/1/2019 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Xeeva, Inc. | Senior Secured | 12.0% | 1,599,279 | 1,584,229 | 1,584,229 | 7/1/2020 | |||||||||||||||||
Software Total | 32.0% | $ | 57,470,024 | $ | 53,059,894 | $ | 40,901,116 | ||||||||||||||||
Technology Services | |||||||||||||||||||||||
AirHelp, Inc. | Senior Secured | 10.0% | $ | 410,079 | $ | 405,975 | $ | 405,975 | 7/1/2020 | ||||||||||||||
AirHelp, Inc. | Senior Secured | 10.0% | 469,819 | 464,081 | 464,081 | 10/1/2020 | |||||||||||||||||
AirHelp, Inc. | Senior Secured | 10.0% | 739,708 | 719,727 | 719,727 | 5/1/2020 | |||||||||||||||||
AirHelp, Inc. Subtotal | 1,619,606 | 1,589,783 | 1,589,783 | ||||||||||||||||||||
Akademos, Inc. | Junior Secured | 13.5% | 1.5% | 704,351 | 638,122 | 638,122 | 8/1/2020 | ||||||||||||||||
Blazent, Inc. | Senior Secured | 12.0% | 2,213,823 | 2,053,644 | 1,787,994 | * | |||||||||||||||||
Blue Technologies Limited** ^ | Senior Secured | 11.0% | 674,934 | 660,668 | 660,668 | 4/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 991,416 | 980,731 | 980,731 | 3/1/2021 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 991,359 | 982,309 | 982,309 | 12/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 991,300 | 983,910 | 983,910 | 9/1/2020 | |||||||||||||||||
Callisto Media, Inc. | Senior Secured | 10.0% | 2,478,096 | 2,448,577 | 2,448,577 | 6/1/2020 | |||||||||||||||||
Callisto Media, Inc. Subtotal | 5,452,171 | 5,395,527 | 5,395,527 | ||||||||||||||||||||
Dolly, Inc. | Senior Secured | 12.0% | 659,639 | 641,672 | 345,572 | 12/1/2020 | |||||||||||||||||
Fluxx Labs | Senior Secured | 11.8% | 1,237,737 | 1,233,824 | 1,233,824 | 12/1/2019 | |||||||||||||||||
FSA Store, Inc. | Senior Secured | 10.0% | 1,733,072 | 1,662,701 | 1,662,701 | 12/1/2020 | |||||||||||||||||
PayJoy, Inc.** | Senior Secured | 12.0% | 37,420 | 37,045 | 37,045 | 4/1/2019 | |||||||||||||||||
PayJoy, Inc.** | Senior Secured | 12.0% | 73,378 | 73,026 | 73,026 | 8/1/2019 | |||||||||||||||||
PayJoy, Inc.** | Senior Secured | 10.0% | 991,020 | 941,035 | 941,035 | 8/1/2021 | |||||||||||||||||
PayJoy, Inc.** Subtotal | 1,101,818 | 1,051,106 | 1,051,106 | ||||||||||||||||||||
Sixup PBC, Inc.** | Senior Secured | 12.0% | 138,941 | 137,308 | 137,308 | 6/1/2019 | |||||||||||||||||
TrueFacet, Inc. | Senior Secured | 11.0% | 207,942 | 205,781 | 124,495 | 3/1/2021 | |||||||||||||||||
TrueFacet, Inc. | Senior Secured | 11.3% | 228,041 | 225,453 | 136,397 | 6/1/2021 | |||||||||||||||||
TrueFacet, Inc. | Senior Secured | 10.5% | 475,650 | 465,480 | 281,611 | 8/1/2020 | |||||||||||||||||
TrueFacet, Inc. Subtotal | 911,633 | 896,714 | 542,503 | ||||||||||||||||||||
Zeel Networks, Inc. | Senior Secured | 11.0% | 317,776 | 314,761 | 314,761 | 8/1/2020 | |||||||||||||||||
Zeel Networks, Inc. | Senior Secured | 11.0% | 317,744 | 315,135 | 315,135 | 8/1/2020 | |||||||||||||||||
Zeel Networks, Inc. | Senior Secured | 11.0% | 635,468 | 620,548 | 620,548 | 8/1/2020 | |||||||||||||||||
Zeel Networks, Inc. Subtotal | 1,270,988 | 1,250,444 | 1,250,444 | ||||||||||||||||||||
Technology Services Total | 12.8% | $ | 17,718,713 | $ | 17,211,513 | $ | 16,295,552 | ||||||||||||||||
Wireless | |||||||||||||||||||||||
Juvo Mobile, Inc.** | Senior Secured | 11.0% | $ | 163,085 | $ | 159,967 | $ | 159,967 | 9/1/2019 | ||||||||||||||
Juvo Mobile, Inc.** | Senior Secured | 11.0% | 231,371 | 229,785 | 229,785 | 1/1/2020 | |||||||||||||||||
Juvo Mobile, Inc.** | Senior Secured | 11.0% | 248,067 | 246,012 | 246,012 | 2/1/2020 |
Industry | Borrower | Percent of Net Assets (a) | Collateral | Interest Rate | End of Term Payment | Principal | Cost | Fair Value | Maturity Date | ||||||||||||||
Juvo Mobile, Inc.** Subtotal | 642,523 | 635,764 | 635,764 | ||||||||||||||||||||
Nextivity, Inc. | Senior Secured | 12.0% | 1,272,655 | 1,272,655 | 1,272,655 | 6/1/2021 | |||||||||||||||||
Nextivity, Inc. | Senior Secured | 12.0% | 4,664,416 | 4,664,024 | 4,664,024 | 6/1/2021 | |||||||||||||||||
Nextivity, Inc. Subtotal | 5,937,071 | 5,936,679 | 5,936,679 | ||||||||||||||||||||
Parallel Wireless, Inc. | Senior Secured | 11.8% | 1,130,176 | 1,118,659 | 1,118,659 | 10/1/2020 | |||||||||||||||||
Parallel Wireless, Inc. | Senior Secured | 11.8% | 1,973,157 | 1,937,081 | 1,937,081 | 4/1/2020 | |||||||||||||||||
Parallel Wireless, Inc. Subtotal | 3,103,333 | 3,055,740 | 3,055,740 | ||||||||||||||||||||
Wireless Total | 7.5% | $ | 9,682,927 | $ | 9,628,183 | $ | 9,628,183 | ||||||||||||||||
Grand Total | 164.9% | $ | 243,779,625 | $ | 233,935,818 | $ | 210,722,764 |
1. | ORGANIZATION AND OPERATIONS OF THE FUND |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3. | FAIR VALUE DISCLOSURES |
Level 1 | Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. | |
Level 2 | Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. | |
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
Investment Type - Level 3 | ||||||||||
Debt Investments | Fair Values at March 31, 2019 | Valuation Techniques / Methodologies | Unobservable Inputs | Weighted Averages / Amounts or Ranges | ||||||
Biotechnology | $ | 132,639 | Hypothetical market analysis | Hypothetical market coupon rate | 15% | |||||
Computers and Storage | 2,310,336 | Hypothetical market analysis | Hypothetical market coupon rate | 22% | ||||||
Internet | 16,845,557 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $9,174,356 0% - 3% | ||||||||
Medical Devices | 1,313,645 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments | $0 | ||||||||
Other Healthcare | 30,895,240 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $926,714 0% - 3% | ||||||||
Other Technology | 61,250,847 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $2,787,929 0% - 4% |
Investment Type - Level 3 | ||||||||||
Debt Investments | Fair Values at March 31, 2019 | Valuation Techniques / Methodologies | Unobservable Inputs | Weighted Averages / Amounts or Ranges | ||||||
Security | 423,148 | Hypothetical market analysis | Hypothetical market coupon rate | 24% | ||||||
Income approach | Expected amount and timing of cash flow payments | $0 | ||||||||
Semiconductors and Equipment | 209,844 | Hypothetical market analysis | Hypothetical market coupon rate | 12% | ||||||
Software | 35,999,094 | Hypothetical market analysis | Hypothetical market coupon rate | 15% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $9,069,156 0% - 4% | ||||||||
Technology Services | 12,580,368 | Hypothetical market analysis | Hypothetical market coupon rate | 13% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $738,517 - $2,070,874 3% | ||||||||
Wireless | 8,487,216 | Hypothetical market analysis | Hypothetical market coupon rate | 13% | ||||||
Total debt investments | $ | 170,447,934 |
Investment Type - Level 3 | ||||||||||
Debt Investments | Fair Values at December 31, 2018 | Valuation Techniques / Methodologies | Unobservable Inputs | Weighted Averages / Amounts or Ranges | ||||||
Biotechnology | $ | 179,524 | Hypothetical market analysis | Hypothetical market coupon rate | 15% | |||||
Computers and Storage | 2,848,813 | Hypothetical market analysis | Hypothetical market coupon rate | 21% | ||||||
Internet | 19,396,858 | Hypothetical market analysis | Hypothetical market coupon rate | 14% |
Investment Type - Level 3 | ||||||||||
Debt Investments | Fair Values at December 31, 2018 | Valuation Techniques / Methodologies | Unobservable Inputs | Weighted Averages / Amounts or Ranges | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $9,329,138 0% - 4% | ||||||||
Medical Devices | 1,548,521 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments | $0 | ||||||||
Other Healthcare | 31,413,984 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $916,812 0% - 4% | ||||||||
Other Technology | 87,293,658 | Hypothetical market analysis | Hypothetical market coupon rate | 14% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $2,787,929 0% - 4% | ||||||||
Security | 957,742 | Hypothetical market analysis | Hypothetical market coupon rate | 21% | ||||||
Income approach | Expected amount and timing of cash flow payments | $0 | ||||||||
Semiconductors and Equipment | 258,813 | Hypothetical market analysis | Hypothetical market coupon rate | 12% | ||||||
Software | 40,901,116 | Hypothetical market analysis | Hypothetical market coupon rate | 15% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $0 - $8,994,902 0% - 4% | ||||||||
Technology Services | 16,295,552 | Hypothetical market analysis | Hypothetical market coupon rate | 13% | ||||||
Income approach | Expected amount and timing of cash flow payments Discount rate | $751,771 - $2,459,113 4% | ||||||||
Wireless | 9,628,183 | Hypothetical market analysis | Hypothetical market coupon rate | 13% | ||||||
Total debt investments | $ | 210,722,764 |
As of March 31, 2019 | |||||||||||||||
ASSETS: | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Loans† | $ | — | $ | — | $ | 170,447,934 | $ | 170,447,934 | |||||||
Derivative asset - interest rate swap | — | 205,070 | — | 205,070 | |||||||||||
Cash equivalents | 606,666 | — | — | 606,666 | |||||||||||
Total assets | $ | 606,666 | $ | 205,070 | $ | 170,447,934 | $ | 171,259,670 | |||||||
LIABILITIES: | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Borrowings under debt facility | $ | — | $ | 58,500,000 | $ | — | $ | 58,500,000 | |||||||
Total liabilities | $ | — | $ | 58,500,000 | $ | — | $ | 58,500,000 |
As of December 31, 2018 | |||||||||||||||
ASSETS: | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Loans† | $ | — | $ | — | $ | 210,722,764 | $ | 210,722,764 | |||||||
Derivative asset - interest rate swap | — | 352,121 | — | 352,121 | |||||||||||
Cash equivalents | 2,839,766 | — | — | 2,839,766 | |||||||||||
Total assets | $ | 2,839,766 | $ | 352,121 | $ | 210,722,764 | $ | 213,914,651 | |||||||
LIABILITIES: | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Borrowings under debt facility | $ | — | $ | 87,500,000 | $ | — | $ | 87,500,000 | |||||||
Total liabilities | $ | — | $ | 87,500,000 | $ | — | $ | 87,500,000 |
For the Three Months Ended March 31, 2019 | |||||||
Loans | Warrants | ||||||
Beginning balance | $ | 210,722,764 | $ | — | |||
Acquisitions and originations | — | 75,093 | |||||
Principal reductions and amortization of discounts | (39,775,656 | ) | — | ||||
Distributions to shareholder | — | (75,093 | ) | ||||
Net change in unrealized loss from loans | (503,299 | ) | — | ||||
Net realized gain (loss) from loans | 4,125 | — | |||||
Ending balance | $ | 170,447,934 | $ | — | |||
Net change in unrealized loss from loans relating to loans still held at March 31, 2019 | $ | (503,299 | ) |
For the Three Months Ended March 31, 2018 | |||||||
Loans | Warrants | ||||||
Beginning balance | $ | 325,189,783 | $ | — | |||
Acquisitions and originations | 36,000,000 | 1,402,486 | |||||
Principal reductions and amortization of discounts | (30,232,599 | ) | — | ||||
Distributions to shareholder | — | (1,402,486 | ) | ||||
Net change in unrealized loss from loans | (2,394,351 | ) | — | ||||
Net realized gain (loss) from loans | (293,025 | ) | — | ||||
Ending balance | $ | 328,269,808 | $ | — | |||
Net change in unrealized loss from loans relating to loans still held at March 31, 2018 | $ | (2,860,854 | ) |
5. | CAPITAL STOCK |
For the Three Months Ended March 31, 2019 | For the Three Months Ended March 31, 2018 | ||||||
Cash distributions | $ | 17,500,000 | $ | — | |||
Distributions of equity securities | 75,093 | 1,402,486 | |||||
Total distributions to shareholder | $ | 17,575,093 | $ | 1,402,486 |
1-Month LIBOR | 2.4945% |
3-Month LIBOR | 2.5998% |
Roll-Over/Draw Date | Amount | Maturity Date* | All-In Interest Rate** | ||
March 11, 2019 | $ | 33,500,000 | April 11, 2019 | 5.25% | |
March 11, 2019 | 25,000,000 | Not applicable | Variable based on 1-Month LIBOR rate | ||
Total Outstanding | $ | 58,500,000 |
Asset Derivatives | ||||||||||||
March 31, 2019 | December 31, 2018 | |||||||||||
Derivatives: | Location on Condensed Statements of Assets and Liabilities | Fair Value | Location on Condensed Statements of Assets and Liabilities | Fair Value | ||||||||
Interest rate swap agreement | Derivative asset - interest rate swap | $ | 205,070 | Derivative asset - interest rate swap | $ | 352,121 |
For the Three Months Ended | ||||||||||
Derivatives: | Location on Condensed Statements of Operations | March 31, 2019 | March 31, 2018 | |||||||
Interest rate swap agreement | Net change in unrealized gain (loss) from derivative instruments | $ | (147,050 | ) | $ | 412,686 | ||||
Net realized gain (loss) from derivative instruments | $ | 79,220 | $ | (102,113 | ) |
Asset | Cost | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Fair Value | ||||||||||
Loans | $ | 194,164,286 | $ | — | $ | (23,716,352 | ) | $ | (23,716,352 | ) | $ | 170,447,934 | |||
Total | $ | 194,164,286 | $ | — | $ | (23,716,352 | ) | $ | (23,716,352 | ) | $ | 170,447,934 | |||
Derivative, asset | Cost | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Fair Value | ||||||||||
Derivative asset - interest rate swap | $ | — | $ | 205,070 | $ | — | $ | 205,070 | $ | 205,070 | |||||
Total | $ | — | $ | 205,070 | $ | — | $ | 205,070 | $ | 205,070 |
Asset | Cost | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Fair Value | ||||||||||
Loans | $ | 233,935,818 | $ | — | $ | (23,213,054 | ) | $ | (23,213,054 | ) | $ | 210,722,764 | |||
Total | $ | 233,935,818 | $ | — | $ | (23,213,054 | ) | $ | (23,213,054 | ) | $ | 210,722,764 | |||
Derivative, asset | Cost | Unrealized Appreciation | Unrealized Depreciation | Net Appreciation (Depreciation) | Fair Value | ||||||||||
Derivative asset - interest rate swap | $ | — | $ | 352,121 | $ | — | $ | 352,121 | $ | 352,121 | |||||
Total | $ | — | $ | 352,121 | $ | — | $ | 352,121 | $ | 352,121 |
For the Three Months Ended March 31, 2019 | For the Three Months Ended March 31, 2018 | ||||||
Total return ** | 3.01 | % | 2.51 | % | |||
Per share amounts: | |||||||
Net asset value, beginning of period | $ | 1,277.98 | $ | 2,126.56 | |||
Net investment income | 42.85 | 77.21 | |||||
Net realized and change in unrealized loss from loans and derivative instruments | (5.67 | ) | (23.76 | ) | |||
Net increase in net assets resulting from operations | 37.18 | 53.45 | |||||
Distributions of income to shareholder | (43.68 | ) | (14.02 | ) | |||
Return of capital to shareholder | (132.07 | ) | — | ||||
Contributions from shareholder | — | 16.20 | |||||
Net asset value, end of period | $ | 1,139.41 | $ | 2,182.19 | |||
Net assets, end of period | $ | 113,940,992 | $ | 218,219,227 | |||
Ratios to average net assets: | |||||||
Expenses* | 7.48 | % | 6.95 | % | |||
Net investment income* | 13.69 | % | 14.38 | % | |||
Portfolio turn-over rate | 0 | % | 0 | % | |||
Average debt outstanding | $ | 70,750,000 | $ | 115,125,000 | |||
*Annualized | |||||||
**Total return amounts presented above are not annualized |
For the Three Months Ended March 31, 2019 | For the Three Months Ended March 31, 2018 | ||||||
Net cash provided by operating activities | $ | 44,187,680 | $ | 1,419,227 | |||
Net cash provided by (used in) financing activities | (46,420,780 | ) | 17,887 | ||||
Net increase (decrease) in cash and cash equivalents | $ | (2,233,100 | ) | $ | 1,437,114 |
As of | Cumulative Amount Disbursed | Principal Reductions and Fair Market Adjustments | Balance Outstanding - Fair Value | Unexpired Unfunded Commitments |
March 31, 2019 | $960.2 million | $789.8 million | $170.4 million | $0 |
December 31, 2018 | $960.2 million | $749.5 million | $210.7 million | $0 |
Effect of Interest Rate Change By | Other Interest and Other Income (Loss) | Gain (Loss) from Derivative Instruments | Interest Income (Expense) | Total Income (Loss) | ||||||||
(0.50)% | $ | (3,033 | ) | $ | (210,484 | ) | $ | 292,500 | $ | 78,983 | ||
1% | $ | 6,067 | $ | 420,968 | $ | (585,000 | ) | $ | (157,965 | ) | ||
2% | $ | 12,133 | $ | 841,936 | $ | (1,170,000 | ) | $ | (315,931 | ) | ||
3% | $ | 18,200 | $ | 1,262,904 | $ | (1,755,000 | ) | $ | (473,896 | ) | ||
4% | $ | 24,267 | $ | 1,683,872 | $ | (2,340,000 | ) | $ | (631,861 | ) | ||
5% | $ | 30,333 | $ | 2,104,840 | $ | (2,925,000 | ) | $ | (789,827 | ) |
Exhibit Number | Description |
3(i) | |
3(ii) | |
4.1 | |
31.1 | |
31.2 | |
32.1 | |
32.2 |
By: | /s/ Maurice C. Werdegar | By: | /s/ Martin D. Eng |
Maurice C. Werdegar | Martin D. Eng | ||
President and Chief Executive Officer | Chief Financial Officer | ||
(Principal Executive Officer) | (Principal Financial Officer) | ||
Date: | May 14, 2019 | Date: | May 14, 2019 |
1. | I have reviewed this quarterly report on Form 10-Q of Venture Lending & Leasing VII, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d -15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this quarterly report on Form 10-Q of Venture Lending & Leasing VII, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d -15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |