Quarterly report [Sections 13 or 15(d)]

Debt - Narrative (Details)

v3.25.2
Debt - Narrative (Details)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 23, 2025
USD ($)
Jun. 03, 2025
USD ($)
Mar. 10, 2025
USD ($)
Feb. 05, 2025
USD ($)
Nov. 26, 2024
USD ($)
Jul. 16, 2024
USD ($)
Jul. 09, 2024
USD ($)
Oct. 27, 2020
USD ($)
Jun. 30, 2025
USD ($)
creditFacility
$ / shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
creditFacility
$ / shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
creditFacility
Jun. 16, 2025
USD ($)
Jun. 10, 2025
USD ($)
Jun. 09, 2025
USD ($)
Jun. 23, 2022
USD ($)
Jun. 22, 2022
USD ($)
Jan. 20, 2022
USD ($)
Sep. 16, 2021
USD ($)
Mar. 04, 2021
USD ($)
Nov. 04, 2020
USD ($)
Jun. 03, 2020
USD ($)
Feb. 05, 2020
USD ($)
Jul. 16, 2019
USD ($)
Sep. 24, 2018
USD ($)
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 $ 2,829,085   $ 2,829,085   $ 2,329,475                          
Repayments of debt                     1,207,890 $ 466,000                            
Restricted cash                 1,050 $ 11,242 1,050 11,242 $ 3,297                          
Loss on extinguishment of debt                 $ 21 $ 0 $ 36 $ 0                            
Number of available credit facilities | creditFacility                 2   2   2                          
Credit Facility                                                    
Debt Instrument [Line Items]                                                    
Line of credit interest rate                     6.32%   7.63%                          
Debt average amount outstanding                     $ 375,100   $ 338,000                          
SMBC LC Facility                                                    
Debt Instrument [Line Items]                                                    
Maximum borrowing capacity                 $ 300,000   300,000                              
VIE                                                    
Debt Instrument [Line Items]                                                    
Restricted cash                 1,050   1,050   3,297                          
SBA Debentures                                                    
Debt Instrument [Line Items]                                                    
Maximum borrowing capacity                 350,000   350,000   350,000                          
Outstanding principal balances [1]                 $ 350,000   $ 350,000   350,000                          
Debt instrument, interest rate                 5.09%   5.09%                              
SBA Debentures | HC IV                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, license description                     HC IV and SBIC V each received their licenses to operate as an SBIC on October 27, 2020 and July 9, 2024, respectively, and each license has a 10 year term                              
License term               10 years                                    
Maximum borrowing capacity               $ 175,000 $ 175,000   $ 175,000   175,000                          
SBA Debentures | Hercules SBIC V, L.P.                                                    
Debt Instrument [Line Items]                                                    
Debt instrument, license description                     HC IV and SBIC V each received their licenses to operate as an SBIC on October 27, 2020 and July 9, 2024, respectively, and each license has a 10 year term                              
License term             10 years                                      
Maximum borrowing capacity             $ 175,000   175,000   $ 175,000   175,000                          
Outstanding principal balances                 65,000   $ 65,000                              
July 2024 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                                                 $ 105,000  
Debt instrument, interest rate                                                 4.77%  
Maturity date                     Jul. 16, 2024                              
Debt instrument, redemption, description                     On July 16, 2019, the Company issued $105.0 million in aggregate principal amount of 4.770% interest-bearing unsecured notes due on July 16, 2024 (the “July 2024 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering.                              
Debt instrument, payment terms, description                     Interest on the July 2024 Notes was due semiannually.                              
Debt instrument, collateral                     The July 2024 Notes were the general unsecured obligations of the Company that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
Repayments of debt           $ 105,000                                        
Repayment of accrued interest           $ 2,500                                        
February 2025 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 0   $ 0   50,000                     $ 50,000    
Debt instrument, interest rate                                               4.28%    
Maturity date                     Feb. 05, 2025                              
Debt instrument, redemption, description                     On February 5, 2020, the Company issued $50.0 million in aggregate principal amount of 4.280% interest-bearing unsecured notes due February 5, 2025 (the “February 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering                              
Debt instrument, payment terms, description                     Interest on the February 2025 Notes was due semiannually                              
Debt instrument, collateral                     The February 2025 Notes were the general unsecured obligations of the Company that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
Repayments of debt       $ 50,000                                            
Repayment of accrued interest       1,100                                            
June 2025 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 0   $ 0   70,000                   $ 70,000      
Debt instrument, interest rate                                             4.31%      
Maturity date                     Jun. 03, 2025                              
Debt instrument, redemption, description                     On June 3, 2020, the Company issued $70.0 million in aggregate principal amount of 4.310% interest-bearing unsecured notes due June 3, 2025 (the “June 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering                              
Debt instrument, payment terms, description                     Interest on the June 2025 Notes was due semiannually.                              
Debt instrument, collateral                     The June 2025 Notes were the general unsecured obligations of the Company that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
Repayments of debt   $ 70,000                                                
Repayment of accrued interest   $ 1,500                                                
June 2025 3-Year Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 0   $ 0   50,000       $ 50,000                  
Debt instrument, interest rate                                 6.00%                  
Maturity date                     Jun. 23, 2025                              
Debt instrument, redemption, description                     On June 23, 2022, the Company issued $50.0 million in aggregate principal amount of 6.000% interest-bearing unsecured notes due June 23, 2025 (the “June 2025 3-Year Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering                              
Debt instrument, payment terms, description                     Interest on the June 2025 3-Year Notes was due semiannually.                              
Debt instrument, collateral                     The June 2025 3-Year Notes were the general unsecured obligations of the Company that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
Repayments of debt $ 50,000                                                  
Repayment of accrued interest $ 1,500                                                  
March 2026 A Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 50,000   $ 50,000   50,000                 $ 50,000        
Debt instrument, interest rate                                           4.50%        
Maturity date                     Mar. 04, 2026                              
Debt instrument, redemption, description                     The March 2026 A Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option plus a "make whole" premium, if applicable.                              
Debt instrument, payment terms, description                     Interest on the March 2026 A Notes is due semiannually                              
Debt instrument, collateral                     The March 2026 A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
March 2026 B Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 50,000   $ 50,000   50,000               $ 50,000          
Debt instrument, interest rate                                         4.55%          
Maturity date                     Mar. 04, 2026                              
Debt instrument, redemption, description                     The March 2026 B Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option plus a "make whole" premium, if applicable.                              
Debt instrument, payment terms, description                     Interest on the March 2026 B Notes is due semiannually                              
Debt instrument, collateral                     The March 2026 B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
September 2026 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 325,000   $ 325,000   325,000             $ 325,000            
Debt instrument, interest rate                                       2.625%            
Maturity date                     Sep. 16, 2026                              
Debt instrument, redemption, description                     The Company may redeem some or all of the September 2026 Notes at any time, or from time to time, at the redemption price set forth under the terms of the Seventh Supplemental Indenture.                              
Debt instrument, payment terms, description                     Interest on the September 2026 Notes is payable semiannually in arrears on March 16 and September 16 of each year.                              
Debt instrument, collateral                     The September 2026 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
January 2027 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 350,000   $ 350,000   350,000           $ 350,000              
Debt instrument, interest rate                                     3.375%              
Maturity date                     Jan. 20, 2027                              
Debt instrument, redemption, description                     The Company may redeem some or all of the January 2027 Notes at any time, or from time to time, at the redemption price set forth under the terms of the Eighth Supplemental Indenture.                              
Debt instrument, payment terms, description                     Interest on the January 2027 Notes is payable semiannually in arrears on January 20 and July 20 of each year.                              
Debt instrument, collateral                     The January 2027 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
2028 Convertible Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances     $ 287,500           $ 287,500   $ 287,500   0                          
Debt instrument, interest rate     4.75%                                              
Maturity date                     Sep. 01, 2028                              
Debt instrument, redemption, description                     On March 10, 2025, the Company issued $287.5 million in aggregate principal amount of 4.750% interest-bearing convertible unsecured notes due on September 1, 2028 (the "2028 Convertible Notes"), unless previously converted or caused to repurchase the notes in accordance with their terms by the holders of the 2028 Convertible Notes. The Company may not redeem the 2028 Convertible Notes at its option prior to maturity.                              
Debt instrument, payment terms, description                     Interest on the 2028 Convertible Notes is due semiannually.                              
Debt instrument, collateral                     The 2028 Convertible Notes are unsecured obligations of the Company and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
Initial conversion ratio (in dollars per share)     0.0465631                                              
Conversion price (in dollars per share) | $ / shares                 $ 21.48   $ 21.48                              
June 2030 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 $ 350,000   $ 350,000   0 $ 350,000                        
Debt instrument, interest rate                           6.00%                        
Maturity date                     Jun. 16, 2030                              
Debt instrument, redemption, description                     The Company may redeem some or all of the June 2030 Notes at any time, or from time to time, at the redemption price set forth under the terms of the Ninth Supplemental Indenture.                              
Debt instrument, payment terms, description                     Interest on the June 2030 Notes is payable semiannually in arrears on June 16 and December 16 of each year, commencing December 16, 2025.                              
Debt instrument, collateral                     The June 2030 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
2031 Asset-Backed Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 111,585   $ 111,585   119,475         $ 150,000                
Debt instrument, interest rate                                   4.95%                
Maturity date                     Jul. 20, 2031                              
Debt instrument, payment terms, description                     Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available.                              
Repayments of debt                 5,300   $ 7,900   30,500                          
Loss on extinguishment of debt                 21   36   200                          
2031 Asset-Backed Notes | VIE                                                    
Debt Instrument [Line Items]                                                    
Restricted cash                 1,000   1,000   3,300                          
2033 Notes                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 40,000   $ 40,000   40,000                         $ 40,000
Debt instrument, interest rate                                                   6.25%
Maturity date                     Oct. 30, 2033                              
Debt instrument, redemption, description                     The Company may redeem some or all of the 2033 Notes at any time, or from time to time, at the redemption price set forth under the terms of the Sixth Supplemental Indenture after October 30, 2023.                              
Debt instrument, payment terms, description                     Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year                              
Debt instrument, collateral                     The 2033 Notes trade on the NYSE under the symbol “HCXY.” The 2033 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.                              
MUFG Bank Facility                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 440,000   $ 440,000   400,000                          
MUFG Bank Facility | Line of credit                                                    
Debt Instrument [Line Items]                                                    
Maximum borrowing capacity                             $ 440,000 $ 400,000                    
Line of credit facility, description                     funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions.                              
Interest rate plus applicable margin adjustment                     2.75%                              
Line of credit facility, covenant terms                     these covenants require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a minimum tangible net worth with respect to Hercules Funding IV.                              
MUFG Bank Facility | Line of credit | Minimum                                                    
Debt Instrument [Line Items]                                                    
Additional basis spread on variable rate                     2.50%                              
MUFG Bank Facility | Line of credit | Maximum                                                    
Debt Instrument [Line Items]                                                    
Accordion feature, increase limit                 600,000   $ 600,000                              
Additional basis spread on variable rate                     2.75%                              
SMBC Facility                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances [2],[3]                 475,000   $ 475,000   475,000                          
SMBC Facility | Term Loan                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances                 25,000   25,000   25,000                          
SMBC Facility | SMBC LC Facility                                                    
Debt Instrument [Line Items]                                                    
Maximum borrowing capacity       175,000         175,000   $ 175,000   $ 175,000                          
Line of credit facility, description                     Availability under the revolving SMBC Facility will terminate on November 24, 2028, and the outstanding loans under the SMBC Facility will mature on November 26, 2029                              
Accordion feature, increase limit       $ 400,000                                            
Line of credit facility, unused capacity, commitment fee percentage                     0.375%                              
Line of credit facility, termination date       Feb. 05, 2028                                            
SMBC Facility | SMBC LC Facility | Term Loan                                                    
Debt Instrument [Line Items]                                                    
Outstanding principal balances         $ 25,000                                          
Interest rate plus applicable margin adjustment         2.00%                                          
SMBC Facility | SMBC LC Facility | Minimum                                                    
Debt Instrument [Line Items]                                                    
Interest rate plus applicable margin adjustment                     1.00%                              
SMBC Facility | SMBC LC Facility | Maximum                                                    
Debt Instrument [Line Items]                                                    
Accordion feature, increase limit                 $ 500,000   $ 500,000                              
Interest rate plus applicable margin adjustment                     2.00%                              
[1] As of June 30, 2025 and December 31, 2024, the total available debt under the SBA Debentures was $350.0 million, of which $175.0 million was available to HC IV and $175.0 million was available to SBIC V.
(5)In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of June 30, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million, respectively.
[2] In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of June 30, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million, respectively.
[3] “Total Available” includes $175.0 million of available commitment through the letter of credit facility as of June 30, 2025 and December 31, 2024.