Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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.
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.
HCXY presents a detailed portfolio of debt, equity, warrant and fund investments across technology, healthcare, consumer, defense, sustainable energy and other sectors. Most credit positions are senior secured loans tied to Prime or SOFR benchmarks with stated spreads, floor rates, and in many cases payment‑in‑kind interest and exit fees.
The portfolio includes numerous positions in application and system software, drug discovery and development, healthcare services, space technologies and sustainable and renewable technology, along with convertible debt in select issuers. The company also holds preferred and common equity stakes, warrants, interests in external investment funds, cash in the GS Financial Square Government Fund and a Great British Pound foreign‑currency contract with Goldman Sachs Bank USA, with disclosures spanning as of June 30, 2026 and December 31, 2025.
This 10-Q segment outlines a highly diversified investment portfolio concentrated in private growth companies. Most holdings are debt investments, primarily senior secured loans across industries such as application software, drug discovery and development, healthcare services, system software, space technologies, and sustainable and renewable technology. Many loans use floating rates tied to SOFR or Prime, with contractual floor rates, and often include features like PIK (payment-in-kind) interest and exit fees.
The portfolio also includes convertible debt, unsecured notes, equity positions in common and preferred shares, and a large set of warrants in many of the same borrowers. Additional exposure comes through investment funds and a government money market fund in cash equivalents, as well as foreign currency forward contracts in Great British pounds with Goldman Sachs Bank USA.
Hercules Capital (HCXY) filed a 10-Q that details its investment portfolio and financing structure, including its 6.25% Notes due 2033. The filing lists numerous senior secured and convertible loans across sectors with rate formulas, floors, PIK components, maturities, and exit fees.
Examples include Shield AI, Inc. (senior secured, maturity February 2029, Prime + 0.85%, floor 6.85%, cap 9.60%, PIK 2.50%, 2.50% exit fee) and Smartsheet Inc. (senior secured, maturity January 2031, 3‑month SOFR + 6.50%, floor 7.25%). In healthcare, Dyne Therapeutics, Inc. is shown (senior secured, maturity July 2030, Prime + 2.45%, floor 9.95%, 5.50% exit fee). In consumer services, SeatGeek, Inc. appears with multiple tranches (maturities May and July 2026, Prime + 7.00% and + 2.50%, floors 10.50% and 10.75%).
The schedule also lists equity and warrant positions in portfolio companies alongside sector classifications and acquisition dates, plus foreign exchange forward contracts (GBP) with Goldman Sachs Bank USA. Terms consistently specify rate bases (Prime or SOFR), floor rates, and in some cases exit fees or caps.