Hercules Capital, Inc. - FORM 8-K - EX-99.2

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8-K - FORM 8-K - Hercules Capital, Inc.	d898481d8k.htm
EX-99.1 - EX-99.1 - Hercules Capital, Inc.	d898481dex991.htm

Exhibit 99.2

Quarterly Servicer Report

On Behalf of Funding Trust 2012-1

For the fiscal quarter ending March 31, 2014

Prepared: June 12, 2014

Table of Contents


Obligor Credit Information			2
Obligor Key Performance Events			3
Loan Information			4
Waivers and Modifications			5
Related Term Loans			6
Related Revolvers			7

Obligor Credit Information

Data as of 3-31-14

Obligor CODE

Industry Sector

SubSector

Credit Score
at Closing

Current Credit
Score

Investment
Stage at
Closing

Current Stage
(as defined by
equity round
raised/Public/Other
(LMM)

Equity Raised
to Date (in
millions)

Current Valuation (in
millions) Post Money
(Private), Market Cap
(Public), EV (Other)

Statement
Date

Period

LTM
Revenues
(in thousands)

Total Senior
Debt
(in millions)

TTM/
Annualized
EBITDA
(in thousands)

OBLIGOR #1

Pharmaceuticals

Drug Delivery

N/A-Paid Off

Public

N/A-Paid Off

OBLIGOR #2

Pharmaceuticals

Drug Delivery

N/A-Substituted

Public

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #3

Energy Technology

Public

966.8

109.3

3/31/2014

LTM

84,117

13.5

OBLIGOR #4

Pharmaceuticals

Drug Discovery &
Development

N/A-Substituted

Public

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #5

Pharmaceuticals

Drug Discovery &
Development

Public

495.2

77.4

3/31/2014

LTM

16,261

16.9

OBLIGOR #6

Technology

Software

N/A-Substituted

Series E

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #7

Pharmaceuticals

Drug Discovery &
Development

Public

234.6

383.4

3/31/2014

LTM

10,854

15.0

OBLIGOR #8

Pharmaceuticals

Drug Discovery &
Development

N/A-Paid Off

Public

N/A-Paid Off

OBLIGOR #9

Pharmaceuticals

Biotechnology
Tools

N/A-Paid Off

Series A

N/A-Paid Off

OBLIGOR #10

Technology

Information
Services

Series A

8.0

21.5

3/31/2014

LTM

3,475

0.5

OBLIGOR #11

Energy Technology

N/A-Paid Off

Public

N/A-Paid Off

OBLIGOR #12

Energy Technology

Series C

Public *

74.1

351.6*

3/31/2014

LTM

3,497

4.4

OBLIGOR #13

Pharmaceuticals

Drug Discovery &
Development

Public

537.7

747.6

3/31/2014

LTM

11,500

20.0

OBLIGOR #14

Pharmaceuticals

Drug Delivery

N/A-Paid Off

Series B

N/A-Paid Off

OBLIGOR #15

Medical Device

Biotechnology
Tools

Series C

Series D

53.4

85.6

3/31/2014

LTM

31,930

3.9

OBLIGOR #16

Technology

Communications &
Networking

Series E

Series A (Recap)

190.55

186.35

6/30/2014

LTM

4,916

10.5

OBLIGOR #17

Medical Device

Therapeutic

Series C

59.8

83.6

3/31/2014

LTM

6.6

OBLIGOR #18

Technology

Internet Consumer
& Business
Services

Series C

44.3

110.0

3/31/2014

LTM

58,383

13.6

5,668

OBLIGOR #19

Pharmaceuticals

Diagnostic

N/A-Substituted

Series A

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #20

Medical Device

Surgical Devices

Series C

Series E

103.0

175.0

3/31/2014

LTM

5,644

7.3

OBLIGOR #21

Technology

Internet Consumer
& Business
Services

N/A-Paid Off

Public

N/A- Paid Off

N/A-Paid Off

OBLIGOR #22

Medical Device

Medical Device &
Equipment

Series G

Series A (Recap)

64.4

85.9

6/30/2014

LTM

8,371

5.4

OBLIGOR #23

Technology

Internet Consumer
& Business
Services

Series B

27.1

138.0

3/31/2014

LTM

27,206

10.4

OBLIGOR #24

Middle Market

Media/Content/
Info

N/A-Substituted

Other

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #25

Middle Market

Internet Consumer
& Business
Services

Other

12.2

22.1

41729

LTM

19,392

12.35

1,521

OBLIGOR #26

Pharmaceuticals

Drug Discovery &
Development

N/A

Public

1,943.0

508.70224

3/31/2014

LTM

34,963

15.0

OBLIGOR #27

Technology

Electronics &
Computer
Hardware

N/A

N/A-Paid Off

N/A

N/A-Paid Off

OBLIGOR #28

Technology

Energy Technology

N/A

Series C

140.2

246.4

3/31/2014

LTM

9.7

OBLIGOR #29

Pharmaceuticals

Drug Discovery &
Development

N/A

Public

293.0

274.1

3/31/2014

LTM

6,164

10.0

*	The Company completed it’s Initial Public Offering in April 2014, the Current Valuation presented is the Market Cap as of 6/10/14.

Portfolio Key Performance Events


Obligor CODE	Description	Key Performance Events for the periods January 2014 to March 2014
OBLIGOR #1	Publicly-traded company focused on development of the treatment of acute and breakthrough pain	NA - Paid Off

OBLIGOR #2	Developer of core technology platform for rapid administration of most small molecule drugs	NA - Substituted out of portfolio

OBLIGOR #3	Provider of engineering planning services for clean energy networks	In February 2014, a foreign court ruled in favor of the Company in a software copyright infringement case against another company who allegedly stole software from the Company.

OBLIGOR #4	Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases.	NA - Substituted out of portfolio

OBLIGOR #5	Publicly-traded company focused on the discovery and development of cancer therapeutics.	In April 2014, the Company and a strategic partner entered into an agreement to couple an inhibitory antibody product of the Company, with a companion diagnostic test produced by the strategic partner. The strategic partner will fund up to $15m of the cost of the study.

OBLIGOR #6	Online storage and sharing service	NA - Substituted out of portfolio

OBLIGOR #7	Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases	In February 2014, the Company initiated a Phase I clinical trial of one of it’s products that is designed for children. The Company and the FDA have agreed to a Pediatric Study Plan and the Company has submitted a Pediatric Investigational Plan to the European Medicines Agency.

OBLIGOR #8	Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer	NA - Paid Off

OBLIGOR #9	Leader in analyzing and understanding the human genome	NA-Paid Off

OBLIGOR #10	Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications	In April 2014, the Company received the final $200K funding tranche, for a total $1.1M bridge loan from outside investors.

OBLIGOR #11	Solar microinverter systems for residential and commercial applications	NA - Paid Off

OBLIGOR #12	Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells	In March 2014, the Company acquired a large oil field for ~$40M. In April 2014, the company closed a reverse merger and Initial Public Offering.

OBLIGOR #13	Focused on development of inhaled pharmaceuticals for site- specific treatment of serious lung diseases	In March 2014, the Company announced that it’s product failed to meet the primary endpoint, but did meet it’s secondary endpoint in Phase II clinical trials.

OBLIGOR #14	Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery	NA - Paid Off

OBLIGOR #15	Provides compact liquid and plate handling systems and plastic laboratory supplies	In 1Q14, the Company continued to get validation from various research partners by way of development partnerships and grants.

OBLIGOR #16	Provider of software that enables a simple user interface for wireless control of consumer electronics	In February 2014, the Company announced a new partnership with a cloud storage and sharing company to provide services to enterprise clients.

OBLIGOR #17	Develops innovative and non-invasive therapies addressing age- related macular degeneration	In 1Q14 the Company raised $4M in new convertible debt from existing investors and started placing its devices in several German eye clinics to start proving out adoption of its therapy in the German market.

OBLIGOR #18	The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers	After underperforming in 2013, in 1Q14 the Company has performed to plan and successfully stabilized the business. The Company is also working on a new equity infusion from insiders to strengthen the balance sheet.

OBLIGOR #19	Develops pharmaceuticals through the use of biological markers	NA - Substituted out of portfolio

OBLIGOR #20	Focuses on developing and commercializing a proprietary system (the Organ Care System or OCS) to enable transplantation of functioning organs	No updates this quarter.

OBLIGOR #21	Online market place which brings together home buyers/sellers and real estate professionals	NA - Paid off

OBLIGOR #22	Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure	The Company raised $9M from investors as part of a recapitalization in November 2013. Company will look to raise additional capital in 3Q14 and continues to pursue FDA premarket approval.

OBLIGOR #23	Provider of location-based mobile safety and security solutions to owners of mobile phones	The Company’s partnership with a leading mobile phone company has been fully launched and grown to 300K paid subscribers as of Jan’14.

OBLIGOR #24	Leading marketing services and media buying firm targeting the U.S. female audience	NA - Substituted out of portfolio

OBLIGOR #25	Online media platform that provides women-focused content to its viewers	The Company failed to meet a leverage ratio covenant in Q4’13, as such, a Notice of Default was sent in February 2014 and the Company is being closely monitored. The Company is now paying default interest on the amount outstanding.

OBLIGOR #26	Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable	In January 2014, the Company completed patient enrollment in the Phase III clinical trial of a maintenance therapy for ovarian cancer. In March 2014, the Company initiated enrollment in their second of two Phase III trials for the treatment of Myelofibrosis.

OBLIGOR #27	Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems	NA - Paid Off

OBLIGOR #28	Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel	In 1Q14 the Company received a $5 million dollar grant from a US government entity in 1Q14.

OBLIGOR #29	Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems	In February 2014, the Company successfully completed a U.S. Initial Public Offering, netting proceeds of over $80M.

Loan Information as of March 31, 2014

Per LSA

Obligor CODE

Status (Active - Initial Pool,

Active-Substitute)

Date of
Substitution

Cash Yield

Fixed /
Floating

Loan Status
(Current, Delinquent, Defaulted,
Prepaid, Repaid, Repurchased,
Substituted)

Prepayment
Date

Prepayment Amount
(Principal + Final
Payment + Prepayment
Penalty + Success
Fee)

Date of Payment
Default

Days Past Due

OBLIGOR #1

Inactive-Initial Pool

8.50%

Floating

Prepaid

12/16/2013

$4,285,773

OBLIGOR #2

Inactive-Initial Pool

(4/3/2013)

10.75%

Floating

Substituted

OBLIGOR #3

Active-Initial Pool

11.00%

Floating

Current

OBLIGOR #4

Inactive-Initial Pool

(4/3/2013)

10.55%

Floating

Substituted

OBLIGOR #5

Active-Initial Pool

11.90%

Floating

Current

OBLIGOR #6

Inactive-Initial Pool

(8/6/2013)

8.88%

Floating

Substituted

OBLIGOR #7

Active-Initial Pool

9.55%

Floating

Current

OBLIGOR #8

Inactive-Initial Pool

9.25%

Floating

Prepaid

2/13/2014

$13,862,762

OBLIGOR #9

Inactive-Initial Pool

13.50%

Floating

Prepaid

12/10/2012

$3,909,219

OBLIGOR #10

Active-Initial Pool

10.25%

Floating

Current

OBLIGOR #11

Inactive-Initial Pool

9.00%

Floating

Repaid

OBLIGOR #12

Active-Initial Pool

10.00%

Floating

Current

OBLIGOR #13

Active-Initial Pool

9.25%

Floating

Current

OBLIGOR #14

Inactive-Initial Pool

11.00%

Floating

Prepaid

4/1/2014

$14,852,035

OBLIGOR #15

Active-Initial Pool

9.95%

Floating

Current

OBLIGOR #16

Active-Initial Pool

12.00%

Floating

Current

OBLIGOR #17

Active-Initial Pool

10.25%

Floating

Current

OBLIGOR #18

Active-Initial Pool

10.13%

Floating

Current

OBLIGOR #18

Active-Initial Pool

11.00%

Floating

Current

OBLIGOR #19

Inactive-Initial Pool

(10/29/2013)

11.65%

Floating

Substituted

OBLIGOR #20

Active-Initial Pool

12.95%

Fixed

Current

OBLIGOR #21

Inactive-Initial Pool

6.00%

Floating

Prepaid

12/17/2003

$3,591,075

OBLIGOR #21

Inactive-Initial Pool

8.75%

Floating

Prepaid

12/17/2003

$3,632,341

OBLIGOR #22

Active-Initial Pool

11.00%

Floating

Current

OBLIGOR #23

Active-Initial Pool

9.50%

Floating

Current

OBLIGOR #24

Inactive-Initial Pool

(5/29/2013)

10.00%

Floating

Substituted

OBLIGOR #25

Active-Initial Pool

9.25%

Floating

Current

OBLIGOR #25

Active-Initial Pool

10.25%

Floating

Current

OBLIGOR #26

Active-Substitute

4/3/2013

12.25%

Floating

Current

OBLIGOR #27

Inactive-Substitute

5/29/2013

11.00%

Floating

Prepaid

3/31/2014

$5,952,634

OBLIGOR #28

Active-Substitute

8/6/2013

11.00%

Floating

Current

OBLIGOR #29

Active-Substitute

10/29/2013

11.85%

Floating

Current

Waivers and Modifications

January 1, 2014 - March 31, 2014

Waiver Information (as applicable)

Loan Modification Information (as applicable)

Obligor CODE

Loan
Status
(Active /
Paid off/
Substituted)

Document
Name

Document
Execution
Date

Waiver
of
Default
(Y/N)

Type

Credit
Condition
to Waiver
(Y/N)

Waiver
Description

Reset
Covenants
(Y/N)

Extended
I/O or
Amortization
Change
(Y/N)

Extended
Maturity
(Y/N)

Change
to
Interest
Rate
(Y/N)

Change
to
Collateral
(Y/N)

Other
(Y/N)

Modification
Description

Credit
Conditions
to
Modification
(Y/N)

Description
of
Condition

Result
of
Material
Distress
(Y/N)

OBLIGOR #1

Paid Off

NONE

OBLIGOR #2

Substituted

NONE

OBLIGOR #3

Active

NONE

OBLIGOR #4

Substituted

NONE

OBLIGOR #5

Active

NONE

OBLIGOR #6

Substituted

NONE

OBLIGOR #26

Active

NONE

OBLIGOR #7

Active

Amendment
No. 3

3/27/2014

Yes

Amendment
No. 3 extends
the interest
only period to
May 31,
2015.
Increases the
maximum
Term Loan
Amount by
$3M.

OBLIGOR #8

Paid Off

NONE

OBLIGOR #9

Paid Off

NONE

OBLIGOR #10

Active

NONE

OBLIGOR #11

Paid Off

NONE

OBLIGOR #28

Active

NONE

OBLIGOR #12

Active

Amendment
No. 2

3/13/2014

Yes

Amendment
No. 2
Permitted sub
debt
(Permitted
Acquisition
Assets) -
Allowed for
the Company
to borrow
$18M from
an outside
investor in
order to
acquire a
$40M oil
field

OBLIGOR #27

Paid Off

NONE

OBLIGOR #13

Active

NONE

OBLIGOR #14

Paid Off

NONE

OBLIGOR #15

Active

NONE

OBLIGOR #16

Active

Second
Amended
and
Restated
Schedule of
Terms and
Conditions
to Master
Loan and
Security
Agreement

3/24/2014

Yes

Second
Amended and
Restated
Schedule of
Terms and
Conditions to
Master Loan
and Security
Agreement -
Increases
outstanding
loan amount
to $10.5M
and provides
up to $4.5M
additional
loan amount
upon the
borrower
achieving
revenue
based
milestone.
Maturity date
is extended to
April 1, 2017.
Four
additional
three-month
interest only
extension
periods are
available
upon the
borrower
achieving
revenue-
based
milestones.
Each interest-
only
extension
will shorten
the
amortization
period by
three months.

OBLIGOR #17

Active

Amendment
No. 3

3/26/2014

Yes

Amendment
No. 3-
Prepayment
Premium is
amended to
2% times the
principal
outstanding
at the time of
prepayment
of the loan.
PIK rate of
1% is added
to the loan.
Amortization
of the loan is
amended to
begin
October 1,
2014.

OBLIGOR #18

Active

Second
Amended
and
Restated
Loan and
Security
Agreement

2/21/2014

Yes

Second
Amended and
Restated
Loan and
Security
Agreement -
allows for an
interest only
period from
the time of
the
amendment
to June 1,
2014.

OBLIGOR #18

Active

Second
Amended
and
Restated
Loan and
Security
Agreement

2/21/2014

Yes

Second
Amended and
Restated
Loan and
Security
Agreement -
allows for an
interest only
period from
the time of
the
amendment
to June 1,
2014.

OBLIGOR #19

Substituted

NONE

OBLIGOR #20

Active

NONE

OBLIGOR #21

Paid Off

NONE

OBLIGOR #29

Active

NONE

OBLIGOR #22

Active

NONE

OBLIGOR #23

Active

NONE

OBLIGOR #25

Active

Notice of
Default

2/19/2014

Yes

Event
of
Default

Yes

The
Company did
not meet the
Leverage
Ratio
covenant for
the twelve
month period
ending
December 31,
2013. The
Company is
now paying
default
interest per
the Credit
Agreement.

OBLIGOR #24

Substituted

NONE

Schedule of Related Term Loans

As of March 31, 2014


	Related Term Loans (1)
	At Close								At March 31, 2014
Obligor CODE	Servicer Availability(1)		Additional Approved Commitment		Post-close Fundings		Expired Availability		Servicer Availability(1)		Comments
OBLIGOR #1		8,172,429		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		10,000,000		10,000,000		—		10,000,000
OBLIGOR #4		9,239,359		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		13,944,355		—		—		—		8,876,875
OBLIGOR #6		21,017,522		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		5,238,327		—		5,238,327
OBLIGOR #8		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—
OBLIGOR #11		7,400,000		—		—		—		7,181,195	loan matured
OBLIGOR #12		—		—		—		—		—
OBLIGOR #13		—		—		10,000,000		—		10,000,000
OBLIGOR #14		—		—		—		—		—	loan prepaid
OBLIGOR #15		760,913		—		—		—		—
OBLIGOR #16		—		1,927,815		1,927,815		—		1,927,815
OBLIGOR #17		499,501		—		—		—		499,500
OBLIGOR #18		—		—		3,298,242		—		3,000,000
OBLIGOR #19		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		4,000,000		—		—
OBLIGOR #23		—		402,035		402,035		—		402,035
OBLIGOR #24		17,759,716		—		—		—		—	loan substituted out of portfolio
OBLIGOR #25		—		—		—		—		—
OBLIGOR #26		—		—		5,000,000		—		5,000,000
OBLIGOR #27		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—
OBLIGOR #29		—		—		6,273,461		—		6,273,461
Total		78,793,795		12,329,851		46,139,881		—		58,399,209

(1)

Note, servicer availability and related term loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan.

Schedule of Servicer Related Revolver Loans

As of March 31, 2014


	Related Revolver Loans (1)
	At Close						At Current March 31, 2014
Obligor CODE	Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Comments
OBLIGOR #1		—		—		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		—		—		—		—		—
OBLIGOR #4		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		—		—		—		—		—		—
OBLIGOR #6		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—		—
OBLIGOR #8		—		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—		—
OBLIGOR #11		—		—		—		—		—		—	loan matured
OBLIGOR #12		—		—		—		—		—		—
OBLIGOR #13		—		—		—		—		—		—
OBLIGOR #14		—		—		—		—		—		—	loan prepaid
OBLIGOR #15		—		—		—		—		—		—
OBLIGOR #16		—		—		—		—		—		—
OBLIGOR #17		—		—		—		—		—		—
OBLIGOR #18		—		—		—		—		—		—
OBLIGOR #19		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		—		—		—		—
OBLIGOR #23		—		—		—		—		—		—
OBLIGOR #24		1,500,000		—		1,500,000		—		—		—	loan substituted out of portfolio
OBLIGOR #25		2,000,000		—		2,000,000		2,000,000		1,250,000		1,250,000
OBLIGOR #26		—		—		—		—		—		—
OBLIGOR #27		—		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—		—
OBLIGOR #29		—		—		—		—		—		—
TOTAL		3,500,000		—		3,500,000		2,000,000		1,250,000		1,250,000

(1)

Note, servicer availability and related revolver loans: In certain cases, the Seller, an affiliate of the Seller or a third party has or will issue one or more related revolving lines of credit or other related loans to an Obligor, which may include future funding obligations (in each case, a “Related Loan”). In most, but not all cases, the Loans and the Related Loans will have an undivided, pari passu security interest in the collateral securing the obligations under the Loans and the Related Loans. The Loan documentation and the Related Loan documentation also include cross-default provisions. The Issuer will not own any interest in any Related Loan.

Quarterly Servicer Report

On Behalf of Funding Trust 2012-1

For the fiscal quarter ending June 30, 2014

Prepared: September 15, 2014

Table of Contents


Obligor Credit Information			2
Obligor Key Performance Events			3
Loan Information			4
Waivers and Modifications			5
Related Term Loans			6
Related Revolvers			7

Obligor Credit Information

6/30/2014

Data as of 6-30-14

Obligor CODE

Industry Sector

SubSector

Credit Score at
Closing

Current Credit
Score

Investment Stage at
Closing

Current Stage (as
defined by equity
round
raised/Public/Other
(LMM)

Equity Raised to
Date (in millions)

Current Valuation (in
millions) Post Money
(Private), Market Cap
(Public), EV (Other)

Statement Date

Period

LTM Revenues
(in thousands)

Total Senior Debt
(in millions)

TTM/Annualized
EBITDA (in
thousands)

OBLIGOR #1

Pharmaceuticals

Drug Delivery

N/A-Paid Off

Public

N/A- Paid Off

N/A-Paid Off

N/A- Paid Off

OBLIGOR #2

Pharmaceuticals

Drug Delivery

N/A-Substituted

Public

N/A-Substituted

OBLIGOR #3

Energy
Technology

Public

971.4

129.3

6/30/2014

LTM

72,727

12.0

OBLIGOR #4

Pharmaceuticals

Drug Discovery
& Development

N/A-Substituted

Public

N/A-Substituted

OBLIGOR #5

Pharmaceuticals

Drug Discovery
& Development

Public

498.7

95.6

6/30/2014

LTM

17,783

14.3

OBLIGOR #6

Technology

Software

N/A-Substituted

Series E

N/A-Substituted

OBLIGOR #7

Pharmaceuticals

Drug Discovery
& Development

N/A- Paid Off

Public

N/A- Paid Off

OBLIGOR #8

Pharmaceuticals

Drug Discovery
& Development

N/A- Paid Off

Public

N/A- Paid Off

OBLIGOR #9

Pharmaceuticals

Biotechnology
Tools

N/A- Paid Off

Series A

N/A- Paid Off

OBLIGOR #10

Technology

Information
Services

Series A

8.0

21.5

6/30/2014

LTM

3,571

0.4

OBLIGOR #11

Energy
Technology

N/A- Paid Off

Public

N/A- Paid Off

OBLIGOR #12

Energy
Technology

Series C

Public

105.2

346.8

6/30/2014

LTM

7,884

3.6

OBLIGOR #13

Pharmaceuticals

Drug Discovery
& Development

Public

540.7

784.7

6/30/2014

LTM

20.0

OBLIGOR #14

Pharmaceuticals

Drug Delivery

N/A- Paid Off

Series B

N/A- Paid Off

OBLIGOR #15

Medical Device

Biotechnology
Tools

Series C

Series D

59.6

86.2

6/30/2014

LTM

33,521

3.5

OBLIGOR #16

Technology

Communications
& Networking

Series E

Series A (Recap)

83.02

221.6

6/30/2014

LTM

4,918

10.0

OBLIGOR #17

Medical Device

Therapeutic

Series C

Series 1 (Recap)

92.5

30.7

6/30/2014

LTM

77.4

6.1

OBLIGOR #18

Technology

Internet
Consumer &
Business
Services

Series C

Series D

50.4

127.2

6/30/2014

LTM

58,383

13.6

553

OBLIGOR #19

Pharmaceuticals

Diagnostic

N/A-Substituted

Series A

N/A-Substituted

OBLIGOR #20

Medical Device

Surgical Devices

Series C

Series E

103.0

175.0

6/30/2014

LTM

5,685

7.1

OBLIGOR #21

Technology

Internet
Consumer &
Business
Services

N/A- Paid Off

Public

N/A- Paid Off

OBLIGOR #21

Technology

Internet
Consumer &
Business
Services

N/A- Paid Off

Public

N/A- Paid Off

OBLIGOR #22

Medical Device

Medical Device
& Equipment

Series G

Series A (Recap)

65.9

84.9

6/30/2014

LTM

8,361

4.7

OBLIGOR #23

Technology

Internet
Consumer &
Business
Services

Series B

27.1

138.0

6/30/2014

LTM

30,406

9.5

OBLIGOR #24

Middle Market

Media/Content/
Info

N/A-Substituted

Other

N/A-Substituted

OBLIGOR #25

Middle Market

Internet
Consumer &
Business
Services

Other

12.2

20.6

6/30/2014

LTM

18,200

12.1

1,109

OBLIGOR #26

Pharmaceuticals

Drug Discovery
& Development

N/A

Public

1,953.9

421.0

6/30/2014

LTM

36,000

15.0

OBLIGOR #27

Technology

Electronics &
Computer
Hardware

N/A

N/A- Paid Off

N/A

N/A- Paid Off

OBLIGOR #28

Technology

Energy
Technology

N/A

N/A- Paid Off

N/A

N/A- Paid Off

OBLIGOR #29

Pharmaceuticals

Drug Discovery
& Development

N/A

N/A- Paid Off

N/A

N/A- Paid Off

Portfolio Key Performance Events


Obligor CODE	Description	Key Performance Events for the periods April 2014 to June 2014
OBLIGOR #1	Publicly-traded company focused on development of the treatment of acute and breakthrough pain	NA - Paid Off
OBLIGOR #2	Developer of core technology platform for rapid administration of most small molecule drugs	NA - Substituted out of portfolio
OBLIGOR #3	Provider of engineering planning services for clean energy networks	The Company announced a new $40M order from an existing customer. The Company expects to begin shipments under this new order during calendar Q3 2014 and expects to complete shipments during 2015. This is the sixth and largest order that the Company has received from this customer since the company began volume production of this product.
OBLIGOR #4	Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases.	NA - Substituted out of portfolio
OBLIGOR #5	Publicly-traded company focused on the discovery and development of cancer therapeutics.	In Q2’14 the Company announced positive data from a Phase 1 study and initiated animal studies on another one of their compounds.
OBLIGOR #6	Online storage and sharing service	NA - Substituted out of portfolio
OBLIGOR #7	Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases	NA - Paid Off
OBLIGOR #8	Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer	NA - Paid Off
OBLIGOR #9	Leader in analyzing and understanding the human genome	NA - Paid Off
OBLIGOR #10	Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications	Software monthly recurring revenue (MRR) increased by 30% from ~$30k to $44k from Q4 2013 to Q1 2014. However, it is still far below the targeted $100k.
OBLIGOR #11	Solar microinverter systems for residential and commercial applications	NA - Paid Off
OBLIGOR #12	Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells	In Q2’14 the Company exceeded production targets for the oil field that was acquired in March 2014. In addition, the Company closed another $2M oil field acquisition.
OBLIGOR #13	Focused on development of inhaled pharmaceuticals for site-specific treatment of serious lung diseases	In August 2014, the Company closed a public offering of shares of common stock for net proceeds of $108M. The Company intends to use the proceeds to fund further clinical development of one of its compounds.
OBLIGOR #14	Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery	NA - Paid Off
OBLIGOR #15	Provides compact liquid and plate handling systems and plastic laboratory supplies	The Company expanded its global accounts by selling to Israel and Korea for the first time, as well as its first non-pharma sale in Canada. In May 2014, the Company won a prestigious Technology award from an organization in Silicon Valley who recognizes the fifty hottest technology start-ups globally.
OBLIGOR #16	Provider of software that enables a simple user interface for wireless control of consumer electronics	In May 2014, the Company received an additional $7.15M in equity funding.
OBLIGOR #17	Develops innovative and non-invasive therapies addressing age-related macular degeneration	The Company completed a $10M insider recap ($7.5M funded in June and $2.5M funded in September).
OBLIGOR #18	The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers	The Company raised $6M in Series D financing from insiders in May 2014.
OBLIGOR #19	Develops pharmaceuticals through the use of biological markers	NA - Substituted out of portfolio
OBLIGOR #20	Focuses on developing and commercializing a proprietary system (the Organ Care System or OCS) to enable transplantation of functioning organs	No updates this quarter.
OBLIGOR #21	Online market place which brings together home buyers/sellers and real estate professionals	NA - Paid off
OBLIGOR #22	Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure	In July 2014, the Company raised $2.4M from existing investors.
OBLIGOR #23	Provider of location-based mobile safety and security solutions to owners of mobile phones	In September 2014, a definitive agreement was announced to acquire the Company. The transaction is expected to close during the fourth quarter of 2014 and is subject to customary closing conditions.
OBLIGOR #24	Leading marketing services and media buying firm targeting the U.S. female audience	NA - Substituted out of portfolio
OBLIGOR #25	Online media platform that provides women-focused content to its viewers	No updates this quarter.
OBLIGOR #26	Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable	In August 2014, the FDA granted Fast Track designation to a drug candidate of the Company. The drug is currently being evaluated in two Phase 3 clinical trials.
OBLIGOR #27	Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems	NA - Paid Off
OBLIGOR #28	Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel	NA - Paid Off
OBLIGOR #29	Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems	NA - Paid Off

Loan Information as of June 30, 2014

Per LSA

Obligor CODE

Status (Active -
Initial Pool, Active
- Substitute)

Date of Substitution

Cash Yield

Fixed /Floating

Loan Status
(Current, Delinquent, Defaulted,
Prepaid, Repaid, Repurchased,
Substituted)

Prepayment Date

Prepayment Amount
(Principal + Final
Payment + Prepayment
Penalty + Success Fee)

Date of Payment Default

Days Past Due

OBLIGOR #1

Inactive-
Initial Pool

8.50

Floating

Prepaid

12/16/2013

$4,285,773

OBLIGOR #2

Inactive-
Initial Pool

(4/3/2013)

10.75

Floating

Substituted

OBLIGOR #3

Active-
Initial Pool

11.00

Floating

Current

OBLIGOR #4

Inactive-
Initial Pool

(4/3/2013)

10.55

Floating

Substituted

OBLIGOR #5

Active-
Initial Pool

11.90

Floating

Current

OBLIGOR #6

Inactive-
Initial Pool

(8/6/2013)

8.88

Floating

Substituted

OBLIGOR #7

Inactive-
Initial Pool

9.55

Floating

Prepaid

6/30/2014

$9,839,359

OBLIGOR #8

Inactive-
Initial Pool

9.25

Floating

Prepaid

2/13/2014

$13,862,762

OBLIGOR #9

Inactive-
Initial Pool

13.50

Floating

Prepaid

12/10/2012

$3,909,219

OBLIGOR #10

Active-
Initial Pool

10.25

Floating

Current

OBLIGOR #11

Inactive-
Initial Pool

9.00

Floating

Repaid

OBLIGOR #12

Active-
Initial Pool

10.00

Floating

Current

OBLIGOR #13

Active-
Initial Pool

9.25

Floating

Current

OBLIGOR #14

Inactive-
Initial Pool

11.00

Floating

Prepaid

4/1/2014

$14,852,035

OBLIGOR #15

Active-
Initial Pool

9.95

Floating

Current

OBLIGOR #16

Active-
Initial Pool

12.00

Floating

Current

OBLIGOR #17

Active-
Initial Pool

10.25

Floating

Current

OBLIGOR #18

Active-
Initial Pool

10.13

Floating

Current

OBLIGOR #18

Active-
Initial Pool

11.00

Floating

Current

OBLIGOR #19

Inactive-
Initial Pool

(10/29/2013)

11.65

Floating

Substituted

OBLIGOR #20

Active-
Initial Pool

12.95

Fixed

Current

OBLIGOR #21

Inactive-
Initial Pool

6.00

Floating

Prepaid

12/17/2003

$3,591,075

OBLIGOR #21

Inactive-
Initial Pool

8.75

Floating

Prepaid

12/17/2003

$3,632,341

OBLIGOR #22

Active-
Initial Pool

11.00

Floating

Current

OBLIGOR #23

Active-
Initial Pool

9.50

Floating

Current

OBLIGOR #24

Inactive-
Initial Pool

(5/29/2013)

10.00

Floating

Substituted

OBLIGOR #25

Active-
Initial Pool

9.25

Floating

Current

OBLIGOR #25

Active-
Initial Pool

10.25

Floating

Current

OBLIGOR #26

Active-
Substitute

4/3/2013

12.25

Floating

Current

OBLIGOR #27

Inactive-
Substitute

5/29/2013

11.00

Floating

Prepaid

3/31/2014

$5,952,634

OBLIGOR #28

Inactive-
Substitute

8/6/2013

11.00

Floating

Prepaid

7/29/2014

$9,031,916

OBLIGOR #29

Inactive-
Substitute

10/29/2013

11.85

Floating

Prepaid

6/26/2014

$3,757,205

Waivers and Modifications

April 1, 2014 - June 30, 2014

Waiver Information (as applicable)

Loan Modification Information (as applicable)

Obligor CODE

Loan Status
(Active /Paid
off/Substituted)

Document
Name

Document
Execution Date

Waiver of
Default
(Y/N)

Type

Credit
Condition to
Waiver
(Y/N)

Waiver

Description

Reset
Covenants
(Y/N)

Extended
I/O or
Amortization
Change (Y/N)

Extended
Maturity
(Y/N)

Change to
Interest Rate
(Y/N)

Change to
Collateral
(Y/N)

Other
(Y/N)

Modification

Description

Credit
Conditions to
Modification
(Y/N)

Descri
ption of
Condition

Result of
Material
Distress
(Y/N)

OBLIGOR #1

Paid Off

NONE

OBLIGOR #2

Substituted

NONE

OBLIGOR #3

Active

NONE

OBLIGOR #4

Substituted

NONE

OBLIGOR #5

Active

NONE

OBLIGOR #6

Substituted

NONE

OBLIGOR #7

Paid Off

NONE

OBLIGOR #8

Paid Off

NONE

OBLIGOR #9

Paid Off

NONE

OBLIGOR #10

Active

NONE

OBLIGOR #11

Paid Off

NONE

OBLIGOR #12

Active

NONE

OBLIGOR #13

Active

NONE

OBLIGOR #14

Paid Off

NONE

OBLIGOR #15

Active

NONE

OBLIGOR #16

Active

First and
Second
Amendments
to Amended
and Restated
Master Loan
and Security
Agreement

4/30/2014

Yes

Lenders waive existing defaults - failure to raise $5M in equity by April 2014 and replace with new financial covenants outlined in “Modification Description”

Yes

First Amendment and Waiver to Amended and Restated Master Loan and Security Agreement - new financial covenants related to equity raises: obligor must raise at least $7M in equity financing by May 12, 2014 and additional $8M of equity or upfront licensing revenue must be raised by July 31, 2014. Second Amendment to Amended and Restated Master Loan and Security Agreement - obligor must pay an additional end of term charge equal to 2% of principal amount outstanding under the Agreement as of the Second Amendment Date.

OBLIGOR #17

Active

NONE

5/30/2014

First
Amendment
to Second
Amended
and Restated
Loan and
Security
Agreement

5/30/2014

Yes

First Amendment to Second Amended and Restated Loan and Security Agreement - changes the Amortization Date to September 1, 2014 as long as the obligor raises $6M of equity by June 15, 2014

OBLIGOR #19

Substituted

NONE

OBLIGOR #20

Active

NONE

OBLIGOR #21

Paid Off

NONE

OBLIGOR #22

Active

NONE

OBLIGOR #23

Active

NONE

OBLIGOR #24

Substituted

NONE

OBLIGOR #25

Active

NONE

OBLIGOR #26

Active

NONE

OBLIGOR #27

Paid Off

NONE

OBLIGOR #28

Paid Off

NONE

OBLIGOR #29

Paid Off

NONE

Schedule of Related Term Loans

As of June 30, 2014


	Related Term Loans (1)
	At Close								At June 30, 2014
Obligor CODE	Servicer Availability(1)		Additional Approved Commitment		Post-close Fundings		Expired Availability		Servicer Availability(1)		Comments
OBLIGOR #1		8,172,429		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		10,000,000		10,000,000		—		9,711,942
OBLIGOR #4		9,239,359		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		13,944,355		—		—		—		7,513,573
OBLIGOR #6		21,017,522		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—	loan prepaid
OBLIGOR #8		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—
OBLIGOR #11		7,400,000		—		—		—			loan matured
OBLIGOR #12		—		—		—		—		—
OBLIGOR #13				—		10,000,000		—		10,000,000
OBLIGOR #14		—		—		—		—		—	loan prepaid
OBLIGOR #15		760,913		—		—		—		—
OBLIGOR #16		—		1,927,815		1,927,815		—		1,843,684
OBLIGOR #17		499,501		—		—		—		499,500
OBLIGOR #18		—		—		3,298,242		—		3,253,138
OBLIGOR #19		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		4,000,000		—		—
OBLIGOR #23		—		402,035		402,035		—		361,014
OBLIGOR #24		17,759,716		—		—		—		—	loan substituted out of portfolio
OBLIGOR #25		—		—		—		—		—
OBLIGOR #26		—		—		5,000,000		—		5,000,000
OBLIGOR #27		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—	loan prepaid
OBLIGOR #29		—		—		—		—		—	loan prepaid
Total		78,793,795		12,329,851		34,628,093		—		38,182,851

(1)

Schedule of Servicer Related Revolver Loans

As of June 30, 2014


	Related Revolver Loans (1)
	At Close						At Current June 30, 2014
Obligor CODE	Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Comments
OBLIGOR #1		—		—		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		—		—		—		—		—
OBLIGOR #4		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		—		—		—		—		—		—
OBLIGOR #6		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—		—	loan prepaid
OBLIGOR #8		—		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—		—
OBLIGOR #11		—		—		—		—		—		—	loan matured
OBLIGOR #12		—		—		—		—		—		—
OBLIGOR #13		—		—		—		—		—		—
OBLIGOR #14		—		—		—		—		—		—	loan prepaid
OBLIGOR #15		—		—		—		—		—		—
OBLIGOR #16		—		—		—		—		—		—
OBLIGOR #17		—		—		—		—		—		—
OBLIGOR #18		—		—		—		—		—		—
OBLIGOR #19		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		—		—		—		—
OBLIGOR #23		—		—		—		—		—		—
OBLIGOR #24		1,500,000		—		1,500,000		—		—		—	loan substituted out of portfolio
OBLIGOR #25		2,000,000		—		2,000,000		1,250,000		1,250,000		—
OBLIGOR #26		—		—		—		—		—		—
OBLIGOR #27		—		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—		—	loan prepaid
OBLIGOR #29		—		—		—		—		—		—	loan prepaid
TOTAL		3,500,000		—		3,500,000		1,250,000		1,250,000		—

(1)

Quarterly Servicer Report

On Behalf of Funding Trust 2012-1

For the fiscal quarter ending September 30, 2014

Prepared: December 16, 2014

Table of Contents


Obligor Credit Information			2
Obligor Key Performance Events			3
Loan Information			4
Waivers and Modifications			5
Related Term Loans			6
Related Revolvers			7

Obligor Credit Information

9/30/2014

Data as of 9-30-14

Obligor CODE

Industry Sector

SubSector

Credit Score at
Closing

Current Credit
Score

Investment Stage
at Closing

Current Stage (as
defined by equity
round
raised/Public/Other
(LMM)

Equity Raised to
Date (in millions)

Current Valuation (in
millions) Post Money
(Private), Market Cap
(Public), EV (Other)

Statement Date

Period

LTM Revenues
(in thousands)

Total Senior Debt
(in millions)

TTM/Annualized
EBITDA (in
thousands)

OBLIGOR #1

Pharmaceuticals

Drug Delivery

N/A-Paid Off

Public

N/A- Paid
Off

OBLIGOR #2

Pharmaceuticals

Drug Delivery

N/A- Substituted

Public

N/A-
Substituted

OBLIGOR #3

Energy Technology

N/A- Paid Off

Public

N/A- Paid
Off

OBLIGOR #4

Pharmaceuticals

Drug Discovery &
Development

N/A- Substituted

Public

N/A-
Substituted

OBLIGOR #5

Pharmaceuticals

Drug Discovery &
Development

Public

500.4

58.0

9/30/2014

LTM

18,330

21.6

OBLIGOR #6

Technology

Software

N/A- Substituted

Series E

N/A-
Substituted

OBLIGOR #7

Pharmaceuticals

Drug Discovery &
Development

N/A- Paid Off

Public

N/A- Paid
Off

OBLIGOR #8

Pharmaceuticals

Drug Discovery &
Development

N/A- Paid Off

Public

N/A- Paid
Off

OBLIGOR #9

Pharmaceuticals

Biotechnology
Tools

N/A- Paid Off

Series A

N/A- Paid
Off

OBLIGOR #10

Technology

Information
Services

Series A

8.0

21.5

9/30/2014

LTM

3,104

0.3

OBLIGOR #11

Energy Technology

N/A- Paid Off

Public

N/A- Paid
Off

OBLIGOR #12

Energy Technology

Series C

Public

105.3

240.9

9/30/2014

LTM

12,801

2.7

OBLIGOR #13

Pharmaceuticals

Drug Discovery &
Development

Public

652.4

628.7

9/30/2014

LTM

—

20.0

OBLIGOR #14

Pharmaceuticals

Drug Delivery

N/A- Paid Off

Series B

N/A- Paid
Off

OBLIGOR #15

Medical Device

Biotechnology
Tools

Series C

Series D

59.6

86.2

9/30/2014

LTM

37,090

3.1

OBLIGOR #16

Technology

Communications &
Networking

Series E

Series A
(Recap)

83.02

221.6

9/30/2014

LTM

16,352

9.3

OBLIGOR #17

Medical Device

Therapeutic

Series C

Series 1
(Recap)

27.6

33.2

9/30/2014

LTM

197

6.1

OBLIGOR #18

Technology

Internet Consumer
& Business
Services

Series C

Series D

50.4

127.2

9/30/2014

LTM

53,588

13.0

—

OBLIGOR #19

Pharmaceuticals

Diagnostic

N/A- Substituted

Series A

N/A-
Substituted

OBLIGOR #20

Medical Device

Surgical Devices

Series C

Series E

103.0

175.0

9/30/2014

LTM

6,310

6.6

OBLIGOR #21

Technology

Internet Consumer
& Business
Services

N/A- Paid Off

Public

N/A- Paid
Off

OBLIGOR #21

Technology

Internet Consumer
& Business
Services

N/A- Paid Off

Public

N/A- Paid
Off

OBLIGOR #22

Medical Device

Medical Device &
Equipment

Series G

Series A
(Recap)

65.9

84.9

9/30/2014

LTM

9,597

4.2

OBLIGOR #23

Technology

Internet Consumer
& Business
Services

N/A- Paid Off

Series B

N/A- Paid
Off

OBLIGOR #24

Middle Market

Media/Content/Info

N/A- Substituted

Other

N/A-
Substituted

N/A- Substituted N/A- Substituted

N/A-
Substituted

OBLIGOR #25

Middle Market

Internet Consumer
& Business
Services

N/A- Paid Off

Other

N/A- Paid
Off

OBLIGOR #26

Pharmaceuticals

Drug Discovery &
Development

N/A

Public

1,957.7

363.3

9/30/2014

LTM

75,172

15.0

OBLIGOR #27

Technology

Electronics &
Computer
Hardware

N/A

N/A- Paid Off

N/A

N/A- Paid
Off

OBLIGOR #28

Technology

Energy Technology

N/A

N/A- Paid Off

N/A

N/A- Paid
Off

OBLIGOR #29

Pharmaceuticals

Drug Discovery &
Development

N/A

N/A- Paid Off

N/A

N/A- Paid
Off

Portfolio Key Performance Events


Obligor CODE	Description	Key Performance Events for the periods July 2014 to September 2014
OBLIGOR #1	Publicly-traded company focused on development of the treatment of acute and breakthrough pain	NA - Paid Off

OBLIGOR #2	Developer of core technology platform for rapid administration of most small molecule drugs	NA - Substituted out of portfolio

OBLIGOR #3	Provider of engineering planning services for clean energy networks	NA - Paid Off

OBLIGOR #4	Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases.	NA - Substituted out of portfolio

OBLIGOR #5	Publicly-traded company focused on the discovery and development of cancer therapeutics.	In Q4’14 the Company entered into a Research and Exclusive License Option with another corporation for one of its assets as a treatment for a non-oncologic disease.

OBLIGOR #6	Online storage and sharing service	NA - Substituted out of portfolio

OBLIGOR #7	Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases	NA - Paid Off

OBLIGOR #8	Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer	NA- Paid Off

OBLIGOR #9	Leader in analyzing and understanding the human genome	NA - Paid Off

OBLIGOR #10	Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications	The Company’s Board and majority of shareholder’s approved a series B round. As of Q3’14 the Company has received ~$1.5M from two inside investors

OBLIGOR #11	Solar microinverter systems for residential and commercial applications	NA - Paid Off

OBLIGOR #12	Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells	In Q3’14, total revenue was up 604% year-over-year and service revenues were up 129% year over year. Oil production increased 10% from 2Q’14.

OBLIGOR #13	Focused on development of inhaled pharmaceuticals for site-specific treatment of serious lung diseases	No updates this quarter.

OBLIGOR #14	Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery	NA - Paid Off

OBLIGOR #15	Provides compact liquid and plate handling systems and plastic laboratory supplies	The Company was selected as a 2015 Technology Pioneer by an international institution .

OBLIGOR #16	Provider of software that enables a simple user interface for wireless control of consumer electronics	In September 2014, the Company raised an additional $1.5M in equity funding from existing investors.

OBLIGOR #17	Develops innovative and non-invasive therapies addressing age-related macular degeneration	As of 9-8-14 a hospital in Europe used the Company’s product to treat 19 patients in Q3’14 which is an increase from the prior quarter. The physician there is accelerating treatments after seeing positive results in the first couple of patients that were treated.

OBLIGOR #18	The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers	Q3’14 performance by the Company tripped the trailing three month revenue and EBITDA covenants. The Company was issued a Notice of Default in November 2014 and the Servicer is monitoring the loans very closely. To date, the Company is current on principal and interest payments.

OBLIGOR #19	Develops pharmaceuticals through the use of biological markers	NA - Substituted out of portfolio

OBLIGOR #20	Focuses on developing and commercializing a proprietary system to enable transplantation of functioning organs	In October 2014, the Company announced that its product was used in three adult heart transplant procedures and that all the patients who received these transplants have recovered very well.

OBLIGOR #21	Online market place which brings together home buyers/sellers and real estate professionals	NA- Paid off

OBLIGOR #22	Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure	In November 2014, the Company raised over $10M in new funding.

OBLIGOR #23	Provider of location-based mobile safety and security solutions to owners of mobile phones	NA- Paid off

OBLIGOR #24	Leading marketing services and media buying firm targeting the U.S. female audience	NA - Substituted out of portfolio

OBLIGOR #25	Online media platform that provides women-focused content to its viewers	NA- Paid off

OBLIGOR #26	Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable	In September 2014, the Company announced that it signed a development and commercialization deal with another company for a total deal value of up to $134M if all milestones are met.

OBLIGOR #27	Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems	NA - Paid Off

OBLIGOR #28	Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel	NA - Paid Off

OBLIGOR #29	Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems	NA - Paid Off

Loan Information as of September 30, 2014

Per LSA

Obligor CODE

Status (Active - Initial
Pool, Active - Substitute)

Date of
Substitution

Cash Yield

Fixed /Floating

Loan Status
(Current, Delinquent, Defaulted,
Prepaid, Repaid, Repurchased,
Substituted)

Prepayment Date

Prepayment Amount
(Principal + Final
Payment + Prepayment
Penalty + Success Fee)

Date of Payment Default

Days Past Due

OBLIGOR #1

Inactive-
Initial Pool

8.50

Floating

Prepaid

12/16/2013

$4,285,773

OBLIGOR #2

Inactive-
Initial Pool

(4/3/2013)

10.75

Floating

Substituted

OBLIGOR #3

Inactive-
Initial Pool

11.00

Floating

Repaid

12/1/2014

$884,616

OBLIGOR #4

Inactive-
Initial Pool

(4/3/2013)

10.55

Floating

Substituted

OBLIGOR #5

Active-
Initial Pool

11.90

Floating

Current

OBLIGOR #6

Inactive-
Initial Pool

(8/6/2013)

8.88

Floating

Substituted

OBLIGOR #7

Inactive-
Initial Pool

9.55

Floating

Prepaid

6/30/2014

$9,839,359

OBLIGOR #8

Inactive-
Initial Pool

9.25

Floating

Prepaid

2/13/2014

$13,862,762

OBLIGOR #9

Inactive-
Initial Pool

13.50

Floating

Prepaid

12/10/2012

$3,909,219

OBLIGOR #10

Active-
Initial Pool

10.25

Floating

Current

OBLIGOR #11

Inactive-
Initial Pool

9.00

Floating

Repaid

OBLIGOR #12

Active-
Initial Pool

10.00

Floating

Current

OBLIGOR #13

Active-
Initial Pool

9.25

Floating

Current

OBLIGOR #14

Inactive-
Initial Pool

11.00

Floating

Prepaid

4/1/2014

$14,852,035

OBLIGOR #15

Active-
Initial Pool

9.95

Floating

Current

OBLIGOR #16

Active-
Initial Pool

12.00

Floating

Current

OBLIGOR #17

Active-
Initial Pool

10.25

Floating

Current

OBLIGOR #18

Active-
Initial Pool

10.13

Floating

Current

OBLIGOR #18

Active-
Initial Pool

11.00

Floating

Current

OBLIGOR #19

Inactive-
Initial Pool

(10/29/2013)

11.65

Floating

Substituted

OBLIGOR #20

Active-
Initial Pool

12.95

Fixed

Current

OBLIGOR #21

Inactive-
Initial Pool

6.00

Floating

Prepaid

12/17/2003

$3,591,075

OBLIGOR #21

Inactive-
Initial Pool

8.75

Floating

Prepaid

12/17/2003

$3,632,341

OBLIGOR #22

Active-
Initial Pool

11.00

Floating

Current

OBLIGOR #23

Inactive-
Initial Pool

9.50

Floating

Prepaid

10/15/2014

$8,091,263

OBLIGOR #24

Inactive-
Initial Pool

(5/29/2013)

10.00

Floating

Substituted

OBLIGOR #25

Inactive-
Initial Pool

9.25

Floating

Prepaid

12/5/2014

$6,251,408

OBLIGOR #25

Inactive-
Initial Pool

10.25

Floating

Prepaid

12/5/2014

$4,856,347

OBLIGOR #26

Active-
Substitute

4/3/2013

12.25

Floating

Current

OBLIGOR #27

Inactive-
Substitute

5/29/2013

11.00

Floating

Prepaid

3/31/2014

$5,952,634

OBLIGOR #28

Inactive-
Substitute

8/6/2013

11.00

Floating

Prepaid

7/29/2014

$9,031,916

OBLIGOR #29

Inactive-
Substitute

10/29/2013

11.85

Floating

Prepaid

6/26/2014

$3,757,205

Waivers and Modifications

July 1, 2014—September 30, 2014

Waiver Information (as applicable)

Loan Modification Information (as applicable)

Obligor CODE

Loan Status
(Active /Paid
off/Substituted)

Document Name

Document
Execution Date

Waiver of
Default
(Y/N)

Type

Credit
Condition to
Waiver
(Y/N)

Waiver
Description

Reset
Covenants
(Y/N)

Extended I/O or
Amortization
Change (Y/N)

Extended
Maturity
(Y/N)

Change to
Interest Rate
(Y/N)

Change to
Collateral
(Y/N)

Other
(Y/N)

Modification
Description

Credit
Conditions to
Modification
(Y/N)

Description of
Condition

Result of
Material
Distress
(Y/N)

OBLIGOR #1

Paid Off

NONE

OBLIGOR #2

Substituted

NONE

OBLIGOR #3

Paid Off

NONE

OBLIGOR #4

Substituted

NONE

OBLIGOR #5

Active

NONE

OBLIGOR #6

Substituted

NONE

OBLIGOR #7

Paid Off

NONE

OBLIGOR #8

Paid Off

NONE

OBLIGOR #9

Paid Off

NONE

OBLIGOR #10

Active

NONE

OBLIGOR #11

Paid Off

NONE

OBLIGOR #12

Active

NONE

OBLIGOR #13

Active

NONE

OBLIGOR #14

Paid Off

NONE

OBLIGOR #15

Active

NONE

OBLIGOR #16

Active

NONE

OBLIGOR #17

Active

NONE

OBLIGOR #18

Active

NONE

OBLIGOR #19

Substituted

NONE

OBLIGOR #20

Active

NONE

OBLIGOR #21

Paid Off

NONE

OBLIGOR #22

Active

NONE

OBLIGOR #23

Paid Off

NONE

OBLIGOR #24

Substituted

NONE

OBLIGOR #25

Paid Off

NONE

OBLIGOR #26

Active

NONE

OBLIGOR #27

Paid Off

NONE

OBLIGOR #28

Paid Off

NONE

OBLIGOR #29

Paid Off

NONE

Schedule of Related Term Loans

As of September 30, 2014


	Related Term Loans (1)
	At Close								At September 30, 2014
Obligor CODE	Servicer Availability(1)		Additional Approved Commitment		Post-close Fundings		Expired Availability		Servicer Availability(1)		Comments
OBLIGOR #1		8,172,429		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		—		—		—		—	loan matured
OBLIGOR #4		9,239,359		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		13,944,355		10,000,000		10,000,000		—		16,108,210
OBLIGOR #6		21,017,522		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—	loan prepaid
OBLIGOR #8		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—
OBLIGOR #11		7,400,000		—		—		—			loan matured
OBLIGOR #12		—		—		—		—		—
OBLIGOR #13				—		10,000,000		—		10,000,000
OBLIGOR #14		—		—		—		—		—	loan prepaid
OBLIGOR #15		760,913		—		—		—		—
OBLIGOR #16		—		1,927,815		1,927,815		—		1,706,718
OBLIGOR #17		499,501		—		—		—		—
OBLIGOR #18		—		—		3,298,242		—		3,134,537
OBLIGOR #19		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		4,000,000		—		—
OBLIGOR #23		—		—		—		—		—	loan prepaid
OBLIGOR #24		17,759,716		—		—		—		—	loan substituted out of portfolio
OBLIGOR #25		—		—		—		—		—	loan prepaid
OBLIGOR #26		—		—		5,000,000		—		4,987,388
OBLIGOR #27		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—	loan prepaid
OBLIGOR #29		—		—		—		—		—	loan prepaid
Total		78,793,795		11,927,815		34,226,057		—		35,936,854

(1)

Schedule of Servicer Related Revolver Loans

As of September 30, 2014


	Related Revolver Loans (1)
	At Close						At September 30, 2014
Obligor CODE	Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Comments
OBLIGOR #1		—		—		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		—		—		—		—		—	loan matured
OBLIGOR #4		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		—		—		—		—		—		—
OBLIGOR #6		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—		—	loan prepaid
OBLIGOR #8		—		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—		—
OBLIGOR #11		—		—		—		—		—		—	loan matured
OBLIGOR #12		—		—		—		—		—		—
OBLIGOR #13		—		—		—		—		—		—
OBLIGOR #14		—		—		—		—		—		—	loan prepaid
OBLIGOR #15		—		—		—		—		—		—
OBLIGOR #16		—		—		—		—		—		—
OBLIGOR #17		—		—		—		—		—		—
OBLIGOR #18		—		—		—		—		—		—
OBLIGOR #19		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		—		—		—		—
OBLIGOR #23		—		—		—		—		—		—	loan prepaid
OBLIGOR #24		1,500,000		—		1,500,000		—		—		—	loan substituted out of portfolio
OBLIGOR #25		2,000,000		—		2,000,000		—		—		—	loan prepaid
OBLIGOR #26		—		—		—		—		—		—
OBLIGOR #27		—		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—		—	loan prepaid
OBLIGOR #29		—		—		—		—		—		—	loan prepaid
TOTAL		3,500,000		—		3,500,000		—		—		—

(1)

Quarterly Servicer Report

On Behalf of Funding Trust 2012-1

For the fiscal quarter ending December 31, 2014

Prepared: March 16, 2015

Table of Contents


Obligor Credit Information			2
Obligor Key Performance Events			3
Loan Information			4
Waivers and Modifications			5
Related Term Loans			6
Related Revolvers			7

Obligor Credit Information

12/31/2014

Data as of 12-31-14

Obligor CODE

Industry Sector

SubSector

Credit Score at
Closing

Current Credit
Score

Investment Stage at
Closing

Current Stage (as
defined by equity
round
raised/Public/Other
(LMM)

Equity Raised to
Date (in millions)

Current Valuation (in
millions) Post Money
(Private), Market Cap
(Public), EV (Other)

Statement Date

Period

LTM Revenues
(in thousands)

Total Senior Debt
(in millions)

TTM/Annualized
EBITDA (in
thousands)

OBLIGOR #1

Pharmaceuticals

Drug Delivery

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #2

Pharmaceuticals

Drug Delivery

N/A-
Substituted

Public

N/A-
Substituted

OBLIGOR #3

Energy
Technology

Energy Technology

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #4

Pharmaceuticals

Drug Discovery & Development

N/A-
Substituted

Public

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #5

Pharmaceuticals

Drug Discovery & Development

Public

500.4

43.9

12/31/2014

LTM

18,123

21.6

OBLIGOR #6

Technology

Software

N/A-
Substituted

Series E

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #7

Pharmaceuticals

Drug Discovery & Development

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #8

Pharmaceuticals

Drug Discovery & Development

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #9

Pharmaceuticals

Biotechnology Tools

N/A- Paid
Off

Series A

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #10

Technology

Information Services

Series A

Series B

14.4

5.4

12/31/2014

LTM

2,520

0.2

OBLIGOR #11

Energy
Technology

Energy Technology

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #12

Energy
Technology

Energy Technology

N/A- Paid
Off

Series C

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #13

Pharmaceuticals

Drug Discovery & Development

Public

652.4

768.3

12/31/2014

LTM

25.0

OBLIGOR #14

Pharmaceuticals

Drug Delivery

N/A- Paid
Off

Series B

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #15

Medical Device

Biotechnology Tools

Series C

Series D

59.6

86.2

12/31/2014

LTM

41,032

2.7

OBLIGOR #16

Technology

Communications & Networking

Series E

Series A
(Recap)

84.5

226.3

12/31/2014

LTM

10,573

12.9

OBLIGOR #17

Medical Device

Therapeutic

N/A- Paid
Off

Series C

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #18

Technology

Internet Consumer & Business Services

Series C

Series D

50.4

127.2

12/31/2014

LTM

46,372

12.0

OBLIGOR #19

Pharmaceuticals

Diagnostic

N/A-
Substituted

Series A

N/A-
Substituted

N/A-Substituted

N/A-
Substituted

OBLIGOR #20

Medical Device

Surgical Devices

Series C

Series E

103.0

177.4

12/31/2014

LTM

6,001

6.1

OBLIGOR #21

Technology

Internet Consumer & Business Services

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #21

Technology

Internet Consumer & Business Services

N/A- Paid
Off

Public

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #22

Medical Device

Medical Device & Equipment

Series G

Series A (Recap)

65.9

84.9

12/31/2014

LTM

8,353

0.9

OBLIGOR #23

Technology

Internet Consumer & Business Services

N/A- Paid
Off

Series B

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #24

Middle Market

Media/Content/Info

N/A-
Substituted

Other

N/A-
Substituted

OBLIGOR #25

Middle Market

Internet Consumer & Business Services

N/A- Paid
Off

Other

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #26

Pharmaceuticals

Drug Discovery & Development

N/A

Public

1,957.7

416.5

12/31/2014

LTM

60,077

18.5

OBLIGOR #27

Technology

Electronics & Computer Hardware

N/A

N/A- Paid
Off

N/A

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #28

Technology

Energy Technology

N/A

N/A- Paid
Off

N/A

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

OBLIGOR #29

Pharmaceuticals

Drug Discovery & Development

N/A

N/A- Paid
Off

N/A

N/A- Paid
Off

N/A- Paid Off

N/A- Paid
Off

Portfolio Key Performance Events


Obligor CODE	Description	Key Performance Events for the periods September 2014 to December 2014
OBLIGOR #1	Publicly-traded company focused on development of the treatment of acute and breakthrough pain	NA - Paid Off

OBLIGOR #2	Developer of core technology platform for rapid administration of most small molecule drugs	NA - Substituted out of portfolio

OBLIGOR #3	Provider of engineering planning services for clean energy networks	NA - Paid Off

OBLIGOR #4	Start-up company focused on in-licensing of candidates for respiratory and inflammatory diseases.	NA-Substituted out of portfolio

OBLIGOR #5	Publicly-traded company focused on the discovery and development of cancer therapeutics.	In January 2015, the Company received written confirmation from the European Medicine Agency (EMA) that one of the Company’s products is eligible for submission of an application for a European Union Marketing Authorization under the Agency’s centralized procedure.

OBLIGOR #6	Online storage and sharing service	NA - Substituted out of portfolio

OBLIGOR #7	Clinical-stage pharma company focused on developing antibiotics for treatment of bacterial infectious diseases	NA - Paid Off

OBLIGOR #8	Focused on novel immunotherapy biologic agents for autoimmune diseases and cancer	NA - Paid Off

OBLIGOR #9	Leader in analyzing and understanding the human genome	NA - Paid Off

OBLIGOR #10	Cloud Platform-as-a-Service (AppBase) for rapidly building and deploying Dynamic Case Management applications	The Company closed an additional $500k of the Series B financing, for a total of $2.0M in Q4’14. The round remains open after that for further investments.

OBLIGOR #11	Solar microinverter systems for residential and commercial applications	NA - Paid Off

OBLIGOR #12	Mission is to sustainably and efficiently recover billions of barrels of oil trapped using existing wells	NA - Paid Off

OBLIGOR #13	Focused on development of inhaled pharmaceuticals for site-specific treatment of serious lung diseases	In early 2015, the Company commenced their Phase 3 clinical study, which is designed to confirm the positive results seen in their Phase 2 clinical trial. The Company will enroll at least 300 patients from 80 clinical sites across the US, Europe and Asia. The Company expects to complete enrollment by the end of 2015, with final data expected in the first half of 2016.

OBLIGOR #14	Specialty pharmaceutical company developing ‘Combination Products’ for drug delivery	NA - Paid Off

OBLIGOR #15	Provides compact liquid and plate handling systems and plastic laboratory supplies	No updates this quarter.

OBLIGOR #16	Provider of software that enables a simple user interface for wireless control of consumer electronics	The Company’s relationship with a large mobile service provider has grown to the point that it is providing a meaningful secondary revenue stream of about $300-400k per month going forward.

OBLIGOR #17	Develops innovative and non-invasive therapies addressing age-related macular degeneration	NA - Paid Off

OBLIGOR #18	The Company operates an online lead generation platform, which through its proprietary auction-based marketplace connects sellers and buyers	Q3’14 performance by the Company tripped the trailing three month revenue and EBITDA covenants. The Company was issued a Notice of Default in November 2014 and the Servicer is monitoring the loans very closely. To date, the Company is current on principal and interest payments.

OBLIGOR #19	Develops pharmaceuticals through the use of biological markers	NA - Substituted out of portfolio

OBLIGOR #20	Focuses on developing and commercializing a proprietary system to enable transplantation of functioning organs	In Q1’15 the Company engaged a US Investment Bank to lead the next equity round, with the Company targeting to raise $15M in Q2 2015.

OBLIGOR #21	Online market place which brings together home buyers/sellers and real estate professionals	NA - Paid off

OBLIGOR #22	Focused on treating primary and recurrent prostate cancer using a minimally invasive outpatient procedure	In Q4’14, the Company raised approximately $12M in new funding.

OBLIGOR #23	Provider of location-based mobile safety and security solutions to owners of mobile phones	NA - Paid off

OBLIGOR #24	Leading marketing services and media buying firm targeting the U.S. female audience	NA - Substituted out of portfolio

OBLIGOR #25	Online media platform that provides women-focused content to its viewers	NA - Paid off

OBLIGOR #26	Committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable	In December 2014, the Company announced that they received a $15.0M milestone payment from a pharmaceutical company related to the achievement of a sales milestone for one of its products. The Company is eligible to receive up to an additional $80M of sales milestone payments from this company as they hit specified levels of sales.

OBLIGOR #27	Provides products and solutions in the areas of physical and logical access control, identity management, and radio frequency identification (RFID) systems	NA - Paid Off

OBLIGOR #28	Focuses on developing and operating facilities for converting municipal waste products to low-cost renewable transportation fuel	NA - Paid Off

OBLIGOR #29	Engages in development of human gene based therapies for hereditary, liver, or cardiovascular diseases, and disorders of the central and peripheral nervous systems	NA - Paid Off

Loan Information as of December 31, 2014

Per LSA

Obligor CODE

Status (Active - Initial

Pool, Active - Substitute)

Date of
Substitution

Cash Yield

Fixed /Floating

Loan Status
(Current, Delinquent, Defaulted,
Prepaid, Repaid, Repurchased,
Substituted)

Prepayment
Date

Prepayment Amount
(Principal + Final
Payment + Prepayment
Penalty + Success Fee)

Date of Payment
Default

Days Past
Due

OBLIGOR #1

Inactive-Initial Pool

8.50

Floating

Prepaid

12/16/2013

$4,285,773

OBLIGOR #2

Inactive-Initial Pool

(4/3/2013)

10.75

Floating

Substituted

OBLIGOR #3

Inactive-Initial Pool

11.00

Floating

Repaid

12/1/2014

$884,616

OBLIGOR #4

Inactive-Initial Pool

(4/3/2013)

10.55

Floating

Substituted

OBLIGOR #5

Active-Initial Pool

11.90

Floating

Current

OBLIGOR #6

Inactive-Initial Pool

(8/6/2013)

8.88

Floating

Substituted

OBLIGOR #7

Inactive-Initial Pool

9.55

Floating

Prepaid

6/30/2014

$9,839,359

OBLIGOR #8

Inactive-Initial Pool

9.25

Floating

Prepaid

2/13/2014

$13,862,762

OBLIGOR #9

Inactive-Initial Pool

13.50

Floating

Prepaid

12/10/2012

$3,909,219

OBLIGOR #10

Active-Initial Pool

10.25

Floating

Current

OBLIGOR #11

Inactive-Initial Pool

9.00

Floating

Repaid

OBLIGOR #12

Inactive-Initial Pool

10.00

Floating

Prepaid

3/2/2015

$1,483,539

OBLIGOR #13

Active-Initial Pool

9.25

Floating

Current

OBLIGOR #14

Inactive-Initial Pool

11.00

Floating

Prepaid

4/1/2014

$14,852,035

OBLIGOR #15

Active-Initial Pool

9.95

Floating

Current

OBLIGOR #16

Active-Initial Pool

12.00

Floating

Current

OBLIGOR #17

Inactive-Initial Pool

10.25

Floating

Prepaid

2/6/2015

$6,569,932

OBLIGOR #18

Active-Initial Pool

10.13

Floating

Current

OBLIGOR #18

Active-Initial Pool

11.00

Floating

Current

OBLIGOR #19

Inactive-Initial Pool

(10/29/2013)

11.65

Floating

Substituted

OBLIGOR #20

Active-Initial Pool

12.95

Fixed

Current

OBLIGOR #21

Inactive-Initial Pool

6.00

Floating

Prepaid

12/17/2003

$3,591,075

OBLIGOR #21

Inactive-Initial Pool

8.75

Floating

Prepaid

12/17/2003

$3,632,341

OBLIGOR #22

Active-Initial Pool

11.00

Floating

Current

OBLIGOR #23

Inactive-Initial Pool

9.50

Floating

Prepaid

10/15/2014

$8,091,263

OBLIGOR #24

Inactive-Initial Pool

(5/29/2013)

10.00

Floating

Substituted

OBLIGOR #25

Inactive-Initial Pool

9.25

Floating

Prepaid

12/5/2014

$6,251,408

OBLIGOR #25

Inactive-Initial Pool

10.25

Floating

Prepaid

12/5/2014

$4,856,347

OBLIGOR #26

Active-Substitute

4/3/2013

12.25

Floating

Current

OBLIGOR #27

Inactive-Substitute

5/29/2013

11.00

Floating

Prepaid

3/31/2014

$5,952,634

OBLIGOR #28

Inactive-Substitute

8/6/2013

11.00

Floating

Prepaid

7/29/2014

$9,031,916

OBLIGOR #29

Inactive-Substitute

10/29/2013

11.85

Floating

Prepaid

6/26/2014

$3,757,205

Waivers and Modifications

September 30, 2014 - December 31, 2014

Waiver Information (as applicable)

Loan Modification Information (as applicable)

Obligor CODE

Loan Status
(Active
Paid off/
Substituted)

Document
Name

Document
Execution Date

Waiver of
Default
(Y/N)

Type

Credit
Condition
to Waiver
(Y/N)

Waiver
Description

Reset
Covenants
(Y/N)

Extended I/O or
Amortization
Change (Y/N)

Extended
Maturity
(Y/N)

Change to
Interest Rate
(Y/N)

Change to
Collateral
(Y/N)

Other
(Y/N)

Modification Description

Credit
Conditions to
Modification
(Y/N)

Description of
Condition

Result of
Material
Distress
(Y/N)

OBLIGOR #1

Paid Off

NONE

OBLIGOR #2

Substituted

NONE

OBLIGOR #3

Paid Off

NONE

OBLIGOR #4

Substituted

NONE

OBLIGOR #5

Active

NONE

OBLIGOR #6

Substituted

NONE

OBLIGOR #7

Paid Off

NONE

OBLIGOR #8

Paid Off

NONE

OBLIGOR #9

Paid Off

NONE

OBLIGOR #10

Active

NONE

OBLIGOR #11

Paid Off

NONE

OBLIGOR #12

Paid Off

NONE

OBLIGOR #13

Active

Amendment
No. 3 to
Loan and
Security
Agreement

12/15/2014

Yes

Amendment increases the total commitment amount from $20M to $25M; extends the Interest Only period to January 1, 2016 and extends the maturity date to January 1, 2016.

OBLIGOR #14

Paid Off

NONE

OBLIGOR #15

Active

NONE

OBLIGOR #16

Active

Amended
and
Restated
Master
Loan and
Security
Agreement
and
Amendment
to Second
Amended
and
Restated
Schedule of
Terms and
Conditions

10/30/2014

Restated LSA increases total commitment amount from $10.5M to $15.0M and adds a new End of Term Charge for the new $4.5M tranche

OBLIGOR #17

Paid Off

NONE

OBLIGOR #18

Active

Notice of
Default

11/24/2014

Yes

Notice of Default - notification that the Borrower is in default pursuant to Section 9.2 of the Second Amended and Restated Loan and Security Agreement (“the Agreement”). As a result of Borrower’s failure to maintain minimum Revenue and EBITDA as required for the trailing 3 months period of August through October 2014, all amounts due and owing from the Borrower to Lender, including principal, interest and fees shall bear interest at the default rate as defined in Section 2.5 of the Agreement.

OBLIGOR #19

Substituted

NONE

OBLIGOR #20

Active

NONE

OBLIGOR #21

Paid Off

NONE

OBLIGOR #22

Active

Amendment
to Loan &
Security
Agreement

10/15/2014

Yes

Allows for an Interest Only period if a milestone is met, beginning the first business day after the milestone is met and expiring on the first business day after the three (3) month anniversary of the satisfaction of the milestone. The milestone is Borrower’s receipt of at least $750k cash proceeds. If the borrower receives an additional $3M, then the Interest Only period is extended for a total of six months.

OBLIGOR #23

Paid Off

NONE

OBLIGOR #24

Substituted

NONE

OBLIGOR #25

Paid Off

NONE

OBLIGOR #26

Active

NONE

OBLIGOR #27

Paid Off

NONE

OBLIGOR #28

Paid Off

NONE

OBLIGOR #29

Paid Off

NONE

Schedule of Related Term Loans

As of December 31, 2014


			Related Term Loans (1)
	At Close								At December 31, 2014
Obligor CODE	Servicer Availability(1)		Additional Approved Commitment		Post-close Fundings		Expired Availability		Servicer Availability(1)		Comments
OBLIGOR #1		8,172,429		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		—		—		—		—	loan matured
OBLIGOR #4		9,239,359		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		13,944,355		10,000,000		10,000,000		—		16,108,210
OBLIGOR #6		21,017,522		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—	loan prepaid
OBLIGOR #8		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—
OBLIGOR #11		7,400,000		—		—		—			loan matured
OBLIGOR #12		—		—		—		—		—	loan prepaid
OBLIGOR #13				5,000,000		15,000,000		—		15,000,000
OBLIGOR #14		—		—		—		—		—	loan prepaid
OBLIGOR #15		760,913		—		—		—		—
OBLIGOR #16		—		6,427,815		6,427,815		—		5,930,444
OBLIGOR #17		499,501		—		—		—		—	loan prepaid
OBLIGOR #18		—		—		3,298,242		—		3,134,537
OBLIGOR #19		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		4,000,000		—		—
OBLIGOR #23		—		—		—		—		—	loan prepaid
OBLIGOR #24		17,759,716		—		—		—		—	loan substituted out of portfolio
OBLIGOR #25		—		—		—		—		—	loan prepaid
OBLIGOR #26		—		—		10,000,000		—		9,213,908
OBLIGOR #27		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—	loan prepaid
OBLIGOR #29		—		—		—		—		—	loan prepaid
Total		78,793,795		21,427,815		48,726,057		—		49,387,099

(1)

Schedule of Servicer Related Revolver Loans

As of December 31, 2014


	Related Revolver Loans (1)
	At Close						At December 31, 2014
Obligor CODE	Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Revolver Commitment		Revolver Balance		Gross Revolver Availability (1)		Comments
OBLIGOR #1		—		—		—		—		—		—	loan prepaid
OBLIGOR #2		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #3		—		—		—		—		—		—	loan matured
OBLIGOR #4		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #5		—		—		—		—		—		—
OBLIGOR #6		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #7		—		—		—		—		—		—	loan prepaid
OBLIGOR #8		—		—		—		—		—		—	loan prepaid
OBLIGOR #9		—		—		—		—		—		—	loan prepaid
OBLIGOR #10		—		—		—		—		—		—
OBLIGOR #11		—		—		—		—		—		—	loan matured
OBLIGOR #12		—		—		—		—		—		—	loan prepaid
OBLIGOR #13		—		—		—		—		—		—
OBLIGOR #14		—		—		—		—		—		—	loan prepaid
OBLIGOR #15		—		—		—		—		—		—
OBLIGOR #16		—		—		—		—		—		—
OBLIGOR #17		—		—		—		—		—		—	loan prepaid
OBLIGOR #18		—		—		—		—		—		—
OBLIGOR #19		—		—		—		—		—		—	loan substituted out of portfolio
OBLIGOR #20		—		—		—		—		—		—
OBLIGOR #21		—		—		—		—		—		—	loan prepaid
OBLIGOR #22		—		—		—		—		—		—
OBLIGOR #23		—		—		—		—		—		—	loan prepaid
OBLIGOR #24		1,500,000		—		1,500,000		—		—		—	loan substituted out of portfolio
OBLIGOR #25		2,000,000		—		2,000,000		—		—		—	loan prepaid
OBLIGOR #26		—		—		—		—		—		—
OBLIGOR #27		—		—		—		—		—		—	loan prepaid
OBLIGOR #28		—		—		—		—		—		—	loan prepaid
OBLIGOR #29		—		—		—		—		—		—	loan prepaid
TOTAL		3,500,000		—		3,500,000		—		—		—

(1)

Hercules Capital, Inc. - FORM 8-K - EX-99.2 - March 31, 2015

Attached files

Hercules Capital, Inc. Reports