Every 8-K that Hercules Capital, Inc. (HTGC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow HTGC 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 HTGC filings page.
Hercules Capital, Inc. reported strong second‑quarter 2026 results, with record total investment income of $149.1 million, up 8.5% year‑over‑year, and net investment income (NII) of $92.9 million, up 4.7%. First‑half 2026 total investment income reached $290.7 million and NII $181.0 million, increases of 13.1% and 8.9% year‑over‑year, supported by record $2.74 billion in new debt and equity commitments and $1.35 billion in fundings.
NII of $0.50 per share in Q2 2026 provided 125% coverage of the base cash distribution. The Board declared a total cash distribution of $0.47 per share for the quarter, comprising a $0.40 base and $0.07 supplemental amount, with an August 11, 2026 record date and August 18, 2026 payment date. Net asset value was $12.15 per share on $2.27 billion of net assets, up 2.1% from Q1 2026, aided by $29.6 million of net unrealized appreciation.
The company ended the quarter with $652.9 million of available liquidity and a largely floating‑rate loan book, while maintaining a GAAP leverage ratio of 103.9% and loans on non‑accrual representing 0.3% of investments at cost.
Hercules Capital, Inc. completed a registered public offering of $325,000,000 aggregate principal amount of its 6.300% Notes due 2031, issued under an Eleventh Supplemental Indenture to its existing base indenture. The Notes mature on July 24, 2031 and bear interest at 6.300% per year, paid semiannually on January 24 and July 24, beginning January 24, 2027.
The Notes are unsecured senior obligations, ranking senior to expressly subordinated debt, pari passu with other unsubordinated liabilities, and effectively or structurally subordinated to secured debt and subsidiary obligations. They are redeemable at the company’s option at par plus any applicable make whole premium. Hercules Capital expects to use net proceeds to repay outstanding unsecured and/or secured indebtedness under its financing arrangements, fund investments consistent with its investment objectives, and for other general corporate purposes. The offering was conducted from the company’s Form N-2 shelf registration, with Goldman Sachs & Co. LLC and SMBC Nikko Securities America, Inc. acting as representatives of the underwriters.
Hercules Capital provides preliminary, unaudited estimates for the quarter ended June 30, 2026. Net asset value per share is expected to range from $12.10 to $12.20, up $0.20 to $0.30, or 1.7% to 2.5%, from $11.90 on March 31, 2026. Preliminary net realized gains are approximately $7.7 million and net investment income is estimated at $0.49 to $0.51 per share.
Preliminary gross new investment commitments are about $0.9 billion with fundings of $0.6 billion. Investments on non-accrual status comprised less than 0.5% of the total investment portfolio at cost as of June 30, 2026, compared with 0.2% at March 31, 2026. Total investments at fair value are estimated at $4.5 to $4.6 billion. These figures remain subject to completion of financial closing and review procedures and have not been audited or reviewed by the independent registered public accounting firm.
Hercules Capital, Inc. reported the results of its 2026 Annual Meeting of Stockholders held on June 18, 2026. As of April 9, 2026, 187,133,158 shares of common stock were outstanding and entitled to vote.
Stockholders elected Robert P. Badavas as a Class I independent director to serve until 2029, approved on an advisory basis the compensation of named executive officers, and chose a 1-year frequency for future advisory votes on executive pay. They also approved amendments and restatements of the 2018 Equity Incentive Plan and the 2018 Non-Employee Director Plan, and ratified PricewaterhouseCoopers LLP as independent public accountant for the year ending December 31, 2026.
Hercules Capital reported a record first quarter for 2026, combining strong growth with higher shareholder payouts. Total investment income reached $141.5 million, up 18.4% year-over-year, while net investment income rose to $88.1 million, or $0.48 per share, a 13.8% increase.
The Board declared a total Q1 2026 cash distribution of $0.47 per share, made up of a $0.40 base distribution and a $0.07 supplemental distribution, with NII per share providing 120% coverage of the base amount. Net asset value stood at $11.90 per share as of March 31, 2026, and return on average equity was 16.9%.
Hercules Capital, Inc. is reshaping its executive team to support its next phase of growth. Effective May 18, 2026, longtime Chief Financial Officer Seth Meyer will become President, focusing on scaling, diversification and expansion of the Hercules lending and asset-management platform.
Andrew Olson, a veteran finance executive with prior experience at Hercules and several alternative asset managers, will become Chief Financial Officer and Head of Corporate Development, serving as principal financial and accounting officer. The company highlights Olson’s background in private credit, venture markets and fund management as support for its growth strategy.
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.
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 declared a third quarter 2025 total cash distribution of $0.47 per share. The distribution is scheduled with an ex-dividend and record date of November 12, 2025, and a payment date of November 19, 2025.
The company also announced it issued a press release with earnings for the quarter ended September 30, 2025, furnished under Item 2.02. That information is furnished and not deemed filed.
Hercules Capital held its 2025 Annual Meeting of Stockholders on June 18, 2025, where shareholders voted on four key proposals. With 175,420,455 shares eligible to vote, the results were:
- Board Elections: Scott Bluestein, Wade Loo, and DeAnne Aguirre were elected as Class III directors until 2028, with Bluestein receiving the strongest support (63.7M votes)
- Executive Compensation: Shareholders approved the named executive officer compensation with 56.1M votes in favor
- Below NAV Share Issuance: The proposal to authorize share sales below NAV was NOT approved, receiving insufficient support with 52.6M votes in favor
- Auditor Appointment: PricewaterhouseCoopers LLP was ratified as independent public accountant for FY2025 with overwhelming support (124.6M votes)
The failed below-NAV authorization proposal represents a significant outcome that could limit the company's capital raising flexibility in the coming year.