Hercules Capital, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

[1]	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.
[2]	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.
[3]	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.
[4]	Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $108.4 million, $156.5 million, and $48.1 million, respectively. The tax cost of investments is $3.7 billion.
[5]	Effective December 31, 2025, the former “Software” category has been separated into “Application Software” and “System Software”.
[6]	Effective December 31, 2025, the former “Software” category has been separated into “Application Software” and “System Software”. Prior year amounts have been reclassified to conform to the current presentation.
[7]	Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.
[8]	Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).
[9]	Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2024 (Refer to “Note 11 — Commitments and Contingencies”).
[10]	Prime represents 7.50% as of December 31, 2024. 1-month SOFR, 3-month SOFR, and 6-month SOFR represent 4.33%, 4.31%, and 4.25%, respectively, as of December 31, 2024.
[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 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.
[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 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”).
[15]	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.
[16]	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.
[17]	Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).
[18]	Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).
[19]	Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.
[20]	Debt is on non-accrual status as of December 31, 2025, and is therefore considered non-income producing.
[21]	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.
[22]	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.
[23]	Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.
[24]	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.
[25]	Non-U.S. company or the company’s principal place of business is outside the United States.
[26]	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.
[27]	Non-U.S. company or the company’s principal place of business is outside the United States.
[28]	Denotes second lien senior secured debt.
[29]	Denotes second lien senior secured debt.
[30]	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.
[31]	Debt is on non-accrual status as of December 31, 2024, and is therefore considered non-income producing.
[32]	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.
[33]	Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).
[34]	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.
[35]	Denotes that all or a portion of the debt investment is convertible debt.
[36]	Denotes that all or a portion of the debt investment is convertible debt.
[37]	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, 2024.
[38]	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.
[39]	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.
[40]	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.
[41]	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.
[42]	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.
[43]	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.
[44]	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 $11.9 million and $11.6 million, respectively.
[45]	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 (the “Valuation Committee”) and approved by the board of directors (the “Board”).
[46]	Except for warrants in 23 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of December 31, 2024 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s Valuation Committee and approved by the Board.
[47]	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.
[48]	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, 2024, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million.
[49]	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 $3.7 million.
[50]	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.
[51]	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.