Quarterly report [Sections 13 or 15(d)]

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

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CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2024
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of March 31, 2025
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Stock $ —  $ —  $ 69  $ —  $ —  $ (22) $ 47 
  Common Stock —  —  —  —  —  —  — 
Gibraltar Acquisition LLC(5)
Unsecured Debt 1,606  —  36,212  578  —  —  36,790 
  Member Units —  —  23,051  —  —  (941) 22,110 
Hercules Adviser LLC(6)
Unsecured Debt 1,900  —  12,000  —  (12,000) —  — 
  Member Units —  —  30,190  12,000  —  2,827  45,017 
Total Majority Owned Control Investments   $ 3,506  $ —  $ 101,522  $ 12,578  $ (12,000) $ 1,864  $ 103,964 
Other Control Investments
Tectura Corporation(7)
Senior Debt $ 170  $ —  $ 8,027  $ —  $ —  $ 5  $ 8,032 
  Preferred Stock —  —  3,623  —  —  113  3,736 
  Common Stock —  —  7  —  —  (5) 2 
Total Other Control Investments   $ 170  $ —  $ 11,657  $ —  $ —  $ 113  $ 11,770 
Total Control Investments $ 3,676  $ —  $ 113,179  $ 12,578  $ (12,000) $ 1,977  $ 115,734 
(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 Three Months Ended March 31, 2024 (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, 2023
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of March 31, 2024
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Stock $ —  $ —  $ 260  $ —  $ —  $ 22  $ 282 
  Common Stock —  —  2  —  —  (1) 1 
Gibraltar Acquisition, LLC(5)
Unsecured Debt 1,069  —  34,478  40  —  —  34,518 
  Member Units —  —  28,034  —  —  (4,621) 23,413 
Hercules Adviser LLC(6)
Unsecured Debt 1,752  —  12,000  —  —  —  12,000 
  Member Units —  —  28,713  —  —  1,171  29,884 
Total Majority Owned Control Investments   $ 2,821  $ —  $ 103,487  $ 40  $ —  $ (3,429) $ 100,098 
Other Control Investments
Tectura Corporation(7)
Senior Debt $ 172  $ —  $ 8,250  $ —  $ —  $ —  $ 8,250 
  Preferred Stock —  —  3,263  —  —  593  3,856 
  Common Stock —  —  4  —  —  7  11 
Total Other Control Investments   $ 172  $ —  $ 11,517  $ —  $ —  $ 600  $ 12,117 
Total Control Investments $ 2,993  $ —  $ 115,004  $ 40  $ —  $ (2,829) $ 112,215 
(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 March 31, 2025 (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 Equity     5,000,000 $ 250  $ 47 
  Medical Devices & Equipment Common Stock     180,000 —  — 
Total Coronado Aesthetics, LLC   $ 250  $ 47 
Gibraltar Acquisition LLC(3)
Diversified Financial Services Unsecured Debt September 2026
FIXED 3.45%, PIK Interest 8.05%
 $ 27,104  26,899  26,899 
  Diversified Financial Services Unsecured Debt September 2026
FIXED 11.95%
 $ 10,000  9,891  9,891 
Diversified Financial Services Member Units 1  34,006  22,110 
Total Gibraltar Acquisition, LLC   $ 70,796  $ 58,900 
Hercules Adviser LLC(4)
Diversified Financial Services Member Units     1 12,035  45,017 
Total Hercules Adviser LLC   $ 12,035  $ 45,017 
Total Majority Owned Control Investments (5.20%)*
   $ 83,081  $ 103,964 
Other Control Investments      
Tectura Corporation Consumer & Business Services Senior Secured Debt January 2027
FIXED 8.25%
 $ 8,250  $ 8,250  $ 8,032 
  Consumer & Business Services Common Stock 414,994,863  900  2 
  Consumer & Business Services Preferred Series BB Equity     1,000,000 —  7 
  Consumer & Business Services Preferred Series C Equity     3,235,298 13,263  3,729 
Total Tectura Corporation   $ 22,413  $ 11,770 
Total Other Control Investments (0.58%)*
   $ 22,413  $ 11,770 
Total Control Investments (5.78%)*
   $ 105,494  $ 115,734 
*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, 2024
(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 Equity     5,000,000 $ 250  $ 69 
  Medical Devices & Equipment Common Stock     180,000 —  — 
Total Coronado Aesthetics, LLC   $ 250  $ 69 
Gibraltar Acquisition LLC (3)
Diversified Financial Services Unsecured Debt September 2026
FIXED 3.45%, PIK Interest 8.05%
 $ 26,569  26,337  26,337 
  Diversified Financial Services Unsecured Debt September 2026
FIXED 11.95%
 $ 10,000  9,875  9,875 
  Diversified Financial Services Member Units     1 34,006  23,051 
Total Gibraltar Acquisition, LLC   $ 70,218  $ 59,263 
Hercules Adviser LLC(4)
Diversified Financial Services Unsecured Debt June 2025
FIXED 5.00%
 $ 12,000  12,000  12,000 
  Diversified Financial Services Member Units     1 35  30,190 
Total Hercules Adviser LLC   $ 12,035  $ 42,190 
Total Majority Owned Control Investments (5.10%)*
 $ 82,503  $ 101,522 
Other Control Investments      
Tectura Corporation Consumer & Business Services Senior Secured Debt January 2027
FIXED 8.25%
 $ 8,250  $ 8,250  $ 8,027 
  Consumer & Business Services Common Stock 414,994,863  900  7 
  Consumer & Business Services Preferred Series BB Equity     1,000,000 —  17 
  Consumer & Business Services Preferred Series C Equity     3,235,298 13,263  3,606 
Total Tectura Corporation   $ 22,413  $ 11,657 
Total Other Control Investments (0.59%)*
 $ 22,413  $ 11,657 
Total Control Investments (5.69%)*
   $ 104,916  $ 113,179 
*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.