htgc-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_________________________________________________

FORM 10-Q

_________________________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended June 30, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

_________________________________________________

HERCULES CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

_________________________________________________


Maryland						74-3113410
(State or Jurisdiction of Incorporation or Organization)						(IRS Employer Identification Number)

1 North B Street., Suite 2000 San Mateo, California (Address of Principal Executive Offices)						94401 (Zip Code)

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

HTGC

New York Stock Exchange

6.25% Notes due 2033

HCXY

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

On July 23, 2026, there were 187,164,000 shares outstanding of the Registrant’s common stock, $0.001 par value.

HERCULES CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION		3

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of June 30 , 2026 (unaudited) and December 31, 2025	3

	Consolidated Statements of Operations for the three and six months ended June 30 , 202 6 and 202 5 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30 , 202 6 and 202 5 (unaudited)	5

	Consolidated Statements of Cash Flows for the six months ended June 30 , 202 6 and 202 5 (unaudited)	6

	Consolidated Schedule of Investments as of June 30 , 202 6 (unaudited)	7

	Consolidated Schedule of Investments as of December 31, 202 5	22

	Notes to Consolidated Financial Statements (unaudited)	36

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	74

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91

Item 4.	Controls and Procedures	92

PART II. OTHER INFORMATION		93

Item 1.	Legal Proceedings	93

Item 1A.	Risk Factors	93

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	95

Item 3.	Defaults Upon Senior Securities	95

Item 4.	Mine Safety Disclosures	95

Item 5.	Other Information	95

Item 6.	Exhibits and Financial Statement Schedules	96

SIGNATURES		101

Table of Contents

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc., its wholly owned subsidiaries, and its affiliated securitization trust unless the context otherwise requires.

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES


(in thousands, except per share data)	June 30, 2026 (unaudited)		December 31, 2025

Assets
Investments, at fair value:
Non-control/Non-affiliate investments (cost of $4,490,389 and $4,362,559, respectively)	$	4,463,337	$	4,351,596
Control investments (cost of $112,877 and $105,409, respectively)	120,533		115,051
Total investments, at fair value (cost of $4,603,266 and $4,467,968, respectively; fair value amounts related to a VIE $139,921 and $158,980, respectively)	4,583,870		4,466,647
Cash and cash equivalents (1)	48,176		56,987

Restricted cash (amounts related to a VIE $2,250 and $2,467, respectively)	2,250		2,467
Interest receivable	36,601		37,261
Right of use asset	13,837		14,842
Other assets	3,345		5,822
Total assets	$	4,688,079	$	4,584,026

Liabilities
Debt (net of unamortized debt issuance costs of $27,760 and $26,626, respectively; amounts related to a VIE $50,794 and $64,530, respectively)	$	2,335,223	$	2,286,444
Accounts payable and accrued liabilities	63,668		65,262
Operating lease liability	14,858		16,267
Total liabilities	$	2,413,749	$	2,367,973

Net assets consist of:
Common stock, par value	$	187	$	183
Capital in excess of par value	2,174,992		2,114,719
Total distributable earnings	99,151		101,151
Total net assets	$	2,274,330	$	2,216,053
Total liabilities and net assets	$	4,688,079	$	4,584,026

Shares of common stock outstanding ($0.001 par value and 300,000 authorized)	187,218		182,695
Net asset value per share	$	12.15	$	12.13

(1)The former foreign cash category has been consolidated into “Cash and cash equivalents”. Prior year amounts have been reclassified to conform to the current presentation.

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


(in thousands, except per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income:
Interest and dividend income:
Excluding payment-in-kind (PIK) interest income
Non-control/Non-affiliate investments	$	122,236	$	113,120	$	242,326	$	212,116
Control investments	3,464		2,816		6,863		5,919

Total interest and dividend income, excluding PIK interest income	125,700		115,936		249,189		218,035
PIK interest income
Non-control/Non-affiliate investments	12,342		13,083		25,256		26,022
Control investments	—		552		—		1,086
Total PIK interest income	12,342		13,635		25,256		27,108
Total interest and dividend income	138,042		129,571		274,445		245,143
Fee income:
Non-control/Non-affiliate investments	11,041		7,847		16,139		11,747
Control investments	31		41		66		80
Total fee income	11,072		7,888		16,205		11,827
Total investment income	149,114		137,459		290,650		256,970
Operating expenses:
Interest	28,130		22,930		56,276		42,628
Loan fees	3,006		2,747		5,683		5,145
General and administrative	4,871		5,103		9,673		9,915
Tax expenses	2,790		1,068		3,780		1,980
Employee compensation:
Compensation and benefits	18,366		16,664		35,657		30,578
Stock-based compensation	3,937		3,662		8,086		7,264
Total employee compensation	22,303		20,326		43,743		37,842
Total gross operating expenses	61,100		52,174		119,155		97,510
Expenses allocated to the Adviser Subsidiary	(4,901)		(3,449)		(9,530)		(6,732)
Total net operating expenses	56,199		48,725		109,625		90,778
Net investment income	92,915		88,734		181,025		166,192
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss):
Non-control/Non-affiliate investments	7,702		(57,616)		7,099		(59,157)

Loss on extinguishment of debt	(2)		(21)		(2)		(36)
Total net realized gain (loss)	7,700		(57,637)		7,097		(59,193)
Net change in unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	30,013		48,626		(13,453)		21,084
Control investments	(447)		(836)		(1,986)		1,141

Total net change in unrealized appreciation (depreciation)	29,566		47,790		(15,439)		22,225
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)	37,266		(9,847)		(8,342)		(36,968)
Net increase (decrease) in net assets resulting from operations	$	130,181	$	78,887	$	172,683	$	129,224

Net investment income before gains and losses per common share:
Basic	$	0.50	$	0.50	$	0.97	$	0.95
Change in net assets resulting from operations per common share:
Basic	$	0.70	$	0.44	$	0.93	$	0.74
Diluted	$	0.67	$	0.43	$	0.90	$	0.73
Weighted average shares outstanding:
Basic	185,517		176,809		184,146		173,231
Diluted	199,577		190,777		198,206		182,159
Distributions paid per common share:
Basic	$	0.47	$	0.47	$	0.94	$	0.94

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)


(in thousands)	Common Stock			Capital in excess of par value		Distributable Earnings (loss)		Net Assets
For the Three Months Ended June 30, 2026	Shares	Par Value
Balance as of March 31, 2026	187,174	$	187	$	2,169,888	$	56,920	$	2,226,995
Net increase (decrease) in net assets resulting from operations	—	—		—		130,181		130,181
Public offering, net of offering expenses	—	—		(14)		—		(14)
Issuance of common stock under equity-based award plans	41	—		18		—		18
Shares retired on vesting of equity-based awards	(125)	—		(837)		—		(837)
Distributions reinvested in common stock	128	—		1,984		—		1,984
Distributions	—	—		—		(87,950)		(87,950)
Stock-based compensation(1)	—	—		3,953		—		3,953
Balance as of June 30, 2026	187,218	$	187	$	2,174,992	$	99,151	$	2,274,330

For the Six Months Ended June 30, 2026
Balance as of December 31, 2025	182,695	$	183	$	2,114,719	$	101,151	$	2,216,053
Net increase (decrease) in net assets resulting from operations	—	—		—		172,683		172,683
Public offering, net of offering expenses	3,541	3		52,019		—		52,022
Issuance of common stock under equity-based award plans	1,033	1		24		—		25
Shares retired on vesting of equity-based awards	(332)	—		(4,210)		—		(4,210)
Distributions reinvested in common stock	281	—		4,302		—		4,302
Distributions	—	—		—		(174,683)		(174,683)
Stock-based compensation(1)	—	—		8,138		—		8,138
Balance as of June 30, 2026	187,218	$	187	$	2,174,992	$	99,151	$	2,274,330

(1)Stock-based compensation includes $15 thousand and $49 thousand of restricted stock and option expense related to director compensation for the three and six months ended June 30, 2026, respectively.


(in thousands)	Common Stock			Capital in excess of par value		Distributable Earnings (loss)		Net Assets
For the Three Months Ended June 30, 2025	Shares	Par Value
Balance as of March 31, 2025	173,285	$	174	$	1,942,583	$	57,873	$	2,000,630
Net increase (decrease) in net assets resulting from operations	—	—		—		78,887		78,887
Public offering, net of offering expenses	8,354	8		149,426		—		149,434
Issuance of common stock under equity-based award plans	17	—		25		—		25
Shares retired on vesting of equity-based awards	(70)	—		(1,051)		—		(1,051)
Distributions reinvested in common stock	143	—		2,535		—		2,535
Distributions	—	—		—		(83,083)		(83,083)
Stock-based compensation(1)	—	—		3,698		—		3,698
Balance as of June 30, 2025	181,729	$	182	$	2,097,216	$	53,677	$	2,151,075

For the Six Months Ended June 30, 2025
Balance as of December 31, 2024	170,575	$	171	$	1,900,490	$	88,920	$	1,989,581
Net increase (decrease) in net assets resulting from operations	—	—		—		129,224		129,224
Public offering, net of offering expenses	10,354	10		188,841		—		188,851
Issuance of common stock under equity-based award plans	806	1		111		—		112
Shares retired on vesting of equity-based awards	(271)	—		(4,607)		—		(4,607)
Distributions reinvested in common stock	265	—		5,046		—		5,046

Distributions	—	—		—		(164,467)		(164,467)
Stock-based compensation(1)	—	—		7,335		—		7,335
Balance as of June 30, 2025	181,729	$	182	$	2,097,216	$	53,677	$	2,151,075

(1)Stock-based compensation includes $36 thousand and $71 thousand of restricted stock and option expense related to director compensation for the three and six months ended June 30, 2025, respectively.

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


(in thousands)	For the Six Months Ended June 30,
	2026		2025
Cash flows provided by (used in) operating activities:
Net increase in net assets resulting from operations	$	172,683	$	129,224
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments(1)	(988,392)		(972,421)
Fundings assigned to Adviser Funds(1)	2,500		—
Principal and fee repayments received	843,277		414,436
Proceeds from the sale of debt investments	24,086		47,500
Proceeds from the sale of equity and warrant investments	15,011		929
Net change in unrealized (appreciation) depreciation	15,439		(22,225)
Net realized (gain) loss	(7,099)		59,157
Payments of derivative instruments	25		(1,551)
Accretion of paid-in-kind interest	(25,256)		(27,108)
Accretion of loan discounts	(4,337)		(3,643)
Accretion of loan discounts on convertible notes	621		379
Loss on extinguishment of debt	2		36
Accretion of loan exit fees	(20,192)		(15,281)
Change in loan income, net of collections	25,913		15,874
Unearned fees related to unfunded commitments	(164)		(583)
Amortization of debt fees and issuance costs	5,176		3,954
Depreciation and amortization	169		170
Stock-based compensation and amortization of restricted stock grants(2)	8,138		7,335
Change in operating assets and liabilities:
Interest receivable	663		(2,951)
Other assets	1,857		4,540
Accrued liabilities	(2,833)		(4,791)
Net cash provided by (used in) operating activities	67,287		(367,020)

Cash flows provided by (used in) investing activities:
Purchases of capital equipment	(19)		(27)
Net cash provided by (used in) investing activities	(19)		(27)

Cash flows provided by (used in) financing activities:
Issuance of common stock	52,893		190,913
Offering expenses	(871)		(2,062)
Retirement of employee shares, net	(4,185)		(4,495)
Distributions paid	(170,381)		(159,421)
Issuance of debt	1,078,816		1,501,362
Repayment of debt	(1,028,746)		(1,207,890)
Debt issuance costs	(3,822)		(11,040)
Fees paid for credit facilities	—		(3,445)
Net cash provided by (used in) financing activities	(76,296)		303,922
Net increase (decrease) in cash, cash equivalents and restricted cash	(9,028)		(63,125)
Cash, cash equivalents and restricted cash at beginning of period	59,454		116,421
Cash, cash equivalents and restricted cash at end of period	$	50,426	$	53,296

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	50,068	$	37,008
Income tax, including excise tax, paid	$	5,693	$	6,289
Distributions reinvested	$	4,302	$	5,046

(1)Excluded from the amounts presented are certain investment funding allocations of $365.5 million and $275.8 million, which were directly funded by the Adviser Funds (as defined in “Note 1 – Description of Business”) during the six months ended June 30, 2026 and 2025, respectively. Refer to “Note 12 – Related Party Transaction” for additional information.

(2)Stock-based compensation includes $49 thousand and $71 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2026 and 2025, respectively.

The following table presents a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:



(in thousands)	As of June 30,
	2026		2025
Cash and cash equivalents (1)	$	48,176	$	52,246

Restricted cash	2,250		1,050
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	$	50,426	$	53,296

(1)The former foreign cash category has been consolidated into “Cash and cash equivalents”. Prior year amounts have been reclassified to conform to the current presentation.

See “Note 2 – Summary of Significant Accounting Policies” for a description of cash and cash equivalents and restricted cash.

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Debt Investments
Application Software
Alchemer LLC	Senior Secured	May 2028	1-month SOFR + 8.14%, Floor rate 9.14%	$	20,054	$	19,856	$	19,655	(13)(17)(18)
AlphaSense, Inc.	Senior Secured	June 2029	3-month SOFR + 6.25%, Floor rate 8.25%	$	20,000	19,868		20,148		(11)
Annex Cloud	Senior Secured	June 2028	PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99%	$	5,642	5,642		—		(8)(13)(18)
	Senior Secured	December 2025	PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99%	$	3,325	3,325		3,325		(8)(18)(26)
	Senior Secured	June 2028	PIK Interest 3-month SOFR + 5.73%, Floor rate 6.73%	$	1,716	1,717		—		(8)(18)
Total Annex Cloud				$	10,683	10,684		3,325
Babel Street	Senior Secured	December 2027	3-month SOFR + 8.01%, Floor rate 9.01%	$	64,845	64,150		63,322		(15)(17)(18)
Brain Corporation	Senior Secured	September 2028	Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee	$	33,247	33,472		33,459		(13)(14)
Ceros, Inc.	Senior Secured	June 2027	3-month SOFR + 8.99%, Floor rate 9.89%	$	22,656	22,579		22,256		(18)
Chainalysis, Inc.	Senior Secured	June 2029	Prime + 2.95%, Floor rate 10.45%	$	38,379	37,976		38,715
Dashlane, Inc.	Senior Secured	December 2027	Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 4.95% Exit Fee	$	44,992	46,238		46,309		(11)(13)(19)
DevRev, Inc.	Senior Secured	July 2029	Prime + 3.95%, Floor rate 10.70%, Cap rate 14.70%, 4.25% Exit Fee	$	18,750	18,539		18,539
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 7.86%, Floor rate 8.61%	$	8,210	8,116		8,210		(18)
Distributed Creation Inc.	Senior Secured	April 2029	Prime + 3.00%, Floor rate 10.25%, 4.50% Exit Fee	$	40,000	39,790		39,344		(11)
DocPlanner	Senior Secured	January 2030	Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee	€	68,200	70,218		77,927		(5)(10)
Earnix, Inc.	Senior Secured	June 2029	Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%	$	20,505	20,275		20,539		(11)(14)(17)
Elation Health, Inc.	Senior Secured	April 2029	Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.30%, 3.95% Exit Fee	$	21,186	20,906		20,897		(11)(14)(19)
Funnel Holding AB (publ)	Senior Secured	October 2029	Prime + 0.60%, Floor rate 7.10%, Cap rate 8.60%, PIK Interest 3.00%, 2.25% Exit Fee	$	21,340	21,135		21,010		(5)(10)(14)(17)(19)
Imagen Technologies, Inc.	Senior Secured	November 2028	Prime + 1.55%, Floor rate 9.05%, PIK Interest 1.00%, 3.95% Exit Fee	$	7,539	7,476		7,474		(6)(14)
Intercom, Inc.	Senior Secured	February 2031	Prime + 2.00%, Floor rate 8.50%, Cap rate 9.25%, PIK Interest 1.00%, 3.95% Exit Fee	$	22,554	22,378		23,785		(14)(17)
iSpot.tv, Inc.	Senior Secured	January 2029	Prime + 2.25%, Floor rate 9.00%, PIK Interest 1.00%, 5.70% Exit Fee	$	3,299	3,326		3,271		(14)(17)
	Senior Secured	January 2029	Prime + 1.40%, Floor rate 8.15%, PIK Interest 0.75%, 4.50% Exit Fee	$	39,288	39,370		39,048		(12)(14)(17)
Total iSpot.tv, Inc.				$	42,587	42,696		42,319
Khoros, LLC	Senior Secured	May 2030	FIXED 10.00%	$	11,704	11,704		11,316
LinenMaster, LLC	Senior Secured	August 2029	1-month SOFR + 8.28%, Floor rate 9.28%	$	11,500	11,215		11,087		(17)(18)
Loftware, Inc.	Senior Secured	March 2028	3-month SOFR + 7.75%, Floor rate 8.75%	$	29,511	29,180		29,511		(17)(18)

Mango Technologies, Inc.	Senior Secured	August 2030	Prime + 2.25%, Floor rate 8.25%, 2.00% Exit Fee	$	45,250	44,678		44,490		(17)
Marigold Group, Inc.	Senior Secured	April 2028	3-month SOFR + 9.50%, Floor rate 10.50%	$	45,739	45,248		44,139		(13)(14)(19)
micro1 Inc.	Senior Secured	June 2029	Prime + 3.50%, Floor rate 10.25%, 4.00% Exit Fee	$	10,875	10,606		10,606		(6)(17)(19)
Microblink LLC	Senior Secured	August 2027	3-month SOFR + 7.84%, Floor rate 8.84%	$	5,000	4,910		4,910		(18)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$	6,985	6,920		6,954		(11)(17)(18)
Pindrop Security, Inc.	Senior Secured	June 2029	Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee	$	31,000	30,865		31,675		(15)(17)
Proven Optics, LLC	Senior Secured	December 2030	3-month SOFR + 7.30%, Floor rate 8.30%	$	15,000	14,748		14,690		(17)(18)
Remodel Health Holdco, LLC	Senior Secured	December 2028	Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee	$	25,000	25,345		25,488		(6)(15)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Reveleer	Senior Secured	February 2027	Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee	$	50,561	$	52,309	$	52,309	(6)(14)(15)

Simon Data, Inc.	Senior Secured	March 2027	Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 3.59% Exit Fee	$	5,033	5,272		2,194		(8)(12)(14)
Sisense Ltd.	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee	$	27,734	28,980		27,969		(5)(10)(14)
Smartsheet Inc.	Senior Secured	January 2031	3-month SOFR + 5.25%, Floor rate 6.00%	$	46,785	46,022		46,752		(17)
Snappt, Inc.	Senior Secured	April 2029	Prime + 2.35%, Floor rate 8.85%, PIK Interest 1.00%, 4.25% Exit Fee	$	21,993	22,028		21,489		(6)(14)(15)
Streamline Healthcare Solutions	Senior Secured	June 2030	3-month SOFR + 7.30%, Floor rate 8.30%	$	22,260	21,715		21,730		(6)(11)(13)(15)(17) (18)
Suzy, Inc.	Senior Secured	August 2027	Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee	$	22,745	23,007		17,037		(6)(14)(15)

Tipalti Solutions Ltd.	Senior Secured	April 2029	Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%	$	73,335	73,032		71,487		(14)(16)(17)
	Senior Secured	April 2029	Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%, 3.75% Exit Fee	$	43,171	43,403		43,257		(14)(16)(17)
Total Tipalti Solutions Ltd.				$	116,506	116,435		114,744
Ushur, Inc.	Senior Secured	June 2028	Prime + 2.20%, Floor rate 9.20%, 5.95% Exit Fee	$	14,150	14,093		13,770		(6)(15)
Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$	12,558	12,448		12,406		(5)(10)(13)(17)(18)
ZeroEyes, Inc.	Senior Secured	May 2030	Prime + 2.00%, Floor rate 9.50%, PIK Interest 2.00%, 1.50% Exit Fee	$	21,081	20,795		20,539		(6)(14)(15)
Subtotal: Application Software (48.94%)*						1,124,875		1,113,038
Biotechnology Tools
Antheia, Inc.	Senior Secured	August 2029	Prime + 2.85%, Floor rate 10.35%, 5.55% Exit Fee	$	21,250	20,099		19,873		(11)
Subtotal: Biotechnology Tools (0.87%)*						20,099		19,873
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	December 2028	Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 5.68% Exit Fee	$	28,451	28,987		23,785		(12)(14)(19)
Tarana Wireless, Inc.	Senior Secured	March 2030	Prime + 4.00%, Floor rate 10.75%, 3.95% Exit Fee	$	11,000	10,854		10,855		(6)(19)
Subtotal: Communications & Networking (1.52%)*						39,841		34,640
Consumer & Business Products
Tonal Systems, Inc.	Senior Secured	March 2029	Prime + 4.25%, Floor rate 11.00%, 4.25% Exit Fee	$	20,000	19,838		19,838		(19)
Weee! Inc.	Senior Secured	April 2028	Prime + 2.25%, Floor rate 9.75%, 2.50% Exit Fee	$	20,000	19,925		20,031		(11)(17)
Subtotal: Consumer & Business Products (1.75%)*						39,763		39,869
Consumer & Business Services
Andesa Services, Inc.	Senior Secured	March 2031	1-month SOFR + 7.80%, Floor rate 8.80%	$	11,000	10,766		10,766		(17)(18)
AppDirect, Inc.	Senior Secured	September 2029	Prime + 2.05%, Floor rate 8.55%, PIK Interest 1.00%, 4.70% Exit Fee	$	65,857	65,472		64,384		(14)
Carwow LTD	Senior Secured	December 2027	Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee	£	20,814	28,920		27,916		(5)(10)(14)
CollectiveHealth, Inc.	Senior Secured	February 2030	Prime + 3.50%, Floor rate 10.25%, 3.95% Exit Fee	$	10,125	10,040		9,828		(17)
Finix Payments, Inc.	Senior Secured	December 2029	Prime + 2.50%, Floor rate 9.25%, 4.25% Exit Fee	$	24,500	24,212		24,188		(6)(17)


GoEuro Travel GmbH	Senior Secured	November 2029	Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee	$	58,036	58,196		57,996		(5)(10)
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 12.00%	$	30,671	30,671		29,747		(9)(14)
Jobandtalent USA, Inc.	Senior Secured	October 2028	1-month SOFR + 3.50%, Floor rate 4.50%, PIK Interest 3.25%, 10.47% Exit Fee	$	14,534	15,265		12,250		(5)(10)(14)
	Senior Secured	October 2028	1-month SOFR + 1.00%, Floor rate 1.00%, PIK Interest 9.00%	$	1,070	1,070		1,070		(5)(10)(14)
Total Jobandtalent USA, Inc.				$	15,604	16,335		13,320
Nerdy Inc.	Senior Secured	November 2029	Prime + 3.50%, Floor rate 10.75%, 7.50% Exit Fee	$	14,000	14,004		14,009		(17)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Peek Travel, Inc.	Senior Secured	October 2028	Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.00%, 4.95% Exit Fee	$	19,983	$	19,878	$	19,544	(14)(17)
Perk International Holdings Ltd	Senior Secured	May 2031	3-month SOFR + 7.00%, Floor rate 9.50%	$	15,938	15,629		15,629		(5)(10)
Plentific Ltd	Senior Secured	October 2026	Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee	$	3,035	3,111		3,163		(5)(10)(13)
Provi	Senior Secured	December 2027	Prime + 4.40%, Floor rate 10.65%, 3.00% Exit Fee	$	14,160	14,217		14,135		(15)
Riviera Partners LLC	Senior Secured	March 2028	3-month SOFR + 8.28%, Floor rate 9.28%	$	35,942	35,722		35,461		(18)
RVShare, LLC	Senior Secured	December 2026	3-month SOFR + 9.50%, Floor rate 10.50%	$	25,809	25,778		25,778		(13)(14)(15)



Skyword, Inc.	Senior Secured	November 2027	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 5.50% Exit Fee	$	6,764	7,053		6,861		(13)(14)
Tectura Corporation	Senior Secured	January 2027	FIXED 8.25%	$	8,250	8,250		8,250		(7)
Subtotal: Consumer & Business Services (16.75%)*						388,254		380,975
Defense Technologies
Hermeus Corporation	Senior Secured	March 2030	Prime + 2.75%, Floor rate 10.00%, PIK Interest 1.00%, 4.50% Exit Fee	$	14,345	13,884		13,884		(14)
Saronic Technologies, Inc.	Senior Secured	June 2030	Prime + 2.50%, Floor rate 9.00%, 2.00% Exit Fee	$	74,414	73,296		76,603		(6)(15)(17)
Shield AI, Inc.	Senior Secured	February 2029	Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee	$	148,179	148,169		150,226		(12)(14)(16)
Subtotal: Defense Technologies (10.58%)*						235,349		240,713
Diversified Financial Services
Gibraltar Acquisition LLC	Unsecured	July 2029	FIXED 11.50%	$	28,805	28,462		28,462		(7)(14)(20)
	Unsecured	July 2029	FIXED 11.95%	$	10,000	9,861		9,861		(7)(20)
Total Gibraltar Acquisition LLC				$	38,805	38,323		38,323
Hercules Adviser LLC	Unsecured	March 2027	FIXED 6.75%	$	8,000	8,000		8,000		(7)(23)
Subtotal: Diversified Financial Services (2.04%)*						46,323		46,323
Drug Discovery & Development
4D Molecular Therapeutics, Inc.	Senior Secured	June 2031	Prime + 2.00%, Floor rate 8.75%, Cap rate 9.50%, 6.50% Exit Fee	$	15,200	15,047		15,047		(6)(10)(17)
Alector, Inc.	Senior Secured	December 2028	Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee	$	7,000	7,106		7,277		(6)(10)(15)
Altimmune, Inc.	Senior Secured	June 2029	Prime + 2.45%, Floor rate 9.70%, 6.25% Exit Fee	$	17,500	17,609		17,625		(6)(10)(15)
Arcus Biosciences, Inc.	Senior Secured	September 2030	Prime - 0.05%, Floor rate 8.45%, PIK Interest 2.20%, 9.00% Exit Fee	$	76,550	77,596		81,145		(6)(10)(11)(14)(15)
Beren Therapeutics P.B.C.	Senior Secured	October 2029	Prime + 2.45%, Floor rate 9.95%, 5.25% Exit Fee	$	17,250	16,976		16,802		(6)(11)
Braeburn, Inc.	Senior Secured	October 2028	Prime + 3.00%, Floor rate 10.50%, PIK Interest 0.25%, 5.45% Exit Fee	$	53,701	54,891		56,241		(14)
COMPASS Pathways plc	Senior Secured	January 2031	Prime + 2.75%, Floor rate 9.75%, 7.75% Exit Fee	$	42,500	42,592		43,369		(5)(10)(11)
Disc Medicine, Inc.	Senior Secured	December 2029	Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee	$	35,000	35,224		36,465		(6)(10)(15)(17)
Dyne Therapeutics, Inc.	Senior Secured	July 2030	Prime + 2.45%, Floor rate 9.95%, 5.50% Exit Fee	$	142,000	141,577		143,787		(6)(10)(12)(15)(16)
enGene Therapeutics Inc. (p.k.a. enGene, Inc.)	Senior Secured	January 2030	Prime + 2.25%, Floor rate 9.25%, Cap rate 10.25%, 5.95% Exit Fee	$	17,500	17,919		17,949		(5)(10)

Heron Therapeutics, Inc.	Senior Secured	September 2030	Prime + 1.95%, Floor rate 9.45%, PIK Interest 1.00%, 6.50% Exit Fee	$	80,775	80,754		78,512		(14)(15)
Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee	$	5,500	5,745		5,838		(10)(15)
Lexicon Pharmaceuticals, Inc.	Senior Secured	May 2030	Prime + 3.10%, Floor rate 9.85%, 6.25% Exit Fee	$	39,875	39,146		39,146		(6)(10)
Maze Therapeutics, Inc.	Senior Secured	February 2031	Prime + 0.95%, Floor rate 7.95%, 6.45% Exit Fee	$	28,000	27,857		28,273		(6)(10)(11)(17)
MoonLake Immunotherapeutics	Senior Secured	April 2030	Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee	$	46,000	46,215		46,872		(5)(10)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
NorthSea Therapeutics	Convertible Debt	June 2027	FIXED 6.00%	$	473	$	473	$	473	(5)(9)(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	February 2029	Prime + 3.10%, Floor rate 9.85%, 2.00% Exit Fee	$	132,994	132,172		133,232		(6)(10)(12)(16)(22)
Replimune Group, Inc.	Senior Secured	October 2027	Prime + 1.75%, Floor rate 8.50%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee	$	57,250	58,450		58,327		(10)(12)(13)(14)
Savara, Inc.	Senior Secured	April 2030	Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee	$	21,450	21,728		21,910		(6)(10)(15)
SynOx Therapeutics Limited	Senior Secured	May 2028	Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee	$	10,500	10,548		10,608		(5)(10)(11)
Tenpoint Therapeutics Limited	Senior Secured	October 2029	Prime + 2.90%, Floor rate 10.40%, 6.65% Exit Fee	$	18,750	18,723		18,277		(5)(10)(11)
uniQure B.V.	Senior Secured	October 2030	Prime + 2.45%, Floor rate 9.45%, 5.50% Exit Fee	$	27,500	27,618		28,486		(5)(10)(11)

X4 Pharmaceuticals, Inc.	Senior Secured	July 2027	Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee	$	75,000	76,973		77,171		(11)(12)(13)
Subtotal: Drug Discovery & Development (43.21%)*						972,939		982,832
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	December 2028	Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee	$	65,000	65,518		64,766		(6)(11)(12)(15)
Subtotal: Electronics & Computer Hardware (2.85%)*						65,518		64,766
Healthcare Services, Other
Belong Health, Inc.	Senior Secured	November 2029	Prime + 2.25%, Floor rate 9.75%, 5.45% Exit Fee	$	11,250	11,046		10,871		(6)(17)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45%	$	77,263	77,132		76,333		(11)(12)(13)(14)
ChenMed, LLC	Senior Secured	May 2030	Prime + 2.45%, Floor rate 9.45%, 3.75% Exit Fee	$	130,000	128,727		128,588		(16)(17)
Connections Health Holdings, LLC	Senior Secured	May 2030	Prime + 1.20%, Floor rate 7.95%, PIK Interest 1.00%, 6.95% Exit Fee	$	8,501	8,325		8,325		(6)(14)(17)
Consensus Intermediate Holdco, LLC	Senior Secured	June 2030	Prime + 3.20%, Floor rate 9.95%, 3.95% Exit Fee	$	15,000	14,832		14,832		(6)
Curana Health Holdings, LLC	Senior Secured	October 2029	Prime + 1.45%, Floor rate 9.20%, 7.45% Exit Fee	$	60,750	61,562		61,807		(13)(19)
Ennoble Care LLC	Senior Secured	February 2030	Prime + 2.60%, Floor rate 10.35%, 7.95% Exit Fee	$	45,000	44,863		45,097		(6)(15)
Equality Health, LLC	Senior Secured	February 2028	Prime + 5.85%, Floor rate 9.50%, PIK Interest 1.95%	$	72,655	72,263		71,505		(11)(12)(14)
Main Street Rural, Inc.	Senior Secured	July 2027	Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee	$	73,500	76,099		76,373		(13)(15)
Marathon Health, LLC	Senior Secured	February 2029	Prime + 0.25%, Floor rate 8.25%, PIK Interest 2.25%, 3.00% Exit Fee	$	184,924	185,759		184,780		(14)(16)(17)
Modern Life, Inc.	Senior Secured	February 2029	Prime + 2.75%, Floor rate 10.25%, 5.00% Exit Fee	$	19,032	19,234		19,054		(13)
NeueHealth, Inc.	Senior Secured	June 2028	Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee	$	55,288	53,936		53,607		(12)(14)
Octave Health Group, Inc.	Senior Secured	October 2029	Prime + 2.70%, Floor rate 9.95%, 5.35% Exit Fee	$	12,500	12,302		12,171		(6)
Strive Health Holdings, LLC	Senior Secured	August 2029	Prime + 1.05%, Floor rate 9.55%, 5.95% Exit Fee	$	36,000	36,118		36,418		(12)(15)
The Good Health Group, LLC	Senior Secured	June 2030	Prime + 3.45%, Floor rate 10.20%, 5.95% Exit Fee	$	19,125	18,913		18,913
Tungsten Health Holdings, LLC	Senior Secured	December 2029	Prime + 1.00%, Floor rate 8.50%, Cap rate 9.00%, PIK Interest 1.25%, 8.35% Exit Fee	$	10,179	10,180		10,171		(14)
WellBe Senior Medical, LLC	Senior Secured	May 2029	Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee	$	33,495	33,922		33,578		(14)(15)
Subtotal: Healthcare Services, Other (37.92%)*						865,213		862,423

Information Services
Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 3.45% Exit Fee	$	24,285	24,615		24,791		(12)(14)
Subtotal: Information Services (1.09%)*						24,615		24,791
Manufacturing Technology
VulcanForms Inc.	Senior Secured	January 2028	Prime + 4.25%, Floor rate 11.25%, 4.25% Exit Fee	$	20,000	20,222		20,113		(11)(19)
Subtotal: Manufacturing Technology (0.88%)*						20,222		20,113

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Medical Devices & Equipment
Cognito Therapeutics Group, Inc.	Senior Secured	January 2030	Prime + 2.70%, Floor rate 9.95%, 5.75% Exit Fee	$	4,500	$	4,360	$	4,360	(6)
Orchestra BioMed Holdings, Inc.	Senior Secured	November 2028	Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee	$	15,000	15,196		15,304		(6)(15)
Senseonics Holdings, Inc.	Senior Secured	August 2029	Prime + 2.40%, Floor rate 9.90%, 13.40% Exit Fee	$	30,625	31,939		32,218		(11)
	Senior Secured	August 2029	Prime + 2.40%, Floor rate 9.90%, 6.45% Exit Fee	$	15,500	15,289		15,383		(10)
Total Senseonics Holdings, Inc.				$	46,125	47,228		47,601
Sight Sciences, Inc.	Senior Secured	July 2028	Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee	$	28,000	28,684		28,732		(6)(12)
Subtotal: Medical Devices & Equipment (4.22%)*						95,468		95,997
Space Technologies
LeoLabs, Inc.	Senior Secured	April 2030	Prime + 2.90%, Floor rate 9.65%, PIK Interest 0.95%, 3.50% Exit Fee	$	6,609	6,526		6,526		(14)(17)
Loft Orbital Solutions Inc.	Senior Secured	December 2029	Prime + 1.75%, Floor rate 8.75%, PIK Interest 1.00%, 3.45% Exit Fee	$	8,864	8,679		8,695		(14)(17)(19)
Stoke Space Technologies, Inc.	Senior Secured	May 2029	Prime + 1.00%, Floor rate 7.50%, PIK Interest 2.00%, 5.25% Exit Fee	$	28,573	28,140		28,202		(6)(14)(15)
Subtotal: Space Technologies (1.91%)*						43,345		43,423
Sustainable and Renewable Technology
Electric Hydrogen Co.	Senior Secured	May 2028	Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 5.75% Exit Fee	$	12,850	12,950		12,791		(14)(15)(19)
	Senior Secured	May 2028	Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 7.45% Exit Fee	$	17,720	17,956		17,735		(14)(15)(19)
Total Electric Hydrogen Co.				$	30,570	30,906		30,526
Renew Home, LLC	Senior Secured	March 2030	Prime + 3.00%, Floor rate 9.25%, 5.00% Exit Fee	$	5,000	4,995		4,995		(17)(19)
Tidal Vision Products, Inc.	Senior Secured	October 2028	Prime + 2.45%, Floor rate 9.70%, 3.45% Exit Fee	$	5,000	4,803		4,803		(6)(17)
Subtotal: Sustainable and Renewable Technology (1.77%)*						40,704		40,324
System Software
Akeyless Security Ltd.	Senior Secured	August 2028	Prime + 4.00%, Floor rate 11.00%, 2.95% Exit Fee	$	13,400	13,266		13,203		(5)(10)



ControlUp, Inc.	Senior Secured	January 2031	Prime + 0.25%, Floor rate 6.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	10,084	10,001		10,001		(14)(17)
CoreView USA, Inc.	Senior Secured	January 2029	Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee	$	25,000	25,216		25,243		(6)(17)
Coronet Cyber Security Ltd.	Senior Secured	October 2028	Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%	$	7,427	7,351		7,077		(14)
DNSFilter, Inc.	Senior Secured	October 2028	Prime + 2.15%, Floor rate 8.65%, PIK Interest 0.75%, 4.95% Exit Fee	$	5,028	5,031		5,013		(14)(19)
Expel, Inc.	Senior Secured	April 2029	Prime + 3.90%, Floor rate 10.65%, 2.00% Exit Fee	$	12,000	11,901		11,718		(17)
Harness, Inc.	Senior Secured	March 2029	Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee	$	59,760	59,360		60,308		(14)(19)
LogRhythm, Inc.	Senior Secured	July 2029	1-month SOFR + 7.50%, Floor rate 8.50%	$	25,209	24,704		22,741		(14)
Morphisec Information Security 2014 Ltd.	Senior Secured	October 2027	Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee	$	11,435	11,758		11,607		(5)(10)
Neo4j, Inc.	Senior Secured	April 2030	Prime + 2.60%, Floor rate 9.10%, 3.50% Exit Fee	$	10,000	9,878		9,878		(17)
New Relic, Inc.	Senior Secured	November 2030	3-month SOFR + 6.75%, Floor rate 7.75%	$	21,890	21,499		21,343		(17)
PayIt, LLC	Senior Secured	December 2028	Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee	$	26,467	26,588		26,252		(6)(14)(15)(17)(19)
	Senior Secured	December 2028	Prime + 3.00%, Floor rate 10.25%, PIK Interest 1.50%, 5.00% Exit Fee	$	2,802	2,776		2,788		(14)(15)(17)(19)
Total PayIt, LLC				$	29,269	29,364		29,040
Scylla DB Ltd.	Senior Secured	July 2029	Prime + 3.00%, Floor rate 10.50%, 0.75% Exit Fee	$	15,000	14,836		14,553		(5)(10)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Semperis Technologies Inc.	Senior Secured	April 2029	Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%	$	23,900	$	23,727	$	23,700	(11)(14)(19)
	Senior Secured	April 2029	Prime - 0.50%, Floor rate 8.00%, PIK Interest 3.85%	$	34,478	34,067		34,042		(14)(19)
	Senior Secured	April 2029	Prime + 2.50%, Floor rate 9.00%, PIK Interest 1.50%	$	24,807	24,557		24,572		(14)(19)
Total Semperis Technologies Inc.				$	83,185	82,351		82,314
Sumo Logic, Inc.	Senior Secured	May 2030	3-month SOFR + 6.50%, Floor rate 7.50%	$	23,543	23,171		22,663		(14)(17)
Zimperium, Inc.	Senior Secured	May 2027	3-month SOFR + 8.10%, Floor rate 9.10%	$	17,734	17,647		17,647		(17)(18)

	Senior Secured	May 2027	3-month SOFR + 5.39%, Floor rate 6.39%	$	1,789	1,775		1,775		(17)(18)
Total Zimperium, Inc.				$	19,523	19,422		19,422
Subtotal: System Software (16.10%)*						369,109		366,124
Total: Debt Investments (192.42%)*						$	4,391,637	$	4,376,224


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Equity Investments
Application Software
Black Crow AI, Inc. affiliates	Equity	3/24/2021	Preferred Note	3	$	2,985	$	2,985	(21)
CapLinked, Inc.	Equity	10/26/2012	Preferred Series A-3	53,614	51		—
DNAnexus, Inc.	Equity	3/21/2014	Preferred Series C	51,948	97		12
Hypercore Inc.	Equity	1/22/2026	Preferred Series A-II	231,938	400		400
Khoros, LLC	Equity	5/23/2025	Earnout Interest	N/A	5,242		611		(24)
Leapwork ApS	Equity	8/25/2023	Preferred Series B2	183,073	250		70		(5)(10)
micro1 Inc.	Equity	6/26/2026	SAFE	N/A	1,813		1,813		(25)
Nextdoor.com, Inc.	Equity	8/1/2018	Common Stock	1,019,255	4,854		2,314		(4)
Verana Health, Inc.	Equity	7/8/2021	Common Stock	23,814	2,000		—
Subtotal: Application Software (0.36%)*					17,692		8,205
Biotechnology Tools
Alamar Biosciences, Inc.	Equity	2/21/2024	Common Stock	208,344	1,500		5,644		(4)
Subtotal: Biotechnology Tools (0.25%)*					1,500		5,644
Consumer & Business Products
Fabletics, Inc.	Equity	4/30/2010	Common Stock	42,989	128		35
	Equity	7/16/2013	Preferred Series B	130,191	1,101		255
Total Fabletics, Inc.				173,180	1,229		290
Grove Collaborative, Inc.	Equity	4/30/2021	Common Stock	12,260	433		15		(4)

Savage X Holding, LLC	Equity	4/30/2010	Class A Units	172,328	13		190
Subtotal: Consumer & Business Products (0.02%)*					1,675		495
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4	216,073	1,151		948		(5)(10)
Jobandtalent USA, Inc.	Equity	2/11/2025	Preferred Series F	47,754	563		—		(5)(10)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Lyft, Inc.	Equity	12/26/2018	Common Stock	100,738	$	5,263	$	1,472	(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock	100,000	1,000		92		(4)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A	286,080	1,663		346
	Equity	10/25/2016	Preferred Series A-1	108,710	632		131
Total OfferUp, Inc.				394,790	2,295		477
Oportun	Equity	6/28/2013	Common Stock	48,365	577		276		(4)
Reischling Press, Inc.	Equity	7/31/2020	Common Stock	3,095	39		—
Rhino Labs, Inc.	Equity	1/24/2022	Common Stock	7,063	1,000		—
Tectura Corporation	Equity	5/23/2018	Common Stock	414,994,863	900		—		(7)
	Equity	6/6/2016	Preferred Series BB	1,000,000	—		—		(7)
	Equity	12/29/2023	Preferred Series C	3,235,298	13,263		782		(7)
Total Tectura Corporation				419,230,161	14,163		782
Worldremit Group Limited	Equity	6/24/2024	Preferred Series X	9,737	922		394		(5)(10)
Subtotal: Consumer & Business Services (0.20%)*					26,973		4,441
Defense Technologies
Saronic Technologies, Inc.	Equity	3/27/2026	Preferred Series D	154,854	4,250		5,078
Shield AI, Inc.	Equity	2/7/2025	Preferred Series F1	28,900	2,250		3,681		(16)
Subtotal: Defense Technologies (0.39%)*					6,500		8,759
Diversified Financial Services
Gibraltar Acquisition LLC	Equity	3/1/2018	Member Units	1	31,856		24,421		(7)(20)
Hercules Adviser LLC	Equity	3/26/2021	Member Units	1	12,035		40,535		(7)(23)
Subtotal: Diversified Financial Services (2.86%)*					43,891		64,956
Drug Delivery
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock	680	1,500		2		(4)
BioQ Pharma Incorporated	Equity	12/8/2015	Preferred Series D	165,000	500		—
PDS Biotechnology Corporation	Equity	4/6/2015	Common Stock	2,498	309		2		(4)
Talphera, Inc.	Equity	12/10/2018	Common Stock	8,836	1,329		9		(4)
Subtotal: Drug Delivery (0.00%)*					3,638		13
Drug Discovery & Development
Arcus Biosciences, Inc.	Equity	2/19/2025	Common Stock	204,545	2,250		6,306		(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock	42	1,000		1		(4)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock	98,100	1,871		416		(4)(5)(10)
Daré Bioscience, Inc.	Equity	1/8/2015	Common Stock	1,129	1,000		2		(4)
Dyne Therapeutics, Inc.	Equity	7/2/2025	Common Stock	169,697	1,400		3,769		(4)(10)(16)
Heron Therapeutics, Inc.	Equity	7/25/2023	Common Stock	364,963	500		156		(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B	3,466,840	4,250		239		(15)
Kura Oncology, Inc.	Equity	6/16/2023	Common Stock	47,826	550		525		(4)(10)
Maze Therapeutics, Inc.	Equity	4/23/2026	Common Stock	87,500	2,056		2,611		(4)(10)
MoonLake Immunotherapeutics	Equity	11/6/2025	Common Stock	95,500	1,002		1,859		(4)(5)(10)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C	983	$	2,000	$	623	(5)(10)
Phathom Pharmaceuticals, Inc.	Equity	6/9/2023	Common Stock	147,233	1,730		1,597		(4)(10)(16)
Rafael Holdings, Inc.	Equity	4/6/2021	Common Stock	48	42		—		(4)(10)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock	944	1,500		3		(4)
Savara, Inc.	Equity	8/11/2015	Common Stock	11,119	203		68		(4)
uniQure B.V.	Equity	1/31/2019	Common Stock	34,208	1,107		1,576		(4)(5)(10)
Valo Health, LLC	Equity	12/11/2020	Preferred Series B	510,308	3,000		1,660
	Equity	10/31/2022	Preferred Series C	170,102	1,000		899
Total Valo Health, LLC				680,410	4,000		2,559
Verge Analytics, Inc.	Equity	9/6/2023	Preferred Series C	208,588	1,500		1,268
	Equity	7/2/2025	SAFE	N/A	103		103		(25)
Total Verge Analytics, Inc.				208,588	1,603		1,371
Viridian Therapeutics, Inc.	Equity	11/6/2023	Common Stock	32,310	400		594		(4)(10)
X4 Pharmaceuticals, Inc.	Equity	11/26/2019	Common Stock	52,202	2,945		244		(4)
Subtotal: Drug Discovery & Development (1.08%)*					31,409		24,519
Electronics & Computer Hardware
Locus Robotics Corp.	Equity	11/17/2022	Preferred Series F	15,116	650		379
Skydio, Inc.	Equity	3/8/2022	Preferred Series E	248,900	1,500		784
Subtotal: Electronics & Computer Hardware (0.05%)*					2,150		1,163
Healthcare Services, Other
Click Therapeutics, Inc.	Equity	5/20/2024	Common Stock	560,000	1,662		2,178		(15)
Curana Health Holdings, LLC	Equity	5/13/2024	Class B Voting Common Units	1,114,380	2,500		3,732
	Equity	3/26/2026	Class C Non Voting Common Units	59,697	197		261
Total Curana Health Holdings, LLC				1,174,077	2,697		3,993
Main Street Rural, Inc.	Equity	10/28/2024	Preferred Series D	496	874		1,578
NH Holdings 2025 SPV, L.P.	Equity	6/21/2024	Common Units	401,681	2,234		2,245
Strive Health Holdings, LLC	Equity	6/27/2025	Common Units	82,043	599		988
WellBe Senior Medical, LLC	Equity	6/10/2024	Common Units	181,163	1,600		3,316
Subtotal: Healthcare Services, Other (0.63%)*					9,666		14,298
Information Services
Yipit, LLC	Equity	12/30/2021	Preferred Series E	41,021	3,825		2,630
Subtotal: Information Services (0.12%)*					3,825		2,630

Medical Devices & Equipment
Coronado Aesthetics, LLC	Equity	10/15/2021	Common Units	180,000	—		—		(7)
	Equity	10/15/2021	Preferred Series A-2	5,000,000	250		222		(7)
Total Coronado Aesthetics, LLC				5,180,000	250		222
Orchestra BioMed Holdings, Inc.	Equity	8/4/2025	Common Stock	363,636	1,000		1,569		(4)
Subtotal: Medical Devices & Equipment (0.08%)*					1,250		1,791

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Semiconductors
Achronix Semiconductor Corporation	Equity	7/1/2011	Preferred Series C	277,995	$	160	$	17
	Equity	6/26/2015	Preferred Series D-2	497,767	7		122
Total Achronix Semiconductor Corporation				775,762	167		139
Subtotal: Semiconductors (0.01%)*					167		139
Space Technologies
Planet Labs PBC	Equity	1/13/2026	Common Stock	60,496	1,527		2,004		(4)(10)
Stoke Space Technologies, Inc.	Equity	9/23/2025	Preferred Series D	43,867	1,406		2,350
	Equity	2/6/2026	Preferred Series D-2	28,168	1,407		1,666
Total Stoke Space Technologies, Inc.				72,035	2,813		4,016
Subtotal: Space Technologies (0.26%)*					4,340		6,020
Sustainable and Renewable Technology
Impossible Foods, Inc.	Equity	5/10/2019	Preferred Series E-1	188,611	2,000		91
Modumetal, Inc.	Equity	6/1/2015	Common Stock	1,035	500		—
Pivot Bio, Inc.	Equity	6/28/2021	Preferred Series D	593,080	4,500		405
SUNation Energy, Inc.	Equity	12/10/2020	Common Stock	3	3,153		—		(4)
Subtotal: Sustainable and Renewable Technology (0.02%)*					10,153		496
System Software
Contentful Global, Inc.	Equity	12/22/2020	Preferred Series C	41,000	138		488		(5)(10)
	Equity	11/20/2018	Preferred Series D	108,500	500		1,291		(5)(10)
Total Contentful Global, Inc.				149,500	638		1,779
Docker, Inc.	Equity	11/29/2018	Common Stock	20,000	4,284		165
Druva Holdings, Inc.	Equity	10/22/2015	Preferred Series 2	458,841	1,000		3,128
	Equity	8/24/2017	Preferred Series 3	93,620	300		661
Total Druva Holdings, Inc.				552,461	1,300		3,789
Lightbend, Inc.	Equity	12/4/2020	Common Stock	38,461	265		—
Subtotal: System Software (0.25%)*					6,487		5,733
Total: Equity Investments (6.56%)*					$	171,316	$	149,302


Warrant Investments
Application Software
Annex Cloud	Warrant	6/5/2025	Common Units	50,000	$	—	$	—
Automation Anywhere, Inc.	Warrant	9/23/2022	Common Stock	254,778	448		97
Bitsight Technologies, Inc.	Warrant	11/18/2020	Common Stock	29,691	284		286
Brain Corporation	Warrant	10/4/2021	Common Stock	435,396	215		67
Cloudpay, Inc.	Warrant	4/10/2018	Preferred Series B	6,763	54		494		(5)(10)
Cutover, Inc.	Warrant	9/21/2022	Common Stock	102,898	26		32		(5)(10)
Dashlane, Inc.	Warrant	3/11/2019	Common Stock	770,838	461		932

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Demandbase, Inc.	Warrant	8/2/2021	Common Stock	727,047	$	545	$	21
DevRev, Inc.	Warrant	6/8/2026	Preferred Series A	157,413	26		24
Distributed Creation Inc.	Warrant	4/21/2025	Common Stock	104,622	180		280
DroneDeploy, Inc.	Warrant	6/30/2022	Common Stock	95,911	278		210
Earnix, Inc.	Warrant	6/6/2024	Common Stock	20,762	220		267
Elation Health, Inc.	Warrant	9/12/2022	Common Stock	612,166	739		131
First Insight, Inc.	Warrant	5/10/2018	Preferred Series B	75,917	96		—
Fulfil Solutions, Inc.	Warrant	7/29/2022	Common Stock	84,995	325		113
Funnel Holding AB (publ)	Warrant	10/24/2025	Common Stock	554,725	51		44		(5)(10)
Imagen Technologies, Inc.	Warrant	11/26/2025	Preferred Series C-3-VI	311,570	110		225		(6)
Kore.ai, Inc.	Warrant	3/31/2023	Preferred Series C	64,293	208		35
Leapwork ApS	Warrant	1/23/2023	Common Stock	93,211	39		11		(5)(10)
Mango Technologies, Inc.	Warrant	8/15/2025	Common Stock	71,298	377		188
micro1 Inc.	Warrant	5/20/2026	Common Stock	18,650	165		147		(6)
Mixpanel, Inc.	Warrant	9/30/2020	Common Stock	82,362	252		303
Pindrop Security, Inc.	Warrant	6/26/2024	Common Stock	134,542	494		431		(15)
Simon Data, Inc.	Warrant	3/22/2023	Common Stock	77,934	96		—		(12)
Sisense Ltd.	Warrant	6/8/2023	Ordinary Shares	321,956	174		4		(5)(10)
Suzy, Inc.	Warrant	8/24/2023	Common Stock	292,936	367		—		(6)(15)
Tipalti Solutions Ltd.	Warrant	3/22/2023	Ordinary Shares	509,753	360		193		(10)(16)
	Warrant	3/27/2025	Ordinary Shares	473,266	136		38		(16)
Total Tipalti Solutions Ltd.				983,019	496		231
Ushur, Inc.	Warrant	6/5/2025	Common Stock	1,603,911	265		56		(6)(15)
VideoAmp, Inc.	Warrant	1/21/2022	Common Stock	152,048	1,275		—		(15)
ZeroEyes, Inc.	Warrant	5/6/2025	Common Stock	33,750	140		38		(6)(15)
Subtotal: Application Software (0.21%)*					8,406		4,667
Biotechnology Tools
Alamar Biosciences, Inc.	Warrant	6/21/2022	Common Stock	31,251	36		474		(4)
Antheia, Inc.	Warrant	8/29/2025	Common Stock	2,023,810	1,601		3,791
PathAI, Inc.	Warrant	12/23/2022	Common Stock	53,418	461		227
Subtotal: Biotechnology Tools (0.20%)*					2,098		4,492
Communications & Networking
Aryaka Networks, Inc.	Warrant	6/28/2022	Common Stock	486,097	242		—		(12)
Tarana Wireless, Inc.	Warrant	3/20/2026	Common Stock	827,622	43		37		(6)
Subtotal: Communications & Networking (0.00%)*					285		37
Consumer & Business Products
Gadget Guard, LLC	Warrant	6/3/2014	Common Stock	1,662,441	228		—
Whoop, Inc.	Warrant	6/27/2018	Preferred Series C	686,270	17		1,967
Subtotal: Consumer & Business Products (0.09%)*					245		1,967

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Consumer & Business Services
Altumint, Inc.	Warrant	10/31/2024	Common Stock	1,701	$	126	$	53	(15)
AppDirect, Inc.	Warrant	9/22/2025	Common Stock	104,173	254		79
Carwow LTD	Warrant	12/14/2021	Common Stock	174,163	164		136		(5)(10)
	Warrant	2/13/2024	Preferred Series D-4	109,257	20		27		(5)(10)
Total Carwow LTD				283,420	184		163
CollectiveHealth, Inc.	Warrant	1/26/2026	Common Stock	577,252	21		13
Finix Payments, Inc.	Warrant	12/17/2025	Preferred Series C	1,839,547	122		136		(6)
Houzz, Inc.	Warrant	10/29/2019	Common Stock	529,661	20		3
Landing Holdings Inc.	Warrant	3/12/2021	Common Stock	11,806	116		3		(15)
Lendio, Inc.	Warrant	3/29/2019	Preferred Series D	127,032	39		3
Peek Travel, Inc.	Warrant	10/28/2025	Common Stock	60,169	157		74
Perk Group Inc.	Warrant	5/13/2026	Common Stock	17,372	207		188
Plentific Ltd	Warrant	10/3/2023	Ordinary Shares	27,298	60		41		(5)(10)
Provi	Warrant	12/22/2022	Common Stock	117,042	166		—		(15)
Rhino Labs, Inc.	Warrant	3/12/2021	Common Stock	13,106	470		—		(15)
SeatGeek, Inc.	Warrant	6/12/2019	Common Stock	1,604,724	1,242		6,487		(12)
Skyword, Inc.	Warrant	11/14/2022	Common Stock	1,607,143	57		4
	Warrant	8/23/2019	Preferred Series B	444,444	83		—
Total Skyword, Inc.				2,051,587	140		4
Snagajob.com, Inc.	Warrant	4/20/2020	Common Stock	600,000	16		—
	Warrant	8/1/2018	Preferred Series B	1,211,537	62		—

Total Snagajob.com, Inc.				1,811,537	78		—
Thumbtack, Inc.	Warrant	5/1/2018	Common Stock	343,497	985		827
Veem, Inc.	Warrant	3/31/2022	Common Stock	98,428	126		2
Worldremit Group Limited	Warrant	2/11/2021	Preferred Series D	77,215	129		6		(5)(10)
	Warrant	8/27/2021	Preferred Series E	1,868	26		—		(5)(10)
Total Worldremit Group Limited				79,083	155		6
Subtotal: Consumer & Business Services (0.36%)*					4,668		8,082
Defense Technologies
Hermeus Corporation	Warrant	3/20/2026	Common Stock	55,973	577		692
Saronic Technologies, Inc.	Warrant	6/9/2025	Preferred Series C	109,757	726		2,201		(6)(15)
	Warrant	6/15/2026	Preferred Series D	70,546	1,283		1,239		(15)
Total Saronic Technologies, Inc.				180,303	2,009		3,440
Subtotal: Defense Technologies (0.18%)*					2,586		4,132
Drug Discovery & Development
Axsome Therapeutics, Inc.	Warrant	1/9/2023	Common Stock	20,608	410		2,673		(4)(10)
Beren Therapeutics P.B.C.	Warrant	10/8/2025	Preferred Series A+	135,847	246		383		(6)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Cellarity, LLC (p.k.a. Cellarity, Inc.)	Warrant	12/8/2021	Preferred Series B Units	100,000	$	287	$	83	(15)
Century Therapeutics, Inc.	Warrant	9/14/2020	Common Stock	16,112	37		1		(4)
COMPASS Pathways plc	Warrant	6/30/2023	Ordinary Shares	75,376	278		429		(4)(5)(10)
Curevo, Inc.	Warrant	6/9/2023	Common Stock	95,221	233		697		(15)
enGene Therapeutics Inc. (p.k.a. enGene, Inc.)	Warrant	12/22/2023	Common Stock	72,284	218		29		(4)(5)(10)
Heron Therapeutics, Inc.	Warrant	8/9/2023	Common Stock	238,095	228		4		(4)(15)
Kura Oncology, Inc.	Warrant	11/2/2022	Common Stock	14,342	88		19		(4)(10)(15)
Lexicon Pharmaceuticals, Inc.	Warrant	5/4/2026	Common Stock	501,571	447		725		(4)(6)(10)
Madrigal Pharmaceuticals, Inc.	Warrant	5/9/2022	Common Stock	13,229	570		4,222		(4)(10)
Phathom Pharmaceuticals, Inc.	Warrant	9/17/2021	Common Stock	64,687	848		63		(4)(10)(15)(16)
Redshift Bioanalytics, Inc.	Warrant	3/23/2022	Preferred Series E	475,510	20		16		(15)
Scynexis, Inc.	Warrant	5/14/2021	Common Stock	13,253	296		—		(4)
SynOx Therapeutics Limited	Warrant	4/18/2024	Preferred Series B	558,230	199		156		(5)(10)
TG Therapeutics, Inc.	Warrant	12/30/2021	Common Stock	117,168	721		3,396		(4)(10)
Valo Health, LLC	Warrant	6/15/2020	Common Units	102,216	256		84
X4 Pharmaceuticals, Inc.	Warrant	3/18/2019	Common Stock	46,424	510		8		(4)
Subtotal: Drug Discovery & Development (0.57%)*					5,892		12,988
Electronics & Computer Hardware
908 Devices, Inc.	Warrant	3/15/2017	Common Stock	49,078	101		101		(4)
Locus Robotics Corp.	Warrant	6/21/2022	Common Stock	8,503	34		81
Skydio, Inc.	Warrant	11/8/2021	Common Stock	622,255	557		655
Subtotal: Electronics & Computer Hardware (0.04%)*					692		837
Healthcare Services, Other
Belong Health, Inc.	Warrant	11/13/2025	Common Stock	1,933,102	400		387		(6)
Connections Health Holdings, LLC	Warrant	5/27/2026	Class B Preferred Units	68,029	94		99		(6)
Curana Health Holdings, LLC	Warrant	1/4/2024	Common Units	447,410	156		790
Modern Life, Inc.	Warrant	3/30/2023	Common Stock	63,202	229		90
Octave Health Group, Inc.	Warrant	11/28/2025	Common Stock	225,310	168		263		(6)
Strive Health Holdings, LLC	Warrant	9/28/2023	Common Units	129,400	278		809		(15)
The Recovery Company, Inc. (p.k.a. Recover Together, Inc.)	Warrant	7/3/2023	Common Stock	194,830	382		80
Vida Health, Inc.	Warrant	3/28/2022	Preferred Series E	192,431	121		77
Subtotal: Healthcare Services, Other (0.11%)*					1,828		2,595
Information Services
NetBase Quid, Inc.	Warrant	8/22/2017	Preferred Series 1	60,000	356		—
Subtotal: Information Services (0.00%)*					356		—

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Manufacturing Technology
Bright Machines, Inc.	Warrant	3/31/2022	Common Stock	392,308	$	537	$	247
MacroFab, Inc.	Warrant	3/23/2022	Common Stock	1,111,111	528		—
VulcanForms Inc.	Warrant	1/30/2025	Common Stock	99,923	74		506
Subtotal: Manufacturing Technology (0.03%)*					1,139		753
Media/Content/Info
Fever Labs, Inc.	Warrant	12/30/2022	Preferred Series E-1	369,370	67		50
Subtotal: Media/Content/Info (0.00%)*					67		50
Medical Devices & Equipment
Cognito Therapeutics Group, Inc.	Warrant	1/23/2026	Common Stock	76,529	149		210		(6)
Orchestra BioMed Holdings, Inc.	Warrant	11/6/2024	Common Stock	167,831	216		281		(4)(6)(15)
Senseonics Holdings, Inc.	Warrant	9/8/2023	Common Stock	51,635	276		65		(4)
	Warrant	5/6/2026	Common Stock	61,793	110		122		(4)(10)
Total Senseonics Holdings, Inc.				113,428	386		187
Sight Sciences, Inc.	Warrant	1/22/2024	Common Stock	113,247	363		200		(4)(6)(12)
Tela Bio, Inc.	Warrant	3/31/2017	Common Stock	15,712	61		—		(4)
Subtotal: Medical Devices & Equipment (0.04%)*					1,175		878
Semiconductors
Achronix Semiconductor Corporation	Warrant	1/11/2017	Preferred Series D-2	250,000	92		59
Subtotal: Semiconductors (0.00%)*					92		59
Space Technologies
HawkEye 360, Inc.	Warrant	12/18/2025	Common Stock	40,912	227		365		(4)
LeoLabs, Inc.	Warrant	4/8/2026	Common Stock	106,289	118		150
Loft Orbital Solutions Inc.	Warrant	9/10/2025	Common Stock	22,688	185		240
Stoke Space Technologies, Inc.	Warrant	6/16/2025	Common Stock	99,497	990		4,370		(6)(15)
Subtotal: Space Technologies (0.23%)*					1,520		5,125
Sustainable and Renewable Technology
Ampion, PBC	Warrant	4/15/2022	Common Stock	18,472	52		20
Electric Hydrogen Co.	Warrant	3/27/2024	Common Stock	246,618	507		219		(15)
Tidal Vision Products, Inc.	Warrant	10/10/2025	Common Stock	48,491	232		195		(6)
Subtotal: Sustainable and Renewable Technology (0.02%)*					791		434
System Software
Akeyless Security Ltd.	Warrant	8/4/2025	Ordinary Shares	117,809	94		105		(5)(10)
CloudBolt Software, Inc.	Warrant	9/30/2020	Common Stock	211,342	117		—
Cloudian, Inc.	Warrant	11/6/2018	Common Stock	477,454	71		—
ControlUp Technologies Ltd.	Warrant	1/2/2026	Common Stock	62,045	33		32		(5)(10)
Coronet Cyber Security Ltd.	Warrant	9/26/2024	Ordinary Shares	39,183	254		1

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Dragos, Inc.	Warrant	6/28/2023	Common Stock	57,528	$	1,575	$	2,749
Harness, Inc.	Warrant	3/12/2024	Common Stock	193,618	534		527
Lightbend, Inc.	Warrant	2/14/2018	Preferred Series LB-2	86,984	131		—
Morphisec Information Security 2014 Ltd.	Warrant	10/1/2024	Ordinary Shares	200,115	104		63		(5)(10)
Neo4j, Inc.	Warrant	3/31/2026	Common Stock	18,395	42		62
Scylla DB Ltd.	Warrant	7/24/2025	Ordinary Shares	159,684	52		33		(5)(10)
Semperis Technologies Inc.	Warrant	4/23/2024	Common Stock	193,264	446		627
Subtotal: System Software (0.18%)*					3,453		4,199
Total: Warrant Investments (2.26%)*					$	35,293	$	51,295
Total Investments in Securities (201.24%)*					$	4,598,246	$	4,576,821

Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.	Investment Funds & Vehicles	11/16/2020			$	3,070	$	5,168	(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.	Investment Funds & Vehicles	6/23/2022			1,565		1,510		(5)(10)(17)
Subtotal: Drug Discovery & Development (0.29%)*					4,635		6,678
System Software
Liberty Zim Co-Invest L.P.	Investment Funds & Vehicles	7/21/2022			385		371		(5)(10)
Subtotal: System Software (0.02%)*					385		371
Total: Investment Funds & Vehicles Investments (0.31%)*					$	5,020	$	7,049
Total Investments before Cash & Cash Equivalents (201.55%)*					$	4,603,266	$	4,583,870
Cash & Cash Equivalents
GS Financial Square Government Fund	Cash & Cash Equivalents		FGTXX/38141W273		$	22,300	$	22,300
Total: Investments in Cash & Cash Equivalents (0.98%)*					$	22,300	$	22,300
Total: Investments after Cash & Cash Equivalents (202.53%)*					$	4,625,566	$	4,606,170


Foreign Currency Forward Contracts

Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Value
Great British Pound (GBP)	12/7/2026	Goldman Sachs Bank USA	£	20,968	Sold	$	28,157	$	354
Total Foreign Currency Forward (0.02%)*						$	28,157	$	354

*Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(1)Prime represents 6.75% as of June 30, 2026. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 3.65%, 3.73%, and 3.85%, respectively, as of June 30, 2026.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $114.8 million, $135.2 million and $20.4 million, respectively. The tax cost of investments is $4.6 billion.

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (unaudited)

(dollars in thousands)

(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.

(4)Except for warrants in 19 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of June 30, 2026 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s Valuation Committee (as defined in “Note 2 - Summary of Significant Accounting Policies - Valuation of Investments”) and approved by the board of directors (the “Board”).

(5)Non-U.S. company or the company’s principal place of business is outside the United States.

(6)Denotes that all or a portion of the investment in this portfolio company is held by Hercules SBIC V, L.P., the Company’s wholly owned small business investment company.

(7)Control investment as defined under the Investment Company Act of 1940, as amended (the “1940 Act”) in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.

(8)Debt is on non-accrual status as of June 30, 2026, and is therefore considered non-income producing.

(9)Denotes that all or a portion of the debt investment is convertible debt.

(10)Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(11)Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).

(12)Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).

(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).

(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments, including in certain cases where PIK is no longer a component of the interest rate as of June 30, 2026.

(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.

(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of June 30, 2026.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of June 30, 2026 (Refer to “Note 11 - Commitments and Contingencies”).

(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.

(19)Denotes second lien senior secured debt.

(20)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC.

(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of common stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of June 30, 2026, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.0 million.

(22)Denotes that a portion of this investment holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $11.4 million and $12.4 million, respectively.

(23)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 – Description of Business” for additional disclosure.

(24)Denotes investment in a non-voting security in the form of an earnout interest. The terms of the security provide the Company with contractual rights to receive approximately 12.48% of contingent earnout payments from the portfolio company to the earnout holders. As of June 30, 2026, the approximate cost and fair value of the earnout interest is $5.2 million and $0.6 million, respectively.

(25)Denotes investment in a SAFE (Simple Agreement for Future Equity). The terms of the SAFE provide the Company with preferred stock in the event of an equity financing before the termination of the SAFE. As of June 30, 2026, the aggregate cost and fair value of the SAFE investments is $1.9 million.

(26)Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Debt Investments
Application Software(27)
Alchemer LLC	Senior Secured	May 2028	1-month SOFR + 8.14%, Floor rate 9.14%	$	20,163	$	19,919	$	20,163	(13)(17)(18)
AlphaSense, Inc.	Senior Secured	June 2029	3-month SOFR + 6.25%, Floor rate 8.25%	$	20,000	19,849		19,916		(11)
Annex Cloud	Senior Secured	June 2028	PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99%	$	5,642	5,642		2,257		(8)(13)(18)
	Senior Secured	December 2025	PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99%	$	3,325	3,325		3,325		(8)(18)(26)
	Senior Secured	June 2028	PIK Interest 3-month SOFR + 5.73%, Floor rate 6.73%	$	1,716	1,717		687		(8)(18)
Total Annex Cloud				$	10,683	10,684		6,269
Babel Street	Senior Secured	December 2027	3-month SOFR + 8.01%, Floor rate 9.01%	$	65,937	65,038		64,738		(15)(17)(18)
Behavox Limited	Senior Secured	September 2027	Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee	$	19,444	19,596		19,598		(5)(10)(11)(14)(17)
Brain Corporation	Senior Secured	September 2028	Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee	$	32,830	32,865		33,410		(13)(14)
Carbyne, Inc.	Senior Secured	February 2029	Prime + 3.50%, Floor rate 10.00%, 3.50% Exit Fee	$	7,450	7,430		7,711		(17)
Ceros, Inc.	Senior Secured	June 2027	3-month SOFR + 8.99%, Floor rate 9.89%	$	22,656	22,543		22,506		(18)
Chainalysis, Inc.	Senior Secured	June 2029	Prime + 2.95%, Floor rate 10.45%	$	36,412	35,954		36,143
Dashlane, Inc.	Senior Secured	December 2027	Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee	$	45,986	46,789		48,034		(11)(13)(14)(19)
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 7.86%, Floor rate 8.61%	$	8,751	8,634		8,524		(17)(18)
Distributed Creation Inc.	Senior Secured	April 2029	Prime + 3.00%, Floor rate 10.25%, 4.50% Exit Fee	$	25,000	24,825		25,024		(11)(17)
DocPlanner	Senior Secured	January 2030	Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee	€	68,200	69,857		80,519		(5)(10)(17)
Earnix, Inc.	Senior Secured	June 2029	Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%	$	20,049	19,790		20,126		(11)(14)(17)
Elation Health, Inc.	Senior Secured	April 2029	Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.30%, 3.95% Exit Fee	$	13,575	13,283		13,477		(11)(14)(17)(19)
Funnel Holding AB (publ)	Senior Secured	October 2029	Prime + 0.60%, Floor rate 7.10%, Cap rate 8.60%, PIK Interest 3.00%, 2.25% Exit Fee	$	18,433	18,196		18,196		(5)(10)(14)(17)(19)
Imagen Technologies, Inc.	Senior Secured	November 2028	Prime + 1.55%, Floor rate 9.05%, PIK Interest 1.00%, 3.95% Exit Fee	$	7,501	7,360		7,360		(6)(14)(17)
iSpot.tv, Inc.	Senior Secured	January 2029	Prime + 2.25%, Floor rate 8.75%, PIK Interest 1.00%, 5.70% Exit Fee	$	3,282	3,285		3,265		(14)(17)
	Senior Secured	January 2029	Prime + 1.40%, Floor rate 7.90%, PIK Interest 0.75%, 4.50% Exit Fee	$	39,139	38,980		39,147		(12)(14)(17)
Total iSpot.tv, Inc.				$	42,421	42,265		42,412
Khoros, LLC	Senior Secured	May 2030	FIXED 10.00%	$	11,704	11,704		11,399
LinenMaster, LLC	Senior Secured	August 2029	1-month SOFR + 8.28%, Floor rate 9.28%	$	11,500	11,179		11,096		(17)(18)
Loftware, Inc.	Senior Secured	March 2028	3-month SOFR + 7.88%, Floor rate 8.88%	$	29,660	29,247		29,660		(17)(18)
LogicSource	Senior Secured	July 2027	3-month SOFR + 8.93%, Floor rate 9.93%	$	11,113	11,020		11,113		(17)(18)
Mango Technologies, Inc.	Senior Secured	August 2030	Prime + 2.25%, Floor rate 8.25%, 2.00% Exit Fee	$	16,750	16,528		16,528		(17)
Marigold Group, Inc.	Senior Secured	April 2028	6-month SOFR + 4.75%, Floor rate 5.75%, PIK Interest 5.25%	$	44,555	43,960		40,736		(13)(14)(19)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$	7,303	7,207		7,303		(11)(17)(18)
Pindrop Security, Inc.	Senior Secured	June 2029	Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee	$	31,000	30,759		31,338		(15)(17)
Proven Optics, LLC	Senior Secured	December 2030	3-month SOFR + 7.30%, Floor rate 8.30%	$	15,000	14,726		14,726		(17)(18)
Remodel Health Holdco, LLC	Senior Secured	December 2028	Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee	$	25,000	25,126		25,334		(6)(15)
Reveleer	Senior Secured	February 2027	Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee	$	50,052	51,052		50,938		(6)(14)(15)
ShadowDragon, LLC	Senior Secured	December 2026	3-month SOFR + 8.79%, Floor rate 9.69%	$	6,000	5,958		5,958		(17)(18)
Simon Data, Inc.	Senior Secured	March 2027	Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 3.58% Exit Fee	$	11,350	11,560		11,343		(12)(14)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Sisense Ltd.	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee	$	30,613	$	31,624	$	31,029	(5)(10)(14)
Smartsheet Inc.	Senior Secured	January 2031	3-month SOFR + 6.50%, Floor rate 7.25%	$	46,785	45,957		46,204		(17)
Snappt, Inc.	Senior Secured	April 2029	Prime + 2.35%, Floor rate 8.85%, PIK Interest 1.00%, 4.25% Exit Fee	$	20,139	20,071		19,753		(6)(14)(15)
Streamline Healthcare Solutions	Senior Secured	June 2030	3-month SOFR + 7.30%, Floor rate 8.30%	$	21,000	20,403		20,443		(6)(11)(13)(15)(17) (18)
Suzy, Inc.	Senior Secured	August 2027	Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee	$	24,827	24,901		24,378		(6)(14)(15)
TaxCalc	Senior Secured	November 2029	Daily SONIA + 8.17%, Floor rate 8.67%	£	8,250	10,557		10,897		(5)(10)(17)(18)
Tipalti Solutions Ltd.	Senior Secured	April 2029	Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%	$	72,488	72,141		70,507		(14)(16)
	Senior Secured	April 2029	Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%, 3.75% Exit Fee	$	42,673	42,708		42,622		(14)(16)
Total Tipalti Solutions Ltd.				$	115,161	114,849		113,129
Ushur, Inc.	Senior Secured	June 2028	Prime + 2.20%, Floor rate 9.20%, 3.95% Exit Fee	$	14,400	14,191		14,106		(6)(15)
Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$	12,600	12,456		12,614		(5)(10)(13)(17)(18)
ZeroEyes, Inc.	Senior Secured	May 2030	Prime + 2.00%, Floor rate 9.50%, PIK Interest 2.00%, 1.50% Exit Fee	$	16,414	16,146		16,218		(6)(14)(15)(17)
Subtotal: Application Software (48.30%)*						1,066,058		1,070,369
Biotechnology Tools

Antheia, Inc.	Senior Secured	August 2029	Prime + 2.85%, Floor rate 10.35%, 5.55% Exit Fee	$	21,250	19,683		19,683
Subtotal: Biotechnology Tools (0.89%)*						19,683		19,683
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	December 2028	Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee	$	28,271	28,536		26,263		(12)(14)(19)


Subtotal: Communications & Networking (1.19%)*						28,536		26,263
Consumer & Business Products
Weee! Inc.	Senior Secured	April 2028	Prime + 2.25%, Floor rate 9.75%, 2.50% Exit Fee	$	7,500	7,472		7,583		(11)(17)
Subtotal: Consumer & Business Products (0.34%)*						7,472		7,583
Consumer & Business Services
AppDirect, Inc.	Senior Secured	September 2029	Prime + 2.05%, Floor rate 8.55%, PIK Interest 1.00%, 4.70% Exit Fee	$	55,357	54,713		54,713		(14)
Carwow LTD	Senior Secured	December 2027	Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee	£	20,662	28,533		27,960		(5)(10)(14)
Finix Payments, Inc.	Senior Secured	December 2029	Prime + 2.50%, Floor rate 9.25%, 4.95% Exit Fee	$	7,000	6,889		6,889		(6)(17)
GoEuro Travel GmbH	Senior Secured	November 2029	Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee	$	48,750	48,750		49,137		(5)(10)(17)
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 12.00%	$	28,901	28,901		30,986		(9)(14)
Jobandtalent USA, Inc.	Senior Secured	October 2028	1-month SOFR + 3.50%, Floor rate 4.50%, PIK Interest 3.25%, 6.42% Exit Fee	$	14,270	14,839		14,082		(5)(10)(14)
Nerdy Inc.	Senior Secured	November 2029	Prime + 3.50%, Floor rate 10.75%, 7.50% Exit Fee	$	14,000	13,867		13,867		(17)
Peek Travel, Inc.	Senior Secured	October 2028	Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.00%, 4.95% Exit Fee	$	16,515	16,280		16,280		(14)(17)
Plentific Ltd	Senior Secured	October 2026	Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee	$	3,035	3,073		3,073		(5)(10)(13)
Provi	Senior Secured	December 2027	Prime + 4.40%, Floor rate 10.65%, 1.00% Exit Fee	$	15,443	15,394		15,389		(15)

Riviera Partners LLC	Senior Secured	March 2028	1-month SOFR + 8.28%, Floor rate 9.28%	$	36,126	35,850		35,546		(18)
RVShare, LLC	Senior Secured	December 2026	3-month SOFR + 9.50%, Floor rate 10.50%	$	25,809	25,719		25,719		(13)(14)(15)
SeatGeek, Inc.	Senior Secured	May 2026	Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.50% Exit Fee	$	25,456	26,250		26,250		(11)(14)(16)
	Senior Secured	July 2026	Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.50% Exit Fee	$	78,434	79,685		79,685		(12)(14)(16)
Total SeatGeek, Inc.				$	103,890	105,935		105,935

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Skyword, Inc.	Senior Secured	November 2027	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 5.50% Exit Fee	$	6,705	$	6,913	$	6,705	(13)(14)
Tectura Corporation	Senior Secured	January 2027	FIXED 8.25%	$	8,250	8,250		8,091		(7)



Thumbtack, Inc.	Senior Secured	March 2028	Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50%	$	21,238	20,976		21,663		(11)(14)







Subtotal: Consumer & Business Services (19.68%)*						434,882		436,035
Defense Technologies
Saronic Technologies, Inc.	Senior Secured	June 2030	Prime + 2.50%, Floor rate 9.00%, 2.00% Exit Fee	$	21,250	20,974		21,237		(6)(15)(17)
Shield AI, Inc.	Senior Secured	February 2029	Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee	$	116,675	116,535		116,843		(12)(14)(16)
Subtotal: Defense Technologies (6.23%)*						137,509		138,080
Diversified Financial Services
Gibraltar Acquisition LLC	Unsecured	July 2029	FIXED 3.45%, PIK Interest 8.05%	$	28,805	28,412		28,412		(7)(14)(20)
	Unsecured	July 2029	FIXED 11.95%	$	10,000	9,843		9,843		(7)(20)
Total Gibraltar Acquisition LLC				$	38,805	38,255		38,255


Subtotal: Diversified Financial Services (1.73%)*						38,255		38,255
Drug Discovery & Development


Aldeyra Therapeutics, Inc.	Senior Secured	April 2026	Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee	$	15,000	15,246		15,246		(11)

Alector, Inc.	Senior Secured	December 2028	Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee	$	7,000	7,044		7,055		(6)(10)(15)(17)

Altimmune, Inc.	Senior Secured	June 2029	Prime + 2.45%, Floor rate 9.70%, 6.25% Exit Fee	$	17,500	17,437		17,403		(6)(10)(15)
Arcus Biosciences, Inc.	Senior Secured	September 2030	Prime - 0.05%, Floor rate 8.45%, PIK Interest 2.20%, 9.00% Exit Fee	$	75,704	76,173		79,788		(6)(10)(11)(14)(15) (17)
Beren Therapeutics P.B.C.	Senior Secured	October 2029	Prime + 2.45%, Floor rate 9.95%, 5.25% Exit Fee	$	8,625	8,471		8,471		(6)









Braeburn, Inc.	Senior Secured	October 2028	Prime + 3.00%, Floor rate 10.50%, PIK Interest 0.25%, 5.45% Exit Fee	$	53,633	54,463		55,720		(14)
COMPASS Pathways plc	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee	$	24,840	25,464		25,543		(5)(10)(11)(14)




Corium, Inc.	Senior Secured	September 2026	Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee	$	86,925	92,296		92,296		(13)
Disc Medicine, Inc.	Senior Secured	December 2029	Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee	$	22,500	22,659		23,279		(6)(10)(15)(17)
Dyne Therapeutics, Inc.	Senior Secured	July 2030	Prime + 2.45%, Floor rate 9.95%, 5.50% Exit Fee	$	100,000	99,389		101,148		(6)(10)(15)
enGene, Inc.	Senior Secured	January 2028	Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee	$	16,111	16,510		16,672		(5)(10)(14)
Genetix Biotherapeutics Inc. (p.k.a. bluebird bio, Inc.)	Senior Secured	April 2029	Prime + 2.45%, Floor rate 9.45%, 6.45% Exit Fee	$	67,116	66,811		66,664		(14)



Heron Therapeutics, Inc.	Senior Secured	September 2030	Prime + 1.95%, Floor rate 9.45%, PIK Interest 1.00%, 6.25% Exit Fee	$	80,368	79,892		79,892		(14)(15)



Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee	$	5,500	5,712		5,833		(10)(15)

MoonLake Immunotherapeutics	Senior Secured	April 2030	Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee	$	34,500	34,479		34,246		(5)(10)

NorthSea Therapeutics	Convertible Debt	December 2026	FIXED 6.00%	$	373	373		373		(5)(9)(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	December 2027	Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 7.06% Exit Fee	$	140,460	145,207		147,718		(6)(10)(12)(14)(15) (16)(22)
	Senior Secured	December 2027	Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 3.00% Exit Fee	$	31,904	32,005		32,542		(14)(16)
Total Phathom Pharmaceuticals, Inc.				$	172,364	177,212		180,260
Replimune Group, Inc.	Senior Secured	October 2027	Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee	$	32,378	33,205		33,280		(10)(12)(13)(14)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Savara, Inc.	Senior Secured	April 2030	Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee	$	21,450	$	21,565	$	21,548	(6)(10)(15)



SynOx Therapeutics Limited	Senior Secured	May 2027	Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee	$	4,500	4,635		4,646		(5)(10)(11)
uniQure B.V.	Senior Secured	October 2030	Prime + 2.45%, Floor rate 9.45%, 5.50% Exit Fee	$	27,500	27,409		28,064		(5)(10)(11)



Viridian Therapeutics, Inc.	Senior Secured	October 2030	Prime + 1.45%, Floor rate 8.95%, Cap rate 9.45%, 6.00% Exit Fee	$	24,500	24,366		24,366		(10)(13)(17)
X4 Pharmaceuticals, Inc.	Senior Secured	July 2027	Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee	$	75,000	76,459		76,524		(11)(12)(13)
Subtotal: Drug Discovery & Development (45.05%)*						987,270		998,317
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	December 2028	Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee	$	65,000	65,186		65,543		(6)(11)(15)

Subtotal: Electronics & Computer Hardware (2.96%)*						65,186		65,543
Healthcare Services, Other
Belong Health, Inc.	Senior Secured	November 2029	Prime + 2.25%, Floor rate 9.75%, 5.45% Exit Fee	$	11,250	10,950		10,950		(6)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45%	$	75,547	75,265		73,386		(11)(12)(13)(14)
ChenMed, LLC	Senior Secured	May 2030	Prime + 2.45%, Floor rate 9.45%, 3.75% Exit Fee	$	130,000	128,101		128,240		(16)(17)


Curana Health Holdings, LLC	Senior Secured	January 2028	Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee	$	27,500	28,111		28,412		(13)(17)(19)
Ennoble Care LLC	Senior Secured	February 2030	Prime + 2.60%, Floor rate 10.35%, 7.95% Exit Fee	$	13,500	13,473		13,548		(6)(15)
Equality Health, LLC	Senior Secured	February 2028	Prime + 5.85%, Floor rate 9.50%, PIK Interest 1.95%, 1.27% Exit Fee	$	71,943	72,286		72,193		(11)(12)(14)
Main Street Rural, Inc.	Senior Secured	July 2027	Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee	$	73,500	75,009		75,007		(13)(15)
Marathon Health, LLC	Senior Secured	February 2029	Prime + 0.75%, Floor rate 8.75%, PIK Interest 2.25%, 3.00% Exit Fee	$	178,230	178,449		176,337		(14)(16)(17)

	Senior Secured	February 2029	Prime + 3.00%, Floor rate 11.00%	$	5,000	5,000		5,000		(16)(17)
Total Marathon Health, LLC				$	183,230	183,449		181,337
Modern Life, Inc.	Senior Secured	February 2029	Prime + 2.75%, Floor rate 10.25%, 5.00% Exit Fee	$	20,238	20,281		20,281		(13)
NeueHealth, Inc.	Senior Secured	June 2028	Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee	$	46,393	44,817		45,469		(12)(14)
Octave Health Group, Inc.	Senior Secured	October 2029	Prime + 2.70%, Floor rate 9.95%, 5.35% Exit Fee	$	10,000	9,768		9,768		(6)(17)
Recover Together, Inc.	Senior Secured	July 2027	Prime + 1.90%, Floor rate 9.90%, 7.50% Exit Fee	$	46,500	48,117		47,862		(13)
Strive Health Holdings, LLC	Senior Secured	August 2029	Prime + 1.05%, Floor rate 9.55%, 5.95% Exit Fee	$	36,000	35,899		35,899		(12)(15)
Tungsten Health Holdings, LLC	Senior Secured	December 2029	Prime + 1.00%, Floor rate 8.50%, Cap rate 9.00%, PIK Interest 1.25%, 8.35% Exit Fee	$	10,125	10,033		10,033
Vida Health, Inc.	Senior Secured	January 2028	Prime - 2.75%, Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee	$	38,798	40,005		39,714		(11)(14)
WellBe Senior Medical, LLC	Senior Secured	May 2029	Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee	$	33,050	33,239		32,690		(14)(15)

Subtotal: Healthcare Services, Other (37.22%)*						828,803		824,789
Information Services



Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 3.45% Exit Fee	$	22,123	22,297		22,689		(12)(14)(17)



Subtotal: Information Services (1.02%)*						22,297		22,689













Manufacturing Technology
VulcanForms Inc.	Senior Secured	January 2028	Prime + 4.25%, Floor rate 11.25%, 4.25% Exit Fee	$	20,000	20,088		19,941		(11)(19)
Subtotal: Manufacturing Technology (0.90%)*						20,088		19,941
Medical Devices & Equipment
Orchestra BioMed Holdings, Inc.	Senior Secured	November 2028	Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee	$	15,000	15,036		15,132		(6)(15)
Senseonics Holdings, Inc.	Senior Secured	August 2029	Prime + 2.40%, Floor rate 9.90%, 13.40% Exit Fee	$	30,625	31,441		31,252		(11)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	Principal Amount		Cost(2)		Value		Footnotes
Sight Sciences, Inc.	Senior Secured	July 2028	Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee	$	28,000	$	28,398	$	28,387	(6)(12)
Subtotal: Medical Devices & Equipment (3.37%)*						74,875		74,771

























































































Space Technologies
HawkEye 360, Inc.	Senior Secured	December 2028	Prime + 2.10%, Floor rate 9.35%, PIK Interest 1.50%, 1.95% Exit Fee	$	8,013	7,674		7,674		(19)
Loft Orbital Solutions Inc.	Senior Secured	December 2029	Prime + 1.75%, Floor rate 8.75%, PIK Interest 1.00%, 3.45% Exit Fee	$	8,820	8,579		8,579		(14)(17)(19)
Stoke Space Technologies, Inc.	Senior Secured	May 2029	Prime + 1.00%, Floor rate 7.50%, PIK Interest 2.00%, 5.25% Exit Fee	$	28,294	27,440		27,539		(6)(14)(15)
Subtotal: Space Technologies (1.98%)*						43,693		43,792
Sustainable and Renewable Technology

Electric Hydrogen Co.	Senior Secured	May 2028	Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.25% Exit Fee	$	12,769	12,718		12,559		(14)(15)(19)
	Senior Secured	May 2028	Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 5.95% Exit Fee	$	17,615	17,578		17,642		(14)(15)(19)
Total Electric Hydrogen Co.				$	30,384	30,296		30,201
Tidal Vision Products, Inc.	Senior Secured	October 2028	Prime + 2.45%, Floor rate 9.70%, 3.45% Exit Fee	$	5,000	4,736		4,736		(6)(17)

Subtotal: Sustainable and Renewable Technology (1.58%)*						35,032		34,937
System Software(27)
Akeyless Security Ltd.	Senior Secured	August 2028	Prime + 4.00%, Floor rate 11.00%, 2.95% Exit Fee	$	10,000	9,848		9,848		(5)(10)(17)
Armis, Inc.	Senior Secured	March 2028	Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee	$	51,771	51,909		52,896		(12)(14)(16)
	Senior Secured	March 2028	Prime + 1.25%, Floor rate 8.75%, PIK Interest 2.00%, 2.25% Exit Fee	$	101,183	100,789		102,916		(11)(14)(16)
Total Armis, Inc.				$	152,954	152,698		155,812
CoreView USA, Inc.	Senior Secured	January 2029	Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee	$	25,000	25,045		24,978		(6)(17)
Coronet Cyber Security Ltd.	Senior Secured	October 2028	Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%	$	9,115	8,999		8,759		(14)
DNSFilter, Inc.	Senior Secured	October 2028	Prime + 2.15%, Floor rate 8.65%, PIK Interest 0.75%, 4.95% Exit Fee	$	5,009	4,968		4,968		(14)(17)(19)
Harness, Inc.	Senior Secured	March 2029	Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee	$	57,906	57,378		58,967		(14)(17)(19)
LogRhythm, Inc.	Senior Secured	July 2029	3-month SOFR + 7.50%, Floor rate 8.50%	$	25,000	24,428		23,977
Morphisec Information Security 2014 Ltd.	Senior Secured	October 2027	Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee	$	11,435	11,574		11,496		(5)(10)
New Relic, Inc.	Senior Secured	November 2030	3-month SOFR + 6.75%, Floor rate 7.75%	$	21,890	21,465		21,491		(17)
PayIt, LLC	Senior Secured	December 2028	Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee	$	26,271	26,218		25,868		(6)(14)(15)(17)(19)
Scylla DB Ltd.	Senior Secured	July 2029	Prime + 3.00%, Floor rate 10.50%, 0.75% Exit Fee	$	15,000	14,798		14,700		(5)(10)
Semperis Technologies Inc.	Senior Secured	April 2028	Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%	$	23,511	23,300		23,736		(11)(14)(19)
	Senior Secured	April 2028	Prime - 0.50%, Floor rate 8.00%, PIK Interest 3.85%	$	33,815	33,363		33,350		(14)(19)
Total Semperis Technologies Inc.				$	57,326	56,663		57,086
Sumo Logic, Inc.	Senior Secured	May 2030	3-month SOFR + 6.50%, Floor rate 7.50%	$	23,000	22,591		22,796		(17)
Zimperium, Inc.	Senior Secured	May 2027	6-month SOFR + 8.31%, Floor rate 9.31%	$	17,771	17,638		17,619		(17)(18)
Subtotal: System Software (20.68%)*						454,311		458,365
Total: Debt Investments (193.11%)*						$	4,263,950	$	4,279,412

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Equity Investments
Application Software(27)
Black Crow AI, Inc. affiliates	Equity	3/24/2021	Preferred Note	3	$	2,846	$	2,846	(21)
CapLinked, Inc.	Equity	10/26/2012	Preferred Series A-3	53,614	51		—
DNAnexus, Inc.	Equity	3/21/2014	Preferred Series C	51,948	97		8
HighRoads, Inc.	Equity	1/18/2013	Common Stock	190	307		—
Khoros, LLC	Equity	5/23/2025	Earnout Interest	N/A	5,242		3,651		(24)
Leapwork ApS	Equity	8/25/2023	Preferred Series B2	183,073	250		135		(5)(10)
Nextdoor.com, Inc.	Equity	8/1/2018	Common Stock	1,019,255	4,854		2,140		(4)
SirionLabs Pte. Ltd.	Equity	6/30/2024	Preferred Series F1	152,250	1,792		1,827		(5)(10)
Verana Health, Inc.	Equity	7/8/2021	Common Stock	23,814	2,000		—
Subtotal: Application Software (0.48%)*					17,439		10,607
Biotechnology Tools
Alamar Biosciences, Inc.	Equity	2/21/2024	Preferred Series C	503,778	1,500		841
Subtotal: Biotechnology Tools (0.04%)*					1,500		841
Consumer & Business Products
Fabletics, Inc.	Equity	4/30/2010	Common Stock	42,989	128		42
	Equity	7/16/2013	Preferred Series B	130,191	1,101		275
Total Fabletics, Inc.				173,180	1,229		317
Grove Collaborative, Inc.	Equity	4/30/2021	Common Stock	12,260	433		14		(4)
Savage X Holding, LLC	Equity	4/30/2010	Class A Units	172,328	13		183


Subtotal: Consumer & Business Products (0.02%)*					1,675		514
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4	216,073	1,151		1,036		(5)(10)
Jobandtalent USA, Inc.	Equity	2/11/2025	Preferred Series F	47,754	563		225		(5)(10)
Lyft, Inc.	Equity	12/26/2018	Common Stock	100,738	5,263		1,951		(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock	100,000	1,000		104		(4)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A	286,080	1,663		427
	Equity	10/25/2016	Preferred Series A-1	108,710	632		162
Total OfferUp, Inc.				394,790	2,295		589
Oportun	Equity	6/28/2013	Common Stock	48,365	577		256		(4)
Reischling Press, Inc.	Equity	7/31/2020	Common Stock	3,095	39		—
Rhino Labs, Inc.	Equity	1/24/2022	Common Stock	7,063	1,000		—
Tectura Corporation	Equity	5/23/2018	Common Stock	414,994,863	900		—		(7)
	Equity	6/6/2016	Preferred Series BB	1,000,000	—		—		(7)
	Equity	12/29/2023	Preferred Series C	3,235,298	13,263		1,250		(7)
Total Tectura Corporation				419,230,161	14,163		1,250
Worldremit Group Limited	Equity	6/24/2024	Preferred Series X	9,737	922		922		(5)(10)

Subtotal: Consumer & Business Services (0.29%)*					26,973		6,333

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Defense Technologies
Shield AI, Inc.	Equity	2/7/2025	Preferred Series F1	28,900	$	2,250	$	1,284	(16)
Subtotal: Defense Technologies (0.06%)*					2,250		1,284
Diversified Financial Services
Gibraltar Acquisition LLC	Equity	3/1/2018	Member Units	1	32,456		23,963		(7)(20)


Hercules Adviser LLC	Equity	3/26/2021	Member Units	1	12,035		43,274		(7)(23)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2	210,282	403		404
Subtotal: Diversified Financial Services (3.05%)*					44,894		67,641
Drug Delivery
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock	680	1,500		2		(4)
BioQ Pharma Incorporated	Equity	12/8/2015	Preferred Series D	165,000	500		—
PDS Biotechnology Corporation	Equity	4/6/2015	Common Stock	2,498	309		2		(4)
Talphera, Inc.	Equity	12/10/2018	Common Stock	8,836	1,329		10		(4)
Subtotal: Drug Delivery (0.00%)*					3,638		14
Drug Discovery & Development
Arcus Biosciences, Inc.	Equity	2/19/2025	Common Stock	204,545	2,250		4,874		(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock	42	1,000		1		(4)

Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock	98,100	1,871		695		(4)(5)(10)


Daré Bioscience, Inc.	Equity	1/8/2015	Common Stock	1,129	1,000		2		(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock	20,000	550		308		(4)(10)
Dyne Therapeutics, Inc.	Equity	7/2/2025	Common Stock	169,697	1,400		3,319		(4)(10)
Heron Therapeutics, Inc.	Equity	7/25/2023	Common Stock	364,963	500		474		(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B	3,466,840	4,250		222		(15)


Kura Oncology, Inc.	Equity	6/16/2023	Common Stock	47,826	550		497		(4)(10)
MoonLake Immunotherapeutics	Equity	11/6/2025	Common Stock	95,500	1,002		1,259		(4)(5)(10)
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C	983	2,000		1,278		(5)(10)
Phathom Pharmaceuticals, Inc.	Equity	6/9/2023	Common Stock	147,233	1,730		2,443		(4)(10)(16)
Rafael Holdings, Inc. (p.k.a. Cyclo Therapeutics, Inc.)	Equity	4/6/2021	Common Stock	48	42		—		(4)(10)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock	944	1,500		3		(4)
Savara, Inc.	Equity	8/11/2015	Common Stock	11,119	203		67		(4)


uniQure B.V.	Equity	1/31/2019	Common Stock	17,175	332		411		(4)(5)(10)
Valo Health, LLC	Equity	12/11/2020	Preferred Series B	510,308	3,000		1,395

	Equity	10/31/2022	Preferred Series C	170,102	1,000		827
Total Valo Health, LLC				680,410	4,000		2,222
Verge Analytics, Inc.	Equity	9/6/2023	Preferred Series C	208,588	1,500		2,382
	Equity	7/2/2025	SAFE	N/A	103		103		(25)
Total Verge Analytics, Inc.				208,588	1,603		2,485

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Viridian Therapeutics, Inc.	Equity	11/6/2023	Common Stock	32,310	$	400	$	1,005	(4)(10)
X4 Pharmaceuticals, Inc.	Equity	11/26/2019	Common Stock	52,202	2,945		209		(4)
Subtotal: Drug Discovery & Development (0.98%)*					29,128		21,774
Electronics & Computer Hardware
Locus Robotics Corp.	Equity	11/17/2022	Preferred Series F	15,116	650		348
Skydio, Inc.	Equity	3/8/2022	Preferred Series E	248,900	1,500		624
Subtotal: Electronics & Computer Hardware (0.04%)*					2,150		972
Healthcare Services, Other

Carbon Health Technologies, Inc.	Equity	3/30/2021	Common Stock	390,809	1,910		—
Click Therapeutics, Inc.	Equity	5/20/2024	Common Stock	560,000	1,662		2,074		(15)
Curana Health Holdings, LLC	Equity	5/13/2024	Common Units	1,114,380	2,500		3,664
Main Street Rural, Inc.	Equity	10/28/2024	Preferred Series D	496	874		1,166
NH Holdings 2025 SPV, L.P.	Equity	6/21/2024	Common Units	339,806	1,848		2,439
Strive Health Holdings, LLC	Equity	6/27/2025	Common Units	82,043	599		814
WellBe Senior Medical, LLC	Equity	6/10/2024	Common Units	181,163	1,600		1,762
Subtotal: Healthcare Services, Other (0.54%)*					10,993		11,919
Information Services

Yipit, LLC	Equity	12/30/2021	Preferred Series E	41,021	3,825		3,200

Subtotal: Information Services (0.14%)*					3,825		3,200
Medical Devices & Equipment
Coronado Aesthetics, LLC	Equity	10/15/2021	Common Units	180,000	—		—		(7)

	Equity	10/15/2021	Preferred Series A-2	5,000,000	250		218		(7)
Total Coronado Aesthetics, LLC				5,180,000	250		218
Orchestra BioMed Holdings, Inc.	Equity	8/4/2025	Common Stock	363,636	1,000		1,509		(4)


Subtotal: Medical Devices & Equipment (0.08%)*					1,250		1,727
Semiconductors
Achronix Semiconductor Corporation	Equity	7/1/2011	Preferred Series C	277,995	160		7
	Equity	6/26/2015	Preferred Series D-2	497,767	7		102
Total Achronix Semiconductor Corporation				775,762	167		109
Subtotal: Semiconductors (0.00%)*					167		109























Space Technologies
Stoke Space Technologies, Inc.	Equity	9/23/2025	Preferred Series D	43,867	1,406		1,256
Subtotal: Space Technologies (0.06%)*					1,406		1,256











Sustainable and Renewable Technology

Impossible Foods, Inc.	Equity	5/10/2019	Preferred Series E-1	188,611	2,000		106
Modumetal, Inc.	Equity	6/1/2015	Common Stock	1,035	500		—
Pivot Bio, Inc.	Equity	6/28/2021	Preferred Series D	593,080	4,500		397

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
SUNation Energy, Inc.	Equity	12/10/2020	Common Stock	3	$	3,153	$	—	(4)







Subtotal: Sustainable and Renewable Technology (0.02%)*					10,153		503
System Software(27)
Armis, Inc.	Equity	10/18/2024	Preferred Series D	294,213	2,000		3,860		(16)
Contentful Global, Inc.	Equity	12/22/2020	Preferred Series C	41,000	138		330		(5)(10)
	Equity	11/20/2018	Preferred Series D	108,500	500		919		(5)(10)
Total Contentful Global, Inc.				149,500	638		1,249
Docker, Inc.	Equity	11/29/2018	Common Stock	20,000	4,284		125
Druva Holdings, Inc.	Equity	10/22/2015	Preferred Series 2	458,841	1,000		4,190
	Equity	8/24/2017	Preferred Series 3	93,620	300		873
Total Druva Holdings, Inc.				552,461	1,300		5,063
Lightbend, Inc.	Equity	12/4/2020	Common Stock	38,461	265		19
Subtotal: System Software (0.47%)*					8,487		10,316
Total: Equity Investments (6.27%)*					$	165,928	$	139,010
Warrant Investments
Application Software(27)
Annex Cloud	Warrant	6/5/2025	Common Units	50,000	$	—	$	—
Automation Anywhere, Inc.	Warrant	9/23/2022	Common Stock	254,778	448		207
Bitsight Technologies, Inc.	Warrant	11/18/2020	Common Stock	29,691	284		401
Brain Corporation	Warrant	10/4/2021	Common Stock	435,396	215		81
Carbyne, Inc.	Warrant	2/24/2025	Ordinary Shares	11,408	24		460
Cloudpay, Inc.	Warrant	4/10/2018	Preferred Series B	6,763	54		811		(5)(10)
Cutover, Inc.	Warrant	9/21/2022	Common Stock	102,898	26		75		(5)(10)
Dashlane, Inc.	Warrant	3/11/2019	Common Stock	770,838	461		864
Demandbase, Inc.	Warrant	8/2/2021	Common Stock	727,047	545		41
Distributed Creation Inc.	Warrant	4/21/2025	Common Stock	104,622	180		248
DroneDeploy, Inc.	Warrant	6/30/2022	Common Stock	95,911	278		440
Earnix, Inc.	Warrant	6/6/2024	Common Stock	20,762	220		283
Elation Health, Inc.	Warrant	9/12/2022	Common Stock	612,166	739		220
First Insight, Inc.	Warrant	5/10/2018	Preferred Series B	75,917	96		1
Fulfil Solutions, Inc.	Warrant	7/29/2022	Common Stock	84,995	325		110
Funnel Holding AB (publ)	Warrant	10/24/2025	Common Stock	485,385	46		47		(5)(10)
Imagen Technologies, Inc.	Warrant	11/26/2025	Preferred Series C-3-VI	311,570	110		92		(6)
Kore.ai, Inc.	Warrant	3/31/2023	Preferred Series C	64,293	208		104
Leapwork ApS	Warrant	1/23/2023	Common Stock	93,211	39		33		(5)(10)(12)
Mango Technologies, Inc.	Warrant	8/15/2025	Common Stock	75,825	401		410
Mixpanel, Inc.	Warrant	9/30/2020	Common Stock	82,362	252		331
Pindrop Security, Inc.	Warrant	6/26/2024	Common Stock	134,542	494		320		(15)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Reltio, Inc.	Warrant	6/30/2020	Common Stock	69,120	$	215	$	609
Simon Data, Inc.	Warrant	3/22/2023	Common Stock	77,934	96		7		(12)
Sisense Ltd.	Warrant	6/8/2023	Ordinary Shares	321,956	174		44		(5)(10)
Suzy, Inc.	Warrant	8/24/2023	Common Stock	292,936	367		182		(6)(15)
Tipalti Solutions Ltd.	Warrant	3/22/2023	Ordinary Shares	509,753	360		255		(10)(16)
	Warrant	3/27/2025	Ordinary Shares	473,266	136		83		(16)
Total Tipalti Solutions Ltd.				983,019	496		338
Ushur, Inc.	Warrant	6/5/2025	Common Stock	1,603,911	265		183		(6)(15)
VideoAmp, Inc.	Warrant	1/21/2022	Common Stock	152,048	1,275		2		(15)
ZeroEyes, Inc.	Warrant	5/6/2025	Common Stock	26,422	132		34		(6)(15)
Subtotal: Application Software (0.31%)*					8,465		6,978
Biotechnology Tools
Alamar Biosciences, Inc.	Warrant	6/21/2022	Preferred Series C	75,567	36		31
Antheia, Inc.	Warrant	8/29/2025	Common Stock	2,023,810	1,601		2,547
PathAI, Inc.	Warrant	12/23/2022	Common Stock	53,418	461		62		(12)
Subtotal: Biotechnology Tools (0.12%)*					2,098		2,640
Communications & Networking
Aryaka Networks, Inc.	Warrant	6/28/2022	Common Stock	486,097	242		—		(12)

Subtotal: Communications & Networking (0.00%)*					242		—
Consumer & Business Products
Gadget Guard, LLC	Warrant	6/3/2014	Common Stock	1,662,441	228		—





Whoop, Inc.	Warrant	6/27/2018	Preferred Series C	686,270	17		713
Subtotal: Consumer & Business Products (0.03%)*					245		713
Consumer & Business Services
Altumint, Inc.	Warrant	10/31/2024	Common Stock	1,701	126		155		(15)
AppDirect, Inc.	Warrant	9/22/2025	Common Stock	87,938	228		188
Carwow LTD	Warrant	12/14/2021	Common Stock	174,163	164		232		(5)(10)

	Warrant	2/13/2024	Preferred Series D-4	109,257	20		62		(5)(10)
Total Carwow LTD				283,420	184		294
Finix Payments, Inc.	Warrant	12/17/2025	Preferred Series C	525,583	38		38		(6)
Houzz, Inc.	Warrant	10/29/2019	Common Stock	529,661	20		—
Landing Holdings Inc.	Warrant	3/12/2021	Common Stock	11,806	116		11		(15)
Lendio, Inc.	Warrant	3/29/2019	Preferred Series D	127,032	39		7
Peek Travel, Inc.	Warrant	10/28/2025	Common Stock	60,169	157		163
Plentific Ltd	Warrant	10/3/2023	Ordinary Shares	27,298	60		24		(5)(10)
Provi	Warrant	12/22/2022	Common Stock	117,042	166		12		(15)
Rhino Labs, Inc.	Warrant	3/12/2021	Common Stock	13,106	470		—		(15)
SeatGeek, Inc.	Warrant	6/12/2019	Common Stock	1,604,724	1,242		5,096		(12)(16)

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Skyword, Inc.	Warrant	11/14/2022	Common Stock	1,607,143	$	57	$	2
	Warrant	8/23/2019	Preferred Series B	444,444	83		—
Total Skyword, Inc.				2,051,587	140		2
Snagajob.com, Inc.	Warrant	4/20/2020	Common Stock	600,000	16		—
	Warrant	6/30/2016	Preferred Series A	1,800,000	782		—
	Warrant	8/1/2018	Preferred Series B	1,211,537	62		—
Total Snagajob.com, Inc.				3,611,537	860		—
Thumbtack, Inc.	Warrant	5/1/2018	Common Stock	343,497	985		1,214

Veem, Inc.	Warrant	3/31/2022	Common Stock	98,428	126		4		(12)
Worldremit Group Limited	Warrant	2/11/2021	Preferred Series D	77,215	129		55		(5)(10)



	Warrant	8/27/2021	Preferred Series E	1,868	26		—		(5)(10)
Total Worldremit Group Limited				79,083	155		55
Subtotal: Consumer & Business Services (0.33%)*					5,112		7,263
Defense Technologies
Saronic Technologies, Inc.	Warrant	6/9/2025	Preferred Series C	109,757	726		1,094		(6)(15)
Subtotal: Defense Technologies (0.05%)*					726		1,094





Drug Discovery & Development



Axsome Therapeutics, Inc.	Warrant	9/25/2020	Common Stock	61,004	1,290		5,765		(4)(10)(12)
Beren Therapeutics P.B.C.	Warrant	10/8/2025	Preferred Series A+	67,923	102		117		(6)
Cellarity, Inc.	Warrant	12/8/2021	Preferred Series B	100,000	287		65		(15)
Century Therapeutics, Inc.	Warrant	9/14/2020	Common Stock	16,112	37		—		(4)
COMPASS Pathways plc	Warrant	6/30/2023	Ordinary Shares	75,376	278		127		(4)(5)(10)
Curevo, Inc.	Warrant	6/9/2023	Common Stock	95,221	233		272		(15)

enGene, Inc.	Warrant	12/22/2023	Common Stock	43,689	118		170		(4)(5)(10)


Heron Therapeutics, Inc.	Warrant	8/9/2023	Common Stock	238,095	228		67		(4)(15)

Kura Oncology, Inc.	Warrant	11/2/2022	Common Stock	14,342	88		16		(4)(10)(15)
Madrigal Pharmaceuticals, Inc.	Warrant	5/9/2022	Common Stock	13,229	570		4,669		(4)(10)

Phathom Pharmaceuticals, Inc.	Warrant	9/17/2021	Common Stock	64,687	848		180		(4)(10)(12)(15)(16)
Redshift Bioanalytics, Inc.	Warrant	3/23/2022	Preferred Series E	475,510	20		10		(15)
Scynexis, Inc.	Warrant	5/14/2021	Common Stock	106,035	296		—		(4)
SynOx Therapeutics Limited	Warrant	4/18/2024	Preferred Series B	251,195	83		84		(5)(10)
TG Therapeutics, Inc.	Warrant	12/30/2021	Common Stock	117,168	721		1,311		(4)(10)
Valo Health, LLC	Warrant	6/15/2020	Common Units	102,216	256		61
X4 Pharmaceuticals, Inc.	Warrant	3/18/2019	Common Stock	46,424	510		8		(4)


Subtotal: Drug Discovery & Development (0.58%)*					5,965		12,922

Electronics & Computer Hardware
908 Devices, Inc.	Warrant	3/15/2017	Common Stock	49,078	101		30		(4)
Locus Robotics Corp.	Warrant	6/21/2022	Common Stock	8,503	34		61

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Skydio, Inc.	Warrant	11/8/2021	Common Stock	622,255	$	557	$	386
Subtotal: Electronics & Computer Hardware (0.02%)*					692		477
Healthcare Services, Other
Belong Health, Inc.	Warrant	11/13/2025	Common Stock	1,933,102	400		238		(6)
Curana Health Holdings, LLC	Warrant	1/4/2024	Common Units	447,410	156		718
Modern Life, Inc.	Warrant	3/30/2023	Common Stock	63,202	229		70
Octave Health Group, Inc.	Warrant	11/28/2025	Common Stock	225,310	168		175		(6)
Recover Together, Inc.	Warrant	7/3/2023	Common Stock	194,830	382		50
Strive Health Holdings, LLC	Warrant	9/28/2023	Common Units	129,400	278		501		(15)


Vida Health, Inc.	Warrant	3/28/2022	Preferred Series E	192,431	121		48
Subtotal: Healthcare Services, Other (0.08%)*					1,734		1,800
Information Services


NetBase Quid, Inc.	Warrant	8/22/2017	Preferred Series 1	60,000	356		—
Signal Media Limited	Warrant	6/29/2022	Common Stock	129,638	57		—		(5)(10)
Subtotal: Information Services (0.00%)*					413		—
Manufacturing Technology
Bright Machines, Inc.	Warrant	3/31/2022	Common Stock	392,308	537		185
MacroFab, Inc.	Warrant	3/23/2022	Common Stock	1,111,111	528		—
VulcanForms Inc.	Warrant	1/30/2025	Common Stock	83,262	37		64
Subtotal: Manufacturing Technology (0.01%)*					1,102		249
Media/Content/Info
Fever Labs, Inc.	Warrant	12/30/2022	Preferred Series E-1	369,370	67		32
Subtotal: Media/Content/Info (0.00%)*					67		32
Medical Devices & Equipment

Orchestra BioMed Holdings, Inc.	Warrant	11/6/2024	Common Stock	167,831	216		299		(4)(6)(15)

Senseonics Holdings, Inc.	Warrant	9/8/2023	Common Stock	51,635	276		75		(4)




Sight Sciences, Inc.	Warrant	1/22/2024	Common Stock	113,247	363		385		(4)(6)(12)

Tela Bio, Inc.	Warrant	3/31/2017	Common Stock	15,712	61		—		(4)
Subtotal: Medical Devices & Equipment (0.03%)*					916		759
Semiconductors
Achronix Semiconductor Corporation	Warrant	1/11/2017	Preferred Series D-2	250,000	92		49

Subtotal: Semiconductors (0.00%)*					92		49














































Space Technologies
HawkEye 360, Inc.	Warrant	12/18/2025	Common Stock	40,912	263		283
Loft Orbital Solutions Inc.	Warrant	9/10/2025	Common Stock	22,688	185		184
Stoke Space Technologies, Inc.	Warrant	6/16/2025	Common Stock	99,497	990		2,301		(6)(15)
Subtotal: Space Technologies (0.12%)*					1,438		2,768
Sustainable and Renewable Technology

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Ampion, PBC	Warrant	4/15/2022	Common Stock	18,472	$	52	$	45
Electric Hydrogen Co.	Warrant	3/27/2024	Common Stock	246,618	507		100		(15)
Tidal Vision Products, Inc.	Warrant	10/10/2025	Common Stock	48,491	232		174		(6)






Subtotal: Sustainable and Renewable Technology (0.01%)*					791		319
System Software(27)
Akeyless Security Ltd.	Warrant	8/4/2025	Ordinary Shares	87,917	68		47		(5)(10)
CloudBolt Software, Inc.	Warrant	9/30/2020	Common Stock	211,342	117		1
Cloudian, Inc.	Warrant	11/6/2018	Common Stock	477,454	71		—
Coronet Cyber Security Ltd.	Warrant	9/26/2024	Ordinary Shares	39,183	254		25
Dragos, Inc.	Warrant	6/28/2023	Common Stock	57,528	1,575		970
Harness, Inc.	Warrant	3/12/2024	Common Stock	193,618	534		1,446
Lightbend, Inc.	Warrant	2/14/2018	Preferred Series LB-2	86,984	131		38
Morphisec Information Security 2014 Ltd.	Warrant	10/1/2024	Ordinary Shares	200,115	104		58		(5)(10)
Scylla DB Ltd.	Warrant	7/24/2025	Ordinary Shares	159,684	52		59		(5)(10)
Semperis Technologies Inc.	Warrant	4/23/2024	Common Stock	193,264	446		455
Subtotal: System Software (0.14%)*					3,352		3,099
Total: Warrant Investments (1.86%)*					$	33,450	$	41,162
Total Investments in Securities (201.24%)*					$	4,463,328	$	4,459,584

Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.	Investment Funds & Vehicles	11/16/2020			$	2,906	$	5,408	(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.	Investment Funds & Vehicles	6/23/2022			1,349		1,291		(5)(10)(17)
Subtotal: Drug Discovery & Development (0.30%)*					4,255		6,699
System Software(27)
Liberty Zim Co-Invest L.P.	Investment Funds & Vehicles	7/21/2022			385		364		(5)(10)
Subtotal: System Software (0.02%)*					385		364
Total: Investment Funds & Vehicles Investments (0.32%)*					$	4,640	$	7,063
Total Investments before Cash & Cash Equivalents (201.56%)*					$	4,467,968	$	4,466,647

Cash & Cash Equivalents
GS Financial Square Government Fund	Cash & Cash Equivalents		FGTXX/38141W273		$	10,250	$	10,250
Total: Investments in Cash & Cash Equivalents (0.46%)*					$	10,250	$	10,250
Total: Investments after Cash & Cash Equivalents (202.02%)*					$	4,478,218	$	4,476,897

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


Foreign Currency Forward Contracts

Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Notional Value at Settlement Date		Value
Great British Pound (GBP)	6/5/2026	Goldman Sachs Bank USA	£	20,814	Sold	$	28,056	$	50
Total Foreign Currency Forward (0.00%)*						$	28,056	$	50

(1)Prime represents 6.75% as of December 31, 2025. 1-month SOFR, 3-month SOFR, and 6-month SOFR represent 3.69%, 3.65%, and 3.57%, respectively, as of December 31, 2025.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $107.0 million, $109.4 million, and $2.4 million, respectively. The tax cost of investments is $4.5 billion.

(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.

(4)Except for warrants in 16 publicly traded companies and common stock in 26 publicly traded companies, all investments are restricted as of December 31, 2025 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s Valuation Committee (as defined in “Note 2 - Summary of Significant Accounting Policies - Valuation of Investments”) and approved by the board of directors (the “Board”).

(5)Non-U.S. company or the company’s principal place of business is outside the United States.

(6)Denotes that all or a portion of the investment in this portfolio company is held by Hercules SBIC V, L.P., the Company's wholly owned small business investment company.

(7)Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.

(8)Debt is on non-accrual status as of December 31, 2025, and is therefore considered non-income producing.

(9)Denotes that all or a portion of the debt investment is convertible debt.

(11)Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).

(12)Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).

(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).

(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.

(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.

(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2025.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2025 (Refer to “Note 11 — Commitments and Contingencies”).

(19)Denotes second lien senior secured debt.

(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of December 31, 2025, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.8 million.

(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $11.6 million and $11.9 million, respectively.

(23)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 — Description of Business” for additional disclosure.

(24)Denotes investment in a non-voting security in the form of an earnout interest. The terms of the security provide the Company with contractual rights to receive approximately 12.48% of contingent earnout payments from the portfolio company to the earnout holders. As of December 31, 2025, the approximate cost and fair value of the earnout interest is $5.2 million and $3.7 million, respectively.

(25)Denotes investment in a SAFE (Simple Agreement for Future Equity). The terms of the SAFE provide the Company with preferred stock in the event of an equity financing before the termination of the SAFE. As of December 31, 2025, the approximate cost and fair value of the SAFE is $0.1 million.

(26)Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.

(27)Effective December 31, 2025, the former “Software” category has been separated into “Application Software” and “System Software”.

See notes to consolidated financial statements

Table of Contents

HERCULES CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Description of Business

Hercules Capital, Inc. (the “Company”) is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology and life sciences industries. The Company sources its investments through its principal office located in San Mateo, CA, as well as through its additional offices in Boston, MA, New York, NY, San Diego, CA, Denver, CO, and London, United Kingdom. The Company was incorporated under the General Corporation Law of the State of Maryland in December 2003.

The Company is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. Effective January 1, 2006, the Company elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M Part I of the Internal Revenue Code of 1986, as amended (the “Code”) (see “Note 6 – Income Taxes”).

The Company is not registered with the Commodity Futures Trading Commission (“CFTC”). The Company has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”), pursuant to Rule 4.5 under the CEA. Therefore, the Company is not subject to registration or regulation as a “commodity pool operator” under the CEA.

Hercules Capital IV, L.P. (“HC IV”) and Hercules SBIC V, L.P. (“SBIC V”) are our wholly owned Delaware limited partnerships that were formed in December 2010 and September 2023, respectively. HC IV and SBIC V have each received licenses to operate as a Small Business Investment Company (“SBIC”) under the authority of the Small Business Administration (“SBA”) on October 27, 2020 and July 9, 2024, respectively. Our SBICs are subject to a variety of regulations concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. Hercules Technology SBIC Management, LLC (“HTM”), is a wholly owned limited liability company subsidiary of the Company, which was formed in November 2003 and serves as the general partner of HC IV and SBIC V.

The Company has also established certain wholly owned subsidiaries, all of which are structured as Delaware corporations or limited liability companies (“LLCs”), to hold portfolio companies organized as LLCs (or other forms of pass-through entities). These subsidiaries are consolidated for financial reporting purposes in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Certain of the subsidiaries are taxable and not consolidated with Hercules for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments.

The Company formed Hercules Capital Management LLC and Hercules Adviser LLC (the “Adviser Subsidiary”) in 2020 as wholly owned Delaware limited liability company subsidiaries. The Company was granted no-action relief by the staff of the Securities and Exchange Commission (“SEC”) to allow the Adviser Subsidiary to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Adviser Subsidiary provides investment advisory and related services to investment vehicles (“Adviser Funds”) owned by one or more unrelated third-party investors (“External Parties”). The Adviser Subsidiary is owned by Hercules Capital Management LLC and collectively held and presented with Hercules Partner Holdings, LLC, which separately wholly owns the general partnership interests to each of the Adviser Funds.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated interim financial statements have been prepared in accordance with U.S. GAAP for interim financial information, and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Therefore, the interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025. The year-end Consolidated Statements of Assets and Liabilities data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency.

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As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such, pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated.

Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.

A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE.

To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE.

The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework.

The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in 2022 in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The assets of the Company's consolidated securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit.

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Fair Value Measurements

The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.

The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets.

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company.

Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company.

Valuation of Investments

The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated a group of the Company’s executive officers and senior employees to serve as the Board’s “valuation designee” (such group of executive officers and senior employees are referred to herein as the “Valuation Committee”). As of June 30, 2026, approximately 97.8% of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the Valuation Committee, as valuation designee of the Board. The Company’s investments are carried at fair value in accordance with Rule 2a-5 under the 1940 Act and ASC Topic 946. Given the Company's investment strategy, nature of investments, and types of businesses in which it invests, substantially all of the Company’s investments are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to the valuation guidelines approved by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market values, the fair value of the Company’s investments may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material.

In accordance with procedures approved by its Board, the Company values investments on a quarterly basis following a multistep valuation process. The quarterly Board approved multi-step valuation process is described below:

(1)The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment;

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(2)Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary;

(3)The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board;

(4)The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and

(5)The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio.

Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Valuation Committee, does not represent fair value.

As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation.

The Company records unrealized depreciation on investments when it believes, under the in-exchange premise, that the value of an investment is less than its amortized cost, including where it believes collection of a debt investment is doubtful. Conversely, where appropriate, the Company records unrealized appreciation when it believes, under the in-exchange premise, that the value of an investment is greater than its amortized cost, including where the underlying portfolio company has appreciated in value.

Debt Investments

The Company’s debt investments are substantially considered Level 3 assets under ASC Topic 820 with fair value as

determined in good faith pursuant to the process described above. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below.

The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date.

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The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. The Company values syndicated debt investments, for which sufficient liquidity and market data are available, using broker quotes and bond indices amongst other factors. Debt investments with market quotations are generally considered Level 1 or 2 assets in line with ASC Topic 820. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis.

When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recording warrant or other equity instruments is accreted into interest income over the life of the debt investment.

Equity Securities and Warrants

In accordance with ASC topic 820 and the 1940 Act, securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies.

At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes Option Pricing Model (“OPM”). For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors.

Investment Funds & Vehicles

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Derivative Instruments

The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations. The net cash flows realized on settlement of derivatives are included in realized (gain) loss in the Consolidated Statements of Cash Flows.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair value. As of June 30, 2026, the Company held $86 thousand (Cost basis $88 thousand) of foreign cash. As of December 31, 2025, the Company held $113 thousand (Cost basis $113 thousand) of foreign cash. Foreign cash includes the value of foreign currencies held and translated using the prevailing foreign exchange rates on the reporting date. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions,

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including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”).

Foreign Currency Translation

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Other Assets

Other assets generally consist of prepaid expenses, debt issuance costs related to our Credit Facilities (as defined below) net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow and other investment related receivables.

Escrow Receivables

Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. The Company uses the implicit rate when readily determinable. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company considers the general economic environment and its credit rating and factors in various financing and asset specific adjustments to ensure the discount rate applied is appropriate to the intended use of the underlying lease. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”.

Investment Income Recognition

The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID related income. “Structured Debt” refers to a debt investment that is structured with an equity, warrant, option, or other right to purchase or convert into common or preferred equity investments. The OID recorded upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID value is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term.

Additionally, the Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest method. One-off fees for transaction and management services are generally recognized as income in the period when the

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services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected.

From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding.

Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.

Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies to the extent that such amounts are payable by the portfolio company and are expected to be collected.

Realized Gains or Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries.

Secured Borrowings

The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.

Equity Offering Expenses

The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities.

Debt & Debt Issuance Costs

The debt of the Company is carried at amortized cost, which is comprised of the principal amount borrowed, net of any unamortized discount and debt issuance costs. Debt issuance costs consist of fees and other direct incremental costs incurred by the Company in obtaining debt financing, and together with any discounts, are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 – Debt”). In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest, debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements, which are included within Other Assets as permitted under GAAP.

Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt.”

Stock-Based Compensation

The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock-based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the

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vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment. This includes certain assumptions such as stock price volatility, forfeiture rate, expected outcome probability, and expected option life, as applicable to each award.

Income Taxes

The Company accounts for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized.

Because taxable income as determined in accordance with U.S. federal tax regulations differ from U.S. GAAP, taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the change in the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gains or losses are recognized at some time in the future for tax or U.S. GAAP purposes.

The Company has elected to be treated as a RIC under Subchapter M Part I of the Code. To qualify as a RIC, the Company is required to meet certain income and asset tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. See “Item 1. Business - Certain United States Federal Income Tax Considerations” included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 12, 2026 for additional information.

As a RIC, the Company is subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and capital gain net income realized, but not distributed, in preceding calendar years. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains).

The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company's earnings fall below the amount of the dividend distributions declared, however, a portion of the total amount of the Company's distributions for the fiscal year may be deemed a return of capital.

Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, it may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.

Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net earnings applicable to common stockholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and restricted stock for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable pursuant to stock options and to restricted stock for which future service is required as a condition to the delivery of the underlying common stock. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if

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later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS, if applicable.

Comprehensive Income

The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have other comprehensive income for the three and six months ended June 30, 2026 or 2025. The Company’s comprehensive income is equal to its net increase in net assets resulting from operations.

Distributions

Distributions to common stockholders are approved by the Board on a quarterly basis and the distribution payable is recorded on the ex-dividend date. The Company maintains an “opt out” dividend reinvestment plan that provides for reinvestment of the Company’s distribution on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company declares a distribution, cash distributions (net of applicable withholding tax) will be automatically reinvested in additional shares of its common stock unless the stockholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions.

Segments

The Company has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). Our Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). While the Company lends to and separately evaluates the performance of each portfolio company in which it invests across various technology-related industries including application software, drug discovery and development, other healthcare services, system software, and consumer & business services, the Company and the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, documentation, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology.

The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company’s performance and when allocating resources. Net investment income is comprised of consolidated total investment income (“segment revenues”) and consolidated total net operating expenses (“significant segment expenses”), which are considered the key segment measures of profit or loss received by the CODM. The information and operating expense categories included in the Company’s Consolidated Statement of Operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM.

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3. Fair Value of Financial Instruments

The Company values financial instruments in accordance with ASC 820, using the techniques and approaches outlined in the Company's valuation guidelines, which are approved by the Board. During the periods ended June 30, 2026 and December 31, 2025, there were no changes to the Company’s valuation techniques or approaches as described herein.

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of June 30, 2026 and December 31, 2025.