If You Invested in Hercules Capital Inc (HCXY)

Hercules Capital, Inc. 6.25% Notes due 2033 (NYSE: HCXY) are exchange-listed debt securities issued by Hercules Capital, Inc. The notes trade on the New York Stock Exchange under the symbol HCXY and represent a retail bond issuance of Hercules Capital with a stated interest rate of 6.25% and a maturity in 2033. According to Hercules Capital’s public disclosures, these notes are registered under Section 12(b) of the Securities Exchange Act of 1934 and are listed alongside the company’s common stock.

Hercules Capital, Inc. (NYSE: HTGC), the issuer of HCXY, describes itself as the largest and leading specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative, venture capital-backed companies. The company states that it serves a broad variety of technology and life sciences industries and has, since its inception in December 2003, committed more than $20 billion to hundreds of portfolio companies, based on its various news releases. Hercules Capital notes that it positions itself as a lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.

In addition to its direct lending activities, Hercules Capital reports that it operates an asset management business through its wholly owned subsidiary, Hercules Adviser LLC. This subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940 and manages investments for external parties through adviser funds. Across Hercules Capital and Hercules Adviser, the company has disclosed that it manages several private credit and adviser funds with substantial committed debt and equity capital and assets under management.

Hercules Capital identifies itself as a business development company with a focus on senior secured first-lien venture debt investments in technology and life sciences sectors. Rating agency commentary cited in Hercules Capital’s news releases highlights characteristics such as a diversified investment portfolio, a focus on senior secured first-lien structures, a long operating record as a business development company, and a funding mix that includes a high proportion of unsecured debt. The HCXY notes form part of this unsecured debt capital structure and are referenced by Hercules Capital as its retail bond issuance.

From a capital markets perspective, HCXY provides investors with access to the credit profile of Hercules Capital through a listed note that pays a fixed coupon of 6.25% and has a defined maturity in 2033. The notes are included in the company’s securities registered on the New York Stock Exchange, as reflected in its Form 8-K filing, which lists the 6.25% Notes due 2033 under the trading symbol HCXY. This positions HCXY within the finance and insurance sector, under the broader classification of securities and commodity exchanges for market data purposes.

Hercules Capital’s public communications also emphasize its internally managed structure, its long-term operating history as a business development company, and its focus on disciplined underwriting and risk management. Rating agency updates referenced by the company include investment grade corporate and credit ratings, which are supported, according to those agencies, by factors such as profitability, asset quality performance, leverage metrics, and access to capital markets. HCXY, as an unsecured note, is one of the instruments through which Hercules Capital accesses those markets.

For investors analyzing HCXY, Hercules Capital’s recurring news releases and SEC filings provide context on the issuer’s lending activities, distribution policy on its common stock, liquidity position, leverage levels, and assets under management, as well as information on the company’s adviser subsidiary and private credit funds. These disclosures help frame the credit environment in which the 6.25% Notes due 2033 exist and how they relate to Hercules Capital’s broader financing and investment activities.

Business context of the issuer

Hercules Capital’s news releases describe a business centered on providing senior secured venture growth loans to companies backed by leading venture capital and select private equity firms. The company reports that it serves innovative venture, growth and established stage companies in technology and life sciences and that it has committed tens of billions of dollars to hundreds of companies since inception. Hercules Capital also notes that, through Hercules Adviser LLC, it manages multiple institutional private credit funds, including a venture and growth stage credit fund, and that Hercules Adviser oversees committed debt and equity capital across several funds.

This combination of on-balance-sheet lending and externally managed adviser funds means that HCXY investors are exposed to a capital structure that includes both secured and unsecured financing sources, with HCXY identified by the company as an unsecured retail bond issuance. Hercules Capital’s disclosures about its assets under management, adviser funds, and rating agency assessments provide additional context for understanding the environment in which HCXY operates.

HCXY within Hercules Capital’s capital structure

Hercules Capital explicitly states in multiple news releases that, in addition to its common stock trading under the ticker HTGC, it has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY). The company’s Form 8-K filing lists the 6.25% Notes due 2033 as securities registered pursuant to Section 12(b) of the Exchange Act, confirming their exchange listing. Rating agency commentary cited by Hercules Capital notes that the company has a diversified funding mix and a high proportion of unsecured debt to total debt outstanding, which is described as providing solid protection for noteholders. HCXY is part of this unsecured debt base.

Because HCXY is a listed note, investors can track its trading activity on the New York Stock Exchange under its own symbol, separate from HTGC common stock. Information about distributions, earnings, leverage and liquidity at the Hercules Capital level is disclosed in periodic earnings releases and related SEC filings, which are relevant for assessing the issuer’s ability to meet its obligations under the 6.25% Notes due 2033.

Regulatory and reporting framework

Hercules Capital files reports with the U.S. Securities and Exchange Commission, and its Form 8-K dated October 30, 2025, identifies both its common stock and the 6.25% Notes due 2033 (HCXY) as securities registered on the New York Stock Exchange. The filing also illustrates how Hercules Capital uses current reports on Form 8-K to furnish earnings releases and to disclose board-approved distributions on its common stock. While the 8-K excerpt provided focuses on quarterly earnings and a cash distribution on common stock, it confirms HCXY’s status as a listed security and part of the company’s registered capital structure.

Overall, Hercules Capital, Inc. 6.25% Notes due 2033 (HCXY) represent a specific exchange-traded debt instrument of Hercules Capital, Inc., a specialty finance company focused on senior secured venture growth lending and related asset management activities in technology and life sciences sectors. HCXY provides a way for investors to gain exposure to Hercules Capital’s credit profile through a fixed-rate note that is registered with the SEC and listed on the New York Stock Exchange.