HTGC 10-Q Quarter ended March 31, 2020

☒

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

74-3113410

(State or Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification Number)

400 Hamilton Ave., Suite 310

Palo Alto, California

(Address of Principal Executive Offices)

94301

(Zip Code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value $0.001 per share

HTGC

New York Stock Exchange

5.25% Notes due 2025

HCXZ

New York Stock Exchange

6.25% Notes due 2033

HCXY

New York Stock Exchange

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 a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

PART I. FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Statements of Assets and Liabilities as of March 31, 2020 and December 31, 2019 (unaudited)

3

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited)

5

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 and 2019 (unaudited)

6

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)

7

Consolidated Schedule of Investments as of March 31, 2020 (unaudited)

9

Consolidated Schedule of Investments as of December 31, 2019 (unaudited)

20

Notes to Consolidated Financial Statements (unaudited)

30

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

64

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

80

Item 4.

Controls and Procedures

81

PART II. OTHER INFORMATION

82

Item 1.

Legal Proceedings

82

Item 1A.

Risk Factors

82

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

84

Item 3.

Defaults Upon Senior Securities

84

Item 4.

Mine Safety Disclosures

84

Item 5.

Other Information

84

Item 6.

Exhibits and Financial Statement Schedules

85

SIGNATURES

88

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2020

December 31, 2019

Assets

Investments:

Non-control/Non-affiliate investments (cost of $2,312,460 and $2,248,524, respectively)

$

2,238,479

$

2,232,972

Control investments (cost of $65,213 and $65,333, respectively)

51,775

59,746

Affiliate investments (cost of $88,584 and $88,175, respectively)

12,226

21,808

Total investments in securities, at value (cost of $2,466,256 and $2,402,032, respectively)

2,302,480

2,314,526

Cash and cash equivalents

34,282

64,393

Restricted cash

22,060

50,603

Interest receivable

19,137

20,207

Right of use asset ⁽²⁾

11,078

11,659

Other assets

7,714

580

Total assets

$

2,396,751

$

2,461,968

Liabilities

Accounts payable and accrued liabilities

$

22,450

$

30,306

Operating lease liability ⁽²⁾

11,144

11,538

SBA Debentures, net (principal of $110,250 and $149,000, respectively) ⁽¹⁾

109,725

148,165

2022 Notes, net (principal of $150,000 and $150,000, respectively) ⁽¹⁾

148,645

148,514

July 2024 Notes, net (principal of $105,000 and $105,000, respectively) ⁽¹⁾

103,721

103,685

February 2025 Notes, net (principal of $50,000 and $0, respectively) ⁽¹⁾

49,442

—

2025 Notes, net (principal of $75,000 and $75,000, respectively) ⁽¹⁾

73,066

72,970

2033 Notes, net (principal of $40,000 and $40,000, respectively) ⁽¹⁾

38,528

38,501

2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽¹⁾

197,377

197,312

2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) ⁽¹⁾

247,444

247,395

2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) ⁽¹⁾

227,004

226,614

Credit Facilities

71,125

103,919

Total liabilities

$

1,299,671

$

1,328,919

Net assets consist of:

Common stock, par value

111

108

Capital in excess of par value

1,182,080

1,145,106

Total distributable earnings (loss)

(85,111

)

(12,165

)

Total net assets

$

1,097,080

$

1,133,049

Total liabilities and net assets

$

2,396,751

$

2,461,968

Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized)

110,601

107,364

Net asset value per share

$

9.92

$

10.55

(1)

The Company’s SBA debentures, 2022 Notes, July 2024 Notes, February 2025 Notes, 2025 Notes, 2033 Notes, 2027 Asset-Backed Notes, 2028 Asset-Backed Notes, and 2022 Convertible Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 4 – Borrowings”.

(2)

See “Note 2 – Summary of Significant Accounting Policies” for a description of Right of use asset and Operating lease liability.

(Dollars in thousands)

March 31, 2020

December 31, 2019

Assets

Restricted Cash

$

22,060

$

50,603

2027 Asset-Backed Notes, investments in securities, at value (cost of $297,682 and $283,891, respectively)

295,981

283,658

2028 Asset-Backed Notes, investments in securities, at value (cost of $365,755 and $347,295, respectively)

363,561

347,929

Total assets

$

681,602

$

682,190

Liabilities

2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽¹⁾

$

197,377

$

197,312

2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) ⁽¹⁾

247,444

247,395

Total liabilities

$

444,821

$

444,707

(1)

The Company’s 2027 Asset-Backed Notes and the 2028 Asset-Backed Notes are presented net of the associated debt issuance costs. See “Note 4 – Borrowings”.

Three Months Ended March 31,

2020

2019

Investment income:

Interest income

Non-control/Non-affiliate investments

$

65,338

$

53,941

Control investments

646

1,024

Affiliate investments

220

508

Total interest income

66,204

55,473

Fee income

Commitment, facility and loan fee income

Non-control/Non-affiliate investments

4,196

2,450

Control investments

5

4

Affiliate investments

—

88

Total commitment, facility and loan fee income

4,201

2,542

One-time fee income

Non-control/Non-affiliate investments

3,214

780

Total one-time fee income

3,214

780

Total fee income

7,415

3,322

Total investment income

73,619

58,795

Operating expenses:

Interest

14,532

12,555

Loan fees

1,794

3,009

General and administrative

Legal expenses

899

663

Tax expenses

1,135

298

Other expenses

4,025

3,192

Total general and administrative

6,059

4,153

Employee compensation

Compensation and benefits

8,214

6,623

Stock-based compensation

2,440

3,422

Total employee compensation

10,654

10,045

Total operating expenses

33,039

29,762

Net investment income

40,580

29,033

Net realized gain (loss) on investments

Non-control/Non-affiliate investments

6,967

4,555

Total net realized gain (loss) on investments

6,967

4,555

Net change in unrealized appreciation (depreciation) on investments

Non-control/Non-affiliate investments

(58,430

)

32,091

Control investments

(7,851

)

(2,875

)

Affiliate investments

(9,989

)

(1,219

)

Total net unrealized appreciation (depreciation) on investments

(76,270

)

27,997

Total net realized and unrealized gain (loss)

(69,303

)

32,552

Net increase (decrease) in net assets resulting from operations

$

(28,723

)

$

61,585

Net investment income before investment gains and losses per common share:

Basic

$

0.37

$

0.30

Change in net assets resulting from operations per common share:

Basic

$

(0.27

)

$

0.64

Diluted

$

(0.27

)

$

0.64

Weighted average shares outstanding

Basic

108,955

96,218

Diluted

108,955

96,508

Distributions paid per common share:

Basic

$

0.40

$

0.31

Capital in

Distributable

Common Stock

excess

Earnings

Treasury

Net

For the Three Months Ended March 31, 2020

Shares

Par Value

of par value

(loss)

Stock

Assets

Balance at December 31, 2019

107,364

$

108

$

1,145,106

$

(12,165

)

$

—

$

1,133,049

Net increase (decrease) in net assets resulting from operations

—

—

—

(28,723

)

—

(28,723

)

Public offering, net of offering expenses

2,441

2

34,960

—

—

34,962

Issuance of common stock due to stock option exercises

29

—

362

—

—

362

Retired shares from net issuance

(24

)

—

(376

)

—

—

(376

)

Issuance of common stock under restricted stock plan

749

1

(1

)

—

—

—

Retired shares for restricted stock vesting

(17

)

—

(880

)

—

—

(880

)

Distributions reinvested in common stock

59

—

827

—

—

827

Distributions

—

—

—

(44,223

)

—

(44,223

)

Stock-based compensation ⁽¹⁾

—

—

2,082

—

—

2,082

Balance at March 31, 2020

110,601

$

111

$

1,182,080

$

(85,111

)

$

—

$

1,097,080

(1)

Stock-based compensation includes $21 of restricted stock and option expense related to director compensation for the three months ended March 31, 2020.

Capital in

Distributable

Common Stock

excess

Earnings

Treasury

Net

For the Three Months Ended March 31, 2019

Shares

Par Value

of par value

(loss) ⁽²⁾

Stock

Assets

Balance at December 31, 2018

96,501

$

96

$

1,052,269

$

(92,859

)

$

(4,062

)

$

955,444

Net increase (decrease) in net assets resulting from operations

—

—

—

61,585

—

61,585

Public offering, net of offering expenses

—

—

(21

)

—

—

(21

)

Issuance of common stock due to stock option exercises

13

—

154

—

—

154

Retired shares from net issuance

(11

)

—

(159

)

—

—

(159

)

Issuance of common stock under restricted stock plan

48

—

—

—

—

—

Retirement of common stock under repurchase plan

—

—

(4,062

)

—

4,062

—

Retired shares for restricted stock vesting

(55

)

—

(691

)

—

—

(691

)

Distributions reinvested in common stock

47

—

632

—

—

632

Distributions

—

—

—

(29,900

)

—

(29,900

)

Stock-based compensation ⁽¹⁾

—

—

3,305

—

—

3,305

Balance at March 31, 2019

96,543

$

96

$

1,051,427

$

(61,174

)

$

—

$

990,349

(1)

Stock-based compensation includes $7 of restricted stock and option expense related to director compensation for the three months ended March 31, 2019.

(2)

Certain prior year numbers have been adjusted to conform with the SEC final rules on disclosure updates and simplification effective November 5, 2018. See Note 11.

For the Three Months Ended March 31,

2020

2019

Cash flows from operating activities:

Net increase (decrease) in net assets resulting from operations

$

(28,723

)

$

61,585

Adjustments to reconcile net increase in net assets resulting from

operations to net cash provided by (used in) operating activities:

Purchase of investments

(233,612

)

(239,702

)

Principal and fee payments received on investments

167,511

65,845

Proceeds from the sale of investments

17,076

9,830

Net unrealized depreciation (appreciation) on investments

76,270

(27,997

)

Net realized loss (gain) on investments

(6,967

)

(4,555

)

Accretion of paid-in-kind principal

(2,130

)

(2,099

)

Accretion of loan discounts

(1,147

)

(737

)

Accretion of loan discount on convertible notes

168

168

Accretion of loan exit fees

(6,265

)

(5,199

)

Change in deferred loan origination revenue

1,319

3,754

Unearned fees related to unfunded commitments

(463

)

992

Amortization of debt fees and issuance costs

1,332

2,653

Depreciation

126

51

Stock-based compensation and amortization of restricted stock grants ⁽¹⁾

2,082

3,305

Change in operating assets and liabilities:

Interest and fees receivable

1,070

(1,407

)

Prepaid expenses and other assets

(4,100

)

(9,272

)

Accounts payable

(16

)

(198

)

Accrued liabilities

(8,233

)

1,417

Net cash provided by (used in) operating activities

(24,702

)

(141,566

)

Cash flows from investing activities:

Purchases of capital equipment

(29

)

(83

)

Net cash provided by (used in) investing activities

(29

)

(83

)

Cash flows from financing activities:

Issuance of common stock, net

34,963

(43

)

Retirement of employee shares

(896

)

(676

)

Distributions paid

(43,396

)

(29,268

)

Issuance of 2028 Asset-Backed Notes

—

250,000

Issuance of February 2025 Notes

50,000

—

Repayments of 2024 Notes

—

(83,510

)

Repayments of Long-Term SBA Debentures

(38,750

)

—

Borrowings of credit facilities

242,026

110,834

Repayments of credit facilities

(274,819

)

(119,523

)

Cash paid for debt issuance costs

(618

)

(2,965

)

Fees paid for credit facilities and debentures

(2,433

)

(2,443

)

Net cash provided by (used in) financing activities

(33,923

)

122,406

Net increase (decrease) in cash, cash equivalents, and restricted cash

(58,654

)

(19,243

)

Cash, cash equivalents, and restricted cash at beginning of period

114,996

45,857

Cash, cash equivalents, and restricted cash at end of period

$

56,342

$

26,614

Supplemental disclosures of cash flow information and non-cash investing and financing activities:

Distributions reinvested

827

632

(1)

Stock-based compensation includes $21 and $7 of restricted stock and option expense related to director compensation for the three months ended March 31, 2020 and 2019, respectively.

For the Three Months Ended March 31,

(Dollars in thousands)

2020

2019

Cash and cash equivalents

$

34,282

$

16,465

Restricted cash

22,060

10,149

Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows

$

56,342

$

26,614

Portfolio Company

Sub-Industry

Type of

Investment ⁽¹⁾

Maturity

Date

Interest Rate and Floor ⁽²⁾

Principal

Amount

Cost ⁽³⁾

Value ⁽⁴⁾

Debt Investments

Communications & Networking

1-5 Years Maturity

Cytracom Holdings LLC ⁽¹⁸⁾

Communications & Networking

Senior Secured

February 2025

Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25%

$

7,000

$

6,793

$

6,793

Subtotal: 1-5 Years Maturity

6,793

6,793

Subtotal: Communications & Networking (0.62%)*

6,793

6,793

Diversified Financial Services

1-5 Years Maturity

Gibraltar Business Capital, LLC ⁽⁷⁾

Diversified Financial Services

Unsecured

March 2023

Interest rate FIXED 14.50%

$

15,000

14,794

14,794

Subtotal: 1-5 Years Maturity

14,794

14,794

Subtotal: Diversified Financial Services (1.35%)*

14,794

14,794

Drug Delivery

1-5 Years Maturity

Antares Pharma Inc. ^{(10)(11)(15)(17)}

Drug Delivery

Senior Secured

July 2022

Interest rate PRIME + 4.50% or Floor rate of 8.50%, 4.14% Exit Fee

$

40,000

40,741

39,890

Subtotal: 1-5 Years Maturity

40,741

39,890

Subtotal: Drug Delivery (3.64%)*

40,741

39,890

Drug Discovery & Development

Under 1 Year Maturity

Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.) ^(5)(10)(11)

Drug Discovery & Development

Senior Secured

March 2021

Interest rate PRIME + 6.80% or Floor rate of 11.55%

$

15,731

15,640

15,640

Metuchen Pharmaceuticals LLC ⁽¹⁴⁾

Drug Discovery & Development

Senior Secured

October 2020

Interest rate PRIME + 7.25% or Floor rate of 10.75%, PIK Interest 1.35%, 2.25% Exit Fee

$

11,192

12,200

12,065

Stealth Bio Therapeutics Corp. ^(5)(10)(11)

Drug Discovery & Development

Senior Secured

January 2021

Interest rate PRIME + 5.50% or Floor rate of 9.50%, 6.68% Exit Fee

$

14,797

15,928

15,928

Subtotal: Under 1 Year Maturity

43,768

43,633

1-5 Years Maturity

Acacia Pharma Inc. ^(5)(10)(11)

Drug Discovery & Development

Senior Secured

January 2022

Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee

$

8,902

9,077

9,011

Aldeyra Therapeutics, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

October 2023

Interest rate PRIME + 3.10% or Floor rate of 9.10%, 6.95% Exit Fee

$

15,000

15,059

15,027

Aveo Pharmaceuticals, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

July 2021

Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee

$

6,889

7,250

7,233

Drug Discovery & Development

Senior Secured

July 2021

Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee

$

6,889

7,141

7,185

Total Aveo Pharmaceuticals, Inc.

$

13,778

14,391

14,418

BridgeBio Pharma LLC ^(12)(13)(16)

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 3.85% or Floor rate of 8.85%, 6.35% Exit Fee

$

35,000

35,835

35,696

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee

$

20,000

20,351

20,461

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 3.10% or Floor rate of 9.10%, 5.75% Exit Fee

$

20,000

20,168

20,272

Total BridgeBio Pharma LLC

$

75,000

76,354

76,429

Chemocentryx, Inc. ^(10)(15)(17)

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee

$

20,000

20,401

20,567

Drug Discovery & Development

Senior Secured

February 2024

Interest rate PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee

$

5,000

4,956

4,956

Total Chemocentryx, Inc.

$

25,000

25,357

25,523

Codiak Biosciences, Inc. ^(11)(17)

Drug Discovery & Development

Senior Secured

October 2024

Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee

$

10,000

9,989

9,970

Constellation Pharmaceuticals, Inc. (12)

Drug Discovery & Development

Senior Secured

April 2023

Interest rate PRIME + 2.55% or Floor rate of 8.55%, 6.35% Exit Fee

$

30,000

30,308

30,738

Dermavant Sciences Ltd. ^(5)(10)(13)

Drug Discovery & Development

Senior Secured

June 2022

Interest rate PRIME + 4.45% or Floor rate of 9.95%, 6.95% Exit Fee

$

20,000

20,245

20,295

Eidos Therapeutics, Inc. ^(10)(13)(17)

Drug Discovery & Development

Senior Secured

October 2023

Interest rate PRIME + 3.25% or Floor rate of 8.50%, 5.95% Exit Fee

$

8,750

8,771

8,771

Genocea Biosciences, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

May 2021

Interest rate PRIME + 3.00% or Floor rate of 8.00%, 13.43% Exit Fee

$

12,922

13,595

13,595

Kaleido Biosciences, Inc. ⁽¹³⁾

Drug Discovery & Development

Senior Secured

January 2024

Interest rate PRIME + 4.20% or Floor rate of 8.95%, 7.55% Exit Fee

$

22,500

22,517

22,517

Mesoblast ^(5)(10)(11)

Drug Discovery & Development

Senior Secured

March 2022

Interest rate PRIME + 4.95% or Floor rate of 9.70%, 6.95% Exit Fee

$

50,000

51,902

51,972

Motif BioSciences Inc. ^(5)(8)(10)

Drug Discovery & Development

Senior Secured

September 2021

Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.87% Exit Fee

$

6,738

6,732

—

Nabriva Therapeutics ^(5)(10)

Drug Discovery & Development

Senior Secured

June 2023

Interest rate PRIME + 4.30% or Floor rate of 9.80%, 9.95% Exit Fee

$

5,000

5,071

5,098

Portfolio Company

Sub-Industry

Type of

Investment ⁽¹⁾

Maturity

Date

Interest Rate and Floor ⁽²⁾

Principal

Amount

Cost ⁽³⁾

Value ⁽⁴⁾

Paratek Pharmaceuticals, Inc. ^(11)(15)(16)

Drug Discovery & Development

Senior Secured

September 2021

Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.13% Exit Fee

$

60,000

$

62,075

$

62,211

Drug Discovery & Development

Senior Secured

August 2022

Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee

$

10,000

10,298

10,338

Total Paratek Pharmaceuticals, Inc.

$

70,000

72,373

72,549

Replimune Group, Inc. ^{(5)(10)(11)(17)}

Drug Discovery & Development

Senior Secured

August 2023

Interest rate PRIME + 2.75% or Floor rate of 8.75%, 4.95% Exit Fee

$

10,000

10,013

10,044

Seres Therapeutics, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

November 2023

Interest rate PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee

$

25,000

24,907

24,907

Syndax Pharmaceutics Inc. ⁽¹³⁾

Drug Discovery & Development

Senior Secured

September 2023

Interest rate PRIME + 5.10% or Floor rate of 9.85%, 4.99% Exit Fee

$

20,000

19,929

19,929

TG Therapeutics, Inc. ^(10)(13)

Drug Discovery & Development

Senior Secured

March 2022

Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.25% Exit Fee

$

30,000

29,890

30,029

Tricida, Inc. ^{(11)(15)(16)(17)}

Drug Discovery & Development

Senior Secured

April 2023

Interest rate PRIME + 2.35% or Floor rate of 8.35%, 11.92% Exit Fee

$

60,000

61,090

61,689

uniQure B.V. ^(5)(10)(11)

Drug Discovery & Development

Senior Secured

June 2023

Interest rate PRIME + 3.35% or Floor rate of 8.85%, 7.72% Exit Fee

$

35,000

36,219

36,526

Verastem, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

5,052

5,090

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

5,070

5,109

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

5,093

5,141

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

10,000

10,114

10,190

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

10,000

10,086

10,162

Total Verastem, Inc.

$

35,000

35,415

35,692

X4 Pharmaceuticals, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

July 2023

Interest rate PRIME + 3.75% or Floor rate of 8.75%, 7.18% Exit Fee

$

25,000

25,181

25,175

Yumanity Therapeutics, Inc. ⁽¹¹⁾

Drug Discovery & Development

Senior Secured

January 2024

Interest rate PRIME + 4.00% or Floor rate of 8.75%, 5.25% Exit Fee

$

15,000

14,811

14,660

Subtotal: 1-5 Years Maturity

639,196

634,564

Subtotal: Drug Discovery & Development (61.82%)*

682,964

678,197

Electronics & Computer Hardware

Under 1 Year Maturity

Glo AB ^{(5)(8)(10)(13)(14)}

Electronics & Computer Hardware

Senior Secured

February 2021

Interest rate PRIME + 6.20% or Floor rate of 10.45%, PIK Interest 1.75%, 5.03% Exit Fee

$

6,635

7,149

2,783

Subtotal: Under 1 Year Maturity

7,149

2,783

Subtotal: Electronics & Computer Hardware (0.25%)*

7,149

2,783

Healthcare Services, Other

1-5 Years Maturity

Oak Street Health ^(11)(16)

Healthcare Services, Other

Senior Secured

December 2022

Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee

$

80,000

81,642

82,039

The CM Group LLC ⁽¹⁷⁾