Welcome to our dedicated page for Hercules Capital SEC filings (Ticker: HCXY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Hercules Capital filings document a specialty finance issuer with NYSE-listed common stock and 6.25% Notes due 2033 trading under HCXY. The company’s Form 8-K reports cover operating results, financial condition, net asset value estimates, stockholder distributions, executive appointments and material financing agreements, including supplemental indentures for unsecured notes.
Proxy materials describe board matters, executive compensation and annual meeting proposals. The filing record also identifies the company’s capital structure, registered securities, distribution practices, leverage and liquidity disclosures, and the role of Hercules Adviser LLC as a registered investment adviser managing external Adviser Funds.
Hercules Capital, Inc. reported record full-year 2025 results, with total investment income of $532.5 million, up 7.9% year-over-year, and net investment income of $341.7 million, or $1.91 per share, up 4.9%. Total gross debt and equity commitments reached $3.92 billion and gross fundings $2.28 billion.
In Q4 2025, total investment income was $137.4 million and net investment income was $87.0 million, or $0.48 per share, providing 120% coverage of the base cash distribution. Net asset value per share rose to $12.13 on 182.7 million shares.
The Board declared a fourth quarter 2025 total cash distribution of $0.47 per share, including a $0.40 base and $0.07 supplemental distribution, payable on March 4, 2026 to holders of record on February 25, 2026. A new supplemental cash distribution of $0.28 per share will be paid in four equal quarterly installments beginning with this quarter.
Hercules ended Q4 2025 with $525.5 million of available liquidity and a debt investment portfolio at fair value of $4.28 billion, 89.3% in first-lien senior secured loans and 97.9% floating rate. Loans on non-accrual fell to one position, representing 0.2% of the portfolio at cost. Subsequent to year-end, the company issued $300.0 million of 5.350% unsecured notes due 2029.
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.
Hercules Capital, Inc. has issued $300,000,000 in aggregate principal amount of its 5.350% Notes due 2029 under a Tenth Supplemental Indenture with U.S. Bank Trust Company, National Association. These unsecured notes pay 5.350% interest semiannually and mature on February 10, 2029, unless earlier redeemed.
The notes rank senior to expressly subordinated debt, equal with other unsubordinated liabilities, and are effectively and structurally subordinated to secured and subsidiary indebtedness. Hercules completed the transaction on February 10, 2026 and expects to use the net proceeds to fund investments, repay outstanding secured indebtedness and for other general corporate purposes.
Hercules Capital, Inc. is offering $300,000,000 aggregate principal amount of 5.350% unsecured notes due February 10, 2029. The notes pay cash interest semi-annually on February 10 and August 10, starting August 10, 2026, and were priced at 99.272% of par, implying proceeds slightly below face value.
The notes rank equally with Hercules Capital’s other unsecured unsubordinated debt, but are effectively subordinated to secured borrowings and structurally subordinated to debt at subsidiaries. Hercules may redeem the notes early, and holders can require repurchase at 100% of principal plus accrued interest following a Change of Control Repurchase Event.
Net proceeds of about $294 million are intended to fund new investments consistent with the company’s business development company strategy, repay amounts outstanding under the SMBC and MUFG bank facilities, and support other general corporate purposes, preserving balance-sheet flexibility while expanding its specialty finance lending capacity.
Hercules Capital, Inc., an internally managed business development company focused on senior secured lending to venture-backed technology and life sciences firms, is offering a new series of unsecured notes. The notes pay semi-annual cash interest and mature in 20__, with optional redemption by the company.
The notes rank equally with Hercules Capital’s other unsecured unsubordinated debt and are effectively subordinated to secured borrowings and structurally subordinated to liabilities at its subsidiaries. Holders can require repurchase at 100% of principal plus accrued interest after a Change of Control Repurchase Event.
Net proceeds are expected to fund new investments, repay borrowings under the SMBC and MUFG Bank credit facilities, and support general corporate purposes. The filing also details significant existing debt, asset coverage requirements as a BDC, and extensive risk factors around leverage, limited covenants, interest-rate sensitivity, liquidity of the notes, and unaudited preliminary financial estimates.
Hercules Capital, Inc. filed a current report describing that it has prepared preliminary financial estimates for the quarter ended December 31, 2025, as of February 3, 2026. Management is responsible for this data, which has not been audited, reviewed, examined, or compiled by the company’s independent registered public accounting firm.
The company explains that these preliminary figures may change after it completes its normal financial closing, review, and valuation procedures, and that actual results may differ materially. The information is being furnished under a current report rather than filed, limiting its use under securities law. The company also includes customary forward-looking statement cautions, directing readers to its annual report and other public filings for detailed risk factors.
Hercules Capital, Inc.'s Chief Financial Officer, Seth H. Meyer, reported share withholding transactions related to restricted stock vesting. On January 9, 2026, 15,965 shares of common stock were withheld at $18.59 per share to cover taxes due on vested restricted stock. On January 11, 2026, an additional 4,052 shares were withheld at $18.59 per share for the same purpose. Following these tax-withholding events, Meyer directly beneficially owned 434,553 shares of Hercules Capital common stock.
Hercules Capital, Inc. reported insider equity activity by its Chief Operating Officer, Christian Follmann. The filing shows that on January 9, 2026, and January 11, 2026, a total of 7,580 and 1,178 shares of common stock, respectively, were withheld at a price of $18.59 per share to cover taxes due on vesting restricted stock awards. These are tax-withholding transactions coded as "F," not open-market sales. After these withholdings, Follmann directly beneficially owned 145,134 shares of common stock, and an additional 350 shares were held indirectly by his spouse.
Hercules Capital, Inc. insider activity centers on tax withholding for vested stock awards. Chief Legal Officer & CCO Kiersten Zaza Botelho had shares of common stock withheld to cover taxes tied to restricted stock vesting.
On January 9, 2026, 5,510 shares of common stock were withheld at a price of $18.59 per share, leaving her with 92,858 shares beneficially owned directly. On January 11, 2026, an additional 822 shares were withheld at $18.59 per share, resulting in 92,036 shares of common stock held directly after the transactions.
Hercules Capital, Inc.'s Chief Executive Officer, Scott Bluestein, reported two automatic share withholdings tied to restricted stock vesting. On January 9, 2026, 50,081 shares of common stock were withheld at $18.59 per share to cover taxes on vested restricted stock. On January 11, 2026, an additional 13,431 shares were withheld at $18.59 per share for the same tax purpose. After these transactions, Bluestein directly owned 2,479,379 shares of Hercules Capital common stock.