Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)

v3.26.1
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 2026
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates
(in thousands)
Portfolio Company
Investment(1)
Amount of Interest, Dividends, and Fees Credited to Income(2)
Realized Gain (Loss) Fair Value as of
December 31, 2025
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of June 30, 2026
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Units $ —  $ —  $ 218  $ —  $ —  $ 4  $ 222 
  Common Units —  —  —  —  —  —  — 
Gibraltar Acquisition LLC(5)
Unsecured Debt 2,335  —  38,255  68  —  —  38,323 
  Member Units —  —  23,963  —  (600) 1,058  24,421 
Hercules Adviser LLC(6)
Unsecured Debt 4,253  —  —  8,000  —  —  8,000 
  Member Units —  —  43,274  —  —  (2,739) 40,535 
Total Majority Owned Control Investments   $ 6,588  $ —  $ 105,710  $ 8,068  $ (600) $ (1,677) $ 111,501 
Other Control Investments
Tectura Corporation(7)
Senior Debt $ 341  $ —  $ 8,091  $ —  $ —  $ 159  $ 8,250 
  Preferred Stock —  —  1,250  —  —  (468) 782 
  Common Stock —  —  —  —  —  —  — 
Total Other Control Investments   $ 341  $ —  $ 9,341  $ —  $ —  $ (309) $ 9,032 
Total Control Investments $ 6,929  $ —  $ 115,051  $ 8,068  $ (600) $ (1,986) $ 120,533 
(1)Stock and warrants are generally non-income producing and restricted.
(2)Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period.
(5)As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC became classified as a control investment as a result of obtaining a controlling financial interest. 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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(6)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.
(7)As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018.
(8)As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company.
Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
For the Six Months Ended June 30, 2025 (unaudited)
(in thousands)
Portfolio Company
Investment(1)
Amount of Interest, Dividends and Fees Credited to Income(2)
Realized Gain (Loss) Fair Value as of
December 31, 2024
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of June 30, 2025
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Units $ —  $ —  $ 69  $ —  $ —  $ 243  $ 312 
  Common Units —  —  —  —  —  1  1 
Gibraltar Acquisition LLC(5)
Unsecured Debt 2,743  —  36,212  1,176  —  —  37,388 
  Member Units —  —  23,051  —  (600) 504  22,955 
Hercules Adviser LLC(6)
Unsecured Debt 4,000  —  12,000  —  (12,000) —  — 
  Member Units —  —  30,190  12,000  —  2,032  44,222 
Total Majority Owned Control Investments   $ 6,743  $ —  $ 101,522  $ 13,176  $ (12,600) $ 2,780  $ 104,878 
Other Control Investments
Tectura Corporation(7)
Senior Debt $ 342  $ —  $ 8,027  $ —  $ —  $ (51) $ 7,976 
  Preferred Stock —  —  3,623  —  —  (1,581) 2,042 
  Common Stock —  —  7  —  —  (7) — 
Total Other Control Investments   $ 342  $ —  $ 11,657  $ —  $ —  $ (1,639) $ 10,018 
Total Control Investments $ 7,085  $ —  $ 113,179  $ 13,176  $ (12,600) $ 1,141  $ 114,896 
(1)Stock and warrants are generally non-income producing and restricted.
(2)Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period.
(5)As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC became classified as a control investment as a result of obtaining a controlling financial interest. 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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(6)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.
(7)As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018.
(8)As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company.
Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
As of June 30, 2026 (unaudited)
(in thousands)
Portfolio Company Industry
Type of Investment(1)
Maturity Date Interest Rate and Floor Principal or Shares Cost
Value(2)
Control Investments      
Majority Owned Control Investments      
Coronado Aesthetics, LLC Medical Devices & Equipment Preferred Series A-2     5,000,000 $ 250  $ 222 
  Medical Devices & Equipment Common Units     180,000 —  — 
Total Coronado Aesthetics, LLC   $ 250  $ 222 
Gibraltar Acquisition LLC(3)
Diversified Financial Services Unsecured Debt July 2029
FIXED 11.50%
 $ 28,805  28,462  28,462 
  Diversified Financial Services Unsecured Debt July 2029
FIXED 11.95%
 $ 10,000  9,861  9,861 
Diversified Financial Services Member Units 1  31,856  24,421 
Total Gibraltar Acquisition LLC   $ 70,179  $ 62,744 
Hercules Adviser LLC(4)
Diversified Financial Services Unsecured Debt March 2027
FIXED 6.75%
 $ 8,000  8,000  8,000 
Diversified Financial Services Member Units     1 12,035  40,535 
Total Hercules Adviser LLC   $ 20,035  $ 48,535 
Total Majority Owned Control Investments (4.90%)*
   $ 90,464  $ 111,501 
Other Control Investments      
Tectura Corporation Consumer & Business Services Senior Secured Debt January 2027
FIXED 8.25%
 $ 8,250  $ 8,250  $ 8,250 
  Consumer & Business Services Common Stock 414,994,863  900  — 
  Consumer & Business Services Preferred Series BB Equity     1,000,000 —  — 
  Consumer & Business Services Preferred Series C Equity     3,235,298 13,263  782 
Total Tectura Corporation   $ 22,413  $ 9,032 
Total Other Control Investments (0.40%)*
   $ 22,413  $ 9,032 
Total Control Investments (5.30%)*
   $ 112,877  $ 120,533 
*Value as a percent of net assets
(1)Stock and warrants are generally non-income producing and restricted.
(2)All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs.
(3)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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(4)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.
Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
As of and for the year ended December 31, 2025
(in thousands)
Portfolio Company Industry
Type of Investment(1)
Maturity Date Interest Rate and Floor Principal or Shares Cost
Value(2)
Control Investments      
Majority Owned Control Investments      
Coronado Aesthetics, LLC Medical Devices & Equipment Preferred Series A-2     5,000,000 $ 250  $ 218 
  Medical Devices & Equipment Common Units     180,000 —  — 
Total Coronado Aesthetics, LLC   $ 250  $ 218 
Gibraltar Acquisition LLC(3)
Diversified Financial Services Unsecured Debt July 2029
FIXED 3.45%, PIK Interest 8.05%
 $ 28,805  28,412  28,412 
  Diversified Financial Services Unsecured Debt July 2029
FIXED 11.95%
 $ 10,000  9,843  9,843 
  Diversified Financial Services Member Units     1 32,456  23,963 
Total Gibraltar Acquisition LLC
   $ 70,711  $ 62,218 
Hercules Adviser LLC(4)
Diversified Financial Services Member Units     1 12,035  43,274 
Total Hercules Adviser LLC   $ 12,035  $ 43,274 
Total Majority Owned Control Investments (4.77%)*
 $ 82,996  $ 105,710 
Other Control Investments      
Tectura Corporation Consumer & Business Services Senior Secured Debt January 2027
FIXED 8.25%
 $ 8,250  $ 8,250  $ 8,091 
  Consumer & Business Services Common Stock 414,994,863  900  — 
  Consumer & Business Services Preferred Series BB Equity     1,000,000 —  — 
  Consumer & Business Services Preferred Series C Equity     3,235,298 13,263  1,250 
Total Tectura Corporation   $ 22,413  $ 9,341 
Total Other Control Investments (0.42%)*
 $ 22,413  $ 9,341 
Total Control Investments (5.19%)*
   $ 105,409  $ 115,051 
*Value as a percent of net assets
(1)Stock and warrants are generally non-income producing and restricted.
(2)All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs.
(3)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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(4)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.