Here are the 10-K annual reports from Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow HCXY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HCXY filings page.
HCXY’s filing outlines a large, highly diversified investment portfolio centered on senior secured debt, plus related equity and warrant positions. The portfolio spans application software, drug discovery and development, healthcare services, consumer and business services, sustainable technology, space technology, semiconductors and more.
Most debt investments are floating-rate loans tied to 1- or 3‑month SOFR, Prime, or SONIA with substantial credit spreads, floor rates, and frequent payment‑in‑kind (PIK) and exit fee features, and maturities generally running from 2025 into the early 2030s. HCXY also holds numerous preferred and common equity stakes, as well as warrants, in many of the same portfolio companies, and participates in investment funds and foreign currency contracts.
The text also highlights structural risks, including security interests on assets securing senior securities, potential volatility if preferred stock or convertible debt is issued, lack of an active trading market for certain notes, SBIC regulatory oversight of subsidiaries, and the possibility that capital market disruptions or tariff changes could negatively affect portfolio companies.