Hercules Capital, Inc. reported third-quarter 2026 total investment income of $140.1 million and net investment income of $87.3 million, or $0.47 per share. For the nine months ended September 30, 2026, total investment income was $430.8 million, up 9.0% year over year, and net investment income was $268.4 million, up 5.4%. The third-quarter cash distribution is $0.47 per share, comprising a $0.40 base distribution and a $0.07 supplemental distribution; November 10, 2026 is the record date and payment is scheduled for November 17, 2026.
During Q3, Hercules sold 2.3 million common shares through its equity ATM program for $39.2 million in net proceeds. Available liquidity was $506.6 million as of September 30, 2026, subject to existing terms and covenants. On October 8, 2026, Hercules issued $400.0 million of 6.700% unsecured notes due October 8, 2029. As of October 26, 2026, $571.7 million in pending commitments consisted of signed non-binding term sheets, subject to due diligence, final investment committee approval and definitive documentation. The debt investment portfolio increased $252.9 million at cost during Q3.
Hercules Capital, Inc. (HCXY) reported total investment income of $140.1 million for the three months ended September 30, 2026, compared with $138.1 million a year earlier. Net investment income was $87.3 million, versus $88.6 million, while the increase in net assets resulting from operations was $93.6 million, compared with $119.7 million.
For the nine months ended September 30, 2026, net investment income was $268.4 million versus $254.7 million, and the increase in net assets resulting from operations was $266.3 million versus $248.9 million. Net cash used in operating activities was $98.4 million, compared with $370.2 million. As of September 30, 2026, total assets were $4.95 billion, including investments at fair value of $4.85 billion; debt was $2.55 billion, net assets were $2.32 billion and net asset value was $12.26 per share, versus $12.13 at December 31, 2025. The investment schedule lists debt investments across application software, healthcare, drug development, defense technologies and other sectors.
Hercules Capital, Inc. (HCXY) President Seth H. Meyer reported two dispositions of common stock on October 9, 2026: 3,011 shares and 3,458 shares, each reported at $16.51 per share. In total, 6,469 shares were withheld to pay taxes applicable to the vesting of restricted stock.
Hercules Capital, Inc. reported that its Chief Executive Officer, Scott Bluestein, had 9,741 and 10,652 shares of common stock withheld on October 9, 2026, to pay taxes applicable to restricted-stock vesting. Each transaction lists a price of $16.51 per share.
Hercules Capital, Inc. (HCXY) Chief Legal Officer & CCO Kiersten Zaza Botelho had 1,018 and 956 common shares withheld on October 9, 2026, for a total of 1,974 shares. Each entry lists $16.51 per share. The shares were withheld to pay taxes applicable to restricted-stock vesting.
Hercules Capital, Inc. Chief Operating Officer Christian Follmann reported 1,365 and 1,433 common shares withheld to pay taxes applicable to restricted-stock vesting on October 9, 2026. Each entry lists a price of $16.51 per share. The report also lists 350 common shares held indirectly by his spouse.
On October 8, 2026, Hercules Capital, Inc. (HCXY) closed an offering of $400,000,000 in aggregate principal amount of its 6.700% notes due October 8, 2029. The notes pay interest at 6.700% per year semiannually in arrears on April 8 and October 8, beginning April 8, 2027. Hercules expects to use net proceeds to repay outstanding unsecured and/or secured indebtedness under its financing arrangements, fund investments in accordance with its investment objectives, and for other general corporate purposes.
The notes are unsecured and are not guaranteed by subsidiaries. They rank equally with liabilities that are not subordinated, ahead of debt expressly subordinated to them, behind secured indebtedness to the extent of collateral value, and structurally behind indebtedness of subsidiaries, financing vehicles and similar facilities. Hercules may redeem the notes at par plus a make whole premium, if applicable. The indenture includes covenants on specified asset-coverage provisions and providing financial information if Hercules ceases to have Exchange Act reporting requirements, subject to limitations and exceptions.
Hercules Capital, Inc. is offering $400 million aggregate principal amount of unsecured 6.700% notes due October 8, 2029. The notes are priced at 99.379% of principal and have a 6.933% yield to maturity. Interest accrues from October 8, 2026 and is payable semiannually on April 8 and October 8, beginning April 8, 2027.
The company estimates net proceeds of approximately $392.6 million after the underwriting discount and estimated offering expenses. It intends to use the proceeds to repay outstanding unsecured and/or secured indebtedness, fund investments in accordance with its investment objectives, and for other general corporate purposes. As of October 1, 2026, total consolidated indebtedness at par was approximately $2.6 billion.
The notes will not be guaranteed by the company’s subsidiaries and rank pari passu with liabilities that are not subordinated. They are effectively subordinated to secured debt to the value of the collateral and structurally subordinated to subsidiary liabilities. The notes will not be listed on an exchange, and underwriters are not obligated to make a market. Following a Change of Control Repurchase Event, holders may require repurchase at 100% of principal plus accrued and unpaid interest.
Hercules Capital, Inc. outlines a preliminary primary offering of unsecured notes, with net proceeds intended to repay outstanding unsecured and/or secured indebtedness, fund investments under its investment objectives, and support other general corporate purposes.
The notes would rank equally with unsubordinated liabilities, behind secured debt to the extent of collateral value, and behind subsidiary liabilities. Holders could require repurchase at 100% of principal plus accrued and unpaid interest after a Change of Control Repurchase Event. Hercules may redeem the notes at its option. It does not intend to list them on an exchange, and a liquid market is not assured.
Separately, Hercules issued $325.0 million of 6.300% unsecured notes due July 24, 2031, and repaid $325.0 million of 2.625% notes at maturity on September 16, 2026. Consolidated indebtedness was approximately $2.6 billion as of October 1, 2026. Its asset coverage ratio was 212.2% as of June 30, 2026, excluding SBA debentures under SEC exemptive relief.
Hercules Capital, Inc. (symbol: HCXY) is the issuer of record for a Form 4 filing submitted to the SEC. Fichera Alfred reported acquisition or exercise transactions in this Form 4 filing.
Hercules Capital, Inc. (HCXY) director Alfred Fichera received an automatic grant of 3,483 shares of restricted common stock on September 17, 2026, valued at $17.76 per share. All 3,483 shares are held directly and are subject to time-based vesting and forfeiture conditions.
The award was granted under the 2026 Non-Employee Director Plan. The shares vest in three equal installments of 1,161 shares on August 15, 2027, July 11, 2028, and June 18, 2029, if service conditions are met.