# EDGAR Filing Document

**Accession Number:** 0001280784
**File Stem:** 0001280784-25-000032
**Filing Date:** 2025-7
**Character Count:** 561410
**Document Hash:** b9b25eccefefc9c9bea7f4efdcff05af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001280784-25-000032.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001280784-25-000032

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hercules Capital, Inc.
- **CENTRAL INDEX KEY:** 0001280784

**ORGANIZATION NAME:**
- **EIN:** 743113410
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00702
- **FILM NUMBER:** 251171901

**BUSINESS ADDRESS:**
- **STREET 1:** 1 NORTH B STREET
- **STREET 2:** SUITE 2000
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94401
- **BUSINESS PHONE:** 650-289-3060

**MAIL ADDRESS:**
- **STREET 1:** 1 NORTH B STREET
- **STREET 2:** SUITE 2000
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HERCULES TECHNOLOGY GROWTH CAPITAL INC
- **DATE OF NAME CHANGE:** 20040219

?xml version='1.0' encoding='ASCII'? htgc-20250630

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

**_________________________________________________**

**FORM 10-Q**

**_________________________________________________**

**(Mark One)** 

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

**For The Quarterly Period Ended June 30, 2025**

**OR** 

□**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)**

**_________________________________________________**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Maryland** | **74-3113410** |
| **(State or Jurisdiction of**<br>**Incorporation or Organization)** | **(IRS Employer**<br>**Identification Number)** |
| **1 North B Street., Suite 2000**<br>**San Mateo, California**<br>**(Address of Principal Executive Offices)** | **94401**<br>**(Zip Code)** |
| **1 North B Street., Suite 2000**<br>**San Mateo, California**<br>**(Address of Principal Executive Offices)** | **94401**<br>**(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 ⌧ No □

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 ⌧ No □

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 □ No ⌧

On July 24, 2025, there were 181,675,683 shares outstanding of the Registrant's common stock, $0.001 par value.

------

**HERCULES CAPITAL, INC.** 

**FORM 10-Q **TABLE OF CONTENTS**** 

---

| | | |
|:---|:---|:---|
| **<u>[PART I. FINANCIAL INFORMATION](#if052ff5de4324f1380a737656508eb7a_10)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#if052ff5de4324f1380a737656508eb7a_10)</u>** | [3](#if052ff5de4324f1380a737656508eb7a_10) |
| &nbsp;&nbsp;&nbsp;[Item 1.](#if052ff5de4324f1380a737656508eb7a_13) | <u>[Consolidated Financial Statements](#if052ff5de4324f1380a737656508eb7a_13)</u> | [3](#if052ff5de4324f1380a737656508eb7a_13) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#if052ff5de4324f1380a737656508eb7a_16)[June](#if052ff5de4324f1380a737656508eb7a_16)[30](#if052ff5de4324f1380a737656508eb7a_16)[, 2025 (unaudited) and December 31, 2024](#if052ff5de4324f1380a737656508eb7a_16)</u> | [3](#if052ff5de4324f1380a737656508eb7a_16) |
|  | <u>[Consolidated Statements of Operations for the three](#if052ff5de4324f1380a737656508eb7a_19)[and six](#if052ff5de4324f1380a737656508eb7a_19)[months ended](#if052ff5de4324f1380a737656508eb7a_19)[June](#if052ff5de4324f1380a737656508eb7a_19)[3](#if052ff5de4324f1380a737656508eb7a_19)[0](#if052ff5de4324f1380a737656508eb7a_19)[, 2025 and 2024 (unaudited)](#if052ff5de4324f1380a737656508eb7a_19)</u> | [4](#if052ff5de4324f1380a737656508eb7a_19) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the three](#if052ff5de4324f1380a737656508eb7a_22)[and six](#if052ff5de4324f1380a737656508eb7a_22)[months ended](#if052ff5de4324f1380a737656508eb7a_22)[June](#if052ff5de4324f1380a737656508eb7a_22)[3](#if052ff5de4324f1380a737656508eb7a_22)[0](#if052ff5de4324f1380a737656508eb7a_22)[, 2025 and 2024 (unaudited)](#if052ff5de4324f1380a737656508eb7a_22)</u> | [5](#if052ff5de4324f1380a737656508eb7a_22) |
|  | <u>[Consolidated Statements of Cash Flows for the](#if052ff5de4324f1380a737656508eb7a_25)[six](#if052ff5de4324f1380a737656508eb7a_25)[months ended](#if052ff5de4324f1380a737656508eb7a_25)[June](#if052ff5de4324f1380a737656508eb7a_25)[3](#if052ff5de4324f1380a737656508eb7a_25)[0](#if052ff5de4324f1380a737656508eb7a_25)[, 2025 and 2024 (unaudited)](#if052ff5de4324f1380a737656508eb7a_25)</u> | [6](#if052ff5de4324f1380a737656508eb7a_25) |
|  | <u>[Consolidated Schedule of Investments as of](#if052ff5de4324f1380a737656508eb7a_28)[June](#if052ff5de4324f1380a737656508eb7a_28)[3](#if052ff5de4324f1380a737656508eb7a_28)[0](#if052ff5de4324f1380a737656508eb7a_28)[, 2025 (unaudited)](#if052ff5de4324f1380a737656508eb7a_28)</u> | [7](#if052ff5de4324f1380a737656508eb7a_28) |
|  | <u>[Consolidated Schedule of Investments as of December 31, 2024](#if052ff5de4324f1380a737656508eb7a_31)</u> | [21](#if052ff5de4324f1380a737656508eb7a_31) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#if052ff5de4324f1380a737656508eb7a_34)</u> | [34](#if052ff5de4324f1380a737656508eb7a_34) |
| &nbsp;&nbsp;&nbsp;[Item 2.](#if052ff5de4324f1380a737656508eb7a_85) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#if052ff5de4324f1380a737656508eb7a_85)</u> | [72](#if052ff5de4324f1380a737656508eb7a_85) |
| &nbsp;&nbsp;&nbsp;[Item 3.](#if052ff5de4324f1380a737656508eb7a_94) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#if052ff5de4324f1380a737656508eb7a_94)</u> | [89](#if052ff5de4324f1380a737656508eb7a_94) |
| &nbsp;&nbsp;&nbsp;[Item 4.](#if052ff5de4324f1380a737656508eb7a_97) | <u>[Controls and Procedures](#if052ff5de4324f1380a737656508eb7a_97)</u> | [90](#if052ff5de4324f1380a737656508eb7a_97) |
| **<u>[PART II. OTHER INFORMATION](#if052ff5de4324f1380a737656508eb7a_100)</u>** | **<u>[PART II. OTHER INFORMATION](#if052ff5de4324f1380a737656508eb7a_100)</u>** | [91](#if052ff5de4324f1380a737656508eb7a_100) |
| &nbsp;&nbsp;&nbsp;[Item 1.](#if052ff5de4324f1380a737656508eb7a_103) | <u>[Legal Proceedings](#if052ff5de4324f1380a737656508eb7a_103)</u> | [91](#if052ff5de4324f1380a737656508eb7a_103) |
| &nbsp;&nbsp;&nbsp;[Item 1A.](#if052ff5de4324f1380a737656508eb7a_106) | <u>[Risk Factors](#if052ff5de4324f1380a737656508eb7a_106)</u> | [91](#if052ff5de4324f1380a737656508eb7a_106) |
| &nbsp;&nbsp;&nbsp;[Item 2.](#if052ff5de4324f1380a737656508eb7a_109) | <u>[Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#if052ff5de4324f1380a737656508eb7a_109)</u> | [92](#if052ff5de4324f1380a737656508eb7a_109) |
| &nbsp;&nbsp;&nbsp;[Item 3.](#if052ff5de4324f1380a737656508eb7a_112) | <u>[Defaults Upon Senior Securities](#if052ff5de4324f1380a737656508eb7a_112)</u> | [92](#if052ff5de4324f1380a737656508eb7a_112) |
| &nbsp;&nbsp;&nbsp;[Item 4.](#if052ff5de4324f1380a737656508eb7a_115) | <u>[Mine Safety Disclosures](#if052ff5de4324f1380a737656508eb7a_115)</u> | [92](#if052ff5de4324f1380a737656508eb7a_115) |
| &nbsp;&nbsp;&nbsp;[Item 5.](#if052ff5de4324f1380a737656508eb7a_118) | <u>[Other Information](#if052ff5de4324f1380a737656508eb7a_118)</u> | [92](#if052ff5de4324f1380a737656508eb7a_118) |
| &nbsp;&nbsp;&nbsp;[Item 6.](#if052ff5de4324f1380a737656508eb7a_124) | <u>[Exhibits and Financial Statement Schedules](#if052ff5de4324f1380a737656508eb7a_124)</u> | [93](#if052ff5de4324f1380a737656508eb7a_124) |
| **<u>[SIGNATURES](#if052ff5de4324f1380a737656508eb7a_130)</u>** | **<u>[SIGNATURES](#if052ff5de4324f1380a737656508eb7a_130)</u>** | [98](#if052ff5de4324f1380a737656508eb7a_130) |

---

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**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.&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED FINANCIAL STATEMENTS** 

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
| **(in thousands, except per share data)** | **June 30, 2025**<br>**(unaudited)** | **December 31, 2024** |
| **Assets** | | |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments (cost of $4,087,105 and $3,603,961, respectively) | $4061590 | $3546799 |
| &nbsp;&nbsp;&nbsp;Control investments (cost of $105,492 and $104,916, respectively) | 114896 | 113179 |
| Total investments, at fair value (cost of $4,192,597 and $3,708,877, respectively; fair value amounts related to a VIE $218,395 and $229,486, respectively) | 4176486 | 3659978 |
| Cash and cash equivalents | 52150 | 42679 |
| Foreign cash (cost of $137 and $70,445, respectively) | 96 | 70445 |
| Restricted cash (amounts related to a VIE $1,050 and $3,297, respectively) | 1050 | 3297 |
| Interest receivable | 34862 | 32578 |
| Right of use asset | 15819 | 16778 |
| Other assets | 4016 | 5836 |
| **Total assets** | $4284479 | $3831591 |
| **Liabilities** |  |  |
| Debt (net of unamortized debt issuance costs of $31,054 and $14,310, respectively; amounts related to a VIE $111,150 and $118,769, respectively) | $2064166 | $1768955 |
| Accounts payable and accrued liabilities | 52341 | 54861 |
| Operating lease liability | 16897 | 18194 |
| **Total liabilities** | $2133404 | $1842010 |
| **Net assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value | $182 | $171 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 2097216 | 1900490 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 53677 | 88920 |
| **Total net assets** | $2151075 | $1989581 |
| **Total liabilities and net assets** | $4284479 | $3831591 |
| **Shares of common stock outstanding ($0.001 par value and 300,000 authorized)** | 181729 | 170575 |
| **Net asset value per share** | $11.84 | $11.66 |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands, except per share data)** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding payment-in-kind (PIK) interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | $113120 | $99314 | $212116 | $202239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 2816 | 2948 | 5919 | 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income, excluding PIK interest income | 115936 | 102262 | 218035 | 208144 |
| &nbsp;&nbsp;&nbsp;PIK interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 13083 | 14758 | 26022 | 24655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 552 | 509 | 1086 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total PIK interest income | 13635 | 15267 | 27108 | 25164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 129571 | 117529 | 245143 | 233308 |
| &nbsp;&nbsp;&nbsp;Fee income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 7847 | 7441 | 11747 | 13179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | 41 | 36 | 80 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee income | 7888 | 7477 | 11827 | 13251 |
| **Total investment income** | 137459 | 125006 | 256970 | 246559 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | 22930 | 19162 | 42628 | 36786 |
| &nbsp;&nbsp;&nbsp;Loan fees | 2747 | 2346 | 5145 | 4743 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5103 | 4481 | 9915 | 9539 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 1068 | 1754 | 1980 | 2465 |
| &nbsp;&nbsp;&nbsp;Employee compensation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 16664 | 14414 | 30578 | 30758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3662 | 3343 | 7264 | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total employee compensation | 20326 | 17757 | 37842 | 37235 |
| Total gross operating expenses | 52174 | 45500 | 97510 | 90768 |
| &nbsp;&nbsp;&nbsp;Expenses allocated to the Adviser Subsidiary | (3449) | (2852) | (6732) | (5729) |
| **Total net operating expenses** | 48725 | 42648 | 90778 | 85039 |
| **Net investment income** | 88734 | 82358 | 166192 | 161520 |
| **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | (57616) | (5784) | (59157) | 2384 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (21) |  | (36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | (57637) | (5784) | (59193) | 2384 |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | 48626 | (33216) | 21084 | (26753) |
| &nbsp;&nbsp;&nbsp;Control investments | (836) | (1506) | 1141 | (4335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | 47790 | (34722) | 22225 | (31088) |
| **Total net realized gain (loss) and net change in unrealized appreciation (depreciation)** | (9847) | (40506) | (36968) | (28704) |
| **Net increase (decrease) in net assets resulting from operations** | $78887 | $41852 | $129224 | $132816 |
| **Net investment income before gains and losses per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.50 | $0.51 | $0.95 | $1.01 |
| **Change in net assets resulting from operations per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.44 | $0.26 | $0.74 | $0.83 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.43 | $0.25 | $0.73 | $0.82 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 176809 | 160748 | 173231 | 159096 |
| &nbsp;&nbsp;&nbsp;Diluted | 190777 | 161309 | 182159 | 159614 |
| Distributions paid per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.47 | $0.48 | $0.94 | $0.96 |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** 

**(unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Common Stock** | **Common Stock** | **Capital in <br>excess <br>of par value** | **Distributable <br>Earnings <br>(loss)** | **Net <br>Assets** |
| **For the Three Months Ended June 30, 2025** | **Shares** | **Par Value** | **Capital in <br>excess <br>of par value** | **Distributable <br>Earnings <br>(loss)** | **Net <br>Assets** |
| **Balance as of March 31, 2025** | 173285 | $174 | $1942583 | $57873 | $2000630 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 78887 | 78887 |
| &nbsp;&nbsp;&nbsp;Public offering, net of offering expenses | 8354 | 8 | 149426 |  | 149434 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under equity-based award plans | 17 |  | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;Shares retired on vesting of equity-based awards | (70) |  | (1051) |  | (1051) |
| &nbsp;&nbsp;&nbsp;Distributions reinvested in common stock | 143 |  | 2535 |  | 2535 |
| &nbsp;&nbsp;&nbsp;Distributions |  |  |  | (83083) | (83083) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> |  |  | 3698 |  | 3698 |
| **Balance as of June 30, 2025** | 181729 | $182 | $2097216 | $53677 | $2151075 |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |  |
| **Balance as of December 31, 2024** | 170575 | $171 | $1900490 | $88920 | $1989581 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 129224 | 129224 |
| &nbsp;&nbsp;&nbsp;Public offering, net of offering expenses | 10354 | 10 | 188841 |  | 188851 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under equity-based award plans | 806 | 1 | 111 |  | 112 |
| &nbsp;&nbsp;&nbsp;Shares retired on vesting of equity-based awards | (271) |  | (4607) |  | (4607) |
| &nbsp;&nbsp;&nbsp;Distributions reinvested in common stock | 265 |  | 5046 |  | 5046 |
| &nbsp;&nbsp;&nbsp;Distributions |  |  |  | (164467) | (164467) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> |  |  | 7335 |  | 7335 |
| **Balance as of June 30, 2025** | 181729 | $182 | $2097216 | $53677 | $2151075 |

---

(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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Common Stock** | **Common Stock** | **Capital in <br>excess <br>of par value** | **Distributable <br>Earnings <br>(loss)** | **Net <br>Assets** |
| **For the Three Months Ended June 30, 2024** | **Shares** | **Par Value** | **Capital in <br>excess <br>of par value** | **Distributable <br>Earnings <br>(loss)** | **Net <br>Assets** |
| **Balance as of March 31, 2024** | 162230 | $163 | $1730829 | $154946 | $1885938 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 41852 | 41852 |
| &nbsp;&nbsp;&nbsp;Public offering, net of offering expenses |  |  | (36) |  | (36) |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under equity-based award plans | 164 |  | 2423 |  | 2423 |
| &nbsp;&nbsp;&nbsp;Shares retired on vesting of equity-based awards | (72) |  | (1027) |  | (1027) |
| &nbsp;&nbsp;&nbsp;Distributions reinvested in common stock | 106 |  | 2052 |  | 2052 |
| &nbsp;&nbsp;&nbsp;Distributions |  |  |  | (77894) | (77894) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> |  |  | 3237 |  | 3237 |
| **Balance as of June 30, 2024** | 162428 | $163 | $1737478 | $118904 | $1856545 |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |  |
| **Balance as of December 31, 2023** | 157758 | $158 | $1662535 | $140013 | $1802706 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 132816 | 132816 |
| &nbsp;&nbsp;&nbsp;Public offering, net of offering expenses | 3725 | 4 | 66368 |  | 66372 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under equity-based award plans | 1022 | 1 | 2900 |  | 2901 |
| &nbsp;&nbsp;&nbsp;Shares retired on vesting of equity-based awards | (282) |  | (4206) |  | (4206) |
| &nbsp;&nbsp;&nbsp;Distributions reinvested in common stock | 205 |  | 3832 |  | 3832 |
| &nbsp;&nbsp;&nbsp;Distributions |  |  |  | (153925) | (153925) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation<sup>(1)</sup> |  |  | 6049 |  | 6049 |
| **Balance as of June 30, 2024** | 162428 | $163 | $1737478 | $118904 | $1856545 |

---

(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, 2024, respectively.

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(unaudited)** 

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows provided by (used in) operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $129224 | $132816 |
| &nbsp;&nbsp;&nbsp;*Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | (972421) | (955095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundings assigned to Adviser Funds<sup>(1)</sup> |  | 118379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal and fee repayments received | 414436 | 487668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of debt investments | 47500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of equity and warrant investments | 929 | 19148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation | (22225) | 31088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss | 59157 | (2384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of derivative instruments | (1551) | (849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of paid-in-kind interest | (27108) | (25164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan discounts | (3643) | (1981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan discounts on convertible notes | 379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan exit fees | (15281) | (13287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in loan income, net of collections | 15874 | 10981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned fees related to unfunded commitments | (583) | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt fees and issuance costs | 3954 | 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 170 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation and amortization of restricted stock grants<sup>(2)</sup> | 7335 | 6050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Change in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (2951) | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4540 | (3323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (4791) | 9115 |
| &nbsp;&nbsp;Net cash (used in) operating activities | (367020) | (181399) |
| **Cash flows provided by (used in) investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of capital equipment | (27) | (670) |
| &nbsp;&nbsp;Net cash (used in) investing activities | (27) | (670) |
| **Cash flows provided by (used in) financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common stock | 190913 | 67275 |
| &nbsp;&nbsp;&nbsp;Offering expenses | (2062) | (903) |
| &nbsp;&nbsp;&nbsp;Retirement of employee shares, net | (4495) | (1305) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (159421) | (150093) |
| &nbsp;&nbsp;&nbsp;Issuance of debt | 1501362 | 656000 |
| &nbsp;&nbsp;&nbsp;Repayment of debt | (1207890) | (466000) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (11040) |  |
| &nbsp;&nbsp;&nbsp;Fees paid for credit facilities | (3445) |  |
| &nbsp;&nbsp;Net cash provided by financing activities | 303922 | 104974 |
| Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash | (63125) | (77095) |
| Cash, cash equivalents, foreign cash and restricted cash at beginning of period | 116421 | 116013 |
| **Cash, cash equivalents, foreign cash and restricted cash at end of period** | $53296 | $38918 |
| **Supplemental disclosures of cash flow information and non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $37008 | $35536 |
| &nbsp;&nbsp;&nbsp;Income tax, including excise tax, paid | $6289 | $5156 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | $5046 | $3832 |

---

(1)Excluded from the amounts presented are certain investment funding allocations of $275.8 million and $111.7 million, which were directly funded by the Adviser Funds (as defined in "Note 1 – Description of Business") during the six month period ended June 30, 2025 and 2024, respectively. Refer to "Note 12 – Related Party Transaction" for additional information.

(2)Stock-based compensation includes $71 thousand and $71 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2025 and 2024, respectively.

The following table presents a reconciliation of cash, cash equivalents, foreign cash 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)** | **June 30, 2025** | **June 30, 2024** |
| Cash and cash equivalents | $52150 | $26397 |
| Foreign cash | 96 | 1279 |
| Restricted cash | 1050 | 11242 |
| Total cash, cash equivalents, foreign cash and restricted cash presented in the Consolidated Statements of Cash Flows | $53296 | $38918 |

---

See "Note 2 – Summary of Significant Accounting Policies" for a description of cash, cash equivalents, foreign cash and restricted cash.

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor**<sup>(1)</sup> | **Principal<br>Amount** | **Cost**<sup>(2)</sup> | **Value** | **Footnotes** |
| **Debt Investments** | | | | | | | |
| **Biotechnology Tools** | | | | | | | |
| PathAI, Inc. | Senior Secured | January 2027 | Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee | $32000 | $33273 | $33841 | (12)(13) |
| **Subtotal: Biotechnology Tools (1.57%)\*** | **Subtotal: Biotechnology Tools (1.57%)\*** | **Subtotal: Biotechnology Tools (1.57%)\*** |  |  | **33273** | **33841** |  |
| **Communications & Networking** |  |  |  |  |  |  |  |
| Aryaka Networks, Inc. | Senior Secured | December 2028 | Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee | $28092 | 28097 | 27769 | (12)(14)(17)(19) |
| **Subtotal: Communications & Networking (1.29%)\*** | **Subtotal: Communications & Networking (1.29%)\*** | **Subtotal: Communications & Networking (1.29%)\*** |  |  | **28097** | **27769** |  |
| **Consumer & Business Products** |  |  |  |  |  |  |  |
| Weee! Inc. | Senior Secured | April 2028 | Prime + 2.25%, Floor rate 9.75%, 2.50% Exit Fee | $7500 | 7431 | 7431 | (17) |
| **Subtotal: Consumer & Business Products (0.35%)\*** | **Subtotal: Consumer & Business Products (0.35%)\*** | **Subtotal: Consumer & Business Products (0.35%)\*** |  |  | **7431** | **7431** |  |
| **Consumer & Business Services** | **Consumer & Business Services** | **Consumer & Business Services** |  |  |  |  |  |
| Altumint, Inc. | Senior Secured | December 2027 | Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | $10000 | 9964 | 10114 | (15)(17) |
| Carwow LTD | Senior Secured | December 2027 | Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee | £20511 | 28159 | 28088 | (5)(10)(14) |
| GoEuro Travel GmbH | Senior Secured | November 2029 | Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee | $48750 | 48503 | 48428 | (5)(10)(17) |
| Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 12.00% | $27207 | 27207 | 28869 | (9)(14) |
| Jobandtalent USA, Inc. | Senior Secured | October 2028 | 1-month SOFR + 0.00%, Floor rate 1.00%, PIK Interest 7.00%, 5.77% Exit Fee | $13781 | 14194 | 13487 | (5)(10)(14) |
| Plentific Ltd | Senior Secured | October 2026 | Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee | $3035 | 3037 | 3076 | (5)(10)(13) |
| Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $15000 | 15199 | 15256 | (15) |
| Riviera Partners LLC | Senior Secured | March 2028 | 3-month SOFR + 8.28%, Floor rate 9.28% | $36309 | 35981 | 34988 | (18) |
| RVShare, LLC | Senior Secured | December 2026 | 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | $29404 | 29226 | 28731 | (13)(14)(15) |
| SeatGeek, Inc. | Senior Secured | May 2026 | Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.50% Exit Fee | $25391 | 25720 | 25720 | (11)(14)(16) |
|  | Senior Secured | July 2026 | Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.50% Exit Fee | $78235 | 78115 | 78115 | (12)(14)(16) |
| &nbsp;&nbsp;Total SeatGeek, Inc. |  |  |  | $103626 | 103835 | 103835 |  |
| Skyword, Inc. | Senior Secured | November 2027 | Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | $6646 | 6807 | 6756 | (13)(14) |
| Tectura Corporation | Senior Secured | January 2027 | FIXED 8.25% | $8250 | 8250 | 7976 | (7) |
| Thumbtack, Inc. | Senior Secured | March 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50% | $21077 | 20765 | 21331 | (11)(14)(17) |
| Veem, Inc. | Senior Secured | March 2027 | Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25% | $5431 | 5419 | 5375 | (13)(14) |
|  | Senior Secured | March 2027 | Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50% | $5454 | 5443 | 5401 | (12)(14) |
| &nbsp;&nbsp;Total Veem, Inc. |  |  |  | $10885 | 10862 | 10776 |  |
| **Subtotal: Consumer & Business Services (16.82%)\*** | **Subtotal: Consumer & Business Services (16.82%)\*** | **Subtotal: Consumer & Business Services (16.82%)\*** |  |  | **361989** | **361711** |  |
| **Defense Technologies** | **Defense Technologies** | **Defense Technologies** |  |  |  |  |  |
| Saronic Technologies, Inc. | Senior Secured | June 2030 | Prime + 2.50%, Floor rate 9.00%, 2.00% Exit Fee | $21250 | 20913 | 20912 | (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 | $115203 | 114689 | 116331 | (12)(14)(16) |
| **Subtotal: Defense Technologies (6.38%)\*** | **Subtotal: Defense Technologies (6.38%)\*** | **Subtotal: Defense Technologies (6.38%)\*** |  |  | **135602** | **137243** |  |
| **Diversified Financial Services** | **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |
| Gibraltar Acquisition, LLC | Unsecured | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $27655 | 27480 | 27480 | (7)(14)(20) |
|  | Unsecured | September 2026 | FIXED 11.95% | $10000 | 9908 | 9908 | (7)(20) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor**<sup>(1)</sup> | **Principal<br>Amount** | **Cost**<sup>(2)</sup> | **Value** | **Footnotes** |
| &nbsp;&nbsp;Total Gibraltar Acquisition, LLC |  |  |  | $37655 | $37388 | $37388 |  |
| Next Insurance, Inc. | Senior Secured | February 2028 | Prime - 1.50%, Floor rate 4.75%, PIK Interest 5.50% | $11382 | 11248 | 11777 | (13)(14)(19) |
| **Subtotal: Diversified Financial Services (2.29%)\*** | **Subtotal: Diversified Financial Services (2.29%)\*** | **Subtotal: Diversified Financial Services (2.29%)\*** |  |  | **48636** | **49165** |  |
| **Drug Discovery & Development** |  |  |  |  |  |  |  |
| Adaptimmune Therapeutics plc | Senior Secured | June 2029 | Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee | $15245 | 15253 | 15164 | (5)(10)(11)(14) |
| Akero Therapeutics, Inc. | Senior Secured | March 2027 | Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | $17500 | 17920 | 18064 | (10)(13)(17) |
| Aldeyra Therapeutics, Inc. | Senior Secured | April 2026 | Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee | $15000 | 15142 | 15142 | (11) |
| Alector, Inc. | Senior Secured | December 2028 | Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee | $7000 | 6985 | 6948 | (6)(10)(15)(17) |
| Altimmune, Inc. | Senior Secured | June 2029 | Prime + 2.45%, Floor rate 9.95%, 6.25% Exit Fee | $7500 | 7436 | 7436 | (6)(10)(15) |
| Arcus Biosciences, Inc. | Senior Secured | September 2029 | Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee | $75000 | 74873 | 77854 | (6)(10)(15)(17) |
| bluebird bio, Inc. | Senior Secured | April 2029 | Prime + 2.45%, Floor rate 9.45%, 3.20% Exit Fee  | $66477 | 65460 | 65459 |  |
| Braeburn, Inc. | Senior Secured | October 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | $53489 | 53976 | 55488 | (14) |
| COMPASS Pathways plc | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee | $24664 | 25046 | 25048 | (5)(10)(11)(14) |
| Corium, Inc. | Senior Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $86925 | 91349 | 90773 | (13) |
| Disc Medicine, Inc. | Senior Secured | December 2029 | Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee | $22500 | 22505 | 22778 | (6)(10)(15)(17) |
| Dyne Therapeutics, Inc. | Senior Secured | July 2030 | Prime + 2.45%, Floor rate 9.95%, 5.50% Exit Fee | $70000 | 69282 | 69282 | (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 | $16017 | 16256 | 16285 | (5)(10)(14) |
| Heron Therapeutics, Inc. | Senior Secured | May 2026 | Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee | $20559 | 20823 | 21596 | (14)(15)(17) |
| Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee | $5500 | 5668 | 5773 | (10)(15) |
| Madrigal Pharmaceutical, Inc. | Senior Secured | May 2027 | Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | $78200 | 80398 | 82384 | (10)(13) |
| MoonLake Immunotherapeutics | Senior Secured | April 2030 | Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee | $34500 | 34255 | 34255 | (5)(10) |
| NorthSea Therapeutics | Convertible Debt | December 2025 | FIXED 6.00% | $273 | 273 | 273 | (5)(9)(10)(17) |
| 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 | $139255 | 142990 | 143306 | (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 | $31558 | 31480 | 31716 | (14)(15)(16) |
| &nbsp;&nbsp;Total Phathom Pharmaceuticals, Inc. |  |  |  | $170813 | 174470 | 175022 |  |
| 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 | $32132 | 32740 | 33990 | (10)(12)(13)(14) |
| Savara, Inc. | Senior Secured | April 2030 | Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee | $21450 | 21408 | 21408 | (6)(10)(15) |
| SynOx Therapeutics Limited | Senior Secured | May 2027 | Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee | $4500 | 4551 | 4546 | (5)(10)(11) |
| uniQure B.V. | Senior Secured | January 2027 | Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | $35000 | 36391 | 37135 | (5)(10)(11)(12) |
| Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | $8000 | 8305 | 8474 | (10)(13) |
| X4 Pharmaceuticals, Inc. | Senior Secured | July 2027 | Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee | $75000 | 75967 | 73722 | (11)(12)(13) |
| **Subtotal: Drug Discovery & Development (45.76%)\*** | **Subtotal: Drug Discovery & Development (45.76%)\*** | **Subtotal: Drug Discovery & Development (45.76%)\*** |  |  | **976732** | **984299** |  |
| **Electronics & Computer Hardware** | **Electronics & Computer Hardware** | **Electronics & Computer Hardware** |  |  |  |  |  |
| Locus Robotics Corp. | Senior Secured | December 2028 | Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee | $48750 | 48777 | 49242 | (6)(15)(17) |
| **Subtotal: Electronics & Computer Hardware (2.29%)\*** | **Subtotal: Electronics & Computer Hardware (2.29%)\*** | **Subtotal: Electronics & Computer Hardware (2.29%)\*** |  |  | **48777** | **49242** |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor**<sup>(1)</sup> | **Principal<br>Amount** | **Cost**<sup>(2)</sup> | **Value** | **Footnotes** |
| **Healthcare Services, Other** | **Healthcare Services, Other** | **Healthcare Services, Other** | | | | | |
| Blue Sprig Pediatrics, Inc. | Senior Secured | November 2026 | 3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45% | $73860 | $73440 | $71685 | (11)(12)(13)(14) |
| Carbon Health Technologies, Inc. | Senior Secured | February 2028 | Prime + 3.10%, Floor rate 8.10%, 4.10% Exit Fee | $40491 | 41006 | 24604 | (11)(13) |
| ChenMed, LLC | Senior Secured | May 2030 | Prime + 2.45%, Floor rate 9.45%, 3.75% Exit Fee | $135000 | 132405 | 132405 | (16)(17) |
| Curana Health Holdings, LLC | Senior Secured | January 2028 | Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee | $27500 | 27910 | 28098 | (13)(19) |
| Ennoble Care LLC | Senior Secured | February 2030 | Prime + 2.60%, Floor rate 10.35%, 7.95% Exit Fee | $9000 | 8946 | 8946 | (6)(15)(17) |
| Equality Health, LLC | Senior Secured | August 2027 | Prime + 5.85%, Floor rate 9.50%, PIK Interest 1.95%, 1.27% Exit Fee | $71234 | 71409 | 71385 | (11)(12)(14) |
| Main Street Rural, Inc. | Senior Secured | July 2027 | Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | $38500 | 39562 | 39847 | (13)(15)(17) |
| Marathon Health, LLC | Senior Secured | February 2029 | Prime + 0.75%, Floor rate 8.75%, PIK Interest 2.25%, 3.00% Exit Fee | $176205 | 175816 | 175008 | (14)(16)(17) |
|  | Senior Secured | February 2029 | Prime + 3.00%, Floor rate 11.00% | $5000 | 5000 | 5000 | (16)(17) |
| &nbsp;&nbsp;Total Marathon Health, LLC |  |  |  | $181205 | 180816 | 180008 |  |
| Modern Life, Inc. | Senior Secured | February 2027 | Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | $18200 | 18488 | 18524 | (13) |
| NeueHealth, Inc. | Senior Secured | June 2028 | Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee | $25349 | 24739 | 24747 | (12)(14) |
| Recover Together, Inc. | Senior Secured | July 2027 | Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | $46500 | 47481 | 46710 | (13) |
| Strive Health Holdings, LLC | Senior Secured | September 2027 | Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | $30000 | 30075 | 31234 | (15) |
| Vida Health, Inc. | Senior Secured | October 2026 | Prime - 2.75%, Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee | $37759 | 38701 | 38421 | (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 | $28662 | 28695 | 27797 | (14)(15)(17) |
| **Subtotal: Healthcare Services, Other (34.61%)\*** | **Subtotal: Healthcare Services, Other (34.61%)\*** | **Subtotal: Healthcare Services, Other (34.61%)\*** |  |  | **763673** | **744411** |  |
| **Information Services** | **Information Services** | **Information Services** |  |  |  |  |  |
| Saama Technologies, LLC | Senior Secured | July 2027 | Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee | $19980 | 20047 | 20474 | (12)(14)(17) |
| **Subtotal: Information Services (0.95%)\*** | **Subtotal: Information Services (0.95%)\*** | **Subtotal: Information Services (0.95%)\*** |  |  | **20047** | **20474** |  |
| **Manufacturing Technology** | **Manufacturing Technology** | **Manufacturing Technology** |  |  |  |  |  |
| VulcanForms Inc. | Senior Secured | January 2028 | Prime + 4.25%, Floor rate 11.25%, 4.25% Exit Fee | $20000 | 19933 | 19933 | (11)(19) |
| **Subtotal: Manufacturing Technology (0.93%)\*** | **Subtotal: Manufacturing Technology (0.93%)\*** | **Subtotal: Manufacturing Technology (0.93%)\*** |  |  | **19933** | **19933** |  |
| **Medical Devices & Equipment** | **Medical Devices & Equipment** |  |  |  |  |  |  |
| Orchestra BioMed Holdings, Inc. | Senior Secured | November 2028 | Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee | $15000 | 14905 | 14732 | (6)(15) |
| Senseonics Holdings, Inc. | Senior Secured | September 2027 | Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee | $30625 | 31199 | 31664 | (11) |
| Sight Sciences, Inc. | Senior Secured | July 2028 | Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee | $28000 | 28109 | 28267 | (6)(12) |
| **Subtotal: Medical Devices & Equipment (3.47%)\*** | **Subtotal: Medical Devices & Equipment (3.47%)\*** | **Subtotal: Medical Devices & Equipment (3.47%)\*** |  |  | **74213** | **74663** |  |
| **Software** |  |  |  |  |  |  |  |
| Alchemer LLC | Senior Secured | May 2028 | 1-month SOFR + 8.14%, Floor rate 9.14% | $20259 | 19971 | 20258 | (13)(17)(18) |
| Allvue Systems, LLC | Senior Secured | September 2029 | 3-month SOFR + 6.25%, Floor rate 7.25% | $42564 | 41774 | 42192 | (17) |
| AlphaSense, Inc. | Senior Secured | June 2029 | 3-month SOFR + 6.25%, Floor rate 8.25% | $20000 | 19832 | 19908 | (11)(17) |
| Annex Cloud | Senior Secured | June 2028 | PIK Interest 3-month SOFR + 10.00%, Floor rate 11.00% | $5642 | 5642 | 4232 | (8)(13)(18) |
|  | Senior Secured | December 2025 | PIK Interest 3-month SOFR + 10.00%, Floor rate 11.00% | $2400 | 2400 | 2400 | (8)(17)(18) |
|  | Senior Secured | June 2028 | PIK Interest 3-month SOFR + 5.73%, Floor rate 6.73% | $1716 | 1717 | 1287 | (8)(18) |
| &nbsp;&nbsp;Total Annex Cloud |  |  |  | $9758 | 9759 | 7919 |  |
| Armis, Inc. | Senior Secured | March 2028 | Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee | $51248 | 51191 | 51696 | (12)(14) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor**<sup>(1)</sup> | **Principal<br>Amount** | **Cost**<sup>(2)</sup> | **Value** | **Footnotes** |
|  | Senior Secured | March 2028 | Prime + 1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee | $50405 | $50087 | $50204 | (11)(14) |
| &nbsp;&nbsp;Total Armis, Inc. |  |  |  | $101653 | 101278 | 101900 |  |
| Babel Street | Senior Secured | December 2027 | 3-month SOFR + 8.01%, Floor rate 9.01% | $65009 | 63915 | 64319 | (15)(17)(18) |
| Behavox Limited | Senior Secured | September 2027 | Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee | $19151 | 19102 | 19034 | (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 | $32415 | 32273 | 32749 | (13)(14) |
| Carbyne, Inc. | Senior Secured | February 2029 | Prime + 3.50%, Floor rate 10.00%, 3.50% Exit Fee | $7450 | 7389 | 7389 | (17) |
| Ceros, Inc. | Senior Secured | September 2026 | 3-month SOFR + 8.99%, Floor rate 9.89% | $22762 | 22582 | 22370 | (18) |
| Chainalysis, Inc. | Senior Secured | June 2029 | Prime + 2.95%, Floor rate 10.45% | $40151 | 39565 | 39565 |  |
| CoreView USA, Inc. | Senior Secured | January 2029 | Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee | $25000 | 24882 | 24910 | (6)(17) |
| Coronet Cyber Security Ltd. | Senior Secured | October 2028 | Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85% | $8849 | 8717 | 8540 | (14)(17) |
| Dashlane, Inc. | Senior Secured | December 2027 | Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee | $45730 | 47194 | 48138 | (11)(13)(14)(19) |
| Dispatch Technologies, Inc. | Senior Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $8480 | 8341 | 8205 | (17)(18) |
| Distributed Creation Inc. | Senior Secured | April 2029 | Prime + 3.00%, Floor rate 10.25%, 4.50% Exit Fee | $25000 | 24665 | 24665 | (17) |
| DocPlanner | Senior Secured | January 2030 | Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee | 68200 | 69512 | 79580 | (5)(10)(17) |
| DroneDeploy, Inc. | Senior Secured | November 2028 | Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee | $9375 | 9331 | 9592 | (13)(17) |
| Earnix, Inc. | Senior Secured | June 2029 | Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45% | $19602 | 19316 | 19471 | (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 | $13486 | 13096 | 13096 | (11)(14)(19) |
| Fortified Health Security | Senior Secured | December 2027 | 1-month SOFR + 7.69%, Floor rate 8.54% | $6965 | 6864 | 6982 | (11)(17)(18) |
| 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 | $30476 | 30185 | 30434 | (14)(17)(19) |
| iGrafx, LLC | Senior Secured | May 2027 | 1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee | $4924 | 4871 | 4845 | (18) |
| iSpot.tv, Inc. | Senior Secured | January 2029 | Prime + 2.25%, Floor rate 8.75%, PIK Interest 1.00%, 5.70% Exit Fee | $8278 | 8227 | 8227 | (14)(17) |
|  | Senior Secured | January 2029 | Prime + 1.40%, Floor rate 8.75%, PIK Interest 0.75%, 4.50% Exit Fee | $29274 | 29031 | 29031 | (12)(14)(17) |
| &nbsp;&nbsp;Total iSpot.tv, Inc. |  |  |  | $37552 | 37258 | 37258 |  |
| Kaseware, Inc. | Senior Secured | May 2030 | 3-month SOFR + 7.30%, Floor rate 8.30% | $12000 | 11791 | 11791 | (6)(15)(17)(18) |
| Khoros, LLC | Senior Secured | May 2030 | FIXED 10.00% | $11704 | 11703 | 11703 |  |
| Leapwork ApS | Senior Secured | February 2026 | Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee | $8973 | 9073 | 9073 | (5)(10)(12)(14) |
| LinenMaster, LLC | Senior Secured | August 2028 | 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15% | $15601 | 15386 | 15557 | (12)(14)(17) |
| Loftware, Inc. | Senior Secured | March 2028 | 3-month SOFR + 7.88%, Floor rate 8.88% | $29884 | 29391 | 29883 | (17)(18) |
| LogicSource | Senior Secured | July 2027 | 1-month SOFR + 8.93%, Floor rate 9.93% | $12322 | 12189 | 12322 | (17)(18) |
| LogRhythm, Inc. | Senior Secured | July 2029 | 3-month SOFR + 7.50%, Floor rate 8.50% | $25000 | 24364 | 24480 | (17) |
| Marigold Group, Inc. | Senior Secured | November 2026 | PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55% | $41775 | 41388 | 35787 | (13)(14)(19) |
| Mobile Solutions Services | Senior Secured | December 2025 | 6-month SOFR + 9.31%, Floor rate 10.06% | $18366 | 18304 | 17922 | (18) |
| Morphisec Information Security 2014 Ltd. | Senior Secured | October 2027 | Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee | $11500 | 11464 | 11494 | (5)(10) |
| New Relic, Inc. | Senior Secured | November 2030 | 1-month SOFR + 6.75%, Floor rate 7.75% | $21890 | 21432 | 21656 | (17) |
| Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $7519 | 7394 | 7519 | (11)(17)(18) |
| PayIt, LLC | Senior Secured | December 2028 | Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee | $20115 | 19996 | 19752 | (6)(14)(15)(17)(19) |
| Pindrop Security, Inc. | Senior Secured | June 2029 | Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee | $31000 | 30659 | 31446 | (15)(17) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor**<sup>(1)</sup> | **Principal<br>Amount** | **Cost**<sup>(2)</sup> | **Value** | **Footnotes** |
| Remodel Health Holdco, LLC | Senior Secured | December 2028 | Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee | $25000 | $24917 | $24886 | (6)(15) |
| Reveleer | Senior Secured | February 2027 | Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee | $49547 | 49944 | 50295 | (6)(14)(15) |
| Semperis Technologies Inc. | Senior Secured | April 2028 | Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25% | $23127 | 22877 | 23692 | (11)(14)(19) |
|  | Senior Secured | April 2028 | Prime - 0.50%, Floor rate 8.00%, PIK Interest 3.85% | $11250 | 11036 | 11185 | (19) |
| &nbsp;&nbsp;Total Semperis Technologies Inc. |  |  |  | $34377 | 33913 | 34877 |  |
| ShadowDragon, LLC | Senior Secured | December 2026 | 3-month SOFR + 8.82%, Floor rate 9.72% | $6000 | 5937 | 5938 | (17)(18) |
| Simon Data, Inc. | Senior Secured | March 2027 | Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 3.57% Exit Fee | $12251 | 12388 | 12136 | (12)(14) |
| Sisense Ltd. | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee | $32293 | 33013 | 33080 | (5)(10)(14) |
| Smartsheet Inc. | Senior Secured | January 2031 | 3-month SOFR + 6.50%, Floor rate 7.25% | $46785 | 45898 | 45898 | (17) |
| Snappt, Inc. | Senior Secured | April 2029 | Prime + 2.35%, Floor rate 8.85%, PIK Interest 1.00%, 4.25% Exit Fee | $20037 | 19858 | 19858 | (6)(14)(15) |
| Streamline Healthcare Solutions | Senior Secured | June 2030 | 3-month SOFR + 7.30%, Floor rate 8.30% | $21000 | 20354 | 20354 | (6)(11)(13)(15)(17) (18) |
| Sumo Logic, Inc. | Senior Secured | May 2030 | 6-month SOFR + 6.50%, Floor rate 7.50% | $23000 | 22554 | 22559 | (17) |
| Suzy, Inc. | Senior Secured | August 2027 | Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee | $24582 | 24453 | 24919 | (6)(14)(15) |
| TaxCalc | Senior Secured | November 2029 | Daily SONIA + 8.17%, Floor rate 8.67% | £8250 | 10533 | 11001 | (5)(10)(17)(18) |
| Tipalti Solutions Ltd. | Senior Secured | April 2029 | Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30% | $75317 | 74908 | 74908 | (14)(16) |
|  | Senior Secured | April 2029 | Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%, 3.75% Exit Fee | $42177 | 42027 | 42027 | (14)(16) |
| &nbsp;&nbsp;Total Tipalti Solutions Ltd. |  |  |  | $117494 | 116935 | 116935 |  |
| Ushur, Inc. | Senior Secured | June 2028 | Prime + 2.20%, Floor rate 9.20%, 3.95% Exit Fee | $14400 | 14054 | 14054 | (6)(15)(17) |
| Zappi, Inc. | Senior Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $12664 | 12488 | 12671 | (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 | $16248 | 15939 | 15939 | (6)(14)(15)(17) |
| Zimperium, Inc. | Senior Secured | May 2027 | 3-month SOFR + 8.31%, Floor rate 9.31% | $14790 | 14650 | 14429 | (17)(18) |
| **Subtotal: Software (66.64%)\*** | **Subtotal: Software (66.64%)\*** | **Subtotal: Software (66.64%)\*** |  |  | **1424034** | **1433533** |  |
| **Space Technologies** |  |  |  |  |  |  |  |
| Stoke Space Technologies, Inc. | Senior Secured | May 2029 | Prime + 1.00%, Floor rate 7.50%, PIK Interest 2.00%, 5.25% Exit Fee | $15469 | 14798 | 14798 | (6)(15) |
| **Subtotal: Space Technologies (0.69%)\*** | **Subtotal: Space Technologies (0.69%)\*** | **Subtotal: Space Technologies (0.69%)\*** |  |  | **14798** | **14798** |  |
| **Sustainable and Renewable Technology** | **Sustainable and Renewable Technology** | **Sustainable and Renewable Technology** |  |  |  |  |  |
| Electric Hydrogen Co. | Senior Secured | May 2028 | Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee | $20255 | 20053 | 20182 | (14)(15)(19) |
| **Subtotal: Sustainable and Renewable Technology (0.94%)\*** | **Subtotal: Sustainable and Renewable Technology (0.94%)\*** | **Subtotal: Sustainable and Renewable Technology (0.94%)\*** |  |  | **20053** | **20182** |  |
| **Total: Debt Investments (184.96%)\*** | **Total: Debt Investments (184.96%)\*** | **Total: Debt Investments (184.96%)\*** |  |  | $**3977288** | $**3978695** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| **Equity Investments** | | | | | | | |
| **Biotechnology Tools** | | | | | | | |
| Alamar Biosciences, Inc. | Equity | 2/21/2024 | Preferred Series C | 503778 | $1500 | $876 |  |
| **Subtotal: Biotechnology Tools (0.04%)\*** | **Subtotal: Biotechnology Tools (0.04%)\*** | **Subtotal: Biotechnology Tools (0.04%)\*** |  |  | **1500** | **876** |  |
| **Consumer & Business Products** |  |  |  |  |  |  |  |
| Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42989 | 128 | 19 |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
|  | Equity | 7/16/2013 | Preferred Series B | 130191 | $1101 | $165 |  |
| &nbsp;&nbsp;Total Fabletics, Inc. |  |  |  | 173180 | 1229 | 184 |  |
| Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12260 | 433 | 14 | (4) |
| Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172328 | 13 | 122 |  |
| **Subtotal: Consumer & Business Products (0.01%)\*** | **Subtotal: Consumer & Business Products (0.01%)\*** |  |  |  | **1675** | **320** |  |
| **Consumer & Business Services** |  |  |  |  |  |  |  |
| Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 216073 | 1151 | 781 | (5)(10) |
| Jobandtalent USA, Inc. | Equity | 2/11/2025 | Preferred Series F | 47754 | 563 | 518 | (5)(10) |
| Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100738 | 5263 | 1588 | (4) |
| Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100000 | 1000 | 163 | (4) |
| OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286080 | 1663 | 493 |  |
|  | Equity | 10/25/2016 | Preferred Series A-1 | 108710 | 632 | 188 |  |
| &nbsp;&nbsp;Total OfferUp, Inc. |  |  |  | 394790 | 2295 | 681 |  |
| Oportun | Equity | 6/28/2013 | Common Stock | 48365 | 577 | 346 | (4) |
| Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3095 | 39 |  |  |
| Rhino Labs, Inc. | Equity | 1/24/2022 | Common Stock | 7063 | 1000 |  |  |
| Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414994863 | 900 |  | (7) |
|  | Equity | 6/6/2016 | Preferred Series BB | 1000000 |  | 1 | (7) |
|  | Equity | 12/29/2023 | Preferred Series C | 3235298 | 13263 | 2041 | (7) |
| &nbsp;&nbsp;Total Tectura Corporation |  |  |  | 419230161 | 14163 | 2042 |  |
| Worldremit Group Limited | Equity | 6/24/2024 | Preferred Series X | 9737 | 922 | 867 | (5)(10) |
| **Subtotal: Consumer & Business Services (0.32%)\*** | **Subtotal: Consumer & Business Services (0.32%)\*** |  |  |  | **26973** | **6986** |  |
| **Defense Technologies** |  |  |  |  |  |  |  |
| Shield AI, Inc. | Equity | 2/7/2025 | Preferred Series F1 | 28900 | 2250 | 1997 | (16) |
| **Subtotal: Defense Technologies (0.09%)\*** | **Subtotal: Defense Technologies (0.09%)\*** | **Subtotal: Defense Technologies (0.09%)\*** |  |  | **2250** | **1997** |  |
| **Diversified Financial Services** |  |  |  |  |  |  |  |
| Gibraltar Acquisition, LLC | Equity | 3/1/2018 | Member Units | 1 | 33406 | 22955 | (7)(20) |
| Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 | 12035 | 44222 | (7)(23) |
| Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210282 | 403 | 498 |  |
| **Subtotal: Diversified Financial Services (3.15%)\*** | **Subtotal: Diversified Financial Services (3.15%)\*** | **Subtotal: Diversified Financial Services (3.15%)\*** |  |  | **45844** | **67675** |  |
| **Drug Delivery** | **Drug Delivery** | **Drug Delivery** |  |  |  |  |  |
| Aytu BioScience, Inc. | Equity | 3/28/2014 | Common Stock | 680 | 1500 | 2 | (4) |
| BioQ Pharma Incorporated | Equity | 12/8/2015 | Preferred Series D | 165000 | 500 |  |  |
| PDS Biotechnology Corporation | Equity | 4/6/2015 | Common Stock | 2498 | 309 | 3 | (4) |
| Talphera, Inc. | Equity | 12/10/2018 | Common Stock | 8836 | 1329 | 4 | (4) |
| **Subtotal: Drug Delivery (0.00%)\*** | **Subtotal: Drug Delivery (0.00%)\*** | **Subtotal: Drug Delivery (0.00%)\*** |  |  | **3638** | **9** |  |
| **Drug Discovery & Development** | **Drug Discovery & Development** | **Drug Discovery & Development** |  |  |  |  |  |
| Akero Therapeutics, Inc. | Equity | 3/8/2024 | Common Stock | 34483 | 1000 | 1840 | (4)(10) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| Arcus Biosciences, Inc. | Equity | 2/19/2025 | Common Stock | 204545 | $2250 | $1665 | (4)(10) |
| Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 42 | 1000 |  | (4) |
| Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127021 | 4165 | 13260 | (4)(10) |
| Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98100 | 1871 | 682 | (4)(5)(10) |
| BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231329 | 2255 | 9989 | (4) |
| Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 1129 | 1000 | 3 | (4) |
| Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20000 | 550 | 198 | (4)(10) |
| Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364963 | 500 | 756 | (4) |
| Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3466840 | 4250 | 70 | (15) |
| HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235295 | 4000 | 468 | (4) |
| Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47826 | 550 | 276 | (4)(10) |
| Madrigal Pharmaceutical, Inc. | Equity | 9/29/2023 | Common Stock | 5100 | 773 | 1544 | (4)(10) |
| NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 | 2000 | 1190 | (5)(10) |
| Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147233 | 1730 | 1412 | (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 | 1500 | 2 | (4) |
| Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11119 | 203 | 25 | (4) |
| uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17175 | 332 | 239 | (4)(5)(10) |
| Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510308 | 3000 | 930 |  |
|  | Equity | 10/31/2022 | Preferred Series C | 170102 | 1000 | 684 |  |
| &nbsp;&nbsp;Total Valo Health, LLC |  |  |  | 680410 | 4000 | 1614 |  |
| Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208588 | 1500 | 1475 |  |
| Viridian Therapeutics, Inc. | Equity | 11/6/2023 | Common Stock | 32310 | 400 | 452 | (4)(10) |
| X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 52202 | 2945 | 99 | (4) |
| **Subtotal: Drug Discovery & Development (1.73%)\*** | **Subtotal: Drug Discovery & Development (1.73%)\*** | **Subtotal: Drug Discovery & Development (1.73%)\*** |  |  | **38816** | **37259** |  |
| **Electronics & Computer Hardware** | **Electronics & Computer Hardware** | **Electronics & Computer Hardware** |  |  |  |  |  |
| Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15116 | 650 | 304 |  |
| Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248900 | 1500 | 653 |  |
| **Subtotal: Electronics & Computer Hardware (0.04%)\*** | **Subtotal: Electronics & Computer Hardware (0.04%)\*** | **Subtotal: Electronics & Computer Hardware (0.04%)\*** |  |  | **2150** | **957** |  |
| **Healthcare Services, Other** | **Healthcare Services, Other** | **Healthcare Services, Other** |  |  |  |  |  |
| 23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 41287 | 5095 | 205 | (4) |
| Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Common Stock | 390809 | 1910 |  |  |
| Click Therapeutics, Inc. | Equity | 5/20/2024 | Common Stock | 560000 | 1662 | 1941 | (15) |
| Curana Health Holdings, LLC | Equity | 5/13/2024 | Common Units | 1114380 | 2500 | 2769 |  |
| Main Street Rural, Inc. | Equity | 10/28/2024 | Preferred Series D | 496 | 874 | 1065 |  |
| Strive Health Holdings, LLC | Equity | 6/27/2025 | Common Units | 82043 | 599 | 664 |  |
| WellBe Senior Medical, LLC | Equity | 6/10/2024 | Common Units | 181163 | 1600 | 2015 |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| **Subtotal: Healthcare Services, Other (0.40%)\*** | **Subtotal: Healthcare Services, Other (0.40%)\*** | **Subtotal: Healthcare Services, Other (0.40%)\*** |  |  | $**14240** | $**8659** |  |
| **Information Services** |  |  |  |  |  |  |  |
| Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41021 | 3825 | 3755 |  |
| **Subtotal: Information Services (0.17%)\*** | **Subtotal: Information Services (0.17%)\*** | **Subtotal: Information Services (0.17%)\*** |  |  | **3825** | **3755** |  |
| **Medical Devices & Equipment** | **Medical Devices & Equipment** |  |  |  |  |  |  |
| Coronado Aesthetics, LLC | Equity | 10/15/2021 | Common Units | 180000 |  | 1 | (7) |
|  | Equity | 10/15/2021 | Preferred Series A-2 | 5000000 | 250 | 312 | (7) |
| &nbsp;&nbsp;Total Coronado Aesthetics, LLC |  |  |  | 5180000 | 250 | 313 |  |
| **Subtotal: Medical Devices & Equipment (0.01%)\*** | **Subtotal: Medical Devices & Equipment (0.01%)\*** | **Subtotal: Medical Devices & Equipment (0.01%)\*** |  |  | **250** | **313** |  |
| **Semiconductors** | **Semiconductors** |  |  |  |  |  |  |
| Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277995 | 160 | 62 |  |
|  | Equity | 6/26/2015 | Preferred Series D-2 | 497767 | 7 | 190 |  |
| &nbsp;&nbsp;Total Achronix Semiconductor Corporation |  |  |  | 775762 | 167 | 252 |  |
| **Subtotal: Semiconductors (0.01%)\*** | **Subtotal: Semiconductors (0.01%)\*** | **Subtotal: Semiconductors (0.01%)\*** |  |  | **167** | **252** |  |
| **Software** | **Software** | **Software** |  |  |  |  |  |
| Armis, Inc. | Equity | 10/18/2024 | Preferred Series D | 294213 | 2000 | 1648 |  |
| Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 | 2713 | 2713 | (21) |
| CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53614 | 51 |  |  |
| Contentful Global, Inc. | Equity | 12/22/2020 | Preferred Series C | 41000 | 138 | 357 | (5)(10) |
|  | Equity | 11/20/2018 | Preferred Series D | 108500 | 500 | 986 | (5)(10) |
| &nbsp;&nbsp;Total Contentful Global, Inc. |  |  |  | 149500 | 638 | 1343 |  |
| DNAnexus, Inc. | Equity | 3/21/2014 | Preferred Series C | 51948 | 97 | 4 |  |
| Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20000 | 4284 | 214 |  |
| Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458841 | 1000 | 5923 |  |
|  | Equity | 8/24/2017 | Preferred Series 3 | 93620 | 300 | 1222 |  |
| &nbsp;&nbsp;Total Druva Holdings, Inc. |  |  |  | 552461 | 1300 | 7145 |  |
| HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 | 307 |  |  |
| Khoros, LLC | Equity | 5/23/2025 | Earnout Interest | N/A | 5242 | 5242 | (24) |
| Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183073 | 250 | 124 | (5)(10) |
| Lightbend, Inc. | Equity | 12/4/2020 | Common Stock | 38461 | 266 | 29 |  |
| Nextdoor.com, Inc. | Equity | 8/1/2018 | Common Stock | 1019255 | 4854 | 1692 | (4) |
| SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580983 | 2000 | 2265 |  |
|  | Equity | 8/12/2021 | Preferred Series F | 52956 | 280 | 241 |  |
| &nbsp;&nbsp;Total SingleStore, Inc. |  |  |  | 633939 | 2280 | 2506 |  |
| SirionLabs Pte. Ltd. | Equity | 6/30/2024 | Preferred Series F1 | 152250 | 1791 | 1915 | (5)(10) |
| Verana Health, Inc. | Equity | 7/8/2021 | Common Stock | 23814 | 2000 |  |  |
| **Subtotal: Software (1.14%)\*** | **Subtotal: Software (1.14%)\*** | **Subtotal: Software (1.14%)\*** |  |  | **28073** | **24575** |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| **Sustainable and Renewable Technology** | **Sustainable and Renewable Technology** | | | | | | |
| Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188611 | $2000 | $101 |  |
| Modumetal, Inc. | Equity | 6/1/2015 | Common Stock | 1035 | 500 |  |  |
| Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593080 | 4500 | 2017 |  |
| SUNation Energy, Inc. | Equity | 12/10/2020 | Common Stock | 3 | 3153 |  | (4) |
| **Subtotal: Sustainable and Renewable Technology (0.10%)\*** | **Subtotal: Sustainable and Renewable Technology (0.10%)\*** | **Subtotal: Sustainable and Renewable Technology (0.10%)\*** |  |  | **10153** | **2118** |  |
| **Total: Equity Investments (7.24%)\*** | **Total: Equity Investments (7.24%)\*** | **Total: Equity Investments (7.24%)\*** |  |  | $**179554** | $**155751** |  |
| **Warrant Investments** |  |  |  |  |  |  |  |
| **Biotechnology Tools** |  |  |  |  |  |  |  |
| Alamar Biosciences, Inc. | Warrant | 6/21/2022 | Preferred Series C | 75567 | 36 | 58 |  |
| PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53418 | 460 | 61 | (12) |
| **Subtotal: Biotechnology Tools (0.01%)\*** | **Subtotal: Biotechnology Tools (0.01%)\*** | **Subtotal: Biotechnology Tools (0.01%)\*** |  |  | **496** | **119** |  |
| **Communications & Networking** | **Communications & Networking** | **Communications & Networking** |  |  |  |  |  |
| Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 486097 | 242 | 168 | (12) |
| **Subtotal: Communications & Networking (0.01%)\*** | **Subtotal: Communications & Networking (0.01%)\*** | **Subtotal: Communications & Networking (0.01%)\*** |  |  | **242** | **168** |  |
| **Consumer & Business Products** | **Consumer & Business Products** | **Consumer & Business Products** |  |  |  |  |  |
| Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1662441 | 228 |  |  |
| Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686270 | 17 | 912 |  |
| **Subtotal: Consumer & Business Products (0.04%)\*** | **Subtotal: Consumer & Business Products (0.04%)\*** | **Subtotal: Consumer & Business Products (0.04%)\*** |  |  | **245** | **912** |  |
| **Consumer & Business Services** | **Consumer & Business Services** | **Consumer & Business Services** |  |  |  |  |  |
| Altumint, Inc. | Warrant | 10/31/2024 | Common Stock | 1701 | 127 | 107 | (15) |
| Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174163 | 164 | 100 | (5)(10) |
|  | Warrant | 2/13/2024 | Preferred Series D-4 | 109257 | 20 | 24 | (5)(10) |
| &nbsp;&nbsp;Total Carwow LTD |  |  |  | 283420 | 184 | 124 |  |
| Houzz, Inc. | Warrant | 10/29/2019 | Common Stock | 529661 | 20 |  |  |
| Landing Holdings Inc. | Warrant | 3/12/2021 | Common Stock | 11806 | 116 | 53 | (15) |
| Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127032 | 39 | 5 |  |
| Plentific Ltd | Warrant | 10/3/2023 | Ordinary Shares | 27298 | 60 | 29 | (5)(10) |
| Provi | Warrant | 12/22/2022 | Common Stock | 117042 | 166 | 2 | (15) |
| Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13106 | 470 |  | (15) |
| SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1604724 | 1242 | 4918 | (12)(16) |
| Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1607143 | 57 | 17 |  |
|  | Warrant | 8/23/2019 | Preferred Series B | 444444 | 83 | 1 |  |
| &nbsp;&nbsp;Total Skyword, Inc. |  |  |  | 2051587 | 140 | 18 |  |
| Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600000 | 16 |  |  |
|  | Warrant | 6/30/2016 | Preferred Series A | 1800000 | 782 |  |  |
|  | Warrant | 8/1/2018 | Preferred Series B | 1211537 | 62 |  |  |
| &nbsp;&nbsp;Total Snagajob.com, Inc. |  |  |  | 3611537 | 860 |  |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 343497 | $985 | $1210 |  |
| Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98428 | 126 | 7 | (12) |
| Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77215 | 129 | 63 | (5)(10) |
|  | Warrant | 8/27/2021 | Preferred Series E | 1868 | 26 |  | (5)(10) |
| &nbsp;&nbsp;Total Worldremit Group Limited |  |  |  | 79083 | 155 | 63 |  |
| **Subtotal: Consumer & Business Services (0.30%)\*** | **Subtotal: Consumer & Business Services (0.30%)\*** | **Subtotal: Consumer & Business Services (0.30%)\*** |  |  | **4690** | **6536** |  |
| **Defense Technologies** | **Defense Technologies** | **Defense Technologies** |  |  |  |  |  |
| Saronic Technologies, Inc. | Warrant | 6/9/2025 | Preferred Series C | 109757 | 726 | 751 | (6)(15) |
| **Subtotal: Defense Technologies (0.03%)\*** | **Subtotal: Defense Technologies (0.03%)\*** | **Subtotal: Defense Technologies (0.03%)\*** |  |  | **726** | **751** |  |
| **Diversified Financial Services** | **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |
| Next Insurance, Inc. | Warrant | 2/3/2023 | Common Stock | 522930 | 214 | 1270 |  |
| **Subtotal: Diversified Financial Services (0.06%)\*** | **Subtotal: Diversified Financial Services (0.06%)\*** | **Subtotal: Diversified Financial Services (0.06%)\*** |  |  | **214** | **1270** |  |
| **Drug Discovery & Development** |  |  |  |  |  |  |  |
| Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 32129 | 330 | 1107 | (4)(10) |
| Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 61004 | 1290 | 2307 | (4)(10)(12) |
| Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100000 | 287 | 35 | (15) |
| Century Therapeutics, Inc. | Warrant | 9/14/2020 | Common Stock | 16112 | 37 |  | (4) |
| COMPASS Pathways plc | Warrant | 6/30/2023 | Ordinary Shares | 75376 | 278 | 26 | (4)(5)(10) |
| Curevo, Inc. | Warrant | 6/9/2023 | Common Stock | 95221 | 233 | 137 | (15) |
| enGene, Inc. | Warrant | 12/22/2023 | Common Stock | 43689 | 118 | 36 | (4)(5)(10) |
| Heron Therapeutics, Inc. | Warrant | 8/9/2023 | Common Stock | 238095 | 228 | 211 | (4)(15) |
| Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14342 | 88 | 3 | (4)(10)(15) |
| Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 13229 | 570 | 2011 | (4)(10) |
| Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64687 | 848 | 51 | (4)(10)(12)(15)(16) |
| Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475510 | 20 | 16 | (15) |
| Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106035 | 296 |  | (4) |
| SynOx Therapeutics Limited | Warrant | 4/18/2024 | Preferred Series B | 251195 | 83 | 76 | (5)(10) |
| TG Therapeutics, Inc. | Warrant | 12/30/2021 | Common Stock | 117168 | 721 | 2035 | (4)(10) |
| Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102216 | 256 | 29 |  |
| X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 46424 | 510 | 1 | (4) |
| **Subtotal: Drug Discovery & Development (0.38%)\*** | **Subtotal: Drug Discovery & Development (0.38%)\*** | **Subtotal: Drug Discovery & Development (0.38%)\*** |  |  | **6193** | **8081** |  |
| **Electronics & Computer Hardware** | **Electronics & Computer Hardware** |  |  |  |  |  |  |
| 908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49078 | 101 | 68 | (4) |
| Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8503 | 34 | 46 |  |
| Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622255 | 557 | 353 |  |
| **Subtotal: Electronics & Computer Hardware (0.02%)\*** | **Subtotal: Electronics & Computer Hardware (0.02%)\*** | **Subtotal: Electronics & Computer Hardware (0.02%)\*** |  |  | **692** | **467** |  |
| **Healthcare Services, Other** | **Healthcare Services, Other** | **Healthcare Services, Other** |  |  |  |  |  |
| Curana Health Holdings, LLC | Warrant | 1/4/2024 | Common Units | 447410 | 156 | 594 |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 52665 | $210 | $118 |  |
| NeueHealth, Inc. | Warrant | 6/21/2024 | Common Stock | 185625 | 716 | 959 | (4)(12) |
| Recover Together, Inc. | Warrant | 7/3/2023 | Common Stock | 194830 | 382 | 68 |  |
| Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 129400 | 278 | 381 | (15) |
| Vida Health, Inc. | Warrant | 3/28/2022 | Preferred Series E | 192431 | 120 | 12 |  |
| **Subtotal: Healthcare Services, Other (0.10%)\*** | **Subtotal: Healthcare Services, Other (0.10%)\*** | **Subtotal: Healthcare Services, Other (0.10%)\*** |  |  | **1862** | **2132** |  |
| **Information Services** | **Information Services** |  |  |  |  |  |  |
| NetBase Quid, Inc. | Warrant | 8/22/2017 | Preferred Series 1 | 60000 | 356 |  |  |
| Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 129638 | 57 | 4 | (5)(10) |
| **Subtotal: Information Services (0.00%)\*** | **Subtotal: Information Services (0.00%)\*** | **Subtotal: Information Services (0.00%)\*** |  |  | **413** | **4** |  |
| **Manufacturing Technology** | **Manufacturing Technology** |  |  |  |  |  |  |
| Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392308 | 537 | 523 |  |
| MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1111111 | 528 | 152 |  |
| VulcanForms Inc. | Warrant | 1/30/2025 | Common Stock | 83262 | 37 | 42 |  |
| **Subtotal: Manufacturing Technology (0.03%)\*** | **Subtotal: Manufacturing Technology (0.03%)\*** | **Subtotal: Manufacturing Technology (0.03%)\*** |  |  | **1102** | **717** |  |
| **Media/Content/Info** | **Media/Content/Info** |  |  |  |  |  |  |
| Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369370 | 67 | 157 |  |
| **Subtotal: Media/Content/Info (0.01%)\*** | **Subtotal: Media/Content/Info (0.01%)\*** | **Subtotal: Media/Content/Info (0.01%)\*** |  |  | **67** | **157** |  |
| **Medical Devices & Equipment** | **Medical Devices & Equipment** |  |  |  |  |  |  |
| Orchestra BioMed Holdings, Inc. | Warrant | 11/6/2024 | Common Stock | 52264 | 180 | 50 | (4)(6)(15) |
| Outset Medical, Inc. | Warrant | 9/27/2013 | Common Stock | 4185 | 401 | 12 | (4) |
| Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 1032718 | 276 | 183 | (4) |
| Sight Sciences, Inc. | Warrant | 1/22/2024 | Common Stock | 113247 | 363 | 215 | (4)(6)(12) |
| Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15712 | 61 |  | (4) |
| **Subtotal: Medical Devices & Equipment (0.02%)\*** | **Subtotal: Medical Devices & Equipment (0.02%)\*** | **Subtotal: Medical Devices & Equipment (0.02%)\*** |  |  | **1281** | **460** |  |
| **Semiconductors** |  |  |  |  |  |  |  |
| Achronix Semiconductor Corporation | Warrant | 1/11/2017 | Preferred Series D-2 | 250000 | 92 | 93 |  |
| **Subtotal: Semiconductors (0.00%)\*** | **Subtotal: Semiconductors (0.00%)\*** | **Subtotal: Semiconductors (0.00%)\*** |  |  | **92** | **93** |  |
| **Software** | **Software** |  |  |  |  |  |  |
| Annex Cloud | Warrant | 6/5/2025 | Common Units | 50000 |  |  |  |
| Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254778 | 448 | 352 |  |
| Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29691 | 284 | 617 |  |
| Brain Corporation | Warrant | 10/4/2021 | Common Stock | 435396 | 215 | 163 |  |
| Carbyne, Inc. | Warrant | 2/24/2025 | Ordinary Shares | 11408 | 24 | 29 |  |
| CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211342 | 117 | 2 |  |
| Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477454 | 71 |  |  |
| Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6763 | 54 | 900 | (5)(10) |
| Coronet Cyber Security Ltd. | Warrant | 9/26/2024 | Ordinary Shares | 39183 | 254 | 197 |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105350 | $462 | $1794 | (4) |
| Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102898 | 26 | 54 | (5)(10) |
| Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 770838 | 461 | 1280 |  |
| Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727047 | 545 | 141 |  |
| Distributed Creation Inc. | Warrant | 4/21/2025 | Common Stock | 104622 | 180 | 215 |  |
| Dragos, Inc. | Warrant | 6/28/2023 | Common Stock | 57528 | 1575 | 1164 |  |
| DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95911 | 278 | 468 |  |
| Earnix, Inc. | Warrant | 6/6/2024 | Common Stock | 20762 | 220 | 329 |  |
| Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 612166 | 739 | 293 |  |
| First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75917 | 96 | 12 |  |
| Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84995 | 325 | 261 |  |
| Harness, Inc. | Warrant | 3/12/2024 | Common Stock | 193618 | 534 | 578 |  |
| Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64293 | 208 | 51 |  |
| Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 93211 | 39 | 35 | (5)(10)(12) |
| Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series LB-2 | 86984 | 131 | 32 |  |
| Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82362 | 252 | 362 |  |
| Morphisec Information Security 2014 Ltd. | Warrant | 10/1/2024 | Ordinary Shares | 200115 | 104 | 118 | (5)(10) |
| Pindrop Security, Inc. | Warrant | 6/26/2024 | Common Stock | 134542 | 494 | 425 | (15) |
| Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69120 | 215 | 471 |  |
| Semperis Technologies Inc. | Warrant | 4/23/2024 | Common Stock | 144244 | 337 | 456 |  |
| Simon Data, Inc. | Warrant | 3/22/2023 | Common Stock | 77934 | 96 | 18 | (12) |
| SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312596 | 103 | 675 |  |
| Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321956 | 174 | 75 | (5)(10) |
| Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292936 | 367 | 238 | (6)(15) |
| Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 509753 | 360 | 273 | (10)(16) |
|  | Warrant | 3/27/2025 | Ordinary Shares | 473266 | 136 | 118 | (16) |
| &nbsp;&nbsp;Total Tipalti Solutions Ltd. |  |  |  | 983019 | 496 | 391 |  |
| Ushur, Inc. | Warrant | 6/5/2025 | Common Stock | 1603911 | 265 | 253 | (6)(15) |
| VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152048 | 1275 | 51 | (15) |
| ZeroEyes, Inc. | Warrant | 5/6/2025 | Common Stock | 26422 | 132 | 109 | (6)(15) |
| **Subtotal: Software (0.59%)\*** | **Subtotal: Software (0.59%)\*** | **Subtotal: Software (0.59%)\*** |  |  | **11596** | **12609** |  |
| **Space Technologies** |  |  |  |  |  |  |  |
| Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176200 | 207 | 21 | (15) |
| Stoke Space Technologies, Inc. | Warrant | 6/16/2025 | Common Stock | 59698 | 608 | 627 | (6)(15) |
| **Subtotal: Space Technologies (0.03%)\*** | **Subtotal: Space Technologies (0.03%)\*** | **Subtotal: Space Technologies (0.03%)\*** |  |  | **815** | **648** |  |
| **Sustainable and Renewable Technology** | **Sustainable and Renewable Technology** |  |  |  |  |  |  |
| Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18472 | 52 | 87 |  |
| Electric Hydrogen Co. | Warrant | 3/27/2024 | Common Stock | 246618 | 507 | 336 | (15) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | &nbsp;&nbsp;**Footnotes** |
| **Subtotal: Sustainable and Renewable Technology (0.02%)\*** | **Subtotal: Sustainable and Renewable Technology (0.02%)\*** | **Subtotal: Sustainable and Renewable Technology (0.02%)\*** |  |  | $**559** | $**423** |  |
| **Total: Warrant Investments (1.65%)\*** | **Total: Warrant Investments (1.65%)\*** | **Total: Warrant Investments (1.65%)\*** |  |  | $**31285** | $**35547** |  |
| **Total Investments in Securities (193.86%)\*** | **Total Investments in Securities (193.86%)\*** | **Total Investments in Securities (193.86%)\*** |  |  | $**4188127** | $**4169993** |  |
| **Investment Funds & Vehicles Investments** | **Investment Funds & Vehicles Investments** |  |  |  |  |  |  |
| **Drug Discovery & Development** | **Drug Discovery & Development** |  |  |  |  |  |  |
| Forbion Growth Opportunities Fund I C.V. | Investment Funds & Vehicles | 11/16/2020 |  |  | $2847 | $4889 | (5)(10)(17) |
| Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 |  |  | 1242 | 1241 | (5)(10)(17) |
| **Subtotal: Drug Discovery & Development (0.28%)\*** | **Subtotal: Drug Discovery & Development (0.28%)\*** | **Subtotal: Drug Discovery & Development (0.28%)\*** |  |  | **4089** | **6130** |  |
| **Software** | **Software** |  |  |  |  |  |  |
| Liberty Zim Co-Invest L.P. | Investment Funds & Vehicles | 7/21/2022 |  |  | 381 | 363 | (5)(10) |
| **Subtotal: Software (0.02%)\*** | **Subtotal: Software (0.02%)\*** | **Subtotal: Software (0.02%)\*** |  |  | **381** | **363** |  |
| **Total: Investment Funds & Vehicles Investments (0.30%)\*** | **Total: Investment Funds & Vehicles Investments (0.30%)\*** | **Total: Investment Funds & Vehicles Investments (0.30%)\*** |  |  | $**4470** | $**6493** |  |
| **Total Investments before Cash & Cash Equivalents (194.16%)\*** | **Total Investments before Cash & Cash Equivalents (194.16%)\*** | **Total Investments before Cash & Cash Equivalents (194.16%)\*** |  |  | $**4192597** | $**4176486** |  |
| **Cash & Cash Equivalents** |  |  |  |  |  |  |  |
| **GS Financial Square Government Fund** | Cash & Cash Equivalents |  | FGTXX/38141W273 |  | $31000 | $31000 |  |
| **Total: Investments in Cash & Cash Equivalents (1.44%)\*** | **Total: Investments in Cash & Cash Equivalents (1.44%)\*** | **Total: Investments in Cash & Cash Equivalents (1.44%)\*** | **Total: Investments in Cash & Cash Equivalents (1.44%)\*** |  | $**31000** | $**31000** |  |
| **Total: Investments after Cash & Cash Equivalents (195.60%)\*** | **Total: Investments after Cash & Cash Equivalents (195.60%)\*** | **Total: Investments after Cash & Cash Equivalents (195.60%)\*** | **Total: Investments after Cash & Cash Equivalents (195.60%)\*** |  | $**4223597** | $**4207486** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | | | | | | |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Amount** | **Transaction** | **US $ Value at Settlement Date** | **Value** |
| Great British Pound (GBP) | 6/5/2026 | Goldman Sachs Bank USA | £20814 | Sold | $28056 | $(507) |
| **Total Foreign Currency Forward ((0.02))\*** |  |  |  |  | $**28056** | $**(507)** |

---

**\***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 7.50% as of June 30, 2025. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 4.32%, 4.29%, and 4.15%, respectively, as of June 30, 2025.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $112.0 million, $128.0 million and $16.0 million, respectively. The tax cost of investments is $4.2 billion.

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

(4)Except for warrants in 20 publicly traded companies and common stock in 29 publicly traded companies, all investments are restricted as of June 30, 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 June 30, 2025, and is therefore considered non-income producing.

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

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (unaudited)** 

**(dollars in thousands)**

(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.

(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, 2025.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of June 30, 2025 (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, 2025, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.7 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 $11.8 million and $11.1 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, 2025, the approximate cost and fair value of the earnout interest is $5.2 million.

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor** <sup>(1)</sup> | **Principal<br>Amount** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| **Debt Investments** | | | | | | | |
| **Biotechnology Tools** | | | | | | | |
| PathAI, Inc. | Senior Secured | January 2027 | Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee | $32000 | $32801 | $33788 | (12)(13) |
| **Subtotal: Biotechnology Tools (1.70%)\*** | **Subtotal: Biotechnology Tools (1.70%)\*** | **Subtotal: Biotechnology Tools (1.70%)\*** |  |  | **32801** | **33788** |  |
| **Communications & Networking** | **Communications & Networking** |  |  |  |  |  |  |
| Aryaka Networks, Inc. | Senior Secured | December 2028 | Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee | $27926 | 27693 | 27491 | (17)(19) |
| **Subtotal: Communications & Networking (1.38%)\*** | **Subtotal: Communications & Networking (1.38%)\*** | **Subtotal: Communications & Networking (1.38%)\*** |  |  | **27693** | **27491** |  |
| **Consumer & Business Services** | **Consumer & Business Services** |  |  |  |  |  |  |
| Altumint, Inc. | Senior Secured | December 2027 | Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | $10000 | 9916 | 10140 | (15) |
| Carwow LTD | Senior Secured | December 2027 | Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee | £20361 | 27818 | 25264 | (5)(10)(14) |
| GoEuro Travel GmbH | Senior Secured | November 2029 | Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee | $48750 | 48276 | 48276 | (5)(10)(17) |
| Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 11.50% | $25687 | 25687 | 26869 | (9)(14) |
| Jobandtalent USA, Inc. | Senior Secured | August 2025 | 1-month SOFR + 8.86%, Floor rate 9.75%, 2.89% Exit Fee | $13011 | 13276 | 12994 | (5)(10) |
| Plentific Ltd | Senior Secured | October 2026 | Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee | $3325 | 3282 | 3340 | (5)(10)(13) |
| Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $15000 | 15093 | 15176 | (15) |
| Riviera Partners LLC | Senior Secured | April 2027 | 3-month SOFR + 8.27%, Floor rate 9.27% | $36493 | 36104 | 35017 | (18) |
| RVShare, LLC | Senior Secured | December 2026 | 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | $30073 | 29798 | 29678 | (13)(14)(15) |
| SeatGeek, Inc. | Senior Secured | May 2026 | Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee | $25327 | 25413 | 25821 | (11)(14)(16) |
|  | Senior Secured | July 2026 | Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee | $78038 | 77438 | 79691 | (12)(14)(16) |
| &nbsp;&nbsp;Total SeatGeek, Inc. |  |  |  | $103365 | 102851 | 105512 |  |
| Skyword, Inc. | Senior Secured | November 2027 | Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | $6587 | 6715 | 6637 | (13)(14) |
| Tectura Corporation | Senior Secured | January 2027 | FIXED 8.25% | $8250 | 8250 | 8027 | (7) |
| Thumbtack, Inc. | Senior Secured | March 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50% | $20918 | 20561 | 21192 | (11)(14)(17) |
| Veem, Inc. | Senior Secured | March 2027 | Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25%, 4.50% Exit Fee | $5172 | 5350 | 5322 | (13)(14) |
|  | Senior Secured | March 2027 | Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50%, 4.50% Exit Fee | $5188 | 5370 | 5342 | (12)(14) |
| &nbsp;&nbsp;Total Veem, Inc. |  |  |  | $10360 | 10720 | 10664 |  |
| **Subtotal: Consumer & Business Services (18.03%)\*** | **Subtotal: Consumer & Business Services (18.03%)\*** | **Subtotal: Consumer & Business Services (18.03%)\*** |  |  | **358347** | **358786** |  |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |  |
| Gibraltar Acquisition, LLC | Unsecured | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $26569 | 26337 | 26337 | (7)(14)(20) |
|  | Unsecured | September 2026 | FIXED 11.95% | $10000 | 9875 | 9875 | (7)(20) |
| &nbsp;&nbsp;Total Gibraltar Acquisition, LLC |  |  |  | $36569 | 36212 | 36212 |  |
| Hercules Adviser LLC | Unsecured | June 2025 | FIXED 5.00% | $12000 | 12000 | 12000 | (7)(23) |
| Next Insurance, Inc. | Senior Secured | February 2028 | Prime - 1.50%, Floor rate 4.75%, PIK Interest 5.50% | $11070 | 10918 | 11174 | (13)(14)(19) |
| **Subtotal: Diversified Financial Services (2.98%)\*** | **Subtotal: Diversified Financial Services (2.98%)\*** | **Subtotal: Diversified Financial Services (2.98%)\*** |  |  | **59130** | **59386** |  |
| **Drug Discovery & Development** |  |  |  |  |  |  |  |
| Adaptimmune Therapeutics plc | Senior Secured | June 2029 | Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee | $30260 | 30121 | 31198 | (5)(10)(11)(14) |
| Akero Therapeutics, Inc. | Senior Secured | March 2027 | Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | $17500 | 17706 | 18005 | (10)(13)(17) |
| Aldeyra Therapeutics, Inc. | Senior Secured | April 2026 | Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee | $15000 | 15046 | 15153 | (11) |
| Alector, Inc. | Senior Secured | December 2028 | Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee | $7000 | 6930 | 6930 | (6)(10)(15)(17) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor** <sup>(1)</sup> | **Principal<br>Amount** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| AmplifyBio, LLC | Senior Secured | January 2027 | Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee | $24000 | $24640 | $24940 | (15) |
| Arcus Biosciences, Inc. | Senior Secured | September 2029 | Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee | $37500 | 37379 | 37379 | (6)(10)(15)(17) |
| ATAI Life Sciences N.V. | Senior Secured | August 2026 | Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee | $14000 | 14442 | 14385 | (5)(10)(17) |
| Axsome Therapeutics, Inc. | Senior Secured | January 2028 | Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee | $143350 | 145451 | 152945 | (10)(11)(12)(16) |
| bluebird bio, Inc. | Senior Secured | April 2029 | Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 6.45% Exit Fee | $65655 | 64028 | 55344 | (14) |
| Braeburn, Inc. | Senior Secured | October 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | $53192 | 53374 | 55626 | (14) |
| COMPASS Pathways plc | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee | $24490 | 24613 | 25608 | (5)(10)(11)(14) |
| Corium, Inc. | Senior Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $105225 | 109543 | 109178 | (13)(16) |
| Disc Medicine, Inc. | Senior Secured | December 2029 | Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee | $22500 | 22363 | 22363 | (6)(10)(15)(17) |
| Eloxx Pharmaceuticals, Inc. | Senior Secured | April 2025 | Prime + 6.25%, Floor rate 9.50%, 4.00% Exit Fee | $489 | 988 | 988 | (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 | $15924 | 16015 | 16149 | (5)(10)(14) |
| Heron Therapeutics, Inc. | Senior Secured | February 2026 | Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee | $20404 | 20484 | 21014 | (14)(15)(17) |
| Hibercell, Inc. | Senior Secured | May 2025 | Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | $3963 | 4755 | 4749 | (13)(15) |
| Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee | $5500 | 5622 | 5721 | (10)(15) |
| Madrigal Pharmaceutical, Inc. | Senior Secured | May 2027 | Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | $78200 | 79896 | 82775 | (10)(13) |
| NorthSea Therapeutics | Convertible Debt | December 2025 | FIXED 6.00% | $273 | 273 | 273 | (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%, 6.22% Exit Fee | $169234 | 171805 | 176130 | (6)(10)(12)(14) (15)(16)(22) |
| 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 | $31889 | 32294 | 33745 | (10)(12)(13)(14) |
| SynOx Therapeutics Limited | Senior Secured | May 2027 | Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee | $4500 | 4471 | 4573 | (5)(10)(11) |
| uniQure B.V. | Senior Secured | January 2027 | Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | $35000 | 36102 | 37135 | (5)(10)(11)(12) |
| Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | $8000 | 8231 | 8523 | (10)(13)(17) |
| X4 Pharmaceuticals, Inc. | Senior Secured | July 2027 | Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee | $75000 | 75512 | 75725 | (11)(12)(13) |
| **Subtotal: Drug Discovery & Development (52.10%)\*** | **Subtotal: Drug Discovery & Development (52.10%)\*** | **Subtotal: Drug Discovery & Development (52.10%)\*** |  |  | **1022084** | **1036554** |  |
| **Electronics & Computer Hardware** | **Electronics & Computer Hardware** |  |  |  |  |  |  |
| Locus Robotics Corp. | Senior Secured | December 2028 | Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee | $48750 | 48557 | 47986 | (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 | $113766 | 112911 | 113701 | (12)(14)(16) |
| **Subtotal: Electronics & Computer Hardware (8.13%)\*** | **Subtotal: Electronics & Computer Hardware (8.13%)\*** | **Subtotal: Electronics & Computer Hardware (8.13%)\*** |  |  | **161468** | **161687** |  |
| **Healthcare Services, Other** | **Healthcare Services, Other** |  |  |  |  |  |  |
| Blue Sprig Pediatrics, Inc. | Senior Secured | November 2026 | 3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45% | $72220 | 71677 | 70459 | (11)(12)(13)(14) |
| Carbon Health Technologies, Inc. | Senior Secured | June 2026 | Prime - 1.50%, Floor rate 7.00%, PIK Interest 7.00%, 5.64% Exit Fee | $41473 | 43348 | 41610 | (11)(13)(14) |
|  | Convertible Debt | December 2025 | FIXED 12.00% | $202 | 202 | 202 | (9) |
| &nbsp;&nbsp;Total Carbon Health Technologies, Inc. |  |  |  | $41675 | 43550 | 41812 |  |
| Curana Health Holdings, LLC | Senior Secured | January 2028 | Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee | $27500 | 27722 | 28207 | (13)(17)(19) |
| Equality Health, LLC | Senior Secured | February 2026 | Prime + 4.25%, Floor rate 9.50%, PIK Interest 1.55%, 1.11% Exit Fee | $70678 | 70473 | 70062 | (11)(12)(14) |
| Main Street Rural, Inc. | Senior Secured | July 2027 | Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | $38500 | 39089 | 39582 | (13)(15)(17) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor** <sup>(1)</sup> | **Principal<br>Amount** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| Marathon Health, LLC | Senior Secured | February 2029 | Prime - 0.90%, Floor rate 7.10%, PIK Interest 4.00%, 3.00% Exit Fee | $159176 | $158410 | $161882 | (14)(16)(17) |
|  | Senior Secured | February 2029 | Prime + 3.00%, Floor rate 11.00% | $5000 | 5000 | 5000 | (16)(17) |
| &nbsp;&nbsp;Total Marathon Health, LLC |  |  |  | $164176 | 163410 | 166882 |  |
| Modern Life, Inc. | Senior Secured | February 2027 | Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | $18200 | 18299 | 18340 | (13) |
| NeueHealth, Inc. | Senior Secured | June 2028 | Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee | $25031 | 24236 | 24587 | (12)(14) |
| Recover Together, Inc. | Senior Secured | July 2027 | Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | $45000 | 45431 | 45741 | (13) |
| Strive Health Holdings, LLC | Senior Secured | September 2027 | Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | $30000 | 29742 | 30587 | (15)(17) |
| Vida Health, Inc. | Senior Secured | October 2026 | Prime - 2.75%, Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee | $36761 | 37367 | 36772 | (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 | $28283 | 28144 | 27551 | (14)(15)(17) |
| **Subtotal: Healthcare Services, Other (30.19%)\*** | **Subtotal: Healthcare Services, Other (30.19%)\*** | **Subtotal: Healthcare Services, Other (30.19%)\*** |  |  | **599140** | **600582** |  |
| **Information Services** | **Information Services** |  |  |  |  |  |  |
| Saama Technologies, LLC | Senior Secured | July 2027 | Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee | $19779 | 19741 | 20445 | (12)(14)(17) |
| **Subtotal: Information Services (1.03%)\*** | **Subtotal: Information Services (1.03%)\*** | **Subtotal: Information Services (1.03%)\*** |  |  | **19741** | **20445** |  |
| **Medical Devices & Equipment** | **Medical Devices & Equipment** | **Medical Devices & Equipment** | **Medical Devices & Equipment** | **Medical Devices & Equipment** |  |  |  |
| Orchestra BioMed Holdings, Inc. | Senior Secured | November 2028 | Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee | $15000 | 14740 | 14740 | (6)(15) |
| Senseonics Holdings, Inc. | Senior Secured | September 2027 | Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee | $30625 | 30830 | 31519 | (11) |
| Sight Sciences, Inc. | Senior Secured | July 2028 | Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee | $28000 | 27830 | 28127 | (6) |
| **Subtotal: Medical Devices & Equipment (3.74%)\*** | **Subtotal: Medical Devices & Equipment (3.74%)\*** | **Subtotal: Medical Devices & Equipment (3.74%)\*** | **Subtotal: Medical Devices & Equipment (3.74%)\*** | **Subtotal: Medical Devices & Equipment (3.74%)\*** | **73400** | **74386** |  |
| **Software** | **Software** |  |  |  |  |  |  |
| 3GTMS, LLC | Senior Secured | February 2025 | 3-month SOFR + 10.40%, Floor rate 11.30% | $13279 | 13268 | 13268 | (11)(17)(18) |
|  | Senior Secured | February 2025 | 3-month SOFR + 7.25%, Floor rate 8.15% | $6194 | 6185 | 6185 | (17)(18) |
| &nbsp;&nbsp;Total 3GTMS, LLC |  |  |  | $19473 | 19453 | 19453 |  |
| Alchemer LLC | Senior Secured | May 2028 | 3-month SOFR + 8.14%, Floor rate 9.14% | $21251 | 20923 | 21251 | (13)(18) |
| Allvue Systems, LLC | Senior Secured | September 2029 | 3-month SOFR + 6.25%, Floor rate 7.25% | $42564 | 41704 | 41628 | (17) |
| AlphaSense, Inc. | Senior Secured | June 2029 | 3-month SOFR + 6.25%, Floor rate 8.25% | $20000 | 19816 | 19578 | (17) |
| Annex Cloud | Senior Secured | February 2027 | 3-month SOFR + 10.00%, Floor rate 11.00% | $11338 | 11205 | 10556 | (13)(18) |
| Armis, Inc. | Senior Secured | March 2028 | Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee | $50733 | 50496 | 51357 | (12)(14)(17) |
|  | Senior Secured | March 2028 | Prime + 1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee | $25150 | 24968 | 25082 | (14)(17) |
| &nbsp;&nbsp;Total Armis, Inc. |  |  |  | $75883 | 75464 | 76439 |  |
| Babel Street | Senior Secured | December 2027 | 3-month SOFR + 8.01%, Floor rate 9.01% | $65336 | 64061 | 65263 | (15)(17)(18) |
| Behavox Limited | Senior Secured | September 2027 | Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee | $10550 | 10534 | 10360 | (5)(10)(14) |
| Brain Corporation | Senior Secured | September 2028 | Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee | $32009 | 31704 | 31984 | (13)(14) |
| Ceros, Inc. | Senior Secured | September 2026 | 3-month SOFR + 8.99%, Floor rate 9.89% | $22762 | 22515 | 22183 | (17)(18) |
| Copper CRM, Inc | Senior Secured | March 2025 | Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee | $8515 | 8839 | 8839 | (11)(14) |
| CoreView USA, Inc. | Senior Secured | January 2029 | Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee | $25000 | 24731 | 24731 | (6)(17) |
| Coronet Cyber Security Ltd. | Senior Secured | October 2028 | Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85% | $8591 | 8446 | 8446 | (14)(17) |
| Cutover, Inc. | Senior Secured | October 2025 | Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | $5500 | 5667 | 5667 | (5)(10)(12) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor** <sup>(1)</sup> | **Principal<br>Amount** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
|  | Senior Secured | October 2025 | Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | £1250 | $1612 | $1594 | (5)(10) |
| &nbsp;&nbsp;Total Cutover, Inc. |  |  |  |  | 7279 | 7261 |  |
| Dashlane, Inc. | Senior Secured | December 2027 | Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee | $45476 | 46450 | 47708 | (11)(13)(14)(17)(19) |
| Dispatch Technologies, Inc. | Senior Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $8896 | 8758 | 8641 | (17)(18) |
| Dragos, Inc. | Senior Secured | July 2027 | Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee | $13022 | 12383 | 12431 | (14)(17) |
| DroneDeploy, Inc. | Senior Secured | November 2028 | Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee | $9375 | 9255 | 9274 | (13)(17) |
| Earnix, Inc. | Senior Secured | June 2029 | Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45% | $19166 | 18856 | 18838 | (11)(14)(17) |
| Elation Health, Inc. | Senior Secured | March 2026 | Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee | $12878 | 12860 | 13215 | (11)(14)(19) |
| Flight Schedule Pro, LLC | Senior Secured | October 2027 | 1-month SOFR + 7.80%, Floor rate 8.70% | $7297 | 7145 | 7271 | (17)(18) |
| Fortified Health Security | Senior Secured | December 2027 | 1-month SOFR + 7.64%, Floor rate 8.54% | $7000 | 6882 | 6950 | (11)(17)(18) |
| 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 | $18132 | 17947 | 18060 | (14)(17)(19) |
| iGrafx, LLC | Senior Secured | May 2027 | 1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee | $4950 | 4879 | 4869 | (18) |
| Khoros, LLC | Senior Secured | January 2025 | 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50% | $61341 | 61317 | 18231 | (8)(14) |
| Leapwork ApS | Senior Secured | February 2026 | Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee | $8890 | 8883 | 9117 | (5)(10)(12)(14) |
| LinenMaster, LLC | Senior Secured | August 2028 | 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15% | $15428 | 15189 | 15481 | (12)(14)(17) |
| Loftware, Inc. | Senior Secured | March 2028 | 3-month SOFR + 7.88%, Floor rate 8.88% | $27206 | 26726 | 27399 | (17)(18) |
| LogicSource | Senior Secured | July 2027 | 1-month SOFR + 8.93%, Floor rate 9.93% | $13145 | 12974 | 13145 | (17)(18) |
| LogRhythm, Inc. | Senior Secured | July 2029 | 1-month SOFR + 7.50%, Floor rate 8.50% | $25000 | 24305 | 24305 | (17) |
| Marigold Group, Inc. (p.k.a. Campaign Monitor Limited) | Senior Secured | November 2026 | PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55% | $38828 | 38336 | 32773 | (13)(14)(19) |
| Mobile Solutions Services | Senior Secured | December 2025 | 3-month SOFR + 9.21%, Floor rate 10.06% | $18366 | 18237 | 17616 | (18) |
| Morphisec Information Security 2014 Ltd. | Senior Secured | October 2027 | Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee | $10000 | 9861 | 9861 | (5)(10) |
| New Relic, Inc. | Senior Secured | November 2030 | 1-month SOFR + 6.75%, Floor rate 7.75% | $21890 | 21402 | 21644 | (17) |
| Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $7669 | 7518 | 7669 | (11)(17)(18) |
| PayIt, LLC | Senior Secured | December 2028 | Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee | $12003 | 11881 | 11881 | (6)(14)(15)(17)(19) |
| Pindrop Security, Inc. | Senior Secured | June 2029 | Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee | $31000 | 30566 | 30671 | (15)(17) |
| Remodel Health Holdco, LLC | Senior Secured | December 2028 | Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee | $25000 | 24723 | 24723 | (6)(15) |
| Reveleer | Senior Secured | February 2027 | Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee | $36345 | 36403 | 36525 | (14)(15) |
| Semperis Technologies Inc. | Senior Secured | April 2028 | Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25% | $22754 | 22596 | 23066 | (11)(14)(19) |
| ShadowDragon, LLC | Senior Secured | December 2026 | 3-month SOFR + 8.88%, Floor rate 9.78% | $6000 | 5918 | 5953 | (17)(18) |
| Simon Data, Inc. | Senior Secured | March 2027 | Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee | $13087 | 13152 | 13175 | (12)(14) |
| Sisense Ltd. | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee | $33760 | 34152 | 34193 | (5)(10)(14) |
| Streamline Healthcare Solutions | Senior Secured | March 2028 | 3-month SOFR + 7.25%, Floor rate 8.25% | $17600 | 17324 | 17688 | (11)(13)(17)(18) |
| Sumo Logic, Inc. | Senior Secured | May 2030 | 3-month SOFR + 6.50%, Floor rate 7.50% | $23000 | 22521 | 23113 | (17) |
| Suzy, Inc. | Senior Secured | August 2027 | Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee | $24345 | 24031 | 24935 | (6)(14)(15)(17) |
| TaxCalc | Senior Secured | November 2029 | 3-month SONIA + 8.05%, Floor rate 8.55% | £7500 | 9518 | 9198 | (5)(10)(17)(18) |
| ThreatConnect, Inc. | Senior Secured | May 2026 | 3-month SOFR + 9.15%, Floor rate 10.00% | $12324 | 12208 | 12324 | (18) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of <br>Investment** | **Maturity Date** | **Interest Rate and Floor** <sup>(1)</sup> | **Principal<br>Amount** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| Tipalti Solutions Ltd. | Senior Secured | April 2027 | Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.00%, 3.75% Exit Fee | $42670 | $42379 | $43448 | (5)(10)(14) |
| Zappi, Inc. | Senior Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $12729 | 12522 | 12756 | (5)(10)(13)(17)(18) |
| Zimperium, Inc. | Senior Secured | May 2027 | 3-month SOFR + 8.31%, Floor rate 9.31% | $14790 | 14618 | 14444 | (17)(18) |
| **Subtotal: Software (52.80%)\*** | **Subtotal: Software (52.80%)\*** | **Subtotal: Software (52.80%)\*** |  |  | **1091349** | **1050563** |  |
| **Space Technologies** |  |  |  |  |  |  |  |
| Voyager Technologies, Inc. | Senior Secured | July 2028 | Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee | $45439 | 45302 | 45690 | (11)(14)(15) |
| **Subtotal: Space Technologies (2.30%)\*** | **Subtotal: Space Technologies (2.30%)\*** |  |  |  | **45302** | **45690** |  |
| **Sustainable and Renewable Technology** | **Sustainable and Renewable Technology** |  |  |  |  |  |  |
| Ampion, PBC | Senior Secured | May 2025 | Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee | $3984 | 4102 | 4141 | (13)(14) |
| Electric Hydrogen Co. | Senior Secured | May 2028 | Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee | $20127 | 19687 | 19830 | (14)(15)(19) |
| SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC) | Senior Secured | June 2027 | FIXED 10.00% | $1296 | 1297 | 1272 | (19) |
| **Subtotal: Sustainable and Renewable Technology (1.27%)\*** | **Subtotal: Sustainable and Renewable Technology (1.27%)\*** | **Subtotal: Sustainable and Renewable Technology (1.27%)\*** |  |  | **25086** | **25243** |  |
| **Total: Debt Investments (175.65%)\*** | **Total: Debt Investments (175.65%)\*** | **Total: Debt Investments (175.65%)\*** |  |  | $**3515541** | $**3494601** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| **Equity Investments** | | | | | | | |
| **Biotechnology Tools** | | | | | | | |
| Alamar Biosciences, Inc. | Equity | 2/21/2024 | Preferred Series C | 503778 | $1500 | $1423 |  |
| **Subtotal: Biotechnology Tools (0.07%)\*** | **Subtotal: Biotechnology Tools (0.07%)\*** | **Subtotal: Biotechnology Tools (0.07%)\*** |  |  | **1500** | **1423** |  |
| **Consumer & Business Products** |  |  |  |  |  |  |  |
| Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42989 | 128 | 46 |  |
|  | Equity | 7/16/2013 | Preferred Series B | 130191 | 1101 | 299 |  |
| &nbsp;&nbsp;Total Fabletics, Inc. |  |  |  | 173180 | 1229 | 345 |  |
| Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12260 | 433 | 17 | (4) |
| Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172328 | 13 | 421 |  |
| **Subtotal: Consumer & Business Products (0.04%)\*** | **Subtotal: Consumer & Business Products (0.04%)\*** | **Subtotal: Consumer & Business Products (0.04%)\*** |  |  | **1675** | **783** |  |
| **Consumer & Business Services** | **Consumer & Business Services** |  |  |  |  |  |  |
| Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 216073 | 1151 | 627 | (5)(10) |
| Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100738 | 5263 | 1299 | (4) |
| Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100000 | 1000 | 162 | (4) |
| OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286080 | 1663 | 467 |  |
|  | Equity | 10/25/2016 | Preferred Series A-1 | 108710 | 632 | 177 |  |
| &nbsp;&nbsp;Total OfferUp, Inc. |  |  |  | 394790 | 2295 | 644 |  |
| Oportun | Equity | 6/28/2013 | Common Stock | 48365 | 577 | 188 | (4) |
| Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3095 | 39 |  |  |
| Rhino Labs, Inc. | Equity | 1/24/2022 | Common Stock | 7063 | 1000 |  |  |
| Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414994863 | 900 | 7 | (7) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
|  | Equity | 6/6/2016 | Preferred Series BB | 1000000 | $— | $17 | (7) |
|  | Equity | 12/29/2023 | Preferred Series C | 3235298 | 13263 | 3606 | (7) |
| &nbsp;&nbsp;Total Tectura Corporation |  |  |  | 419230161 | 14163 | 3630 |  |
| Worldremit Group Limited | Equity | 6/24/2024 | Preferred Series X | 9737 | 922 | 952 | (5)(10) |
| **Subtotal: Consumer & Business Services (0.38%)\*** | **Subtotal: Consumer & Business Services (0.38%)\*** | **Subtotal: Consumer & Business Services (0.38%)\*** |  |  | **26410** | **7502** |  |
| **Diversified Financial Services** |  |  |  |  |  |  |  |
| Gibraltar Acquisition, LLC | Equity | 3/1/2018 | Member Units | 1 | 34006 | 23051 | (7)(20) |
| Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 | 35 | 30190 | (7)(23) |
| Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210282 | 403 | 404 |  |
| **Subtotal: Diversified Financial Services (2.70%)\*** | **Subtotal: Diversified Financial Services (2.70%)\*** | **Subtotal: Diversified Financial Services (2.70%)\*** |  |  | **34444** | **53645** |  |
| **Drug Delivery** | **Drug Delivery** |  |  |  |  |  |  |
| Aytu BioScience, Inc. | Equity | 3/28/2014 | Common Stock | 680 | 1500 | 1 | (4) |
| BioQ Pharma Incorporated | Equity | 12/8/2015 | Preferred Series D | 165000 | 500 |  |  |
| PDS Biotechnology Corporation | Equity | 4/6/2015 | Common Stock | 2498 | 309 | 4 | (4) |
| Talphera, Inc. | Equity | 12/10/2018 | Common Stock | 8836 | 1329 | 5 | (4) |
| **Subtotal: Drug Delivery (0.00%)\*** | **Subtotal: Drug Delivery (0.00%)\*** | **Subtotal: Drug Delivery (0.00%)\*** |  |  | **3638** | **10** |  |
| **Drug Discovery & Development** | **Drug Discovery & Development** |  |  |  |  |  |  |
| Akero Therapeutics, Inc. | Equity | 3/8/2024 | Common Stock | 34483 | 1000 | 959 | (4)(10) |
| Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 42 | 1000 |  | (4) |
| Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127021 | 4165 | 10747 | (4)(10)(16) |
| Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98100 | 1871 | 1373 | (4)(5)(10) |
| BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231329 | 2255 | 6348 | (4) |
| Cyclo Therapeutics, Inc. | Equity | 4/6/2021 | Common Stock | 134 | 42 |  | (4)(10) |
| Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 1129 | 1000 | 4 | (4) |
| Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20000 | 550 | 256 | (4)(10) |
| Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364963 | 500 | 558 | (4) |
| Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3466840 | 4250 | 328 | (15) |
| HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235295 | 4000 | 487 | (4) |
| Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47826 | 550 | 417 | (4)(10) |
| Madrigal Pharmaceutical, Inc. | Equity | 9/29/2023 | Common Stock | 5100 | 773 | 1574 | (4)(10) |
| NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 | 2000 | 1241 | (5)(10) |
| Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147233 | 1730 | 1196 | (4)(10)(16) |
| Rocket Pharmaceuticals, Ltd. | Equity | 8/22/2007 | Common Stock | 944 | 1500 | 12 | (4) |
| Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11119 | 203 | 34 | (4) |
| uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17175 | 332 | 303 | (4)(5)(10) |
| Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510308 | 3000 | 1134 |  |
|  | Equity | 10/31/2022 | Preferred Series C | 170102 | 1000 | 762 |  |
| &nbsp;&nbsp;Total Valo Health, LLC |  |  |  | 680410 | 4000 | 1896 |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208588 | $1500 | $1519 |  |
| Viridian Therapeutics, Inc. | Equity | 11/6/2023 | Common Stock | 32310 | 400 | 619 | (4)(10) |
| X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 1566064 | 2945 | 1149 | (4) |
| **Subtotal: Drug Discovery & Development (1.56%)\*** | **Subtotal: Drug Discovery & Development (1.56%)\*** | **Subtotal: Drug Discovery & Development (1.56%)\*** |  |  | **36566** | **31020** |  |
| **Electronics & Computer Hardware** |  |  |  |  |  |  |  |
| Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15116 | 650 | 294 |  |
| Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248900 | 1500 | 643 |  |
| **Subtotal: Electronics & Computer Hardware (0.05%)\*** | **Subtotal: Electronics & Computer Hardware (0.05%)\*** | **Subtotal: Electronics & Computer Hardware (0.05%)\*** |  |  | **2150** | **937** |  |
| **Healthcare Services, Other** | **Healthcare Services, Other** |  |  |  |  |  |  |
| 23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 41286 | 5094 | 134 | (4) |
| Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Preferred Series C | 217880 | 1687 | 2 |  |
| Click Therapeutics, Inc. | Equity | 5/20/2024 | Common Stock | 560000 | 1662 | 1825 | (15) |
| Curana Health Holdings, LLC | Equity | 5/13/2024 | Common Units | 1114380 | 2500 | 2603 |  |
| Main Street Rural, Inc. | Equity | 10/28/2024 | Preferred Series D | 496 | 874 | 874 |  |
| WellBe Senior Medical, LLC | Equity | 6/10/2024 | Common Units | 181163 | 1600 | 2065 |  |
| **Subtotal: Healthcare Services, Other (0.38%)\*** | **Subtotal: Healthcare Services, Other (0.38%)\*** | **Subtotal: Healthcare Services, Other (0.38%)\*** |  |  | **13417** | **7503** |  |
| **Information Services** |  |  |  |  |  |  |  |
| Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41021 | 3825 | 3898 |  |
| **Subtotal: Information Services (0.20%)\*** | **Subtotal: Information Services (0.20%)\*** | **Subtotal: Information Services (0.20%)\*** |  |  | **3825** | **3898** |  |
| **Medical Devices & Equipment** | **Medical Devices & Equipment** |  |  |  |  |  |  |
| Coronado Aesthetics, LLC | Equity | 10/15/2021 | Common Units | 180000 |  |  | (7) |
|  | Equity | 10/15/2021 | Preferred Series A-2 | 5000000 | 250 | 69 | (7) |
| &nbsp;&nbsp;Total Coronado Aesthetics, LLC |  |  |  | 5180000 | 250 | 69 |  |
| **Subtotal: Medical Devices & Equipment (0.00%)\*** | **Subtotal: Medical Devices & Equipment (0.00%)\*** |  |  |  | **250** | **69** |  |
| **Semiconductors** | **Semiconductors** |  |  |  |  |  |  |
| Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277995 | 160 | 210 |  |
| **Subtotal: Semiconductors (0.01%)\*** | **Subtotal: Semiconductors (0.01%)\*** | **Subtotal: Semiconductors (0.01%)\*** |  |  | **160** | **210** |  |
| **Software** | **Software** |  |  |  |  |  |  |
| 3GTMS, LLC | Equity | 8/9/2021 | Common Stock | 1000000 | 1000 | 666 |  |
| Armis, Inc. | Equity | 10/18/2024 | Preferred Series D | 294213 | 2000 | 2000 |  |
| Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 | 2406 | 2406 | (21) |
| CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53614 | 51 |  |  |
| Contentful Global, Inc. | Equity | 12/22/2020 | Preferred Series C | 41000 | 138 | 257 | (5)(10) |
|  | Equity | 11/20/2018 | Preferred Series D | 108500 | 500 | 722 | (5)(10) |
| &nbsp;&nbsp;Total Contentful Global, Inc. |  |  |  | 149500 | 638 | 979 |  |
| DNAnexus, Inc. | Equity | 3/21/2014 | Preferred Series C | 51948 | 97 | 5 |  |
| Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20000 | 4284 | 198 |  |
| Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458841 | 1000 | 5194 |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
|  | Equity | 8/24/2017 | Preferred Series 3 | 93620 | $300 | $1075 |  |
| &nbsp;&nbsp;Total Druva Holdings, Inc. |  |  |  | 552461 | 1300 | 6269 |  |
| HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 | 307 |  |  |
| Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183073 | 250 | 132 | (5)(10) |
| Lightbend, Inc. | Equity | 12/4/2020 | Common Stock | 38461 | 265 | 24 |  |
| Nextdoor.com, Inc. | Equity | 8/1/2018 | Common Stock | 1019255 | 4854 | 2416 | (4) |
| SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580983 | 2000 | 1988 |  |
|  | Equity | 8/12/2021 | Preferred Series F | 52956 | 280 | 216 |  |
| &nbsp;&nbsp;Total SingleStore, Inc. |  |  |  | 633939 | 2280 | 2204 |  |
| SirionLabs Pte. Ltd. | Equity | 6/30/2024 | Preferred Series F1 | 152250 | 1792 | 1996 | (5)(10) |
| Verana Health, Inc. | Equity | 7/8/2021 | Preferred Series E | 952562 | 2000 | 370 |  |
| **Subtotal: Software (0.99%)\*** | **Subtotal: Software (0.99%)\*** | **Subtotal: Software (0.99%)\*** |  |  | **23524** | **19665** |  |
| **Sustainable and Renewable Technology** | **Sustainable and Renewable Technology** |  |  |  |  |  |  |
| Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188611 | 2000 | 106 |  |
| Modumetal, Inc. | Equity | 6/1/2015 | Common Stock | 1035 | 500 |  |  |
| Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593080 | 4500 | 1885 |  |
| SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC) | Equity | 12/10/2020 | Common Stock | 405 | 3153 | 1 | (4) |
| **Subtotal: Sustainable and Renewable Technology (0.10%)\*** | **Subtotal: Sustainable and Renewable Technology (0.10%)\*** | **Subtotal: Sustainable and Renewable Technology (0.10%)\*** |  |  | **10153** | **1992** |  |
| **Total: Equity Investments (6.47%)\*** | **Total: Equity Investments (6.47%)\*** | **Total: Equity Investments (6.47%)\*** |  |  | $**157712** | $**128657** |  |
| **Warrant Investments** |  |  |  |  |  |  |  |
| **Biotechnology Tools** |  |  |  |  |  |  |  |
| Alamar Biosciences, Inc. | Warrant | 6/21/2022 | Preferred Series C | 75567 | $36 | $122 |  |
| PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53418 | 460 | 101 | (12) |
| **Subtotal: Biotechnology Tools (0.01%)\*** | **Subtotal: Biotechnology Tools (0.01%)\*** |  |  |  | **496** | **223** |  |
| **Communications & Networking** |  |  |  |  |  |  |  |
| Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 486097 | 242 | 209 | (12) |
| **Subtotal: Communications & Networking (0.01%)\*** | **Subtotal: Communications & Networking (0.01%)\*** |  |  |  | **242** | **209** |  |
| **Consumer & Business Products** |  |  |  |  |  |  |  |
| Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1662441 | 228 |  |  |
| Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686270 | 17 | 714 |  |
| **Subtotal: Consumer & Business Products (0.04%)\*** | **Subtotal: Consumer & Business Products (0.04%)\*** |  |  |  | **245** | **714** |  |
| **Consumer & Business Services** |  |  |  |  |  |  |  |
| Altumint, Inc. | Warrant | 10/31/2024 | Common Stock | 1701 | 127 | 129 | (15) |
| Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174163 | 164 | 55 | (5)(10) |
|  | Warrant | 2/13/2024 | Preferred Series D-4 | 109257 | 20 | 11 | (5)(10) |
| &nbsp;&nbsp;Total Carwow LTD |  |  |  | 283420 | 184 | 66 |  |
| Houzz, Inc. | Warrant | 10/29/2019 | Common Stock | 529661 | 20 |  |  |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| Landing Holdings Inc. | Warrant | 3/12/2021 | Common Stock | 11806 | $116 | $115 | (15) |
| Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127032 | 39 | 10 |  |
| Plentific Ltd | Warrant | 10/3/2023 | Ordinary Shares | 27298 | 60 | 38 | (5)(10) |
| Provi | Warrant | 12/22/2022 | Common Stock | 117042 | 166 | 77 | (15) |
| Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13106 | 470 |  | (15) |
| SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1604724 | 1242 | 4901 | (12)(16) |
| Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1607143 | 57 | 28 |  |
|  | Warrant | 8/23/2019 | Preferred Series B | 444444 | 83 | 3 |  |
| &nbsp;&nbsp;Total Skyword, Inc. |  |  |  | 2051587 | 140 | 31 |  |
| Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600000 | 16 |  |  |
|  | Warrant | 6/30/2016 | Preferred Series A | 1800000 | 782 |  |  |
|  | Warrant | 8/1/2018 | Preferred Series B | 1211537 | 62 |  |  |
| &nbsp;&nbsp;Total Snagajob.com, Inc. |  |  |  | 3611537 | 860 |  |  |
| Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 343497 | 985 | 878 |  |
| Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98428 | 126 | 13 | (12) |
| Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77215 | 129 | 95 | (5)(10) |
|  | Warrant | 8/27/2021 | Preferred Series E | 1868 | 26 |  | (5)(10) |
| &nbsp;&nbsp;Total Worldremit Group Limited |  |  |  | 79083 | 155 | 95 |  |
| **Subtotal: Consumer & Business Services (0.32%)\*** | **Subtotal: Consumer & Business Services (0.32%)\*** |  |  |  | **4690** | **6353** |  |
| **Diversified Financial Services** | **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |
| Next Insurance, Inc. | Warrant | 2/3/2023 | Common Stock | 522930 | 214 | 460 |  |
| **Subtotal: Diversified Financial Services (0.02%)\*** | **Subtotal: Diversified Financial Services (0.02%)\*** | **Subtotal: Diversified Financial Services (0.02%)\*** |  |  | **214** | **460** |  |
| **Drug Discovery & Development** |  |  |  |  |  |  |  |
| Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 32190 | 330 | 519 | (4)(10) |
| AmplifyBio, LLC | Warrant | 12/27/2022 | Class A Units | 69239 | 238 | 151 | (15) |
| Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 61004 | 1290 | 1528 | (4)(10)(12)(16) |
| bluebird bio, Inc. | Warrant | 3/15/2024 | Common Stock | 111206 | 1744 |  |  |
| Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100000 | 287 | 103 | (15) |
| Century Therapeutics, Inc. | Warrant | 9/14/2020 | Common Stock | 16112 | 37 |  | (4) |
| COMPASS Pathways plc | Warrant | 6/30/2023 | Ordinary Shares | 75376 | 278 | 48 | (4)(5)(10) |
| Curevo, Inc. | Warrant | 6/9/2023 | Common Stock | 95221 | 233 | 154 | (15) |
| enGene, Inc. | Warrant | 12/22/2023 | Common Stock | 43689 | 118 | 102 | (4)(5)(10) |
| Fresh Tracks Therapeutics, Inc. | Warrant | 2/18/2016 | Common Stock | 201 | 119 |  | (4) |
| Heron Therapeutics, Inc. | Warrant | 8/9/2023 | Common Stock | 238095 | 228 | 166 | (4)(15) |
| Kineta, Inc. | Warrant | 12/20/2019 | Common Stock | 2202 | 110 |  | (4) |
| Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14342 | 88 | 16 | (4)(10)(15) |
| Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 13229 | 570 | 2133 | (4)(10) |
| Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64687 | 848 | 22 | (4)(10)(12)(15)(16) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475510 | $20 | $22 | (15) |
| Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106035 | 296 | 2 | (4) |
| SynOx Therapeutics Limited | Warrant | 4/18/2024 | Preferred Series B | 251195 | 83 | 76 | (5)(10) |
| TG Therapeutics, Inc. | Warrant | 12/30/2021 | Common Stock | 117168 | 721 | 1730 | (4)(10) |
| Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102216 | 256 | 39 |  |
| X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 1392787 | 510 | 185 | (4) |
| **Subtotal: Drug Discovery & Development (0.35%)\*** | **Subtotal: Drug Discovery & Development (0.35%)\*** | **Subtotal: Drug Discovery & Development (0.35%)\*** |  |  | **8404** | **6996** |  |
| **Electronics & Computer Hardware** |  |  |  |  |  |  |  |
| 908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49078 | 101 | 1 | (4) |
| Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8503 | 34 | 51 |  |
| Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622255 | 557 | 212 |  |
| **Subtotal: Electronics & Computer Hardware (0.01%)\*** | **Subtotal: Electronics & Computer Hardware (0.01%)\*** | **Subtotal: Electronics & Computer Hardware (0.01%)\*** |  |  | **692** | **264** |  |
| **Healthcare Services, Other** |  |  |  |  |  |  |  |
| Curana Health Holdings, LLC | Warrant | 1/4/2024 | Common Units | 447410 | 156 | 492 |  |
| Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 52665 | 210 | 169 |  |
| NeueHealth, Inc. | Warrant | 6/21/2024 | Common Stock | 185625 | 716 | 1032 | (4)(12) |
| Recover Together, Inc. | Warrant | 7/3/2023 | Common Stock | 194830 | 382 | 79 |  |
| Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 129400 | 278 | 325 | (15) |
| Vida Health, Inc. | Warrant | 3/28/2022 | Preferred Series E | 192431 | 121 | 2 |  |
| **Subtotal: Healthcare Services, Other (0.11%)\*** | **Subtotal: Healthcare Services, Other (0.11%)\*** | **Subtotal: Healthcare Services, Other (0.11%)\*** |  |  | **1863** | **2099** |  |
| **Information Services** |  |  |  |  |  |  |  |
| NetBase Quid, Inc. (p.k.a NetBase Solutions) | Warrant | 8/22/2017 | Preferred Series 1 | 60000 | 356 |  |  |
| Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 129638 | 57 | 13 | (5)(10) |
| **Subtotal: Information Services (0.00%)\*** | **Subtotal: Information Services (0.00%)\*** | **Subtotal: Information Services (0.00%)\*** |  |  | **413** | **13** |  |
| **Manufacturing Technology** |  |  |  |  |  |  |  |
| Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392308 | 537 | 871 |  |
| MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1111111 | 528 | 291 |  |
| **Subtotal: Manufacturing Technology (0.06%)\*** | **Subtotal: Manufacturing Technology (0.06%)\*** | **Subtotal: Manufacturing Technology (0.06%)\*** |  |  | **1065** | **1162** |  |
| **Media/Content/Info** |  |  |  |  |  |  |  |
| Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369370 | 67 | 63 |  |
| **Subtotal: Media/Content/Info (0.00%)\*** | **Subtotal: Media/Content/Info (0.00%)\*** | **Subtotal: Media/Content/Info (0.00%)\*** |  |  | **67** | **63** |  |
| **Medical Devices & Equipment** |  |  |  |  |  |  |  |
| Orchestra BioMed Holdings, Inc. | Warrant | 11/6/2024 | Common Stock | 52264 | 180 | 102 | (4)(6)(15) |
| Outset Medical, Inc. | Warrant | 9/27/2013 | Common Stock | 62794 | 401 | 7 | (4) |
| Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 1032718 | 276 | 203 | (4) |
| Sight Sciences, Inc. | Warrant | 1/22/2024 | Common Stock | 113247 | 363 | 195 | (4)(6) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15712 | $61 | $— | (4) |
| **Subtotal: Medical Devices & Equipment (0.03%)\*** | **Subtotal: Medical Devices & Equipment (0.03%)\*** | **Subtotal: Medical Devices & Equipment (0.03%)\*** |  |  | **1281** | **507** |  |
| **Semiconductors** |  |  |  |  |  |  |  |
| Achronix Semiconductor Corporation | Warrant | 6/26/2015 | Preferred Series D-2 | 750000 | 99 | 494 |  |
| **Subtotal: Semiconductors (0.02%)\*** | **Subtotal: Semiconductors (0.02%)\*** | **Subtotal: Semiconductors (0.02%)\*** |  |  | **99** | **494** |  |
| **Software** | **Software** |  |  |  |  |  |  |
| Aria Systems, Inc. | Warrant | 5/22/2015 | Preferred Series G | 231535 | 74 |  |  |
| Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254778 | 448 | 421 |  |
| Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29691 | 284 | 442 |  |
| Brain Corporation | Warrant | 10/4/2021 | Common Stock | 435396 | 215 | 84 |  |
| CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211342 | 117 | 9 |  |
| Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477454 | 71 |  |  |
| Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6763 | 54 | 908 | (5)(10) |
| Coronet Cyber Security Ltd. | Warrant | 9/26/2024 | Ordinary Shares | 39183 | 254 | 266 |  |
| Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105350 | 462 | 686 | (4) |
| Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102898 | 26 | 83 | (5)(10)(12) |
| Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 770838 | 461 | 1102 |  |
| Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727047 | 545 | 234 |  |
| Dragos, Inc. | Warrant | 6/28/2023 | Common Stock | 57528 | 1575 | 984 |  |
| DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95911 | 278 | 417 |  |
| Earnix, Inc. | Warrant | 6/6/2024 | Common Stock | 20762 | 220 | 327 |  |
| Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 362837 | 583 | 236 |  |
| First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75917 | 96 | 33 |  |
| Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84995 | 325 | 274 |  |
| Harness, Inc. | Warrant | 3/12/2024 | Common Stock | 193618 | 534 | 632 |  |
| Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64293 | 208 | 142 |  |
| Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 93211 | 39 | 35 | (5)(10)(12) |
| Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series LB-2 | 86984 | 131 | 26 |  |
| Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82362 | 252 | 264 |  |
| Morphisec Information Security 2014 Ltd. | Warrant | 10/1/2024 | Ordinary Shares | 200115 | 104 | 108 | (5)(10) |
| Pindrop Security, Inc. | Warrant | 6/26/2024 | Common Stock | 134542 | 494 | 496 | (15) |
| Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69120 | 215 | 698 |  |
| Semperis Technologies Inc. | Warrant | 4/23/2024 | Common Stock | 72122 | 115 | 213 |  |
| Simon Data, Inc. | Warrant | 3/22/2023 | Common Stock | 77934 | 96 | 22 | (12) |
| SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312596 | 103 | 551 |  |
| Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321956 | 174 | 61 | (5)(10) |
| Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292936 | 367 | 291 | (6)(15) |
| Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 509753 | 359 | 395 | (5)(10) |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of<br>Investment** | **Acquisition Date**<sup>(4)</sup> | **Series** <sup>(3)</sup> | **Shares** | **Cost** <sup>(2)</sup> | **Value** | **Footnotes** |
| VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152048 | $1275 | $32 | (15) |
| **Subtotal: Software (0.53%)\*** | **Subtotal: Software (0.53%)\*** | **Subtotal: Software (0.53%)\*** |  |  | **10554** | **10472** |  |
| **Space Technologies** |  |  |  |  |  |  |  |
| Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176200 | 207 | 10 | (15) |
| **Subtotal: Space Technologies (0.00%)\*** | **Subtotal: Space Technologies (0.00%)\*** | **Subtotal: Space Technologies (0.00%)\*** |  |  | **207** | **10** |  |
| **Sustainable and Renewable Technology** |  |  |  |  |  |  |  |
| Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18472 | 52 | 67 |  |
| Electric Hydrogen Co. | Warrant | 3/27/2024 | Common Stock | 246618 | 507 | 394 | (15) |
| Halio, Inc. | Warrant | 4/7/2015 | Common Stock | 144914 | 63 |  |  |
| **Subtotal: Sustainable and Renewable Technology (0.02%)\*** | **Subtotal: Sustainable and Renewable Technology (0.02%)\*** | **Subtotal: Sustainable and Renewable Technology (0.02%)\*** |  |  | **622** | **461** |  |
| **Total: Warrant Investments (1.53%)\*** | **Total: Warrant Investments (1.53%)\*** | **Total: Warrant Investments (1.53%)\*** |  |  | $**31154** | $**30500** |  |
| **Total Investments in Securities (183.64%)\*** | **Total Investments in Securities (183.64%)\*** | **Total Investments in Securities (183.64%)\*** |  |  | $**3704407** | $**3653758** |  |
| **Investment Funds & Vehicles Investments** | **Investment Funds & Vehicles Investments** | **Investment Funds & Vehicles Investments** |  |  |  |  |  |
| **Drug Discovery & Development** |  |  |  |  |  |  |  |
| Forbion Growth Opportunities Fund I C.V. | Investment Funds & Vehicles | 11/16/2020 |  |  | $2847 | $4382 | (5)(10)(17) |
| Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 |  |  | 1242 | 1438 | (5)(10)(17) |
| **Subtotal: Drug Discovery & Development (0.29%)\*** | **Subtotal: Drug Discovery & Development (0.29%)\*** | **Subtotal: Drug Discovery & Development (0.29%)\*** |  |  | **4089** | **5820** |  |
| **Software** |  |  |  |  |  |  |  |
| Liberty Zim Co-Invest L.P. | Investment Funds & Vehicles | 7/21/2022 |  |  | 381 | 400 | (5)(10) |
| **Subtotal: Software (0.02%)\*** | **Subtotal: Software (0.02%)\*** | **Subtotal: Software (0.02%)\*** |  |  | **381** | **400** |  |
| **Total: Investment Funds & Vehicles Investments (0.31%)\*** | **Total: Investment Funds & Vehicles Investments (0.31%)\*** | **Total: Investment Funds & Vehicles Investments (0.31%)\*** |  |  | $**4470** | $**6220** |  |
| **Total Investments before Cash & Cash Equivalents (183.96%)\*** | **Total Investments before Cash & Cash Equivalents (183.96%)\*** | **Total Investments before Cash & Cash Equivalents (183.96%)\*** |  |  | $**3708877** | $**3659978** |  |
| **Cash & Cash Equivalents** |  |  |  |  |  |  |  |
| GS Financial Square Government Fund | Cash & Cash Equivalents |  | FGTXX/38141W273 |  | $21100 | $21100 |  |
| **Total: Investments in Cash & Cash Equivalents (1.06%)\*** | **Total: Investments in Cash & Cash Equivalents (1.06%)\*** | **Total: Investments in Cash & Cash Equivalents (1.06%)\*** | **Total: Investments in Cash & Cash Equivalents (1.06%)\*** |  | $**21100** | $**21100** |  |
| **Total: Investments after Cash & Cash Equivalents (185.02%)\*** | **Total: Investments after Cash & Cash Equivalents (185.02%)\*** | **Total: Investments after Cash & Cash Equivalents (185.02%)\*** | **Total: Investments after Cash & Cash Equivalents (185.02%)\*** |  | $**3729977** | $**3681078** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | | | | | | |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Amount** | **Transaction** | **US $ Notional Value at Settlement Date** | **Value** |
| Great British Pound (GBP) | 6/3/2025 | Goldman Sachs Bank USA | £20511 | Sold | $26178 | $538 |
| **Total Foreign Currency Forward (0.03%)\*** |  |  |  |  | $**26178** | $**538** |

---

See notes to consolidated financial statements

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**HERCULES CAPITAL, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2024**

**(dollars in thousands)**

**\***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 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.

(2)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.

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

(4)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 (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 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, 2024, 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.

(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, 2024.

(17)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").

(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 December 31, 2024, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 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 $11.9 million and $11.6 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" for additional disclosure.

See notes to consolidated financial statements

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**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 Investment Company Act of 1940, as amended (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 in 2020 as wholly owned Delaware limited liability subsidiaries. The Company was granted no-action relief by the staff of the Securities and Exchange Commission ("SEC") to allow Hercules Adviser LLC (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 statement 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, 2024. 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 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, 2025, approximately 97.5% 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee subject to oversight and approval of the Board.

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

*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

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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.

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*

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. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date.

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 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, Cash Equivalents, Foreign Cash, 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

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value. 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, 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. 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 uses the implicit rate when readily determinable. 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

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method. One-off fees for transaction and management services are generally recognized as income in the period when the 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***

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. Discounts and issuance costs 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"). 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".

***Debt Issuance Costs***

Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. 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.

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***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 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. In accordance with ASC Topic 480, certain stock awards are classified as a liability. The compensation expense associated with these awards is recognized in the same manner as all other stock-based compensation. The award liability is recorded as deferred compensation and included in Accounts payable and accrued liabilities.

***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 "Certain United States Federal Income Tax Considerations" included in the Company's Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001280784/000128078425000007/htgc-20241231.htm)</u> for the fiscal year ended December 31, 2024 filed with the SEC on February 13, 2025 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.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

***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 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, 2025 or 2024. 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 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 drug discovery and development, software, consumer & business services, and other healthcare 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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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**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, 2025 and December 31, 2024, 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, 2025 and December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance as of<br>June 30, <br>2025** | **Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1)** | **Significant<br>Other Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** |
| **(in thousands)**<br>**Description** | **Balance as of<br>June 30, <br>2025** | **Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1)** | **Significant<br>Other Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** |
| **Cash and cash equivalents** | | | | |
| Money Market Fund<sup>(1)</sup> | $31000 | $31000 | $— | $— |
| **Other assets and liabilities** |  |  |  |  |
| Escrow and Other Investment Receivables | $211 | $— | $— | $211 |
| Accounts Payable and Accrued Liabilities | (349) |  |  | (349) |
| **Investments** |  |  |  |  |
| Senior Secured Debt | $3912165 | $— | $— | $3912165 |
| Unsecured Debt | 66530 |  |  | 66530 |
| Preferred Stock | 54649 |  |  | 54649 |
| Common Stock<sup>(2)</sup> | 101102 | 36926 |  | 64176 |
| Warrants | 35547 |  | 11068 | 24479 |
|  | $4169993 | $36926 | $11068 | $4121999 |
| Investment Funds & Vehicles measured at Net Asset Value<sup>(3)</sup> | 6493 |  |  |  |
| **Total Investments, at fair value** | $4176486 |  |  |  |
| Derivative Instruments<sup>(4)</sup> | (507) |  |  |  |
| **Total Investments including cash and cash equivalents and derivative instruments** | $4206979 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance as of<br>December 31, <br>2024** | **Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1)** | **Significant<br>Other Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** |
| **(in thousands)**<br>**Description** | **Balance as of<br>December 31, <br>2024** | **Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1)** | **Significant<br>Other Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** |
| **Cash and cash equivalents** | | | | |
| Money Market Fund<sup>(1)</sup> | $21100 | $21100 | $— | $— |
| **Other assets and liabilities** |  |  |  |  |
| Escrow and Other Investment Receivables | $152 | $— | $— | $152 |
| Accounts Payable and Accrued Liabilities | (1012) | $— | $— | (1012) |
| **Investments** |  |  |  |  |
| Senior Secured Debt | $3419044 | $— | $— | $3419044 |
| Unsecured Debt | 75557 |  |  | 75557 |
| Preferred Stock | 53802 |  |  | 53802 |
| Common Stock<sup>(2)</sup>  | 74855 | 30262 |  | 44593 |
| Warrants | 30500 |  | 8677 | 21823 |
|  | $3653758 | $30262 | $8677 | $3614819 |
| Investment Funds & Vehicles measured at Net Asset Value<sup>(3)</sup> | 6220 |  |  |  |
| **Total Investments, at fair value** | $3659978 |  |  |  |
| Derivative Instruments<sup>(4)</sup> | 538 |  |  |  |
| **Total Investments including cash and cash equivalents and derivative instruments** | $3681616 |  |  |  |

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(1)This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities.

(2)Common stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's common stock.

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(3)In accordance with U.S. GAAP, certain investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.

(4)Derivative Instruments are carried at fair value and are a Level 2 security within the Company's fair value hierarchy.

The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Balance as of<br>January 1, 2025** | **Net Realized** <br>**Gains (Losses)**<sup>(1)</sup>  | **Net Change in** <br>**Unrealized** <br>**Appreciation**<br>**(Depreciation)**<sup>(2)</sup>  | **Purchases**<sup>(5)</sup> | **Sales** | **Repayments**<sup>(6)</sup>  | **Gross** <br>**Transfers** <br>**into**<br>**Level 3**<sup>(3)\*</sup> | **Gross** <br>**Transfers** <br>**out of**<br>**Level 3**<sup>(3)\*</sup> | **Balance as of <br>June 30, 2025** |
| **(in thousands)** | **Balance as of<br>January 1, 2025** | **Net Realized** <br>**Gains (Losses)**<sup>(1)</sup>  | **Net Change in** <br>**Unrealized** <br>**Appreciation**<br>**(Depreciation)**<sup>(2)</sup>  | **Purchases**<sup>(5)</sup> | **Sales** | **Repayments**<sup>(6)</sup>  | **Gross** <br>**Transfers** <br>**into**<br>**Level 3**<sup>(3)\*</sup> | **Gross** <br>**Transfers** <br>**out of**<br>**Level 3**<sup>(3)\*</sup> | **Balance as of <br>June 30, 2025** |
| **Investments** | | | | | | | | | |
| Senior Secured Debt | $3419044 | $(54380) | $21867 | $999661 | $(47500) | $(421285) | $— | $(5242) | $3912165 |
| Unsecured Debt | 75557 |  | 480 | 2715 |  |  |  | (12222) | 66530 |
| Preferred Stock | 53802 |  | (1973) | 2820 |  |  |  |  | 54649 |
| Common Stock | 44593 | (645) | 2812 | 908 | (956) |  | 22558 | (5094) | 64176 |
| Warrants | 21823 | (374) | 552 | 2485 | (7) |  |  |  | 24479 |
| **Other Assets and Liabilities** |  |  |  |  |  |  |  |  |  |
| Escrow and Other Investment Receivables | 152 | 56 |  | 1814 | (1811) |  |  |  | 211 |
| Accounts Payable and Accrued Liabilities | (1012) |  | 751 | 1564 | (1652) |  |  |  | (349) |
| **Total** | $3613959 | $(55343) | $24489 | $1011967 | $(51926) | $(421285) | $22558 | $(22558) | $4121861 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Balance as of<br>January 1, 2024** | **Net Realized** <br>**Gains (Losses)**<sup>(1)</sup>  | **Net Change in** <br>**Unrealized** <br>**Appreciation**<br>**(Depreciation)**<sup>(2)</sup>  | **Purchases**<sup>(5)</sup> | **Sales** | **Repayments**<sup>(6)</sup>  | **Gross** <br>**Transfers** <br>**into** <br>**Level 3**<sup>(4)\*</sup> | **Gross** <br>**Transfers** <br>**out of** <br>**Level 3**<sup>(4)\*</sup> | **Balance as of <br>June 30, 2024** |
| **Investments** | | | | | | | | | |
| Senior Secured Debt | $2987577 | $(9120) | $(17797) | $856973 | $— | $(493121) | $— | $(4093) | $3320419 |
| Unsecured Debt | 69722 |  | 527 | 1841 |  |  |  |  | 72090 |
| Preferred Stock | 53038 |  | (10541) | 1597 |  |  | 2431 |  | 46525 |
| Common Stock | 41790 | (89) | (2018) | 4100 |  |  | 1662 |  | 45445 |
| Warrants | 22088 | 464 | (4509) | 2454 | (2829) |  |  |  | 17668 |
| **Other Assets** |  |  |  |  |  |  |  |  |  |
| Escrow and Other Investment Receivables | 10888 | 60 | 9546 | 43 | (18649) |  |  |  | 1888 |
| **Total** | $3185103 | $(8685) | $(24792) | $867008 | $(21478) | $(493121) | $4093 | $(4093) | $3504035 |

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\* The Company recognizes transfers as of the transaction date.

(1)Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations.

(2)Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations.

(3)During the three months ended March 31, 2025, 23andMe, Inc. Level 1 common stock was converted into Level 3 common stock due to bankruptcy and delisting. Subsequently, during the three months ended June 30, 2025, 23andMe, Inc. was treated as Level 1 common stock due to resumed trading after reaching a definitive agreement during the bankruptcy proceeding. Transfers out of Level 3 debt investments during the six months ended June 30, 2025 related to the conversion of the Company's Level 3 debt investments in Hercules Adviser LLC, Carbon Health Technologies, Inc., and Khoros, LLC, into common stock Level 3 investments.

(4)Transfers out of Level 3 during the six months ended June 30, 2024 related to the conversion of the Company's Level 3 debt investments in Better Therapeutics, Inc. and Eigen Technologies Ltd. into common stock and preferred stock Level 3 investments in acquiring companies.

(5)Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of Level 3 investments. Amounts are net of purchases assigned to the Adviser Funds.

(6)Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization.

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The following table presents the net unrealized appreciation (depreciation) recorded for debt, preferred stock, common stock and warrant Level 3 investments relating to assets still held at the reporting date.

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| | | |
|:---|:---|:---|
| **(in millions)** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Debt investments | $(11.4) | $(17.5) |
| Preferred stock | (2.0) | (10.5) |
| Common stock | (2.0) | (1.5) |
| Warrant investments | 0.7 | (2.0) |

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The following tables provide quantitative information about the Company's Level 3 fair value measurements as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to the Company's valuation guidelines, the Company may also use other valuation techniques and methodologies when determining the Company's fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company's fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company's investments. The methodology for the determination of the fair value of the Company's investments is discussed in "Note 2 – Summary of Significant Accounting Policies". The significant unobservable input used in the fair value measurement of the Company's escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type - Level 3<br>Debt Investments** | **Fair Value as of <br>June 30, 2025 <br>(in thousands)** | **Valuation <br>Techniques/ Methodologies** | **Unobservable Input**<sup>(1)</sup> | **Range** | **Weighted** <br>**Average**<sup>(2)</sup> |
| Pharmaceuticals | $700903 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 8.83% - 16.39% | 13.34% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | (2.50%) - 3.00% | 0.57% |
| Technology | 1309186 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 9.68% - 21.55% | 13.14% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | (1.50%) - 5.50% | 0.12% |
|  | 28869 | &nbsp;&nbsp;&nbsp;Convertible Note Analysis | Probability weighting of alternative outcomes | 1.00% - 70.00% | 50.95% |
|  | 43706 | &nbsp;&nbsp;&nbsp;Liquidation<sup>(3)</sup> | Probability weighting of alternative outcomes | 20.00% - 80.00% | 74.73% |
| Sustainable and Renewable Technology | 20182 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 15.45% - 15.45% | 15.45% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | 0.50% - 0.50% | 0.50% |
| Medical Devices | 74663 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 11.98% - 13.26% | 12.59% |
|  |  |  | Premium/(Discount) | 0.00% - 0.50% | 0.21% |
| Lower Middle Market | 627782 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 10.12% - 18.15% | 14.07% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | (0.25%) - 3.00% | 0.59% |
|  | 24603 | &nbsp;&nbsp;&nbsp;Liquidation<sup>(3)</sup> | Probability weighting of alternative outcomes | 40.00% - 60.00% | 60.00% |
| **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** |
|  | 860350 | &nbsp;&nbsp;&nbsp;Debt Investments originated within 6 months | &nbsp;&nbsp;&nbsp;Debt Investments originated within 6 months |  |  |
|  | 122740 | &nbsp;&nbsp;&nbsp;Imminent Payoffs<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;Imminent Payoffs<sup>(4)</sup> |  |  |
|  | 128323 | &nbsp;&nbsp;&nbsp;Debt Investments Maturing in Less than One Year | &nbsp;&nbsp;&nbsp;Debt Investments Maturing in Less than One Year |  |  |
|  | 37388 | &nbsp;&nbsp;&nbsp;Debt Investments in Wholly-Owned Subsidiaries | &nbsp;&nbsp;&nbsp;Debt Investments in Wholly-Owned Subsidiaries |  |  |
|  | $3978695 | &nbsp;&nbsp;&nbsp;**Total Level 3 Debt Investments** | &nbsp;&nbsp;&nbsp;**Total Level 3 Debt Investments** |  |  |
| Escrow and Other Investment Receivables | 211 | &nbsp;&nbsp;&nbsp;&nbsp;Expected Proceeds |  |  |  |
| Accounts Payable and Accrued Liabilities | (349) | &nbsp;&nbsp;&nbsp;&nbsp;Liquidation<sup>(3)</sup> | Probability weighting of alternative outcomes | 20.00% - 50.00% | 43.85% |
|  | $3978557 | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** |

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(1)The significant unobservable inputs used in the fair value measurement of the Company's debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such

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as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.

Debt investments in the industries noted in the Company's Consolidated Schedule of Investments are included in the industries noted above as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pharmaceuticals, above, is comprised of debt investments in the "Drug Discovery & Development" and "Healthcare Services, Other" industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology, above, is comprised of debt investments in the "Communications & Networking", "Information Services", "Consumer & Business Services", "Media/Content/Info", "Space Technologies", "Defense Technologies", and "Software" industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainable and Renewable Technology, above, is comprised of debt investments in the "Sustainable and Renewable Technology" industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medical Devices, above, is comprised of debt investments in the "Medical Devices & Equipment" industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower Middle Market, above, is comprised of debt investments in the "Healthcare Services – Other", "Consumer & Business Services", "Diversified Financial Services", "Sustainable and Renewable Technology", and "Software" industries.

(2)The weighted averages are calculated based on the fair market value of each investment.

(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.

(4)Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type - Level 3**<br>**Debt Investments** | **Fair Value as of <br>December 31, 2024 <br>(in thousands)** | **Valuation Techniques/ Methodologies** | **Unobservable Input**<sup>(1)</sup> | **Range** | **Weighted** <br>**Average**<sup>(2)</sup> |
| Pharmaceuticals | $947065 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 8.42% - 16.19% | 12.03% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | (2.50%) - 3.00% | 0.13% |
|  | 55344 | &nbsp;&nbsp;&nbsp;Liquidation<sup>(3)</sup> | Probability weighting of alternative outcomes | 20.00% - 80.00% | 75.53% |
| Technology | 1365943 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 10.21% - 20.58% | 13.10% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | (0.75%) - 4.50% | 0.20% |
|  | 26869 | &nbsp;&nbsp;&nbsp;Convertible Note Analysis | Probability weighting of alternative outcomes | 1.00% - 70.00% | 50.66% |
|  | 51004 | &nbsp;&nbsp;&nbsp;Liquidation<sup>(3)</sup> | Probability weighting of alternative outcomes | 22.00% - 78.00% | 66.34% |
| Sustainable and Renewable Technology | 21102 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 12.41% - 15.44% | 15.25% |
|  |  |  | Premium/(Discount) | 0.25% - 3.50% | 0.45% |
| Medical Devices | 59645 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 11.79% - 12.75% | 12.24% |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Premium/(Discount) | 0.00% - 0.50% | 0.26% |
| Lower Middle Market | 636258 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Hypothetical Market Yield | 10.27% - 21.00% | 14.12% |
|  |  |  | Premium/(Discount) | (0.25%) - 5.00% | 1.07% |
| **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** | **Debt Investments for which Cost Approximates Fair Value** |
|  | 242833 | &nbsp;&nbsp;&nbsp;Debt Investments originated within 6 months | &nbsp;&nbsp;&nbsp;Debt Investments originated within 6 months |  |  |
|  | 4141 | &nbsp;&nbsp;&nbsp;Imminent Payoffs<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;Imminent Payoffs<sup>(4)</sup> |  |  |
|  | 36185 | &nbsp;&nbsp;&nbsp;Debt Investments Maturing in Less than One Year | &nbsp;&nbsp;&nbsp;Debt Investments Maturing in Less than One Year | &nbsp;&nbsp;&nbsp;Debt Investments Maturing in Less than One Year | &nbsp;&nbsp;&nbsp;Debt Investments Maturing in Less than One Year |
|  | 48212 | &nbsp;&nbsp;&nbsp;Debt Investments in Wholly-Owned Subsidiaries | &nbsp;&nbsp;&nbsp;Debt Investments in Wholly-Owned Subsidiaries |  |  |
|  | $3494601 | &nbsp;&nbsp;&nbsp;**Total Level 3 Debt Investments** | &nbsp;&nbsp;&nbsp;**Total Level 3 Debt Investments** | &nbsp;&nbsp;&nbsp;**Total Level 3 Debt Investments** | &nbsp;&nbsp;&nbsp;**Total Level 3 Debt Investments** |
| Accounts Payable and Accrued Liabilities | (1012) | &nbsp;&nbsp;&nbsp;Liquidation<sup>(3)</sup> | Probability weighting of alternative outcomes | 20.00% - 50.00% | 38.44% |
|  | $3493589 | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** | &nbsp;&nbsp;&nbsp;**Total Level Three Debt Investments and Other Investment Receivables (Payables)** |

---

(1)The significant unobservable inputs used in the fair value measurement of the Company's debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.

Debt investments in the industries noted in the Company's Consolidated Schedule of Investments are included in the industries noted above as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pharmaceuticals, above, is comprised of debt investments in the "Drug Discovery & Development" and "Healthcare Services, Other" industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology, above, is comprised of debt investments in the "Communications & Networking", "Information Services", "Consumer & Business Services", "Media/Content/Info", and "Software" industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainable and Renewable Technology, above, is comprised of debt investments in the "Sustainable and Renewable Technology" industry.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medical Devices, above, is comprised of debt investments in the "Medical Devices & Equipment" industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower Middle Market, above, is comprised of debt investments in the "Healthcare Services – Other", "Consumer & Business Services", "Diversified Financial Services", "Sustainable and Renewable Technology", and "Software" industries.

(2)The weighted averages are calculated based on the fair market value of each investment.

(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.

(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type - Level 3 Equity and Warrant Investments** | **Fair Value as of <br>June 30, 2025 <br>(in thousands)** | **Valuation Techniques/<br>Methodologies** | | **Unobservable Input**<sup>(1)</sup> | | **Range** | | **Weighted Average**<sup>(5)</sup> |  |
| Equity Investments | $51729 | &nbsp;&nbsp;&nbsp;Market Comparable Companies |  | Revenue Multiple<sup>(2)</sup> |  | 0.3x - 17.6x |  | 7.9x |  |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies |  | Tangible Book Value Multiple<sup>(2)</sup> |  | 1.5x - 1.5x |  | 1.5x |  |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies |  | Discount for Lack of Marketability<sup>(3)</sup> |  | 13.13% - 92.28% |  | 29.85% |  |
|  | 9538 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | &nbsp;&nbsp;&nbsp;Market Adjusted OPM Backsolve |  | Market Equity Adjustment<sup>(4)</sup> |  | (89.88%) - 10.22% |  | (20.16%) |
|  | 54164 | &nbsp;&nbsp;&nbsp;Discounted Cash Flow |  | Discount Rate<sup>(7)</sup> |  | 11.91% - 34.53% |  | 29.94% |  |
|  | 3394 | &nbsp;&nbsp;&nbsp;Other<sup>(6)</sup> |  |  |  |  |  |  |  |
| Warrant Investments | 22159 | &nbsp;&nbsp;&nbsp;Market Comparable Companies |  | Revenue Multiple<sup>(2)</sup> |  | 0.5x - 15.1x |  | 4.7x |  |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies |  | Discount for Lack of Marketability<sup>(3)</sup> |  | 6.72% - 32.84% |  | 24.94% |  |
|  | 2320 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | &nbsp;&nbsp;&nbsp;Market Adjusted OPM Backsolve |  | Market Equity Adjustment<sup>(4)</sup> |  | (63.24%) - (1.56)% |  | (17.82%) |
| **Total Level 3 Equity and Warrant Investments** | $143304 |  |  |  |  |  |  |  |  |

---

(1)The significant unobservable inputs used in the fair value measurement of the Company's warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.

(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.

(5)Weighted averages are calculated based on the fair market value of each investment.

(6)The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices.

(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type - Level 3 Equity and Warrant Investments** | **Fair Value as of<br>December 31, 2024<br>(in thousands)** | **Valuation Techniques/<br>Methodologies** | **Unobservable Input**<sup>(1)</sup> | **Range** | **Weighted Average**<sup>(5)</sup> |
| Equity Investments | $45420 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Revenue Multiple<sup>(2)</sup> | 0.4x - 16.8x | 9.1x |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Tangible Book Value Multiple<sup>(2)</sup> | 1.7x - 1.7x | 1.7x |
|  |  | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Discount for Lack of Marketability<sup>(3)</sup> | 17.64% - 92.80% | 36.12% |
|  | 12374 | &nbsp;&nbsp;&nbsp;Market Adjusted OPM Backsolve | Market Equity Adjustment<sup>(4)</sup> | (96.57%) - 24.76% | (17.57%) |
|  | 34677 | &nbsp;&nbsp;&nbsp;Discounted Cash Flow | Discount Rate<sup>(7)</sup> | 12.17% - 33.34% | 30.21% |
|  | 5924 | &nbsp;&nbsp;&nbsp;Other<sup>(6)</sup> |  |  |  |
| Warrant Investments | 18302 | &nbsp;&nbsp;&nbsp;Market Comparable Companies | Revenue Multiple<sup>(2)</sup> | 0.8x - 14.1x | 4.5x |
|  |  |  | Discount for Lack of Marketability<sup>(3)</sup> | 14.72% - 34.35% | 26.76% |
|  | 3521 | &nbsp;&nbsp;&nbsp;Market Adjusted OPM Backsolve | Market Equity Adjustment<sup>(4)</sup> | (56.36%) - 24.76% | 1.33% |
| **Total Level 3 Equity and Warrant Investments** | $120218 |  |  |  |  |

---

(1)The significant unobservable inputs used in the fair value measurement of the Company's warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.

(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.

(5)Weighted averages are calculated based on the fair market value of each investment.

(6)The fair market value of these investments is derived based on recent market transactions.

(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.

The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company's outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument.

As of June 30, 2025 and December 31, 2024, the 2033 Notes (as defined in "Note 5 - Debt") were trading on the New York Stock Exchange ("NYSE") at $25.03 and $25.17 per unit at par value. The par value at underwriting for the 2033 Notes was $25.00 per unit. Based on market quotations on or around June 30, 2025 and December 31, 2024, the 2031 Asset-Backed Notes (as defined in "Note 5 - Debt") were quoted for 0.972 and 0.963. Based on market quotations on or around June 30, 2025, the 2028 Convertible Notes (as defined in "Note 5 - Debt") were quoted for 0.970 per dollar at par value. The fair values of the SBA debentures, March 2026 A Notes, March 2026 B Notes, September 2026, January 2027 Notes, and June 2030 Notes (each as defined in "Note 5 - Debt") are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility (each as defined in "Note 5 - Debt") are equal to their outstanding principal balances as of June 30, 2025 and December 31, 2024.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company's outstanding borrowings as of June 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **(in thousands)**<br>**Description** | **Carrying<br>Value** | **Approximate<br>Fair Value** | **Identical Assets<br>(Level 1)** | **Observable Inputs<br>(Level 2)** | **Unobservable Inputs<br>(Level 3)** |
| SBA Debentures | $340422 | $325469 | $— | $— | $325469 |
| March 2026 A Notes | 49937 | 50221 |  |  | 50221 |
| March 2026 B Notes | 49931 | 50245 |  |  | 50245 |
| September 2026 Notes | 323812 | 314629 |  |  | 314629 |
| January 2027 Notes | 347930 | 341529 |  |  | 341529 |
| 2028 Convertible Notes | 279099 | 278784 |  | 278784 |  |
| June 2030 Notes | 341827 | 350166 |  |  | 350166 |
| 2031 Asset-Backed Notes | 111150 | 108505 |  | 108505 |  |
| 2033 Notes | 39097 | 40048 |  | 40048 |  |
| MUFG Bank Facility | 66000 | 66000 |  |  | 66000 |
| SMBC Facility | 114961 | 115135 |  |  | 115135 |
| **Total** | $2064166 | $2040731 | $— | $427337 | $1613394 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)**<br>**Description** | **Carrying<br>Value** | **Approximate<br>Fair Value** | **Identical Assets<br>(Level 1)** | **Observable Inputs<br>(Level 2)** | **Unobservable Inputs<br>(Level 3)** |
| SBA Debentures | $271371 | $260436 | $— | $— | $260436 |
| February 2025 Notes | 49981 | 50698 |  |  | 50698 |
| June 2025 Notes | 69919 | 69308 |  |  | 69308 |
| June 2025 3-Year Notes | 49926 | 49713 |  |  | 49713 |
| March 2026 A Notes | 49889 | 49052 |  |  | 49052 |
| March 2026 B Notes | 49880 | 49087 |  |  | 49087 |
| September 2026 Notes | 323321 | 302244 |  |  | 302244 |
| January 2027 Notes | 347265 | 327928 |  |  | 327928 |
| 2031 Asset-Backed Notes | 118769 | 115031 |  | 115031 |  |
| 2033 Notes | 39043 | 40272 |  | 40272 |  |
| MUFG Bank Facility | 116000 | 116000 |  |  | 116000 |
| SMBC Facility | 283591 | 283591 |  |  | 283591 |
| **Total** | $1768955 | $1713360 | $— | $155303 | $1558057 |

---

**4. Investments**

***Control and Affiliate Investments***

As required by the 1940 Act, the Company classifies its investments by level of control. "Control investments" are defined in the 1940 Act as investments in those companies that the Company is deemed to "control". Under the 1940 Act, the Company is generally deemed to "control" a company in which it has invested if it owns 25% or more of the voting securities of such company or has greater than 50% representation on its board. "Affiliate investments" are investments in those companies that are "affiliated companies" of the Company, as defined in the 1940 Act, which are not control investments. The Company is deemed to be an "affiliate" of a company in which it has invested if it owns 5% or more, but generally less than 25%, of the voting securities of such company. "Non-control/non-affiliate investments" are investments that are neither control investments nor affiliate investments. For purposes of determining the classification of its investments, the Company has included consideration of any voting securities or board appointment rights held by the Adviser Funds.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

The following table summarizes the Company's realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the three and six months ended June 30, 2025 and 2024.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **Portfolio Company**<sup>(1)</sup> | **Type** | **Fair Value as of June 30, 2025** | **Interest & Dividend Income** | **Fee Income** | **Net Change in Unrealized Appreciation (Depreciation)** | **Realized Gain (Loss)** | **Interest & Dividend Income** | **Fee Income** | **Net Change in Unrealized Appreciation (Depreciation)** | **Realized Gain (Loss)** |
| **Control Investments** | | | | | | | | | | |
| Coronado Aesthetics, LLC | Control | $313 | $— | $— | $267 | $— | $— | $— | $244 | $— |
| Gibraltar Acquisition LLC<sup>(2)</sup> | Control | 60343 | 1096 | 41 | 1444 |  | 2663 | 80 | 504 |  |
| Hercules Adviser LLC<sup>(3)</sup> | Control | 44222 | 2100 |  | (795) |  | 4000 |  | 2032 |  |
| Tectura Corporation | Control | 10018 | 172 |  | (1752) |  | 342 |  | (1639) |  |
| **Total Control Investments** | **Total Control Investments** | $114896 | $3368 | $41 | $(836) | $— | $7005 | $80 | $1141 | $— |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **Portfolio Company**<sup>(1)</sup> | **Type** | **Fair Value as of June 30, 2024** | **Interest & Dividend Income** | **Fee Income** | **Net Change in Unrealized Appreciation (Depreciation)** | **Realized Gain (Loss)** | **Interest & Dividend Income** | **Fee Income** | **Net Change in Unrealized Appreciation (Depreciation)** | **Realized Gain (Loss)** |
| **Control Investments** | | | | | | | | | | |
| Coronado Aesthetics, LLC | Control | $186 | $— | $— | $(97) | $— | $— | $— | $(76) | $— |
| Gibraltar Acquisition, LLC<sup>(2)</sup> | Control | 56811 | 1534 | 36 | (1670) |  | 2567 | 72 | (6291) |  |
| Hercules Adviser LLC<sup>(3)</sup> | Control | 42728 | 1751 |  | 844 |  | 3503 |  | 2015 |  |
| Tectura Corporation | Control | 11534 | 172 |  | (583) |  | 344 |  | 17 |  |
| **Total Control Investments** | **Total Control Investments** | $111259 | $3457 | $36 | $(1506) | $— | $6414 | $72 | $(4335) | $— |

---

(1)In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, ("Rule 3-09", "Rule 4-08(g)", and "Rule 10-01(b)(1)", respectively), the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries". As of June 30, 2025 and June 30, 2024, there were no unconsolidated subsidiaries that are considered "significant subsidiaries".

(2)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.

(3)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.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

***Portfolio Composition***

The following table shows the fair value of the Company's portfolio of investments by asset class as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Investments at <br>Fair Value** | **Percentage of<br>Total Portfolio** | **Investments at<br>Fair Value** | **Percentage of<br>Total Portfolio** |
| Senior Secured Debt | $3912165 | 93.7% | $3419044 | 93.4% |
| Unsecured Debt | 66530 | 1.6% | 75557 | 2.1% |
| Preferred Stock | 54649 | 1.3% | 53802 | 1.5% |
| Common Stock | 101102 | 2.4% | 74855 | 2.0% |
| Warrants | 35547 | 0.8% | 30500 | 0.8% |
| Investment Funds & Vehicles | 6493 | 0.2% | 6220 | 0.2% |
| **Total** | $4176486 | 100.0% | $3659978 | 100.0% |

---

A summary of the Company's investment portfolio, at value, by geographic location as of June 30, 2025 and December 31, 2024 is shown as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Investments at<br>Fair Value** | **Percentage of<br>Total Portfolio** | **Investments at<br>Fair Value** | **Percentage of<br>Total Portfolio** |
| United States | $3759076 | 90.0% | $3288737 | 89.9% |
| United Kingdom | 131617 | 3.2% | 142183 | 3.9% |
| Netherlands | 124548 | 3.0% | 59157 | 1.6% |
| Germany | 49771 | 1.2% | 49255 | 1.3% |
| Israel | 44767 | 1.1% | 88066 | 2.4% |
| Switzerland | 34255 | 0.8% |  | 0.0% |
| Canada | 16321 | 0.4% | 16251 | 0.4% |
| Denmark | 9231 | 0.2% | 9284 | 0.3% |
| Ireland | 4622 | 0.1% | 4649 | 0.1% |
| Singapore | 1915 | 0.0% | 1996 | 0.1% |
| Other | 363 | 0.0% | 400 | 0.0% |
| **Total** | $4176486 | 100.0% | $3659978 | 100.0% |

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

The following table shows the fair value of the Company's portfolio by industry sector as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Investments at<br>Fair Value** | **Percentage of<br>Total Portfolio** | **Investments at<br>Fair Value** | **Percentage of<br>Total Portfolio** |
| Software | $1471080 | 35.2% | $1081100 | 29.5% |
| Drug Discovery & Development | 1035769 | 24.8% | 1080390 | 29.5% |
| Healthcare Services, Other | 755202 | 18.1% | 610184 | 16.7% |
| Consumer & Business Services | 375233 | 9.0% | 372641 | 10.2% |
| Defense Technologies | 139991 | 3.4% |  | 0.0% |
| Diversified Financial Services | 118110 | 2.8% | 113491 | 3.1% |
| Medical Devices & Equipment | 75436 | 1.8% | 74962 | 2.0% |
| Electronics & Computer Hardware | 50666 | 1.2% | 162888 | 4.5% |
| Biotechnology Tools | 34836 | 0.8% | 35434 | 1.0% |
| Communications & Networking | 27937 | 0.7% | 27700 | 0.8% |
| Information Services | 24233 | 0.6% | 24356 | 0.7% |
| Sustainable and Renewable Technology | 22723 | 0.5% | 27696 | 0.8% |
| Manufacturing Technology | 20650 | 0.5% | 1162 | 0.0% |
| Space Technologies | 15446 | 0.4% | 45700 | 1.2% |
| Consumer & Business Products | 8663 | 0.2% | 1497 | 0.0% |
| Semiconductors | 345 | 0.0% | 704 | 0.0% |
| Media/Content/Info | 157 | 0.0% | 63 | 0.0% |
| Drug Delivery | 9 | 0.0% | 10 | 0.0% |
| **Total** | $4176486 | 100.0% | $3659978 | 100.0% |

---

No single portfolio investment represents more than 10% of the fair value of the Company's total investments as of June 30, 2025 or December 31, 2024.

***Concentrations of Credit Risk***

The Company's customers are primarily privately held companies and public companies which are active in the "Software", "Drug Discovery & Development", "Healthcare Services, Other", and "Consumer & Business Services" sectors. These sectors are characterized by high margins, high growth rates, consolidation and product and market extension opportunities. Value for companies in these sectors is often vested in intangible assets and intellectual property.

Industry and sector concentrations vary as new loans are recorded and loans are paid off. Investment income, consisting of interest, fees, and recognition of gains on equity and warrant or other equity interests, can fluctuate materially when a loan is paid off or a related warrant or equity interest is sold. Investment income recognized in any given year can be highly concentrated among several portfolio companies.

As of June 30, 2025 and December 31, 2024, the Company's ten largest portfolio companies represented approximately 28.6% and 31.6%, respectively, of the total fair value of the Company's investments in portfolio companies. As of June 30, 2025 and December 31, 2024, the Company had six and six portfolio companies, respectively, that represented 5% or more of the Company's net assets. As of June 30, 2025, the Company had four equity investments representing 58.1% of the total fair value of the Company's equity investments, and each represented 5% or more of the total fair value of the Company's equity investments. As of December 31, 2024, the Company had three equity investments which represented approximately 49.7% of the total fair value of the Company's equity investments, and each represented 5% or more of the total fair value of the Company's equity investments.

***Investment Collateral***

In the majority of cases, the Company collateralizes its investments by obtaining a first priority security interest in a portfolio company's assets, which may include its intellectual property. In other cases, the Company may obtain a negative

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

pledge covering a company's intellectual property. The Company's investments were collateralized as follows as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **Percentage of debt investments (at fair value), as of** | **Percentage of debt investments (at fair value), as of** |
| | **June 30, 2025** | **December 31, 2024** |
| **Senior Secured First Lien** | | |
| All assets including intellectual property | 69.6% | 67.1% |
| All assets with negative pledge on intellectual property | 13.5% | 14.2% |
| "Last-out" with security interest in all of the assets | 7.9% | 9.7% |
| **Total senior secured first lien position** | **91.0%** | **91.0%** |
| Second lien | 7.3% | 6.8% |
| Unsecured | 1.7% | 2.2% |
| **Total debt investments at fair value** | **100.0%** | **100.0%** |

---

***Derivative Instruments***

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies. The following is a summary of the fair value and location of the Company's derivative instruments in the Consolidated Statements of Assets and Liabilities held as of June 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands)** | **(in thousands)** | **Fair Value** | **Fair Value** |
| **Derivative Instrument** | **Statement Location** | **June 30, 2025** | **December 31, 2024** |
| Foreign currency forward contract | Other assets | $— | $538 |
| Foreign currency forward contract | Accounts payable and accrued liabilities | 507 |  |
|  | **Total** | $507 | $538 |

---

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three and six months ended June 30, 2025 and 2024 are in the following locations in the Consolidated Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)**<br>**Derivative Instrument** |<br>**Statement Location** | **2025** | **2024** | **2025** | **2024** |
| Foreign currency forward contract | Net realized gain (loss) - Non-control / Non-affiliate investments | $(1551) | $(849) | $(1551) | $(849) |
| Foreign currency forward contract | Net change in unrealized appreciation (depreciation) - Non-control / Non-affiliate investments | (205) | 725 | (1045) | 954 |
|  | **Total** | $(1756) | $(124) | $(2596) | $105 |

---

***Investment Income***

The Company's investment portfolio generates interest, fee, and dividend income. The composition of the Company's interest income and fee income is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Contractual interest income | $95421 | $87439 | $183238 | $178153 |
| Exit fee interest income | 14790 | 10592 | 25018 | 22472 |
| PIK interest income | 13635 | 15267 | 27108 | 25164 |
| Dividend income | 2100 | 2100 | 4500 | 3700 |
| Other investment income<sup>(1)</sup> | 3625 | 2131 | 5279 | 3819 |
| **Total interest and dividend income** | $129571 | $117529 | $245143 | $233308 |
| Recurring fee income | $2754 | $2203 | $5434 | $4658 |
| Fee income - expired commitments | 715 | 730 | 1032 | 1377 |
| Accelerated fee income - early repayments | 4419 | 4544 | 5361 | 7216 |
| **Total fee income** | $7888 | $7477 | $11827 | $13251 |

---

(1)Other investment income includes OID interest income and interest recorded on other assets.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

As of June 30, 2025 and December 31, 2024, unamortized capitalized fee income was recorded as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **June 30,<br>2025** | **December 31,<br>2024** |
| Offset against debt investment cost | $39.7 | $36.9 |
| Deferred obligation contingent on funding or other milestone | 9.9 | 9.1 |
| **Total Unamortized Fee Income** | $49.6 | $46.0 |

---

As of June 30, 2025 and December 31, 2024, loan exit fees receivable were recorded as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **June 30,<br>2025** | **December 31,<br>2024** |
| Included within debt investment cost | $42.2 | $39.2 |
| Deferred receivable related to expired commitments | 2.4 | 3.0 |
| **Total Exit Fees Receivable** | $44.6 | $42.2 |

---

**5. Debt**

As of June 30, 2025 and December 31, 2024, the Company had the following available and outstanding debt:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)** | **Total Available** | **Principal<br>Outstanding** | **Carrying Value**<sup>(1)</sup> | **Total Available** | **Principal<br>Outstanding** | **Carrying Value**<sup>(1)</sup> |
| SBA Debentures<sup>(2)(4)</sup> | $350000 | $350000 | $340422 | $350000 | $279000 | $271371 |
| February 2025 Notes |  |  |  | 50000 | 50000 | 49981 |
| June 2025 Notes |  |  |  | 70000 | 70000 | 69919 |
| June 2025 3-Year Notes |  |  |  | 50000 | 50000 | 49926 |
| March 2026 A Notes | 50000 | 50000 | 49937 | 50000 | 50000 | 49889 |
| March 2026 B Notes | 50000 | 50000 | 49931 | 50000 | 50000 | 49880 |
| September 2026 Notes | 325000 | 325000 | 323812 | 325000 | 325000 | 323321 |
| January 2027 Notes | 350000 | 350000 | 347930 | 350000 | 350000 | 347265 |
| 2028 Convertible Notes | 287500 | 287500 | 279099 |  |  |  |
| June 2030 Notes | 350000 | 350000 | 341827 |  |  |  |
| 2031 Asset-Backed Notes | 111585 | 111585 | 111150 | 119475 | 119475 | 118769 |
| 2033 Notes | 40000 | 40000 | 39097 | 40000 | 40000 | 39043 |
| MUFG Bank Facility<sup>(2)</sup> | 440000 | 66000 | 66000 | 400000 | 116000 | 116000 |
| SMBC Facility<sup>(2)(3)(5)</sup> | 475000 | 115135 | 114961 | 475000 | 283790 | 283591 |
| **Total** | $2829085 | $2095220 | $2064166 | $2329475 | $1783265 | $1768955 |

---

(1)Except for the SMBC Facility and MUFG Bank Facility, all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date.

(2)Availability subject to the Company meeting the borrowing base requirements.

(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.

(4)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.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

Debt issuance costs, net of accumulated amortization, were as follows as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **December 31, 2024** |
| SBA Debentures | $9578 | $7629 |
| February 2025 Notes |  | 19 |
| June 2025 Notes |  | 81 |
| June 2025 3-Year Notes |  | 74 |
| March 2026 A Notes | 63 | 111 |
| March 2026 B Notes | 69 | 120 |
| September 2026 Notes | 1188 | 1679 |
| January 2027 Notes | 2070 | 2735 |
| 2028 Convertible Notes | 8401 |  |
| June 2030 Notes | 8173 |  |
| 2031 Asset-Backed Notes | 435 | 706 |
| 2033 Notes | 903 | 957 |
| MUFG Bank Facility<sup>(1)</sup> | 4069 | 1770 |
| SMBC Facility<sup>(1)(2)</sup> | 2620 | 2693 |
| **Total** | $37569 | $18574 |

---

(1)The MUFG Bank Facility and SMBC Facility are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30.

(2)As part of the November 2024 amendment of the SMBC Facility, the existing revolver facility was split into a revolver facility and a term loan facility. As of June 30, 2025, the debt issuance costs, net of accumulated amortization of the revolver facility is $2.4 million and the term loan is $0.2 million. As of December 31, 2024, the debt issuance costs, net of accumulated amortization of the revolver facility is $2.5 million and the term loan is $0.2 million.

For the three and six months ended June 30, 2025, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **(in thousands)**<br>**Description** | **Interest expense**<sup>(1)</sup> | **Amortization of debt issuance cost (loan fees)** | **Unused facility and other fees (loan fees)** | **Total interest expense and fees** | **Cash paid for interest expense** | **Interest expense**<sup>(1)</sup> | **Amortization of debt issuance cost (loan fees)** | **Unused facility and other fees (loan fees)** | **Total interest expense and fees** | **Cash paid for interest expense** |
| SBA Debentures | $2926 | $263 | $— | $3189 | $— | $5425 | $490 | $— | $5915 | $3971 |
| February 2025 Notes |  |  |  |  |  | 202 | 19 |  | 221 | 1070 |
| June 2025 Notes | 520 | 41 |  | 561 | 1508 | 1274 | 81 |  | 1355 | 1508 |
| June 2025 3-Year Notes | 683 | 35 |  | 718 | 1500 | 1433 | 74 |  | 1507 | 1500 |
| March 2026 A Notes | 563 | 24 |  | 587 |  | 1125 | 48 |  | 1173 | 1125 |
| March 2026 B Notes | 569 | 26 |  | 595 |  | 1137 | 52 |  | 1189 | 1138 |
| September 2026 Notes | 2174 | 204 |  | 2378 |  | 4349 | 407 |  | 4756 | 4266 |
| January 2027 Notes | 3078 | 206 |  | 3284 |  | 6157 | 413 |  | 6570 | 5906 |
| 2028 Convertible Notes | 3725 | 351 |  | 4076 |  | 4552 | 428 |  | 4980 |  |
| June 2030 Notes | 907 | 37 |  | 944 |  | 907 | 37 |  | 944 |  |
| 2031 Asset-Backed Notes<sup>(2)</sup> | 1471 | 80 |  | 1551 | 1441 | 2963 | 160 |  | 3123 | 2898 |
| 2033 Notes | 625 | 27 |  | 652 | 625 | 1250 | 54 |  | 1304 | 1250 |
| MUFG Bank Facility | 1975 | 382 | 639 | 2996 | 2330 | 4545 | 824 | 1199 | 6568 | 4509 |
| SMBC Facility | 3714 | 203 | 229 | 4146 | 4024 | 7309 | 411 | 448 | 8168 | 7867 |
| **Total** | $22930 | $1879 | $868 | $25677 | $11428 | $42628 | $3498 | $1647 | $47773 | $37008 |

---

(1)Interest expense includes amortization of OID for the three months ended June 30, 2025, of $42 thousand, $126 thousand, $311 thousand, $32 thousand, and $37 thousand related to the September 2026 Notes, January 2027 Notes, 2028 Convertible Notes, June 2030 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of OID for the six months ended June 30, 2025, of $83 thousand, $251 thousand, $379 thousand, $32 thousand, and $75 thousand related to the September 2026 Notes, January 2027 Notes, 2028 Convertible Notes, June 2030 Notes, and 2031 Asset-Backed Notes, respectively.

(2)During the three and six months ended June 30, 2025, we have recognized $21 thousand and $36 thousand, respectively, of loss on debt extinguishment for 2031 Asset-Backed Notes.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

For the three and six months ended June 30, 2024, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **(in thousands)**<br>**Description** | **Interest expense**<sup>(1)</sup> | **Amortization of debt issuance cost (loan fees)** | **Unused facility and other fees (loan fees)** | **Total interest expense and fees** | **Cash paid for interest expense** | **Interest expense**<sup>(1)</sup> | **Amortization of debt issuance cost (loan fees)** | **Unused facility and other fees (loan fees)** | **Total interest expense and fees** | **Cash paid for interest expense** |
| SBA Debentures | $1138 | $146 | $— | $1284 | $— | $2275 | $292 | $— | $2567 | $2275 |
| July 2024 Notes | 1252 | 74 |  | 1326 |  | 2504 | 148 |  | 2652 | 2504 |
| February 2025 Notes | 535 | 28 |  | 563 |  | 1070 | 57 |  | 1127 | 1070 |
| June 2025 Notes | 754 | 41 |  | 795 | 1508 | 1508 | 81 |  | 1589 | 1508 |
| June 2025 3-Year Notes | 750 | 39 |  | 789 | 1500 | 1500 | 78 |  | 1578 | 1500 |
| March 2026 A Notes | 562 | 23 |  | 585 |  | 1125 | 47 |  | 1172 | 1125 |
| March 2026 B Notes | 569 | 26 |  | 595 |  | 1138 | 52 |  | 1190 | 1138 |
| September 2026 Notes | 2174 | 204 |  | 2378 |  | 4349 | 408 |  | 4757 | 4265 |
| January 2027 Notes | 3077 | 207 |  | 3284 |  | 6156 | 413 |  | 6569 | 5906 |
| 2031 Asset-Backed Notes | 1904 | 100 |  | 2004 | 1856 | 3807 | 200 |  | 4007 | 3712 |
| 2033 Notes | 625 | 27 |  | 652 | 625 | 1250 | 54 |  | 1304 | 1250 |
| MUFG Bank Facility | 2143 | 438 | 634 | 3215 | 2155 | 4076 | 885 | 1243 | 6204 | 3721 |
| SMBC Facility | 3679 | 180 | 179 | 4038 | 3808 | 6028 | 360 | 425 | 6813 | 5562 |
| **Total** | $19162 | $1533 | $813 | $21508 | $11452 | $36786 | $3075 | $1668 | $41529 | $35536 |

---

(1)Interest expense includes amortization of OID for the three months ended June 30, 2024 of $41 thousand, $125 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of OID for the six months ended June 30, 2024 of $83 thousand, $251 thousand, and $94 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.

The overall weighted average interest cost, cost of debt and debt outstanding for the Company for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Weighted average interest cost | 4.4% | 4.4% | 4.3% | 4.3% |
| Weighted average cost of debt<sup>(1)</sup> | 5.0% | 5.0% | 4.9% | 5.0% |
| Weighted average debt outstanding | $2045905 | $1716077 | $1931719 | $1675984 |

---

(1)Cost of debt includes interest and fees.

As of June 30, 2025 and December 31, 2024, the Company was in compliance with the terms of all borrowing arrangements. There are no sinking fund requirements for any of the Company's debt.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

***SBA Debentures***

The Company held the following SBA debentures outstanding principal balances as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)<br>Issuance/Pooling Date** | **Maturity Date** | **Interest Rate**<sup>(1)</sup> | **June 30, 2025** | **December 31, 2024** |
| March 26, 2021 | September 1, 2031 | 1.58% | $37500 | $37500 |
| June 25, 2021 | September 1, 2031 | 1.58% | 16200 | 16200 |
| July 28, 2021 | September 1, 2031 | 1.58% | 5400 | 5400 |
| August 20, 2021 | September 1, 2031 | 1.58% | 5400 | 5400 |
| October 21, 2021 | March 1, 2032 | 3.21% | 14000 | 14000 |
| November 1, 2021 | March 1, 2032 | 3.21% | 21000 | 21000 |
| November 15, 2021 | March 1, 2032 | 3.21% | 5200 | 5200 |
| November 30, 2021 | March 1, 2032 | 3.21% | 20800 | 20800 |
| December 20, 2021 | March 1, 2032 | 3.21% | 10000 | 10000 |
| December 23, 2021 | March 1, 2032 | 3.21% | 10000 | 10000 |
| December 28, 2021 | March 1, 2032 | 3.21% | 5000 | 5000 |
| January 14, 2022 | March 1, 2032 | 3.21% | 4500 | 4500 |
| January 21, 2022 | March 1, 2032 | 3.21% | 20000 | 20000 |
| November 8, 2024 | March 1, 2035 | 5.09% | 30000 | 30000 |
| December 6, 2024 | March 1, 2035 | 5.09% | 33600 | 33600 |
| December 12, 2024 | March 1, 2035 | 5.09% | 8400 | 8400 |
| December 20, 2024 | March 1, 2035 | 5.09% | 32000 | 32000 |
| February 5, 2025 | March 1, 2035 | 5.09% | 6000 |  |
| March 28, 2025<sup>(2)</sup> | September 1, 2035 | 4.89% | 10000 |  |
| April 25, 2025<sup>(2)</sup> | September 1, 2035 | 4.91% | 15000 |  |
| May 9, 2025<sup>(2)</sup> | September 1, 2035 | 4.94% | 5000 |  |
| June 5, 2025<sup>(2)</sup> | September 1, 2035 | 4.98% | 17000 |  |
| June 12, 2025<sup>(2)</sup> | September 1, 2035 | 4.98% | 3000 |  |
| June 25, 2025<sup>(2)</sup> | September 1, 2035 | 5.00% | 15000 |  |
| **Total SBA Debentures** |  |  | $350000 | $279000 |

---

(1)Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges.

(2)As of June 30, 2025, $65.0 million of drawn SBA Debentures are scheduled to be pooled on September 25, 2025. The interest rate disclosed is the current effective interim interest rate.

SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they may invest as well as the structures of those investments. The SBA as part of its oversight periodically examines and audits to determine SBICs' compliance with SBA regulations.

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. Each license provides the Company access to up to $175.0 million of capital through the SBA debenture program, subject to maintaining certain capital commitments. HC IV and SBIC V have each issued the entire $175.0 million in SBIC guaranteed debentures. SBA debentures bear fixed interest based on the treasury rate plus a spread applicable for the period the debentures are drawn. As of the latest debenture pooling date in March 2025, SBA debentures were issued with an interest rate of approximately 5.09%. The actual rates may vary depending on the timing of drawdown and pooling period.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

The Company's SBICs were in compliance with all SBIC terms, including those pertaining to the SBA Debentures as of June 30, 2025 and December 31, 2024. The following table summarizes information related to our SBICs as of June 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **HC IV** | **SBIC V** | **HC IV** | **SBIC V** |
| Number of investments held | 41 | 23 | 33 | 11 |
| Fair value of investments (in millions) | $411.9 | $267.3 | $377.7 | $155.6 |
| Percentage of fair value of investments based on the Company's total investment portfolio | 9.9% | 6.4% | 10.3% | 4.3% |
| Tangible assets (in millions) | $416.5 | $269.8 | $382.9 | $157.8 |
| Percentage of tangible assets based on the Company's total assets | 9.7% | 6.3% | 10.0% | 4.1% |

---

***July 2024 Notes***

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. Interest on the July 2024 Notes was due semiannually. 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. On July 16, 2024, the Company fully repaid the aggregate outstanding $105.0 million principal and $2.5 million of accrued interest pursuant to the terms of the July 2024 Notes.

***February 2025 Notes***

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. Interest on the February 2025 Notes was due semiannually. 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. On February 5, 2025, the Company fully repaid the aggregate outstanding $50.0 million principal and $1.1 million of accrued interest pursuant to the terms of the February 2025 Notes.

***June 2025 Notes***

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. Interest on the June 2025 Notes was due semiannually. 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. On June 3, 2025, the Company fully repaid the aggregate outstanding $70.0 million principal and $1.5 million of accrued interest pursuant to the terms of the June 2025 Notes.

***June 2025 3-Year Notes***

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. Interest on the June 2025 3-Year Notes was due semiannually. 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. On June 23, 2025, the Company fully repaid the aggregate outstanding $50.0 million principal and $1.5 million of accrued interest pursuant to the terms of the June 2025 3-Year Notes.

***March 2026 A Notes***

On November 4, 2020, the Company issued $50.0 million in aggregate principal amount of 4.500% interest-bearing unsecured notes due March 4, 2026 (the "March 2026 A Notes"), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the March 2026 A Notes is due semiannually. 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. 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.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

***March 2026 B Notes***

On March 4, 2021, the Company issued $50.0 million in aggregate principal amount of 4.550% interest-bearing unsecured notes due March 4, 2026 (the "March 2026 B Notes"), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement pursuant note offering. Interest on the March 2026 B Notes is due semiannually. 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. 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.

***September 2026 Notes***

On September 16, 2021, the Company issued $325.0 million in aggregate principal amount of 2.625% interest-bearing unsecured notes due September 16, 2026 (the "September 2026 Notes"), unless repurchased in accordance with the terms of the Seventh Supplemental Indenture, dated September 16, 2021 (the "Seventh Supplemental Indenture"). Interest on the September 2026 Notes is payable semiannually in arrears on March 16 and September 16 of each year. 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. 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.

***January 2027 Notes***

On January 20, 2022, the Company issued $350.0 million in aggregate principal amount of 3.375% interest-bearing unsecured notes due January 20, 2027 (the "January 2027 Notes"), unless repurchased in accordance with the terms of the Eight Supplemental Indenture, dated January 20, 2022 (the "Eighth Supplemental Indenture"). Interest on the January 2027 Notes is payable semiannually in arrears on January 20 and July 20 of each year. 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. 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.

***2028 Convertible Notes***

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. Interest on the 2028 Convertible Notes is due semiannually. 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.

Prior to the close of business on the business day immediately preceding March 1, 2028, holders may convert their 2028 Convertible Notes only under certain circumstances set forth in the 2028 Convertible Notes Indenture, dated March 10, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. On or after March 1, 2028 until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert their 2028 Convertible Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, at its election, cash, shares of its common stock or a combination of cash and shares of its common stock, subject to an irrevocable settlement method election that may be made by the Company. The conversion rate is initially 46.5631 shares of common stock per $1,000 principal amount of 2028 Convertible Notes (equivalent to an initial conversion price of $21.48 per share of common stock). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, if certain corporate events occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its 2028 Convertible Notes in connection with such a corporate event in certain circumstances. As of June 30, 2025, the conversion rate was 46.5631 shares of common stock per $1,000 principal amount of 2028 Convertible Notes or conversion price of $21.48 per share of common stock.

***June 2030 Notes***

On June 16, 2025, the Company issued $350.0 million in aggregate principal amount of 6.000% interest-bearing unsecured notes due June 16, 2030 (the "June 2030 Notes"), unless repurchased in accordance with the terms of the Ninth Supplemental Indenture, dated June 16, 2025 (the "Ninth Supplemental Indenture"). Interest on the June 2030 Notes is payable semiannually in arrears on June 16 and December 16 of each year, commencing December 16, 2025. 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. The Company may redeem some or all of the June

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2030 Notes at any time, or from time to time, at the redemption price set forth under the terms of the Ninth Supplemental Indenture.

***2031 Asset-Backed Notes***

On June 22, 2022, the Company completed a term debt securitization in connection with which an affiliate of the Company issued $150.0 million in aggregate principal amount of 4.950% interest-bearing asset-backed notes due on July 20, 2031 (the "2031 Asset-Backed Notes"). The 2031 Asset-Backed Notes were issued by Hercules Capital Funding Trust 2022-1 LLC (the "2022 Securitization Issuer") pursuant to a note purchase agreement, dated as of June 22, 2022, by and among the Company, Hercules Capital Funding 2022-1 LLC, as trust depositor, the 2022 Securitization Issuer, and U.S. Bank Trust Company, N. A., as trustee, and are backed by a pool of senior loans made to certain portfolio companies of the Company and secured by certain assets of those portfolio companies and are to be serviced by the Company. Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available.

Under the terms of the 2031 Asset-Backed Notes, the Company is required to maintain a reserve cash balance, funded through proceeds from the sale of the 2031 Asset-Backed Notes and through interest and principal collections from the underlying securitized debt portfolio, which may be used to pay monthly interest and principal payments on the 2031 Asset-Backed Notes. The Company has segregated these funds and classified them as restricted cash. As of June 30, 2025 and December 31, 2024, there was approximately $1.0 million and $3.3 million, respectively, of funds segregated as restricted cash related to the 2031 Asset-Backed Notes. The reinvestment period for 2031 Asset-Backed Notes ended on July 20, 2024, and as a result all principal payments received from portfolio companies will no longer be eligible for reinvestment and will be utilized to pay down the outstanding principal amount. During the three and six months ended June 30, 2025, the Company repaid $5.3 million and $7.9 million of principal, respectively, and accelerated recognition of $21 thousand and $36 thousand, respectively, of debt issuance costs associated with extinguishment of the debt. During the year ended December 31, 2024, the Company repaid $30.5 million of principal and accelerated recognition of $0.2 million of debt issuance costs associated with extinguishment of the debt. This is disclosed as "Loss on extinguishment of debt" in the Consolidated Statements of Operations.

***2033 Notes***

On September 24, 2018, the Company issued $40.0 million in aggregate principal amount of 6.250% interest-bearing unsecured notes due October 30, 2033 (the "2033 Notes"), unless repurchased in accordance with the terms of the Sixth Supplemental Indenture to the Base Indenture, dated September 24, 2018 (the "Sixth Supplemental Indenture"). Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year. 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. 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.

***Credit Facilities***

As of June 30, 2025 and December 31, 2024, the Company has two available credit facilities, the MUFG Bank Facility and the SMBC Facility (together, the "Credit Facilities"). For the six months ended June 30, 2025 and the year ended December 31, 2024, the weighted average interest rate was 6.32% and 7.63%, respectively, and the average debt outstanding under the Credit Facilities was $375.1 million and $338.0 million, respectively.

*MUFG Bank Facility* 

On June 10, 2025, the Company entered into a fourth amended credit facility agreement (the "Fourth Amendment"), which amends the agreement dated as of January 13, 2023. The Company, through a special purpose wholly owned subsidiary, Hercules Funding IV LLC ("Hercules Funding IV"), as borrower, entered into the credit facility (the "MUFG Bank Facility") with MUFG Bank Ltd. as the arranger and administrative agent, and the lenders party to the MUFG Bank Facility from time to time.

The Fourth Amendment increased the lenders' commitments from $400.0 million to $440.0 million, which may be further increased via an accordion feature up to an aggregate $600.0 million, funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions. There can be no assurances that additional lenders will join the MUFG Bank Facility to increase available borrowings. The Fourth Amendment adjusted the interest rate per annum from SOFR plus 2.75% to SOFR plus an applicable margin adjustment which can range from 2.50% to 2.75% subject to certain conditions. The maturity date was amended from January 13, 2026, plus a twelve-month amortization period to June 10, 2029, unless sooner terminated in accordance with its terms. The MUFG Bank Facility is secured by all of the assets of Hercules Funding IV. The MUFG Bank Facility requires payment of a non-use fee at a rate based on average utilization rate during its term.

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The MUFG Bank Facility also includes financial and other covenants applicable to the Company and the Company's subsidiaries, in addition to those applicable to Hercules Funding IV, including covenants relating to certain changes of control of Hercules Funding IV. Among other things, 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. The MUFG Bank Facility provides for customary events of default, including with respect to payment defaults, breach of representations and covenants, servicer defaults, certain key person provisions, cross default provisions to certain other debt, lien and judgment limitations, and bankruptcy.

*SMBC Facility*

On November 26, 2024, the Company entered into a fifth amendment (the "Fifth Amendment") to its revolving credit agreement, which amends the revolving credit agreement, dated as of November 9, 2021, with Sumitomo Mitsui Banking Corporation (the "SMBC Facility"), as administrative agent, and the lenders and issuing banks to the SMBC Facility. As of June 30, 2025, the SMBC Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies of up to $300.0 million, from which the Company may access subject to certain conditions. The SMBC Facility contains an accordion feature, in which the Company can increase the credit line up to an aggregate of $500.0 million, funded by existing or additional lenders and with the agreement of SMBC Bank and subject to other customary conditions. 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. Borrowings under the SMBC Facility are subject to compliance with a borrowing base and an aggregate portfolio balance. The Company's obligations under the SMBC Facility may in the future be guaranteed by certain of the Company's subsidiaries and primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and the subsidiary guarantors thereunder.

Interest under the revolving portion of the SMBC Facility is determined by the nature and denomination of the borrowing. Interest rates are determined by the appropriate benchmark rate (SOFR, EURIBOR, Prime, CORRA, or TIBOR) as applicable for the type of borrowing plus an applicable margin adjustment which can range from 1.0% to 2.0% per annum subject to certain conditions. In addition to interest, the SMBC Facility is subject to a non-usage fee of 0.375% per annum (based on the immediately preceding period's average usage) on the unused portion of the commitment under the SMBC Facility during the revolving period. The Company is required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender's exposure with respect to any letters of credit issued under the SMBC Facility.

In connection with the Fifth Amendment, $25.0 million of the total available commitment under the revolver facility was converted into a term loan (the "SMBC Term Loan"). The SMBC Term loan is a SOFR based interest-bearing plus 2.0% spread loan and will mature on November 26, 2029, unless repurchased in accordance with the terms of the SMBC Facility. Interest on the SMBC Term Loan is payable monthly, quarterly, or semiannually based on the SOFR tenor. The SMBC Term Loan is 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. The Company may redeem some of all of SMBC Facility at any time, or from time to time, at the redemption price set forth under the terms of SMBC Facility Indenture.

On February 5, 2025, the Company entered into the Third Amendment to the SMBC Letter of Credit Facility Agreement (the "SMBC LC Facility"), which amends the SMBC LC Facility with Sumitomo Mitsui Banking Corporation, dated as of January 13, 2023. The SMBC LC Facility provides for a letter of credit facility with a final maturity date ending on February 5, 2028 and a commitment amount of $175.0 million as amended. Further, the SMBC LC Facility includes an accordion provision to increase the commitment up to $400.0 million, subject to certain conditions. The Company's obligations under the SMBC LC Facility may in the future be guaranteed by certain of the Company's subsidiaries and is primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and any subsidiary guarantors thereunder.

The SMBC Facility contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default and cross-acceleration to other indebtedness and bankruptcy. The SMBC Facility also includes financial and other covenants applicable to the Company and the Company's subsidiaries, including covenants relating to minimum stockholders' equity, asset coverage ratios, and our status as a RIC.

**6. Income Taxes**

The determination of taxable income pursuant to U.S. federal income tax regulations differs from U.S. GAAP. As a result, permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character.

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Taxable income and taxable net realized gains (losses) for the three and six months ended June 30, 2025 and 2024 appears as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in millions, except per share data)**<br> | **2025** | **2024** | **2025** | **2024** |
| Taxable income | $71.5 | $75.9 | $144.7 | $154.2 |
| Taxable income per share | $0.41 | $0.47 | $0.84 | $0.97 |
| Taxable net realized gains (losses) | $(39.2) | $3.5 | $(35.7) | $9.4 |
| Taxable net realized gains (losses) per share | $(0.23) | $0.02 | $(0.21) | $0.06 |
| Weighted average shares outstanding | 176.8 | 160.7 | 173.2 | 159.1 |

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The aggregate gross unrealized appreciation (depreciation) of the Company's investment over cost for U.S. federal income tax purposes appears as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **December 31, 2024** |
| Aggregate gross unrealized appreciation | $112.0 | $108.4 |
| Aggregate gross unrealized depreciation | 128.0 | 156.5 |
| Net unrealized appreciation (depreciation) over cost for U.S. federal income tax purposes | (16.0) | (48.1) |
| Aggregate cost of securities for U.S. federal income tax purposes (in billions) | 4.2 | 3.7 |

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For the three and six months ended June 30, 2025, the Company paid approximately $0.3 million and $6.3 million, respectively, of income tax, including excise tax, and had $2.5 million of accrued, but unpaid tax expense as of June 30, 2025. For the three and six months ended June 30, 2024, the Company paid approximately $0.3 million and $5.2 million, respectively, of income tax, including excise tax, and had $3.4 million of accrued, but unpaid tax expense as of June 30, 2024.

Additionally, the Company has taxable subsidiaries which hold certain portfolio investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code. These taxable subsidiaries are consolidated for U.S. GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company's consolidated financial statements and are recorded at fair value. These taxable subsidiaries are not consolidated with the Company 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. Any income generated by these taxable subsidiaries generally would be subject to tax at normal U.S. federal tax rates based on its taxable income.

In accordance with ASC 740, the Company evaluates tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company's policy to recognize accrued interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes. Based on an analysis of the Company's tax position, there are no uncertain tax positions that meet the recognition or measurement criteria. The Company is currently not undergoing any tax examinations. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. The 2020 – 2023 federal tax years for the Company remain subject to examination by the Internal Revenue Service. The 2019 – 2023 state tax years for the Company remain subject to examination by the state taxing authorities.

**7. Stockholders' Equity and Distributions** 

The Company has issued and outstanding 181,729 thousand and 170,575 thousand shares of common stock as of June 30, 2025 and December 31, 2024, respectively. The Company currently sell shares through its equity distribution agreements (the "2024 Equity Distribution Agreements") with Citizens JMP Securities LLC and Jefferies LLC (the "Sales Agents") entered into on December 12, 2024. The 2024 Equity Distribution Agreements provide that the Company may offer and sell up to 30.0 million shares of its common stock from time to time through the Sales Agents. Sales of the Company's common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market," as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2024 Equity Distribution Agreements replaced the ATM equity distribution agreements between the Company and the Sales Agents executed on May 5, 2023.

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The Company issued and sold the following shares of common stock during the six months ended June 30, 2025 and 2024:

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|:---|:---|:---|:---|:---|:---|
| **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
| **Six Months Ended June 30,** | **Number of Shares Issued** | **Gross Proceeds** | **Underwriting Fees/Offering Expenses** | **Net Proceeds** | **Average Price/Share** |
| 2025 | 10.4 | $191.0 | $2.1 | $188.9 | $18.24 |
| 2024 | 3.7 | $67.3 | $0.9 | $66.4 | $17.83 |

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The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of June 30, 2025, approximately 19.6 million shares remain available for issuance and sale under the 2024 Equity Distribution Agreements.

The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company's distributions declared during the six months ended June 30, 2025 and year ended December 31, 2024:

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|:---|:---|:---|:---|:---|:---|
| **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| **Distribution Type** | **Declared Date** | **Record Date** | **Payment Date** | **Per Share Amount** | **Total Amount** |
| Base | February 8, 2024 | February 28, 2024 | March 6, 2024 | $0.40 | $63359 |
| Supplemental | February 8, 2024 | February 28, 2024 | March 6, 2024 | 0.08 | 12672 |
| Base | April 25, 2024 | May 14, 2024 | May 21, 2024 | 0.40 | 64912 |
| Supplemental | April 25, 2024 | May 14, 2024 | May 21, 2024 | 0.08 | 12982 |
| Base | July 25, 2024 | August 13, 2024 | August 20, 2024 | 0.40 | 64953 |
| Supplemental | July 25, 2024 | August 13, 2024 | August 20, 2024 | 0.08 | 12990 |
| Base | October 24, 2024 | November 13, 2024 | November 20, 2024 | 0.40 | 66980 |
| Supplemental | October 24, 2024 | November 13, 2024 | November 20, 2024 | 0.08 | 13396 |
| Total distributions declared during the year ended December 31, 2024 | Total distributions declared during the year ended December 31, 2024 | Total distributions declared during the year ended December 31, 2024 | Total distributions declared during the year ended December 31, 2024 | $1.92 | $312244 |
| Base | February 6, 2025 | February 26, 2025 | March 5, 2025 | $0.40 | $69263 |
| Supplemental | February 6, 2025 | February 26, 2025 | March 5, 2025 | 0.07 | 12121 |
| Base | April 23, 2025 | May 13, 2025 | May 20, 2025 | 0.40 | 70709 |
| Supplemental | April 23, 2025 | May 13, 2025 | May 20, 2025 | 0.07 | 12374 |
| Total distributions declared during the six months ended June 30, 2025 | Total distributions declared during the six months ended June 30, 2025 | Total distributions declared during the six months ended June 30, 2025 | Total distributions declared during the six months ended June 30, 2025 | $0.94 | $164467 |

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During the six months ended June 30, 2025, for income tax purposes, the distributions paid of $0.94 per share were comprised of ordinary income. As of June 30, 2025, the Company estimates that it has generated undistributed taxable earnings "spillover" of $0.74 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements.

The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend record date. During the six months ended June 30, 2025 and 2024, the Company issued 264,860 and 205,697 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.

**8. Equity Incentive Plans** 

The Company grants equity-based awards to employees and non-employee directors for the purpose of attracting and retaining the services of its executive officers, key employees, and members of the Board. The Company's equity-based awards are granted under the 2018 Equity Incentive Plan (the "2018 Plan") for employees and 2018 Non-Employee Director Plan (the "Director Plan") for non-employee directors. The 2018 Plan and the Director Plan were approved by stockholders on June 28, 2018 and unless earlier terminated by the Board, terminate on May 12, 2028. Subject to certain adjustments and permitted reversions of shares, the maximum aggregate number of shares that may be authorized for issuance under awards granted under the 2018 Plan and Director Plan is 9,261,229 shares and 300,000 shares, respectively. In connection with the issuance of shares under the 2018 Plan and Director Plan, the Company has registered, in aggregate, 18.7 million and 300,000 shares of common stock, respectively.

The Company has received exemptive relief from the SEC that permits it to issue restricted stock to non-employee directors under the Director Plan and restricted stock and restricted stock units to certain of its employees, officers, and directors (excluding non-employee directors) under the 2018 Plan. The exemptive order also allows participants in the Director Plan and the 2018 Plan to (i) elect to have the Company withhold shares of its common stock to pay for the exercise price and applicable taxes with respect to an option exercise ("net issuance exercise") and/or (ii) permit the holders of restricted stock to elect to have the Company withhold shares of its stock to pay the applicable taxes due on restricted

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stock at the time of vesting. Each individual employee would be able to make a cash payment to satisfy applicable tax withholding at the time of option exercise or vesting on restricted stock.

The Company has granted equity-based awards that have service and performance conditions. Certain of the Company's equity-based awards are classified as liability awards in accordance with ASC Topic 718, Compensation – Stock Compensation. All of the Company's equity-based awards require future service, and are expensed over the relevant service period. The Company does not estimate forfeitures, and reverses all unvested costs associated with equity-awards in the period they are forfeited. For the three months ended June 30, 2025 and 2024, the Company recognized $3.7 million and $3.3 million of stock-based compensation expense in the Consolidated Statements of Operations, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized $7.3 million and $6.5 million of stock-based compensation expense in the Consolidated Statements of Operations, respectively. As of June 30, 2025 and June 30, 2024, approximately $26.5 million and $23.2 million of total unrecognized compensation costs expected to be recognized over the next 2.5 and 2.4 years, respectively.

*Service Vesting Awards*

The Company grants equity-based awards which have service conditions, which generally begin to vest one-third after one year after the date of grant and ratably over the succeeding two years in accordance with the individual award terms. Certain awards have service conditions of longer duration and may begin to vest up to seven years after the date of grant. These equity-based awards which vest upon achievement of service conditions are collectively referred to as the "Service Vesting Awards". The grant date fair value of Service Vesting Awards granted during the six months ended June 30, 2025 and 2024, were approximately $15.9 million, and $14.5 million, respectively.

The Company has granted restricted stock equity awards in the form of restricted stock awards and restricted stock units. The Company determines the grant date fair values of restricted stock equity awards using the grant date stock close price. The activities for the Company's unvested restricted stock equity awards for each of the six months ended June 30, 2025 and 2024, are summarized below:

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|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Shares** | **Weighted Average Grant Date<br>Fair Value per Share** | **Shares** | **Weighted Average Grant Date<br>Fair Value per Share** |
| **Unvested Shares Beginning of Period** | 2060432 | $12.24 | 1880409 | $14.52 |
| Granted | 795401 | $19.92 | 830276 | $17.46 |
| Vested | (543873) | $16.28 | (558008) | $14.33 |
| Forfeited | (43853) | $13.98 | (23990) | $15.42 |
| **Unvested Shares End of Period** | 2268107 | $13.93 | 2128687 | $12.84 |

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In addition to the restricted stock equity-based awards, the Company has also issued stock options to certain employees. The fair value of options granted during the six months ended June 30, 2025 and 2024, was approximately $55 thousand and $39 thousand, respectively. During the six months ended June 30, 2025 and 2024, approximately $64 thousand, and $63 thousand of share-based cost due to stock option grants was expensed, respectively.

*Liability Classified Awards*

The Company has granted equity-based awards which are subject to both service and performance conditions. These awards are settled either in cash or a fixed dollar value of shares, subject to the terms of each individual award, and therefore classified as liability awards (the "Liability Awards"). As of June 30, 2025, all Liability Awards have vested and have been settled. Generally, if the performance conditions of these types of awards are not met, the total compensation expense related to the Liability Awards may be less than the maximum granted value of the awards. The Company records Liability Awards as deferred compensation within Accounts Payable and Accrued Liabilities included on the Consolidated Statements of Assets and Liabilities.

Certain Liability Awards are structured similar to the Performance Awards and increase in value with corresponding increases to the Company's TSR and vest after four years. The Company remeasures the value of these awards each period based on the Company's TSR achieved to date. Certain other Liability Awards are linked to attainment of investment funding goals. The Company determines the fair value of these Liability Awards based on the expected probability of the performance conditions being met and recognized over the service period. The Company accrues for Liability Awards based on the expected probability that the performance conditions would be met, this assumption is re-evaluated each period, and may be adjusted to reflect changes in this assumption. Generally, the other Liability Awards vest over a three-years service term.

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During the six months ended June 30, 2025, no compensation expense related to the Liability Awards was recognized in the Consolidated Statements of Operations. As of June 30, 2025, no amounts remain outstanding. During the six months ended June 30, 2025, no Liability Awards vested.

During the six months ended June 30, 2024, approximately $0.5 million of compensation expense related to the Liability Awards was recognized in the Consolidated Statements of Operations. As of June 30, 2024, no amounts remain outstanding. During the six months ended June 30, 2024, $3.1 million Liability Awards were vested.

**9. Earnings Per Share**

Shares used in the computation of the Company's basic and diluted earnings per share are as follows:

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|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands, except per share data)** | **2025** | **2024** | **2025** | **2024** |
| **Numerator** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $78887 | $41852 | $129224 | $132816 |
| &nbsp;&nbsp;&nbsp;Less: Total distributions declared | (83083) | (77894) | (164467) | (153925) |
| &nbsp;&nbsp;&nbsp;Total Earnings (loss), net of total distributions | (4196) | (36042) | (35243) | (21109) |
| &nbsp;&nbsp;&nbsp;Earnings (loss), net of distributions attributable to common shares | (4196) | (36042) | (35244) | (21110) |
| &nbsp;&nbsp;&nbsp;Add: Distributions declared attributable to common shares | 82381 | 77157 | 162997 | 152387 |
| **Numerator for basic change in net assets per common share** | 78185 | 41115 | 127753 | 131277 |
| &nbsp;&nbsp;&nbsp;Add: Income impact of assumed conversion of 2028 Convertible Notes | 4076 |  | 4980 |  |
| **Numerator for diluted change in net assets per common share** | $82261 | $41115 | $132733 | $131277 |
| **Denominator** |  |  |  |  |
| Basic weighted average common shares outstanding | 176809 | 160748 | 173231 | 159096 |
| Incremental shares from assumed conversion of 2028 Convertible Notes | 13387 |  | 8329 |  |
| Common shares issuable | 581 | 561 | 599 | 518 |
| **Weighted average common shares outstanding assuming dilution** | 190777 | 161309 | 182159 | 159614 |
| **Change in net assets per common share:** |  |  |  |  |
| Basic | $0.44 | $0.26 | $0.74 | $0.83 |
| Diluted | $0.43 | $0.25 | $0.73 | $0.82 |

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In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share.

The issuance of the 2028 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended June 30, 2025, there was no anti-dilution when applying the if-converted method for the 2028 Convertible Notes.

The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and six months ended June 30, 2025 and 2024, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company's common stock for the periods, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**Anti-dilutive Securities** | **2025** | **2024** | **2025** | **2024** |
| Unvested common stock options | 148 | 798 | 1061 | 1401 |
| Unvested restricted stock awards | 3260 | 147 | 1642 | 521 |

---

As of June 30, 2025 and December 31, 2024, the Company was authorized to issue 300.0 million shares of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.

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**10. Financial Highlights** 

Following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **(in thousands, except per share data and ratios)** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **<u>Per share data:</u>** <sup>(1)</sup> |  |  |
| **Net asset value at beginning of period** | $11.66 | $11.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.96 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (0.34) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | 0.13 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.75 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital share transactions<sup>(1)</sup> | 0.33 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of net investment income<sup>(6)</sup> | (0.95) | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense included in net investment income and other movements<sup>(2)</sup> | 0.05 | 0.04 |
| **Net asset value at end of period** | $11.84 | $11.43 |
| **<u>Ratios and supplemental data:</u>** |  |  |
| Per share market value at end of period | $18.28 | $20.45 |
| Total return<sup>(3)</sup> | (4.38%) | 28.84% |
| Shares outstanding at end of period | 181729 | 162428 |
| Weighted average number of common shares outstanding | 173231 | 159096 |
| Net assets at end of period | $2151075 | $1856545 |
| Ratio of total expense to average net assets<sup>(4)</sup> | 8.87% | 9.21% |
| Ratio of net investment income before investment gains and losses to average net assets<sup>(4)</sup> | 16.24% | 17.49% |
| Portfolio turnover rate<sup>(5)</sup> | 12.48% | 13.73% |
| Weighted average debt outstanding | $1931719 | $1675984 |
| Weighted average debt per common share | $11.15 | $10.53 |

---

(1)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to NAV. Pursuant to ASC Topic 718, the expense is offset by a corresponding increase in paid-in capital. Additionally, adjusts for other items attributed to the difference between certain per share data based on the weighted-average basic shares outstanding and those calculated using the shares outstanding as of a period end or transaction date.

(3)The total return for the six months ended June 30, 2025 and 2024 equals to the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors.

(4)The ratios are calculated based on weighted average net assets for the relevant period and are annualized.

(5)The portfolio turnover rate for the six months ended June 30, 2025 and 2024 equals to the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized.

(6)Includes distributions on unvested restricted stock awards.

**11. Commitments and Contingencies** 

The Company's commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company's portfolio companies. As of June 30, 2025, a portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company's credit agreements with its portfolio companies generally contain customary lending provisions which allow the Company relief from funding obligations for previously made unfunded commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company's disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by future or unachieved milestones.

As of June 30, 2025 and December 31, 2024, the Company had approximately $471.5 million and $448.5 million, respectively, of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request that complies with the applicable advance notice and other operational requirements. The amounts disclosed exclude unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the

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last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) related to the portion of portfolio company investments assigned to or directly committed by the Adviser Funds as described in "Note -12 Related Party Transactions". The fair value of the Company's unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements.

As of June 30, 2025 and December 31, 2024, the Company's unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows:

---

| | | |
|:---|:---|:---|
| | **Unfunded Commitments** <sup>(1)</sup> **as of** | **Unfunded Commitments** <sup>(1)</sup> **as of** |
| **(in thousands)**<br>**Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| **Debt Investments:** | | |
| Earnix, Inc. | $41250 | $41250 |
| Harness, Inc. | 40425 | 11550 |
| Arcus Biosciences, Inc. | 37500 | 37500 |
| Thumbtack, Inc. | 30000 | 30000 |
| ChenMed, LLC | 25000 |  |
| Disc Medicine, Inc. | 22500 | 22500 |
| Saronic Technologies, Inc. | 21250 |  |
| Pindrop Security, Inc. | 19375 | 19375 |
| GoEuro Travel GmbH | 18750 | 26250 |
| Akero Therapeutics, Inc. | 17500 | 15000 |
| Coronet Cyber Security Ltd. | 17000 | 17000 |
| Locus Robotics Corp. | 16250 | 16250 |
| Aryaka Networks, Inc. | 12500 | 12500 |
| Weee! Inc. | 12500 |  |
| Alector, Inc. | 10500 | 10500 |
| iSpot.tv, Inc. | 9750 |  |
| Marathon Health, LLC | 9620 | 24250 |
| DocPlanner | 9538 |  |
| CoreView USA, Inc. | 9000 | 10000 |
| Heron Therapeutics, Inc. | 8000 | 8000 |
| PayIt, LLC | 8000 | 8000 |
| ZeroEyes, Inc. | 6000 |  |
| Distributed Creation Inc. | 5000 |  |
| Smartsheet Inc. | 4840 |  |
| Ennoble Care LLC | 4500 |  |
| AlphaSense, Inc. | 4000 | 4000 |
| WellBe Senior Medical, LLC | 4000 | 12000 |
| Saama Technologies, LLC | 3875 | 3875 |
| Allvue Systems, LLC | 3590 | 3590 |
| LogRhythm, Inc. | 3143 | 3143 |
| Loftware, Inc. | 2846 | 2277 |
| Zappi, Inc. | 2571 | 2571 |
| Carbyne, Inc. | 2550 |  |
| New Relic, Inc. | 2176 | 2176 |
| Streamline Healthcare Solutions | 2100 | 2200 |
| Babel Street | 2091 | 4367 |
| Kaseware, Inc. | 2000 |  |
| Sumo Logic, Inc. | 2000 | 2000 |
| Altumint, Inc. | 1500 |  |
| TaxCalc | 1477 | 1166 |
| Behavox Limited | 1400 |  |
| LogicSource | 1209 | 1209 |
| Zimperium, Inc. | 1087 | 196 |

---

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---

| | | |
|:---|:---|:---|
| | **Unfunded Commitments** <sup>(1)</sup> **as of** | **Unfunded Commitments** <sup>(1)</sup> **as of** |
| **(in thousands)**<br>**Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| **Debt Investments:** | | |
| LinenMaster, LLC | $1000 | $1000 |
| Dispatch Technologies, Inc. | 937 | 563 |
| Alchemer LLC | 890 |  |
| Main Street Rural, Inc. | 874 | 874 |
| Fortified Health Security | 840 | 840 |
| Ushur, Inc. | 800 |  |
| DroneDeploy, Inc. | 625 | 625 |
| Annex Cloud | 600 |  |
| Omeda Holdings, LLC | 497 | 731 |
| ShadowDragon, LLC | 333 | 333 |
| NorthSea Therapeutics | 100 |  |
| Armis, Inc. |  | 25000 |
| Dragos, Inc. |  | 13000 |
| Strive Health Holdings, LLC |  | 8299 |
| Suzy, Inc. |  | 8000 |
| Viridian Therapeutics, Inc. |  | 8000 |
| Curana Health Holdings, LLC |  | 7500 |
| ATAI Life Sciences N.V. |  | 7000 |
| Dashlane, Inc. |  | 5000 |
| Ceros, Inc. |  | 1707 |
| 3GTMS, LLC |  | 886 |
| Flight Schedule Pro, LLC |  | 646 |
| &nbsp;&nbsp;&nbsp;**Total Unfunded Debt Commitments:** | 467659 | 444699 |
| **Investment Funds & Vehicles:**<sup>(2)</sup> |  |  |
| Forbion Growth Opportunities Fund I C.V. | 1757 | 1757 |
| Forbion Growth Opportunities Fund II C.V. | 2072 | 2072 |
| &nbsp;&nbsp;&nbsp;**Total Unfunded Commitments in Investment Funds & Vehicles:** | 3829 | 3829 |
| **Total Unfunded Commitments** | $471488 | $448528 |

---

(1)For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $129.7 million and $139.7 million of unfunded commitments as of June 30, 2025 and December 31, 2024, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in "Note 12 - Related Party Transactions".

(2)For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds.

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The following table provides additional information on the Company's unencumbered unfunded commitments regarding milestones, expirations and type:

---

| | | |
|:---|:---|:---|
| **(in thousands)<br>Unfunded Commitments** | | |
| **(in thousands)<br>Unfunded Commitments** |<br>**June 30, 2025** |<br>**December 31, 2024** |
| Expiring during: |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $108849 | $251941 |
| &nbsp;&nbsp;&nbsp;2026 | 258777 | 147840 |
| &nbsp;&nbsp;&nbsp;2027 | 32095 | 10553 |
| &nbsp;&nbsp;&nbsp;2028 | 5673 | 6040 |
| &nbsp;&nbsp;&nbsp;2029 | 24149 | 24149 |
| &nbsp;&nbsp;&nbsp;2030 | 33276 | 4176 |
| &nbsp;&nbsp;&nbsp;2031 | 4840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Unfunded Debt Commitments | 467659 | 444699 |
| Unfunded Commitments in Investment Funds & Vehicles: |  |  |
| Expiring during: |  |  |
| &nbsp;&nbsp;&nbsp;2030 | 1757 | 1757 |
| &nbsp;&nbsp;&nbsp;2032 | 2072 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Unfunded Commitments in Investment Funds & Vehicles | 3829 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Unfunded Commitments** | $471488 | $448528 |

---

The following tables provide the Company's contractual obligations as of June 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** |
| **As of June 30, 2025:**<br>**Contractual Obligations**<sup>(1)</sup> | **Total** | **Less than 1 year** | **1 - 3 years** | **3 - 5 years** | **After 5 years** |
| Debt<sup>(2)(3)</sup> | $2095220 | $100000 | $675000 | $818635 | $501585 |
| Lease and License Obligations<sup>(4)</sup> | 22049 | 3280 | 6056 | 5647 | 7066 |
| **Total** | $2117269 | $103280 | $681056 | $824282 | $508651 |
| **As of December 31, 2024:** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** | **Payments due by period (in thousands)** |
| **Contractual Obligations**<sup>(1)</sup> | **Total** | **Less than 1 year** | **1 - 3 years** | **3 - 5 years** | **After 5 years** |
| Debt<sup>(5)(3)</sup> | $1783265 | $170000 | $891000 | $283790 | $438475 |
| Lease and License Obligations<sup>(4)</sup> | 23976 | 3246 | 6640 | 5589 | 8501 |
| **Total** | $1807241 | $173246 | $897640 | $289379 | $446976 |

---

(1)Excludes commitments to extend credit to the Company's portfolio companies and uncalled capital commitments in investment funds.

(2)Includes $350.0 million in principal outstanding under the SBA Debentures, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $350.0 million of the June 2030 Notes, $111.6 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, $350.0 million of the January 2027 Notes and $287.5 million of the 2028 Convertible Notes as of June 30, 2025. There was also $115.1 million outstanding under the SMBC Facility and $66.0 million outstanding under the MUFG Bank Facility as of June 30, 2025.

(3)Amounts represent future principal repayments and not the carrying value of each liability. See "Note 5 – Debt".

(4)Leases and license obligations includes contractual amounts related to short-term leases.

(5)Includes $279.0 million in principal outstanding under the SBA Debentures, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $119.5 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes and $350.0 million of the January 2027 Notes as of December 31, 2024. There was also $283.8 million outstanding under the SMBC Facility and $116.0 million outstanding under the MUFG Bank Facility as of December 31, 2024.

Certain premises are leased or licensed under agreements which expire at various dates through July 2034. During the three months ended June 30, 2025 and 2024, total rent expense, including short-term leases, amounted to approximately $0.9 million and $0.9 million in each period, respectively. During the six months ended June 30, 2025 and 2024, total rent expense, including short-term leases, amounted to approximately $1.7 million and $1.9 million in each period, respectively. The Company recognizes an operating lease liability and a ROU asset for all leases, with the exception of short-term leases. The lease payments on short-term leases are recognized as rent expense on a straight-line basis. The discount rate applied to measure each ROU asset and lease liability is based on the Company's incremental weighted average cost of debt. 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. While some of the leases contained options to extend and terminate, it is not reasonably certain that either option will be utilized and therefore, only the payments in the initial term of the leases were included in the lease liability and ROU asset.

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The following tables set forth information related to the measurement of the Company's operating lease liabilities and supplemental cash flow information related to operating leases for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total operating lease cost | $774 | $796 | $1548 | $1329 |
| Cash paid for amounts included in the measurement of lease liabilities | $1291 | $775 | $1886 | $897 |

---

---

| | | |
|:---|:---|:---|
| | **As of June 30, 2025** | **As of December 31, 2024** |
| Weighted-average remaining lease term (in years) | 7.44 | 7.81 |
| Weighted-average discount rate | 6.92% | 6.85% |

---

The following table shows future minimum lease payments under the Company's operating leases and a reconciliation to the operating lease liability as of June 30, 2025:

---

| | |
|:---|:---|
| **(in thousands)** | **As of June 30, 2025** |
| 2025 | $1202 |
| 2026 | 3179 |
| 2027 | 3452 |
| 2028 | 2766 |
| Thereafter | 11324 |
| &nbsp;&nbsp;Total lease payments | 21923 |
| Less: imputed interest & other items | (5026) |
| &nbsp;&nbsp;**Total operating lease liability** | $16897 |

---

The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect the Company's financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company's financial condition or results of operations in any future reporting period.

 **12. Related Party Transactions**

As disclosed in "Note 1 - Description of Business", the Adviser Subsidiary is the Company's wholly owned registered investment adviser business, comprised of the collectively held and presented entities Hercules Adviser LLC, Hercules Capital Management, LLC, and Hercules Partner Holdings, LLC entities. The Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value. The Adviser Subsidiary has entered into investment management agreements with its privately offered Adviser Funds, and it receives management fees based on the assets under management of the Adviser Funds. In addition, the general partner interests (the "GP Interests") held by Hercules Partner Holdings, LLC may receive incentive fees based on the performance of the Adviser Funds. Both the Adviser Subsidiary and Hercules Partner Holdings, LLC are owned by Hercules Capital Management LLC. The following table summarized the total income from the Adviser Subsidiary for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest Income | $— | $0.2 | $— | $0.3 |
| Dividend Income | 2.1 | 1.6 | 4.0 | 3.2 |

---

Refer to "Note 4 – Investments" for additional information related to income, gains and losses recognized related to the Company's investment.

The Company has a shared services agreement ("Sharing Agreement") with the Adviser Subsidiary, through which the Adviser Subsidiary has access to the Company's human capital resources (including administrative functions) and other resources and infrastructure (including office space and technology). Under the terms of the Sharing Agreement, the Company allocates the related expenses of shared services to the Adviser Subsidiary based on direct time spent, investment activity, and proportion of assets under management depending on the nature of the expense. The Company's total expenses for the three months ended June 30, 2025 and 2024, are net of expenses allocated to the Adviser Subsidiary of $3.4 million and $2.8 million, respectively. The Company's total expenses for the six months ended June 30, 2025 and 2024, are net of expenses allocated to the Adviser Subsidiary of $6.7 million and $5.7 million, respectively. As of June 30,

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2025 and December 31, 2024, there was approximately $1.2 million and less than $0.1 million receivable, respectively, from the Adviser Subsidiary.

In addition, the Company may from time-to-time make investments alongside the Adviser Funds or assign a portion of investments to the Adviser Funds in accordance with the Company's allocation policy. The assigned investment activities for the six months ended June 30, 2025 and 2024, are summarized below:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Investment commitments assigned to or directly committed by the Adviser Funds | $437.6 | $337.4 |
| Investment fundings assigned to, directly originated or funded by the Adviser Funds | 275.8 | 230.1 |
| Amounts received by the Company from the Adviser Funds relating to assigned investments |  | 6.0 |

---

**13. Subsequent Events**

*Dividend Distribution Declaration*

On July 24, 2025, the Board declared a cash distribution of $0.40 per share to be paid on August 19, 2025 to stockholders of record as of August 12, 2025. In addition to the cash distribution, and as part of the supplemental cash distribution of $0.28 per share to be paid in four quarterly distributions of $0.07 per share, the Board declared a supplemental cash distribution of $0.07 per share to be paid on August 19, 2025 to stockholders of record as of August 12, 2025. Including the $0.07 per share supplemental cash distributions paid to stockholders of record as of March 5, 2025 and May 20, 2025, the Board has declared a total of $0.21 per share of the $0.28 per share of supplemental cash distribution declared on February 6, 2025.

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***ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS***

**FORWARD-LOOKING STATEMENTS** 

The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of Hercules Capital, Inc., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties, including those discussed under "Item 1A. Risk Factors", which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and future management structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our informal relationships with third parties including in the venture capital industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected market for venture capital investments and our addressable market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to access debt markets and equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence and impact of macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war) on us and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our regulatory structure and tax status as a RIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to operate as a BDC and our subsidiaries ability to operate as SBICs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to recover unrealized depreciation on investments.

You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this Quarterly Report.

***Use of Non-GAAP Measures***

We present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are "Non-GAAP financial measures" under SEC rules and regulations. GAAP is the acronym for "generally accepted accounting principles" in the United States. The Non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.

***Overview***

We are a leading specialty finance company with a focus on providing financing solutions to high-growth and innovative venture capital-backed and institutional-backed companies in a variety of technology and life sciences

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industries. Our primary business objectives are to increase our net income, net investment income, and net asset value through our investments. We principally invest in debt securities and, to a lesser extent, warrant and equity securities, with a particular emphasis on Structured Debt. We aim to achieve our business objectives by maximizing our portfolio total return through generation of current income from our debt investments and capital appreciation from our warrant and equity investments. We expect that our investments will generally range from $25.0 million to $100.0 million, although we may make investments in amounts above or below this range. Through generation of current income from our debt investments and capital appreciation from our warrant and equity investments, we aim to maximize our portfolio total return.

Since inception through June 30, 2025, we have originated more than $23.0 billion in commitments in over 690 companies. We, through the Adviser Subsidiary, may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we, through the Adviser Subsidiary may earn management or other fees for our services. As of June 30, 2025, we, including through our Adviser Subsidiary, actively manage more than $5.3 billion of assets.

We are structured as an internally managed, non-diversified, closed-end investment company that has elected to be regulated as a BDC under the 1940 Act. As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in "qualifying assets," which includes securities of private U.S. companies, cash, cash equivalents, and high-quality debt investments that mature in one year or less. Consistent with requirements under the 1940 Act, we invest primarily in United States based companies and to a lesser extent in foreign companies. We source our investments through our principal office located in San Mateo, CA, as well as through our additional offices in Boston, MA, New York, NY, San Diego, CA, Denver, CO, and London, United Kingdom.

We have elected to be treated for tax purposes as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, among other requirements, we must maintain certain income, asset, and distribution requirements. As a RIC, we generally will not be subject to U.S. federal income tax on the income that we distribute (or are deemed to distribute) to our stockholders provided that we maintain our RIC status for a given year. See "Certain United States Federal Income Tax Considerations" included in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001280784/000128078425000007/htgc-20241231.htm)</u> for the year ended December 31, 2024 filed with the SEC on February 13, 2025 for additional information.

***Portfolio and Investment Activity***

The total fair value of our investment portfolio as of June 30, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
| | **Fair Value** | **Fair Value** |
| **(in millions)** | **June 30, 2025** | **December 31, 2024** |
| Debt | $3978.7 | $3494.6 |
| Equity | 155.8 | 128.7 |
| Warrants | 35.5 | 30.5 |
| Investment Funds & Vehicles | 6.5 | 6.2 |
| **Total Investment Portfolio** | $4176.5 | $3660.0 |

---

Our investments in portfolio companies take a variety of forms, including unfunded contractual commitments and funded investments. Not all debt commitments represent future cash requirements. Unfunded contractual commitments depend upon a portfolio company reaching certain milestones before the debt commitment is available to the portfolio company, which is expected to affect our funding levels. These commitments are subject to the same underwriting and ongoing portfolio maintenance as the on-balance sheet financial instruments that we hold. Debt commitments generally fund over the year following the underwriting of such debt commitment. From time to time, unfunded contractual commitments may expire without being drawn and thus do not represent future cash requirements.

Prior to entering into a contractual commitment, we generally issue a non-binding term sheet to a prospective portfolio company. Non-binding term sheets are subject to completion of our due diligence and final investment committee approval process, as well as the negotiation of definitive documentation with the prospective portfolio companies. These non-binding term sheets generally convert to contractual commitments in approximately 90 days from signing and some portion may be assigned or allocated to or directly originated by the Adviser Funds prior to or after closing. Not all non-binding term sheets are expected to close and do not necessarily represent future cash requirements.

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Our portfolio activity for the six months ended June 30, 2025 and 2024 was comprised of the following:

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| | | |
|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **June 30, 2024** |
| **<u>Investment Commitments</u>**<sup>(1)</sup> | | |
| Investment Commitments Originated by Hercules Capital and the Adviser Funds | $2019.8 | $1642.5 |
| &nbsp;&nbsp;&nbsp;Less: Commitments assigned to or directly committed by the Adviser Funds | (437.6) | (337.4) |
| &nbsp;&nbsp;&nbsp;**Net Total Investment Commitments** | $1582.2 | $1305.1 |
| Gross Debt Commitments Originated by Hercules Capital and the Adviser Funds |  |  |
| &nbsp;&nbsp;&nbsp;New portfolio company | $1762.7 | $1529.5 |
| &nbsp;&nbsp;&nbsp;Existing portfolio company | 248.8 | 105.0 |
| &nbsp;&nbsp;&nbsp;**Sub-total** | 2011.5 | 1634.5 |
| &nbsp;&nbsp;&nbsp;Less: Debt commitments assigned to or directly committed by the Adviser Funds | (435.0) | (336.0) |
| &nbsp;&nbsp;&nbsp;**Net Total Debt Commitments** | $1576.5 | $1298.5 |
| **<u>Investment Fundings</u>**<sup>(2)</sup> |  |  |
| Gross Debt Fundings by Hercules Capital and the Adviser Funds |  |  |
| &nbsp;&nbsp;&nbsp;New portfolio company | $871.5 | $778.7 |
| &nbsp;&nbsp;&nbsp;Existing portfolio company | 368.4 | 279.8 |
| &nbsp;&nbsp;&nbsp;**Sub-total** | 1239.9 | 1058.5 |
| &nbsp;&nbsp;&nbsp;Less: Debt fundings assigned to or directly funded by the Adviser Funds | (273.2) | (228.7) |
| &nbsp;&nbsp;&nbsp;**Net Total Debt Fundings** | $966.7 | $829.8 |
| Equity Investments and Investment Funds and Vehicles Fundings by Hercules Capital and the Adviser Funds |  |  |
| &nbsp;&nbsp;&nbsp;New portfolio company | $— | $2.0 |
| &nbsp;&nbsp;&nbsp;Existing portfolio company | 8.3 | 6.2 |
| &nbsp;&nbsp;&nbsp;**Sub-total** | $8.3 | $8.2 |
| &nbsp;&nbsp;&nbsp;Less: Equity fundings assigned to or directly funded by the Adviser Funds | (2.6) | (1.4) |
| &nbsp;&nbsp;&nbsp;**Net Total Equity and Investment Funds and Vehicle Fundings** | $5.7 | $6.8 |
| &nbsp;&nbsp;&nbsp;Total Unfunded Contractual Commitment<sup>(3)</sup> | $471.5 | $479.5 |
| Non-Binding Term Sheets |  |  |
| &nbsp;&nbsp;&nbsp;New portfolio company | $60.0 | $28.1 |
| &nbsp;&nbsp;&nbsp;Existing portfolio company | 102.1 |  |
| &nbsp;&nbsp;&nbsp;**Total** | $162.1 | $28.1 |

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(1)Includes restructured loans and renewals in addition to new commitments.

(2)Funded amounts include borrowings on revolving facilities.

(3)Amount represents unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. This excludes $129.7 million and $125.6 million of unfunded commitments as of June 30, 2025 and June 30, 2024, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds.

We receive principal payments on our debt investment portfolio based on scheduled amortization of the outstanding balances. In addition, we receive principal repayments for some of our loans prior to their scheduled maturity date. The frequency or volume of these early principal repayments may fluctuate significantly from period to period. During the six months ended June 30, 2025, we received approximately $414.4 million in aggregate principal repayments. Approximately $15.2 million of the aggregate principal repayments related to scheduled principal payments and approximately $399.2 million were early principal repayments related to 28 portfolio companies. Additionally, during the six months ended June 30, 2025, we received $47.5 million from the partial sale of two debt investments to external parties.

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Total portfolio investment activity (inclusive of unearned income and excluding activity related to taxes payable and escrow receivables) as of and for the six months ended June 30, 2025 and 2024 was as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **June 30, 2024** |
| **Beginning Portfolio** | $3660.0 | $3248.0 |
| New fundings and restructures | 1248.2 | 1066.7 |
| Fundings assigned to or directly funded by the Adviser Funds | (275.8) | (230.1) |
| Equity and warrants not related to current period fundings | 0.7 | 0.6 |
| Principal repayments received on investments | (15.3) | (22.5) |
| Early payoffs | (399.2) | (467.2) |
| Proceeds from the sale of debt investments | (47.5) |  |
| Proceeds from sale of equity and warrant investments | (0.9) | (19.1) |
| Accretion of loan discounts and paid-in-kind interest | 49.0 | 42.8 |
| Net acceleration of loan discounts and loan fees due to early payoffs or restructures | (6.8) | (3.4) |
| New loan fees | (11.3) | (9.0) |
| Gain (loss) on investments due to sales or write offs | (57.4) | 3.3 |
| Net change in unrealized appreciation (depreciation) | 32.8 | (41.5) |
| **Ending Portfolio** | $4176.5 | $3568.6 |

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Additionally, we may hold investments in debt, warrant, or equity positions of portfolio companies that have filed a registration statement with the SEC in contemplation of a potential initial public offering. There can be no assurance that companies that have yet to complete their initial public offerings will do so in a timely manner or at all.

The following table presents certain additional selected information regarding our debt investment portfolio as of June 30, 2025 and June 30, 2024. This includes information on benchmark index rate floors which we have in place on all of our floating rate debt investments.

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| Number of portfolio companies with debt outstanding | 123 | 123 |
| Percentage of debt bearing a floating rate | 97.8% | 97.4% |
| Percentage of debt bearing a fixed rate | 2.2% | 2.6% |
| Weighted average core yield on debt investments<sup>(1)(3)</sup> | 12.5% | 13.7% |
| Weighted average effective yield on debt investments<sup>(2)(3)</sup> | 13.9% | 14.7% |
| Prime rate at the end of the period | 7.50% | 8.50% |
| Percentage of Prime rate linked debt investments | 81.1% | 75.7% |
| Weighted average floor rate bearing a Prime rate | 7.1% | 6.5% |
| Percentage of SOFR, SONIA and BSBY rate linked debt investments | 16.7% | 21.6% |
| Weighted average floor rate bearing a SOFR, SONIA or BSBY rate | 1.0% | 1.0% |

---

(1)The core yield is a Non-GAAP financial measure. The core yield on our debt investments excludes the effects of fee and income accelerations attributed to early payoffs, restructuring, loan modifications, other one-time events, and includes income from expired commitments. Please refer to the "Portfolio Yield" section below for further discussion of this measure.

(2)The effective yield on our debt investments includes the effects of fee and income accelerations attributed to early payoffs, restructuring, loan modifications, and other one-time events. The effective yield is derived by dividing total investment income from debt investments by the weighted average earning investment portfolio assets outstanding during the year, excluding non-interest earning assets such as warrants and equity investments. Please refer to the "Portfolio Yield" section below for further discussion of this measure.

(3)The core and effective yields represent the weighted average yields for the three-month periods ended June 30, 2025 and 2024. Please refer to the "Portfolio Yield" section below for further discussion of these measures.

***Macroeconomic Market Developments***

The capital markets are subject to fluctuations caused by various external factors such as changes in the inflationary environment, interest rate movements, concerns over slowing economic growth and possible global recession, changes to U.S. tariff and import/export regulations, uncertainty and disruption caused by geopolitical events, including the conflicts in Ukraine, Russia, and the Middle East, among other factors. These macroeconomic developments are outside our control and could require us to adjust our plan of operations, and impact our financial position, results of operations or cash flows in the future. We monitor macroeconomic market developments and their related impact to our business, including impacts to our portfolio companies, employees, due diligence and underwriting processes, and the broader financial markets.

Our investment portfolio continues to be focused on industries and sectors that are generally expected to be more resilient to U.S. and global economic cycles. This includes being partially insulated from declining interest rates as all of our floating rate debt investments, which represent 97.8% and 97.4% of our debt portfolio as of June 30, 2025 and

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December 31, 2024, respectively, are subject to interest rate floors. While our portfolio is not immune to the impact of macroeconomic events, we believe we and our portfolio are well positioned to manage the current environment. Given the unpredictability and fluidity of the macroeconomic market, neither our management nor our Board is able to predict the full impact of the macroeconomic events on our business, future results of operations, financial position, or cash flows. For additional information, see "Part I - Item 1A. Risk Factors" included in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001280784/000128078425000007/htgc-20241231.htm)</u> for the year ended December 31, 2024 filed with the SEC on February 13, 2025.

***Income from Portfolio***

We primarily generate revenue in the form of interest income, from our investments in debt securities, and fee income, which is primarily comprised of commitment and facility fees. Interest income is recognized in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Fees generated in connection with our debt investments are recognized over the life of the loan or, in some cases, recognized as earned. In addition, we generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. We also generate revenue in the form of capital gains, if any, on warrants or other equity securities that we acquire from our portfolio companies.

As of June 30, 2025, our debt investments generally have a term of between two and five years and typically bear interest at a rate ranging from approximately 7.5% to approximately 14.5%. In addition to the cash yields received on our debt investments, in some instances, our debt investments may also include any of the following: exit fees, balloon payment fees, commitment fees, success fees, PIK provisions or prepayment fees which may be required to be included in income prior to receipt.

Interest on debt securities is generally payable monthly, with amortization of principal typically occurring over the term of the investment. In addition, our loans may include an interest-only period ranging from three to eighteen months or longer. In limited instances in which we choose to defer amortization of the loan for a period of time from the date of the initial investment, the principal amount of the debt securities and any accrued but unpaid interest become due at the maturity date.

Loan origination and commitment fees are generally received in full at the inception of a loan, are deferred and amortized into fee income as an enhancement to the related loan's yield over the contractual life of the loan. We recognize nonrecurring fees amortized over the remaining term of the loan commencing in the quarter relating to specific loan modifications. As of June 30, 2025 and December 31, 2024, unamortized capitalized fee income was recorded as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **December 31, 2024** |
| Offset against debt investment cost | $39.7 | $36.9 |
| Deferred obligation contingent on funding or other milestone | 9.9 | 9.1 |
| **Total Unamortized Fee Income** | $49.6 | $46.0 |

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Loan exit fees to be paid at the termination of the loan are accreted into interest income over the contractual life of the loan. As of June 30, 2025 and December 31, 2024, loan exit fees receivable were recorded as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **December 31, 2024** |
| Included within debt investment cost | $42.2 | $39.2 |
| Deferred receivable related to expired commitments | 2.4 | 3.0 |
| **Total Exit Fees Receivable** | $44.6 | $42.2 |

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Additionally, we have debt investments in our portfolio that earn PIK interest. The PIK interest, computed at the contractual rate specified in each loan agreement, is recorded as interest income and added to the principal balance of the loan on specified capitalization dates. To maintain our status as a RIC, the non-cash PIK income must be distributed to stockholders with other sources of income in the form of dividend distributions even though we have not yet collected any cash from the borrower. Amounts necessary to pay these distributions may come from available cash or the liquidation of certain investments. During the three months ended June 30, 2025 and 2024, we recorded approximately $13.6 million and $15.3 million of PIK income, respectively. During the six months ended June 30, 2025 and 2024, we recorded approximately $27.1 million and $25.2 million of PIK income, respectively.

***Portfolio Yield***

We report our financial results on a GAAP basis. We monitor the performance of our total investment portfolio and total debt portfolio using both GAAP and Non-GAAP financial measures. In particular, we evaluate performance through monitoring the portfolio yields as we consider them to be effective indicators, for both management and stockholders, of

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the financial performance of our total investment portfolio and total debt portfolio. The key metrics that we monitor with respect to yields are as described below:

• "Total Yield" - The total yield is derived by dividing GAAP basis "Total investment income" by the weighted average GAAP basis value of investment portfolio assets outstanding during the year, including non-interest earning assets such as warrants and equity investments at amortized cost.

• "Effective Yield" on total debt investments - The effective yield is derived by dividing GAAP basis "Total investment income" from debt investments<sup>(1)</sup> by the weighted average GAAP basis value of debt investment portfolio assets at amortized cost outstanding during the year.

• "Core Yield" on total debt investments – The core yield is a Non-GAAP financial measure. The core yield is derived by dividing "Core investment income" from debt investments by the weighted average GAAP basis value of debt investment portfolio assets at amortized cost outstanding during the year. "Core investment income" adjusts GAAP basis "Total investment income" from debt investments<sup>(1)</sup> to exclude fee and other income accelerations attributed to early payoffs, deal restructuring, loan modifications, and other one-time income events, but includes income from expired commitments.

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| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** |
| Total Yield | 13.4% | 14.1% |
| Effective Yield<sup>(1)</sup> | 13.9% | 14.7% |
| Core Yield (Non-GAAP)<sup>(1)</sup> | 12.5% | 13.7% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Yield calculated using "Total investment income" excluding bank interest, dividend income, and investment income from other assets for the three months ended June 30, 2025 and 2024.

We believe that these measures are useful for our stockholders as it provides further insight into the yield of our portfolio to allow a more meaningful comparison with our competitors. As noted above, Core Yield, a Non-GAAP financial measure, is derived by dividing Core investment income, as defined above, by the weighted average GAAP basis value of debt investment portfolio assets at amortized cost outstanding. The reconciliation to calculate "Core investment income" from GAAP basis "Total investment income" are as follows:

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| | | |
|:---|:---|:---|
| **(in thousands)** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** |
| **GAAP Basis:**<br>Total investment income | $137459 | $125006 |
| Less: fee and income accelerations attributed to early payoffs, restructuring, loan modifications, and other one-time events except income from expired commitments | (12835) | (8588) |
| **Non-GAAP Basis:**<br>Core investment income | $124624 | $116418 |
| Less: bank interest income, dividend income, and other investment income from other assets | (3191) | (3151) |
| Core investment income from debt portfolio | $121433 | $113267 |

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We believe the Core Yield is useful for our investors as it provides the yield at which our debt investments are originated and eliminates one-off items that can fluctuate significantly from period to period, thereby allowing for a more meaningful comparison over time.

Although the Core Yield, a Non-GAAP financial measure, is intended to enhance our stockholders' understanding of our performance, the Core Yield should not be considered in isolation from or as an alternative to the GAAP financial metrics presented. The aforementioned Non-GAAP financial measure may not be comparable to similar Non-GAAP financial measures used by other companies.

Another financial measure that we monitor is the total return for our investors, which was approximately (4.4)% and 28.8% during the six months ended June 30, 2025 and 2024, respectively. The total return equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. The total return does not reflect any sales load that may be paid by investors. See "Note 10 – Financial Highlights" included in the notes to our consolidated financial statements appearing elsewhere in this report.

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***Portfolio Composition***

Our portfolio companies are primarily privately held companies which are active in sectors characterized by high margins, high growth rates, consolidation, and product and market extension opportunities and, to a lesser extent, public companies active in those sectors.

The following table presents the fair value of the Company's portfolio by industry sector as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)** | **Investments at<br>Fair Value** | **Percentage of**<br>**Total Portfolio**  | **Investments at<br>Fair Value** | **Percentage of**<br>**Total Portfolio**  |
| Software | $1471080 | 35.2% | $1081100 | 29.5% |
| Drug Discovery & Development | 1035769 | 24.8% | 1080390 | 29.5% |
| Healthcare Services, Other | 755202 | 18.1% | 610184 | 16.7% |
| Consumer & Business Services | 375233 | 9.0% | 372641 | 10.2% |
| All other industries<sup>(1)</sup> | 539202 | 12.9% | 515663 | 14.1% |
| **Total** | $4176486 | 100.0% | $3659978 | 100.0% |

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(1)See "Note 4 – Investments" for complete list of industry sectors and corresponding amounts of investments at fair value as a percentage of the total portfolio. As of June 30, 2025, the fair value as a percentage of total portfolio does not exceed 5.0% for any individual industry sector other than "Software", "Drug Discovery & Development", "Healthcare Services, Other", and "Consumer & Business Services".

Industry and sector concentrations vary as new loans are recorded and loans are paid off. Investment income, consisting of interest, fees, and recognition of gains on equity and warrants or other equity interests, can fluctuate materially when a loan is paid off or a warrant or equity interest is sold. Investment income recognized in any given year can be highly concentrated in several portfolio companies.

For the six months ended June 30, 2025 and the year ended December 31, 2024, our ten largest portfolio companies represented approximately 28.6% and 31.6%, respectively, of the total fair value of our investments in portfolio companies, respectively. As of June 30, 2025 and December 31, 2024, we had six and six investments, respectively, that represented 5% or more of our net assets, respectively. As of June 30, 2025 and December 31, 2024, we had four and three equity investments, respectively, that represented 5% or more of the total fair value of our equity investments. These equity investments represented approximately 58.1% and 49.7% of the total fair value of our equity investments as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, approximately 97.8% and 97.4%, respectively, of the debt investment portfolio was priced at floating interest rates with a floor. Our interest rates use Prime, SOFR, or SONIA as benchmark index rates. Changes in these benchmark index rates may affect the interest income and the value of our investment portfolio for portfolio investments with floating rates.

Our investments in Structured Debt generally have detachable equity enhancement features in the form of warrants or other equity securities designed to provide us with an opportunity for capital appreciation. These features are treated as OID and are accreted into interest income over the term of the loan as a yield enhancement. Our warrant coverage generally ranges from 3% to 20% of the principal amount invested in a portfolio company, with a strike price generally equal to the most recent equity financing round. As of June 30, 2025, we held warrants in 100 portfolio companies, with a fair value of approximately $35.5 million. The fair value of our warrant portfolio increased by approximately $5.0 million, as compared to a fair value of $30.5 million as of December 31, 2024, primarily related to the increase in fair value of the portfolio companies.

Our existing warrant holdings would require us to invest approximately $62.1 million to exercise such warrants as of June 30, 2025. Warrants may appreciate or depreciate in value depending largely upon the underlying portfolio company's performance and overall market conditions. As attractive investment opportunities arise, we may exercise certain of our warrants to purchase stock, and could ultimately monetize our investments. Of the warrants that we have monetized since inception, we have realized multiples in the range of approximately 1.02x to 42.71x based on the historical rate of return on our investments. We may also experience losses from our warrant portfolio in the event that warrants are terminated or expire unexercised.

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***Portfolio Grading***

We use an investment grading system, which grades each debt investment on a scale of 1 to 5 to characterize and monitor our expected level of risk on the debt investments in our portfolio with 1 being the highest quality. The following table shows the distribution of our outstanding debt investments on the 1 to 5 investment grading scale at fair value as of June 30, 2025 and December 31, 2024, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)**<br>**Investment Grading** | **Number of<br>Companies** | **Debt Investments<br>at Fair Value** | **Percentage of**<br>**Total Portfolio**  | **Number of<br>Companies** | **Debt Investments<br>at Fair Value** | **Percentage of**<br>**Total Portfolio**  |
| 1 | 19 | $617200 | 15.5% | 19 | $654489 | 18.7% |
| 2 | 58 | 1886315 | 47.4% | 53 | 1649906 | 47.2% |
| 3 | 41 | 1380973 | 34.7% | 39 | 1012603 | 29.0% |
| 4 | 5 | 94207 | 2.4% | 6 | 159372 | 4.6% |
| 5 | 0 |  | 0.0% | 1 | 18231 | 0.5% |
|  | 123 | $3978695 | 100.0% | 118 | $3494601 | 100.0% |

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As of June 30, 2025 and December 31, 2024, our debt investments had a weighted average investment grading of 2.26 and 2.26 on a cost basis, respectively. Changes in a portfolio company's investment grading may be a result of changes in portfolio company's performance and/or timing of expected liquidity events. For instance, we may downgrade a portfolio company if it is not meeting our financing criteria or is underperforming relative to its respective business plan. We may also downgrade a portfolio company as it approaches a point in time when it will require additional equity capital to continue operations. Conversely, we may upgrade a portfolio company's investment grading when it is exceeding our financial performance expectations and/or is expected to mature/repay in full due to a liquidity event. The overall downgrade of the portfolio's weighted average investment grading is reflective of the impact of the current macroeconomic environment.

***Performing and Non-accrual Investments***

The following table shows the amortized cost of our performing and non-accrual investments as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Percentage of Total Portfolio at Amortized Cost**  | **Amortized Cost** | **Percentage of Total Portfolio at Amortized Cost**  |
| Performing | $4183 | 99.8% | $3648 | 98.3% |
| Non-accrual | 10 | 0.2% | 61 | 1.7% |
| **Total Investments** | $4193 | 100.0% | $3709 | 100.0% |

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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, we cease to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay our current and future contractual obligations. We may choose not to apply the non-accrual status to 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.

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***Results of Operations***

Our condensed consolidated operating results for the three and six months ended June 30, 2025 and 2024, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands, except per share data)** | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $137459 | $125006 | $256970 | $246559 |
| Total expenses | 48725 | 42648 | 90778 | 85039 |
| &nbsp;&nbsp;**Net investment income** | 88734 | 82358 | 166192 | 161520 |
| Net realized gain (loss): | (57637) | (5784) | (59193) | 2384 |
| Net change in unrealized appreciation (depreciation): | 47790 | (34722) | 22225 | (31088) |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $78887 | $41852 | $129224 | $132816 |
| Net investment income before gains and losses per common share: |  |  |  |  |
| Basic | $0.50 | $0.51 | $0.95 | $1.01 |
| Change in net assets resulting from operations per common share: |  |  |  |  |
| Basic | $0.44 | $0.26 | $0.74 | $0.83 |
| Diluted | $0.43 | $0.25 | $0.73 | $0.82 |

---

Our operating results can vary substantially from period to period due to various factors, including changes in the level of investments held, changes in our investment yields, recognition of realized gains and losses, and changes in net unrealized appreciation and depreciation, among other factors. As a result, comparison of the net increase (decrease) in net assets resulting from operations may not be meaningful.

***Investment Income***

Total investment income for the three and six months ended June 30, 2025 was approximately $137.5 million and $257.0 million, respectively as compared to approximately $125.0 million and $246.6 million, respectively for the three and six months ended June 30, 2024. Investment income is primarily composed of interest income earned on our debt investments, fee income from commitments, facilities, and other loan related fees and dividend income.

*Interest and Dividend Income* 

The following table summarizes the components of interest and dividend income for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Contractual interest income | $95421 | $87439 | $183238 | $178153 |
| Exit fee interest income | 14790 | 10592 | 25018 | 22472 |
| PIK interest income | 13635 | 15267 | 27108 | 25164 |
| Dividend income | 2100 | 2100 | 4500 | 3700 |
| Other investment income<sup>(1)</sup> | 3625 | 2131 | 5279 | 3819 |
| **Total interest and dividend income** | $129571 | $117529 | $245143 | $233308 |

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(1)Other investment income includes OID interest income and interest recorded on other assets.

Interest and dividend income for the three and six months ended June 30, 2025 totaled approximately $129.6 million and $245.2 million, respectively as compared to approximately $117.5 million and $233.3 million, respectively for the three and six months ended June 30, 2024. The increase in interest income for the three and six months ended June 30, 2025 as compared to the period ended June 30, 2024 is primarily attributable to an increase in the weighted average principal outstanding, partially offset by lower core yield. The increase in dividend income for the six months ended June 30, 2025 as compared to the period ended June 30, 2024 is primarily attributable to an increase in dividend income distributions from the Adviser Subsidiary.

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Interest income is comprised of recurring interest income from the contractual servicing of loans and non-recurring interest income that is related to the acceleration of income due to early loan repayments and other one-time events during the period.

The following table summarizes recurring and non-recurring interest income and dividend income for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Recurring interest income | $119055 | $111385 | $229160 | $220911 |
| Non-recurring interest income | 8416 | 4044 | 11483 | 8697 |
| Dividend income | 2100 | 2100 | 4500 | 3700 |
| **Total interest and dividend income** | $129571 | $117529 | $245143 | $233308 |

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A portion of interest income is earned in the form of PIK interest. The following table shows the PIK-related activity for the six months ended June 30, 2025 and 2024, at cost:

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** |
| **Beginning PIK interest receivable balance** | $67656 | $38030 |
| PIK interest income during the period | 27108 | 25164 |
| PIK capitalized as principal or converted to equity or other assets | (4035) | 355 |
| Payments received from PIK loans | (2376) | (7989) |
| Realized gain (loss) | (4232) |  |
| **Ending PIK interest receivable balance** | $84121 | $55560 |

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The increase in PIK interest income during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is due to an increase in the weighted average principal outstanding for debt investments which earn PIK interest. Payments on PIK loans are normally received only in the event of payoffs. The PIK receivable for June 30, 2025 and June 30, 2024 was approximately 2% and 2% of total debt investments, respectively.

*Fee Income* 

Fee income is comprised of recurring fee income from commitment, facility, and loan related fees, fee income due to expired commitments, and acceleration of fee income due to early loan repayments during the period. The following table summarizes the components of fee income for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Recurring fee income | $2754 | $2203 | $5434 | $4658 |
| Fee income - expired commitments | 715 | 730 | 1032 | 1377 |
| Accelerated fee income - early repayments | 4419 | 4544 | 5361 | 7216 |
| **Total fee income** | $7888 | $7477 | $11827 | $13251 |

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The fee income for the three and six months ended June 30, 2025 totaled approximately $7.9 million and $11.8 million, respectively as compared to approximately $7.5 million and $13.3 million, respectively for the three and six months ended June 30, 2024. The increase in fee income for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 is primarily due to higher weighted average principal outstanding. The decrease in fee income for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is primarily due to lower acceleration of fee income from early repayments and lower fee income from expired commitments. This is partially offset by higher weighted average principal outstanding.

***Operating Expenses***

Our operating expenses are comprised of interest and fees on our debt borrowings, general and administrative expenses, taxes, and employee compensation and benefits. During the three and six months ended June 30, 2025 and 2024, our net operating expenses totaled approximately $48.7 million and $42.6 million, respectively, for the three-month periods, and approximately $90.8 million and $85.0 million, respectively, for the six-month periods.

*Interest and Fees on our Debt* 

Interest and fees on our debt totaled approximately $25.7 million and $21.5 million for the three months ended June 30, 2025 and 2024, respectively and approximately $47.8 million and $41.5 million for the six months ended June 30,

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2025 and 2024, respectively. Interest and fee expense during the three and six months period ended June 30, 2025 as compared to the three and six months ended June 30, 2024, increased due to higher weighted average debt outstanding.

Our weighted average cost of debt was approximately 5.0% and 5.0% for the three months ended June 30, 2025 and 2024, respectively and 4.9% and 5.0%, for the six months ended June 30, 2025 and 2024, respectively. The weighted average cost of debt includes interest and fees on our debt, but excludes the impact of fee accelerations due to the extinguishment of debt, as applicable.

*General and Administrative Expenses and Tax Expenses*

General and administrative expenses include legal fees, consulting fees, accounting fees, printer fees, insurance premiums, rent, expenses associated with the workout of underperforming investments, and various other expenses. Our general and administrative expenses increased to $5.1 million from $4.4 million for the three months ended June 30, 2025 and 2024, respectively, and increased to $9.9 million from $9.5 million for the six months ended June 30, 2025 and 2024, respectively. The increase in general and administrative expenses for the three and six months ended June 30, 2025 is primarily attributable to an increase in costs of legal fees, recruiting, and other business expenses. Tax expenses were $1.1 million and $1.8 million during the three months ended June 30, 2025 and 2024, respectively, and $2.0 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively. Our tax expenses primarily relate to excise tax accruals.

*Employee Compensation* 

Employee compensation and benefits totaled approximately $16.7 million and $30.6 million, for the three and six months ended June 30, 2025, respectively, as compared to approximately $14.4 million and $30.8 million, respectively, for the three and six months ended June 30, 2024. The movement between the three and six months ended June 30, 2025 and 2024 was primarily due to fluctuations in variable compensation.

Employee stock-based compensation totaled approximately $3.7 million and $7.3 million, for the three and six months ended June 30, 2025 as compared to approximately $3.3 million and $6.5 million, respectively, for the three and six months ended June 30, 2024. The increase between the three and six months ended June 30, 2025 and 2024 was primarily attributable to an increase in the grant date fair value of the Service Vesting Awards.

*Expenses allocated to the Adviser Subsidiary* 

The Sharing Agreement provides the Adviser Subsidiary access to our human capital resources, including deal professionals, finance, and administrative functions, as well as other resources including infrastructure assets such as office space and technology. Under the terms of the Sharing Agreement, we allocate the related expenses of shared services to the Adviser Subsidiary. Our total net operating expenses for the three months ended June 30, 2025 and 2024, are net of expenses allocated to the Adviser Subsidiary of $3.4 million and $2.8 million, respectively, and $6.7 million and $5.7 million for the six months ended June 30, 2025 and 2024, respectively. The increase in expenses allocated to the Adviser Subsidiary for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 is due to an increase in time spent on the Adviser Funds by senior management and higher allocation to the Adviser Funds. As of June 30, 2025 and December 31, 2024, there was approximately $1.2 million and less than $0.1 million due from the Adviser Subsidiary, respectively.

***Net Realized Gains and Losses and Net Change in Unrealized Appreciation and Depreciation***

Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of an investment without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period, net of recoveries. Realized loss on debt extinguishment relates to additional fees, costs, and accelerated recognition of remaining debt issuance costs, which are recognized in the event our debt is extinguished before its stated maturity. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

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A summary of net realized gains and losses for the three and six months ended June 30, 2025 and 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Realized gains | $405 | $5785 | $462 | $14976 |
| Realized losses | (56498) | (10717) | (57432) | (11659) |
| Realized foreign exchange gains (losses) | (1523) | (852) | (2187) | (933) |
| Realized loss on debt extinguishment | (21) |  | (36) |  |
| **Net realized gains (losses)** | $(57637) | $(5784) | $(59193) | $2384 |

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During the three and six months ended June 30, 2025, we recognized a net realized loss of $57.6 million and $59.2 million, respectively. The net realized gains (losses) were generated from gross realized gains of $0.4 million and $0.5 million, respectively, for the three and six month periods, primarily from collections from Codiak Biosciences, Inc. that was fully written off previously. Our gains were offset by gross realized losses of $56.5 million and $57.5 million, respectively, for the three and six month periods, from the write-off of our debt investments due to the restructure of Khoros, LLC and Annex Cloud, sale of AmplifyBio, LLC, and the write-off of our warrant investments in bluebird bio, Inc., AmplifyBio, LLC, and others. Additionally, we realized $1.5 million and $2.2 million, respectively, for the three and six month periods, from foreign exchange losses primarily from our investments in foreign denominated debt investments and forward contract.

During the three and six months ended June 30, 2024, we recognized a net realized loss of $5.8 million and a net realized gain of $2.4 million, respectively. The net realized gains (losses) were generated from gross realized gains of $5.8 million and $15.0 million respectively, for the three and six month periods, primarily from the sale of our equity and warrant positions in Palantir Technologies, TransMedics Group, Inc., Tarsus Pharmaceuticals, Inc., DoorDash, Inc., and sale proceeds from the completed acquisition of Delphix Corp. Our gains were offset by gross realized losses of $10.7 million and $11.7 million, respectively, for the three and six month periods, from the write-off of equity and warrant investments in Proterra, Inc., The Faction Group LLC, Udacity, Inc., Humanigen, Inc., Eigen Technologies Ltd., and ADMA Biologics, Inc. which had no value after the respective portfolio companies were acquired. Additionally, we realized a loss of $9.1 million from write-off of our debt investments relating to Better Therapeutics, Inc. and Eigen Technologies Ltd., net of recovered collections of $6.0 million.

The net change in unrealized appreciation and depreciation of our investments is derived from the changes in fair value of each investment determined in good faith by our Valuation Committee (as defined in "Note 2 - Summary of Significant Accounting Policies - Valuation of Investments") and approved by the Board. The following table summarizes the change in net unrealized appreciation or depreciation of investments for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Gross unrealized appreciation on portfolio investments | $28646 | $23177 | $39426 | $57444 |
| Gross unrealized depreciation on portfolio investments | (36890) | (58367) | (56511) | (88687) |
| Reversal of prior period net changes in unrealized appreciation (depreciation) upon a realization event | 53805 | (2442) | 35828 | (9911) |
| Net change in unrealized appreciation (depreciation) on portfolio investments | 45561 | (37632) | 18743 | (41154) |
| Other net changes in unrealized appreciation (depreciation)<sup>(1)</sup> | 2229 | 2910 | 3482 | 10066 |
| **Total net change in unrealized appreciation (depreciation) on investments** | $47790 | $(34722) | $22225 | $(31088) |

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(1)Includes the net change in unrealized appreciation (depreciation) related to foreign exchange movements, derivative instruments and other assets and liabilities.

During the three months ended June 30, 2025 and 2024, we recorded approximately $47.8 million of net unrealized appreciation and $34.7 million of net unrealized depreciation, respectively, on our investments. During the six months ended June 30, 2025 and 2024, we recorded approximately $22.2 million of net unrealized appreciation and $31.1 million of net unrealized depreciation, respectively, on our investments. The movement in unrealized depreciation to appreciation

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during the three and six months ended June 30, 2025 was primarily related to the reversal of previously recorded net unrealized depreciation of our debt investments as realization events occurred.

The following table summarizes the key drivers of change in net unrealized appreciation (depreciation) of investments for the three and six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|<br>**(in thousands)** | **Debt**  | **Equity, Warrants** <br>**and** <br>**Investment Funds**<sup>(1)</sup>  | **Total**  | **Debt**  | **Equity, Warrants** <br>**and** <br>**Investment Funds**<sup>(1)</sup>  | **Total**  |
| Investment valuation appreciation (depreciation) | $(12921) | $4677 | $(8244) | $(24682) | $7597 | $(17085) |
| Reversal of prior period net changes in unrealized appreciation (depreciation) upon a realization event | 51851 | 1954 | 53805 | 33620 | 2208 | 35828 |
| Other net changes in unrealized appreciation (depreciation)<sup>(1)</sup> | 8533 | (6304) | 2229 | 13409 | (9927) | 3482 |
| **Net change in unrealized appreciation (depreciation)** | $47463 | $327 | $47790 | $22347 | $(122) | $22225 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
|<br>**(in thousands)** | **Debt** | **Equity, Warrants** <br>**and** <br>**Investment Funds**<sup>(1)</sup> | **Total** | **Debt** | **Equity, Warrants** <br>**and** <br>**Investment Funds**<sup>(1)</sup> | **Total** |
| Investment valuation appreciation (depreciation) | $(19813) | $(15377) | $(35190) | $(19145) | $(12098) | $(31243) |
| Reversal of prior period net changes in unrealized appreciation (depreciation) upon a realization event | 2148 | (4590) | (2442) | 2173 | (12084) | (9911) |
| Other net changes in unrealized appreciation (depreciation)<sup>(1)</sup> | 18 | 2892 | 2910 | (298) | 10364 | 10066 |
| **Net change in unrealized appreciation (depreciation)** | $(17647) | $(17075) | $(34722) | $(17270) | $(13818) | $(31088) |

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(1)Includes the net change in unrealized appreciation (depreciation) related to foreign exchange movements, derivative instruments and other assets and liabilities.

***Income and Excise Taxes***

We account 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. We intend to timely distribute to our stockholders substantially all of our annual taxable income for each year, except that we may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.

Because federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from 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, gain or loss are recognized at some time in the future.

***The Adviser Subsidiary***

The Adviser Subsidiary has entered into investment management agreements (the "IMAs") with the Adviser Funds. Pursuant to the IMAs, the Adviser Subsidiary provides investment advisory and management services to the Adviser Funds in exchange for an asset-based fee. In addition, Hercules Capital Management LLC through its control of the general partner interests of each of the Adviser Funds may receive incentive fees based on the performance of the Adviser Funds. The Adviser Funds are privately offered investment funds exempt from registration under the 1940 Act that invest in debt and equity investments in venture or institutionally backed technology related and life sciences companies.

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| | | | |
|:---|:---|:---|:---|
| | **As of**  | **As of**  | |
| **(in thousands)**<br>**Assets Under Management \*** | **June 30, 2025** | **December 31, 2024** |<br>**Growth %** |
| by the Company | $4229782 | $3776399 | 12.0% |
| by the Adviser Funds | 1082774 | 987314 | 9.7% |
| **Total** | $5312556 | $4763713 | 11.5% |

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\* &nbsp;&nbsp;&nbsp;&nbsp;Assets under management includes investments, at fair value, cash and cash equivalents, foreign cash and restricted cash.

The Adviser Subsidiary's contribution to our net investment income is primarily derived from dividend income declared by the Adviser Subsidiary and interest income earned on loans to the Adviser Subsidiary. For the three months ended June 30, 2025 and 2024, $2.1 million and $1.6 million, respectively, of dividends were declared by the Adviser Subsidiary. For the six months ended June 30, 2025 and 2024, $4.0 million and $3.2 million dividends, respectively, were declared by the Adviser Subsidiary.

***Financial Condition, Liquidity, Capital Resources and Obligations***

Our liquidity and capital resources are derived from our debt borrowings and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may also raise additional equity or debt capital through registered offerings off a shelf registration, At-the-Market ("ATM") offerings, and private offerings of securities, by securitizing a portion of our investments, or by borrowing from the SBA through our SBIC subsidiaries. This "Financial Condition, Liquidity, Capital Resources and Obligations" section should be read in conjunction with the "Macroeconomic Market Developments" section above.

During the six months ended June 30, 2025, we principally funded our operations from (i) cash receipts from interest, dividend, and fee income from our investment portfolio, (ii) cash proceeds from the realization of portfolio investments through the repayments of debt investments and the sale of debt and equity investments, (iii) debt borrowings on our Credit Facilities, 2028 Convertible Notes and June 2030 Notes, and (iv) equity offerings.

During the six months ended June 30, 2025, our operating activities used $367.0 million of cash and cash equivalents, compared to $181.4 million used during the six months ended June 30, 2024. The $185.6 million increase in cash used in operating activities was primarily due to a $135.7 million increase in net purchases of investments, and a $25.7 million decrease in principal, fee repayments, and proceeds from the sale of debt investments.

During the six months ended June 30, 2025, our investing activities used approximately $27 thousand of cash, compared to $670 thousand used during the six months ended June 30, 2024. The $643 thousand decrease in cash used in investing activities was due to a decrease in purchases of capital equipment.

During the six months ended June 30, 2025, our financing activities provided $303.9 million of cash, compared to $105.0 million provided during the six months ended June 30, 2024. The $198.9 million increase in cash flows from financing activities was primarily due to a $122.5 million increase in equity issued and an increase in net borrowing activity of $89.0 million. During the six months ended June 30, 2025, our ATM program provided (net of offering costs) approximately $188.9 million, compared to $66.4 million net proceeds received during the six months ended June 30, 2024. During the six months ended June 30, 2025, we issued $287.5 million in aggregate principal amount of 2028 Convertible Notes and $350.0 million in aggregate principal amount of June 2030 Notes. Additionally, during the six months ended June 30, 2025, the Company fully repaid the aggregate outstanding $50.0 million, $70.0 million, and $50.0 million principal of the February 2025 Notes, June 2025 Notes, and June 2025 3-Year Notes, respectively. During the six months ended June 30, 2025, we distributed dividends of $159.4 million compared to $150.1 million during the six months ended June 30, 2024.

As of June 30, 2025, our net assets totaled $2.2 billion, with a NAV per share of $11.84. We intend to continue to operate in order to generate cash flows from operations, including income earned from investments in our portfolio companies. Our primary use of funds will be investments in portfolio companies and cash distributions to holders of our common stock.

*Available liquidity and capital resources as of June 30, 2025*

As of June 30, 2025, we had $785.6 million in available liquidity, including $52.2 million in cash, cash equivalents and foreign cash, and available borrowing capacity of approximately $184.4 million (net of $0.5 million of outstanding letter of credits) under the SMBC Facility, $175.0 million under our SMBC letter of credit facility, and $374.0 million under the MUFG Bank Facility, subject to certain conditions. Additional liquidity is available through accordion provisions within the terms of our Credit Facilities, through which the available borrowing capacity can be increased by an aggregate

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$360.0 million, subject to certain conditions. Further, the SMBC letter of credit facility may also be increased by an additional $225.0 million (up to $400.0 million), subject to certain conditions. Total amounts outstanding as of June 30, 2025, were $181.1 million outstanding under our Credit Facilities, which are floating interest rate obligations, and the remaining $1,914.1 million of term debt outstanding, which are all fixed interest rate debt obligations.

Not considered above, as of June 30, 2025, we held $1.0 million of cash classified as restricted cash. Our restricted cash relates to amounts that are held as collateral securing certain of our financing transactions, including collections of interest and principal payments on assets that are securitized related to the 2031 Asset-Backed Notes. Based on current characteristics of the securitized debt investment portfolios, the restricted funds may be used to pay monthly interest and principal on the securitized debt with any excess distributed to us or available for our general operations. Refer to "Note 5 – Debt" included in the notes to our consolidated financial statements appearing elsewhere in this report for additional discussion of our debt obligations.

The 1940 Act permits BDCs to incur borrowings, issue debt securities, or issue preferred stock unless immediately after the borrowings or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock is less than 200% (or 150% if certain requirements are met). On September 4, 2018 and December 6, 2018, our Board, including a "required majority" (as such term is defined in Section 57(o) of the 1940 Act) and our stockholders, respectively, approved the application to us of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the 1940 Act. As of June 30, 2025, our asset coverage ratio under our regulatory requirements as a BDC was 222.2% excluding our SBA debentures. We received an exemptive order from the SEC that allows us to exclude all SBA leverage as senior securities from our asset coverage ratio. As a result of the SEC exemptive order, our ratio of total assets on a consolidated basis to outstanding indebtedness may be less than 150%, which while providing increased investment flexibility, also may increase our exposure to risks associated with leverage. Total asset coverage when including our SBA debentures as senior securities was 202.2% as of June 30, 2025.

The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below NAV provided that our Board makes certain determinations. We do not currently have the authorization from our stockholders to issue common stock at a price below the then-current NAV per share and there is no guarantee that we will obtain such authorization from our stockholders in the future.

As detailed above, our diverse and well-structured balance sheet is designed to provide a long-term focused and sustainable investment platform. Currently, we believe we have ample liquidity to support our near-term capital requirements. As the impact of the macro-economic events, potential global recession, acts of terrorism, war, geopolitical events, and the related disruption to markets and business continues to impact the economy, we will continue to evaluate our overall liquidity position and take proactive steps to maintain the appropriate liquidity position based upon the current circumstances.

*Equity Offerings*

We may from time-to-time issue and sell shares of our common stock through public or ATM offerings. We currently sell shares through the 2024 Equity Distribution Agreements with Citizens JMP Securities LLC and Jefferies LLC, as Sales Agents, entered into on December 12, 2024. The 2024 Equity Distribution Agreements provide that we may offer and sell up to 30.0 million shares of our common stock from time to time through the Sales Agents. Sales of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market," as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2024 Equity Distribution Agreements replaced the ATM equity distribution agreements between us, and the Sales Agents executed on May 5, 2023. Additionally, on August 7, 2023 we sold 6.5 million shares of our common stock through an upsized public offering, pursuant to an underwriting agreement entered with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers. We generally use net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of June 30, 2025, approximately 19.6 million shares remain available for issuance and sale under the 2024 Equity Distribution Agreements.

During the three and six months ended June 30, 2025, we issued and sold 8.4 million and 10.4 million shares of our common stock receiving total accumulated net proceeds of $149.5 million and $188.9 million, respectively. This is an increase from the approximately zero and $66.4 million of accumulated net proceeds received from the issuance and sale of zero and 3.7 million shares during the three and six months ended June 30, 2024.

*Stock Repurchase*

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We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. The amounts involved may be material. We had no common stock repurchases during the six months ended June 30, 2025 and 2024.

***Commitments and Obligations***

Our significant cash requirements generally relate to our debt obligations. As of June 30, 2025, we had $2,095.2 million of debt outstanding, $100.0 million due within the next year, $675.0 million due within 1 to 3 years, and $1,320.2 million due beyond 3 years.

In addition to our debt obligations, in the normal course of business, we are party to financial instruments with off-balance sheet risk. These consist primarily of unfunded contractual commitments to extend credit, in the form of loans, to our portfolio companies. Unfunded contractual commitments to provide funds to portfolio companies are not reflected on our balance sheet.

Our unfunded contractual commitments may be significant from time to time. A portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, our credit agreements contain customary lending provisions which allow us relief from funding obligations for previously made unfunded commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As such, our disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by milestones. Refer to "Note 11 – Commitments and Contingencies" included in the notes to our consolidated financial statements appearing elsewhere in this report for additional discussion of our unfunded commitments.

As of June 30, 2025, we had approximately $471.5 million of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones, as well as uncalled capital commitments to make investments in private equity funds. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request that complies with the applicable advance notice and other operational requirements. The available unfunded commitments excludes unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) $129.7 million of unfunded commitments which represent the portion of portfolio company commitments assigned to or directly committed by the Adviser Funds.

Additionally, we had approximately $162.1 million of non-binding term sheets outstanding to two new companies and three existing companies, which generally convert to contractual commitments within approximately 90 days of signing. Non-binding outstanding term sheets are subject to completion of our due diligence and final investment committee approval process, as well as the negotiation of definitive documentation with the prospective portfolio companies. Not all non-binding term sheets are expected to close and do not necessarily represent future cash requirements.

The fair value of our unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements.

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***Critical Accounting Policies and Estimates***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and revenues and expenses during the period reported. On an ongoing basis, our management evaluates its estimates and assumptions, which are based on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in our estimates and assumptions could materially impact our results of operations and financial condition.

For a description of our critical accounting policies, refer to "Note 2 – Summary of Significant Accounting Policies" included in the notes to our consolidated financial statements appearing elsewhere in this Quarterly Report. We consider the most significant accounting policies to be those related to our Valuation of Investments, Fair Valuation Measurements, Income Recognition, and Income Taxes. The Valuation of Investments is our most significant critical estimate. The most significant input to this estimate is the yield interest rate, which includes the hypothetical market yield plus premium or discount adjustment, used in determining the fair value of our debt investments. The following table shows the approximate increase (decrease) to the fair value of our debt investments from hypothetical change to the yield interest rates used for each valuation, assuming no other changes:

---

| | |
|:---|:---|
| | **Change in unrealized** <br>**appreciation (depreciation)**  |
| **(in thousands)**<br>**Basis Point Change** | **Change in unrealized** <br>**appreciation (depreciation)**  |
| (100) | $47921 |
| (50) | $25224 |
| 50 | $(25613) |
| 100 | $(51340) |

---

For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to "Note 3 – Fair Value of Financial Instruments" included in the notes to our consolidated financial statements appearing elsewhere in this report.

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**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

We are subject to financial market risks, including changes in interest rates. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle fund investments. Our investment income will be affected by changes in various interest rates, including Prime, SOFR, and SONIA rates, to the extent our debt investments include variable interest rates. As of June 30, 2025, approximately 97.8% of the loans in our portfolio had floating rates with a floor, indexed to Prime, SOFR, or SONIA. The majority of our loans are linked to the Prime rate and comprise 81.1% of the loan portfolio as of June 30, 2025. Our debt borrowings under the Credit Facilities bear interest at a floating rate, all other outstanding debt borrowings bear interest at a fixed rate. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025, the following table shows the approximate annualized increase (decrease) in components of net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in our investments and debt:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest**<br>**Income**  | **Interest**<br>**Expense**  | **Net**<br>**Income**  | **EPS**  |
| **(in thousands)**<br>**Basis Point Change** | **Interest**<br>**Income**  | **Interest**<br>**Expense**  | **Net**<br>**Income**  | **EPS**  |
| (200) | $(32042) | $(7208) | $(24834) | $(0.14) |
| (100) | $(19854) | $(3604) | $(16250) | $(0.09) |
| (75) | $(15628) | $(2703) | $(12925) | $(0.07) |
| (50) | $(11313) | $(1802) | $(9511) | $(0.05) |
| (25) | $(5671) | $(901) | $(4770) | $(0.03) |
| 25 | $6415 | $901 | $5514 | $0.03 |
| 50 | $12951 | $1802 | $11149 | $0.06 |
| 75 | $20337 | $2703 | $17634 | $0.10 |

---

From time-to-time, we may hedge against interest rate fluctuations and foreign currency by using standard hedging instruments such as futures, options, and forward contracts. While hedging activities may insulate us against changes in interest rates and foreign currency, they may also limit our ability to participate in the benefits of lower interest rates with respect to our borrowed funds and higher interest rates with respect to our portfolio of investments. During the six months ended June 30, 2025, we have entered into a foreign currency forward contract to limit our foreign currency exposure with respect to the British Pound. For additional information refer to "Note 4 – Investments", included in the notes to our consolidated financial statements appearing elsewhere in this report.

Although we believe that the foregoing analysis is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio. It also does not adjust for other business developments, including our debt borrowings and use of our Credit Facilities that could affect the net increase in net assets resulting from operations, or net income. It also does not assume any repayments from our portfolio companies. Accordingly, no assurances can be given that actual results would not differ materially from the statement above.

Because we currently borrow, and plan to borrow in the future, money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by variable rate assets in our investment portfolio. For additional information regarding the interest rate associated with each of our debt borrowings, refer to Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources" in this report and "Note 5 – Debt" included in the notes to our consolidated financial statements appearing elsewhere in this report.

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**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES** 

**Disclosure Controls and Procedures** 

The Company's chief executive and chief financial officers, under the supervision and with the participation of the Company's management, conducted an evaluation of the Company's disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d- 15(e) under the Exchange Act. As of the end of the period covered by this quarterly report on Form 10-Q, the Company's chief executive and chief financial officers have concluded that the Company's disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that the Company files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company's management, including the Company's chief executive and chief financial officers, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting** 

There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II: OTHER INFORMATION** 

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS** 

We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS** 

In addition to the risks discussed below, important risk factors that could cause results or events to differ from current expectations are described in Part I, Item 1A "Risk Factors" of the Company's Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001280784/000128078425000007/htgc-20241231.htm)</u> for the year ended December 31, 2024 filed with the SEC on February 13, 2025.

***Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected.***

Our total investment in companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected, and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. The following table shows the fair value of the totals of investments held in portfolio companies as of June 30, 2025 that represent greater than 5% of our net assets: &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value** | **Percentage of Net Assets**  |
| Marathon Health, LLC | $180008 | 8.4% |
| Phathom Pharmaceuticals, Inc. | $176485 | 8.2% |
| ChenMed, LLC | $132405 | 6.2% |
| Shield AI, Inc. | $118328 | 5.5% |
| Tipalti Solutions Ltd. | $117326 | 5.5% |
| SeatGeek, Inc. | $108753 | 5.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marathon Health, LLC is a provider of employer-sponsored healthcare platform intended to provide convenient and unhurried patient-centered care services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases and disorders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ChenMed LLC is a healthcare company that delivers value-based, primary care to seniors, focusing on prevention and personalized treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shield AI, Inc. is an aerospace and defense technology company that designs and builds AI-powered, autonomous Unmanned Aerial Vehicles (UAVs) for national defense operations and military organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tipalti Solutions Ltd. is a provider of an end-to-end accounts payable automation software platform for mid-market businesses and enterprises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SeatGeek, Inc. is a mobile-focused ticket platform that enables users to buy and sell tickets for live sports, concerts and theater events.

Our financial results could be materially adversely affected if these portfolio companies or any of our other significant portfolio companies encounter financial difficulty and fail to repay their obligations or to perform as expected.

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**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES**

***Dividend Reinvestment Plan***

During the six months ended June 30, 2025, we issued 264,860 shares of common stock to stockholders in connection with the dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act. The aggregate value of the shares of our common stock issued under our dividend reinvestment plan was approximately $5.0 million.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES** 

None

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES** 

Not Applicable

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

***Rule 10b5-1 Trading Plans***

During the second quarter ended June 30, 2025, no directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3(a) | <u>[Articles of Amendment and Restatement.](https://www.sec.gov/Archives/edgar/data/1280784/000119312505109178/dex99a.htm)</u><sup>(1)</sup> |
| 3(b) | <u>[Articles of Amendment, dated March 6, 2007.](https://www.sec.gov/Archives/edgar/data/1280784/000115752307002533/a5352308ex3-1.txt)</u><sup>(2)</sup> |
| 3(c) | <u>[Articles of Amendment, dated April 5, 2011.](https://www.sec.gov/Archives/edgar/data/1280784/000119312511093774/dex31.htm)</u><sup>(3)</sup> |
| 3(d) | <u>[Articles of Amendment, dated April 3, 2015.](https://www.sec.gov/Archives/edgar/data/1280784/000119312515137581/d891929dex99a4.htm)</u><sup>(4)</sup> |
| 3(e) | <u>[Articles of Amendment, dated February 23, 2016.](https://www.sec.gov/Archives/edgar/data/1280784/000119312516478308/d141288dex31.htm)</u><sup>(9)</sup> |
| 3(f) | <u>[Articles of Amendment, dated October 28, 2024.](https://www.sec.gov/Archives/edgar/data/1280784/000128078424000026/ex-3f_articlesofamendmentd.htm)</u><sup>(6)</sup> |
| 3(g) | <u>[Amended and Restated Bylaws of Hercules Capital, Inc.](https://www.sec.gov/Archives/edgar/data/1280784/000143774920005771/ex_178257.htm)</u><sup>(5)</sup> |
| 4(a) | <u>[Ninth Supplemental Indenture, dated as of June 16, 2025, between the Registrant and U.S. Bank Trust Company, National Association.](https://www.sec.gov/Archives/edgar/data/1280784/000119312525141510/d71856dex42.htm)</u><sup>(10)</sup> |
| 4(b) | <u>[Form of 6.000% Note due 2030.](https://www.sec.gov/Archives/edgar/data/1280784/000119312525141510/d71856dex42.htm)</u><sup>(10)</sup> |
| 10(a) | <u>[Fourth Amendment to Loan and Security Agreement, dated as of June 10, 2025, among Hercules Funding IV LLC, as borrower, the lenders from time to time party thereto, and MUFG Bank, Ltd., as agent, a joint lead arranger, swingline lender and sole bookrunner.](https://www.sec.gov/Archives/edgar/data/1280784/000119312525141510/d71856dex101.htm)</u><sup>(10)</sup> |
| 14.1\* | <u>[Code of Ethics.](ex141_codeofethics.htm)</u> |
| 14.2\* | <u>[Code of Business Conduct and Ethics.](ex142_codeofbusinessconduc.htm)</u> |
| 19.1\* | <u>[Insider Trading Policy.](ex-191_insidertradingpolicy.htm)</u> |
| 31.1\* | <u>[Chief Executive Officer Certification Pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](htgcq2202510q-exx311.htm)</u> |
| 31.2\* | <u>[Chief Financial Officer Certification Pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](htgcq2202510q-exx312.htm)</u> |
| 32.1\* | <u>[Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](htgcq2202510q-exx321.htm)</u> |
| 32.2\* | <u>[Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](htgcq2202510q-exx322.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, has been formatted in Inline XBRL |

---

_____________________________________

\*Filed herewith.

(1)Previously filed as part of Pre-Effective Amendment No. 1, as filed on May 17, 2005 (File No. 333-122950) to the Registration Statement on Form N-2 of the Company.

(2)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on March 9, 2007.

(3)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on April 11, 2011.

(4)Previously filed as part of the Registration Statement on Form N-2 of the Company, as filed on April 20, 2015 (File No. 333-203511).

(5)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on March 20, 2020.

(6)Previously filed as part of the Quarterly Report on Form 10-Q of the Company, as filed on October 30, 2024.

(7)Reserved.

(8)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on February 5, 2025.

(9)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on February 25, 2016.

(10)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on June 16, 2025.

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**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)**<br>**Portfolio Company** |<br>**Investment**<sup>(1)</sup> |<br>**Amount of Interest, Dividends, and Fees Credited to Income**<sup>(2)</sup> |<br>**Realized Gain (Loss)** |<br>**Fair Value as of <br>December 31, 2024** |<br>**Gross Additions**<sup>(3)</sup> |<br>**Gross Reductions**<sup>(4)</sup> |<br>**Net Change in Unrealized Appreciation/ (Depreciation)** |<br>**Fair Value as of June 30, 2025** |
| **Control Investments** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Majority Owned Control Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coronado Aesthetics, LLC<sup>(8)</sup> | Preferred Stock | $— | $— | $69 | $— | $— | $243 | $312 |
|  | Common Stock |  |  |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gibraltar Acquisition LLC<sup>(5)</sup> | Unsecured Debt | 2743 |  | 36212 | 1176 |  |  | 37388 |
|  | Member Units |  |  | 23051 |  | (600) | 504 | 22955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Adviser LLC<sup>(6)</sup> | Unsecured Debt | 4000 |  | 12000 |  | (12000) |  |  |
|  | Member Units |  |  | 30190 | 12000 |  | 2032 | 44222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments |  | $6743 | $— | $101522 | $13176 | $(12600) | $2780 | $104878 |
| &nbsp;&nbsp;&nbsp;Other Control Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tectura Corporation<sup>(7)</sup> | Senior Debt | $342 | $— | $8027 | $— | $— | $(51) | $7976 |
|  | Preferred Stock |  |  | 3623 |  |  | (1581) | 2042 |
|  | Common Stock |  |  | 7 |  |  | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other Control Investments |  | $342 | $— | $11657 | $— | $— | $(1639) | $10018 |
| **Total Control Investments** |  | $7085 | $— | $113179 | $13176 | $(12600) | $1141 | $114896 |

---

(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.

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**Schedule 12 – 14**

**HERCULES CAPITAL, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES**

**For the Six Months Ended June 30, 2024 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)**<br>**Portfolio Company** |<br>**Investment**<sup>(1)</sup> |<br>**Amount of Interest, Dividends and Fees Credited to Income**<sup>(2)</sup> |<br>**Realized Gain (Loss)** |<br>**Fair Value as of <br>December 31, 2023** |<br>**Gross Additions**<sup>(3)</sup> |<br>**Gross Reductions**<sup>(4)</sup> |<br>**Net Change in Unrealized Appreciation/ (Depreciation)** |<br>**Fair Value as of June 30, 2024** |
| **Control Investments** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Majority Owned Control Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coronado Aesthetics, LLC<sup>(8)</sup> | Preferred Stock | $— | $— | $260 | $— | $— | $(75) | $185 |
|  | Common Stock |  |  | 2 |  |  | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gibraltar Acquisition, LLC<sup>(5)</sup> | Unsecured Debt | 2639 |  | 34478 | 590 |  |  | 35068 |
|  | Member Units |  |  | 28034 |  |  | (6291) | 21743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Adviser LLC<sup>(6)</sup> | Unsecured Debt | 3503 |  | 12000 |  |  |  | 12000 |
|  | Member Units |  |  | 28713 |  |  | 2015 | 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments |  | $6142 | $— | $103487 | $590 | $— | $(4352) | $99725 |
| &nbsp;&nbsp;&nbsp;Other Control Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tectura Corporation<sup>(7)</sup> | Senior Debt | $344 | $— | $8250 | $— | $— | $— | $8250 |
|  | Preferred Stock |  |  | 3263 |  |  | 16 | 3279 |
|  | Common Stock |  |  | 4 |  |  | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other Control Investments |  | $344 | $— | $11517 | $— | $— | $17 | $11534 |
| &nbsp;&nbsp;&nbsp;**Total Control Investments** |  | $6486 | $— | $115004 | $590 | $— | $(4335) | $111259 |

---

(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.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**Schedule 12 – 14**

**HERCULES CAPITAL, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES**

**As of June 30, 2025 (unaudited)** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)**<br>**Portfolio Company** |<br>**Industry** |<br>**Type of Investment**<sup>(1)</sup> |<br>**Maturity Date** |<br>**Interest Rate and Floor** |<br>**Principal or Shares** |<br>**Cost** |<br>**Value**<sup>(2)</sup> |
| **Control Investments** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Majority Owned Control Investments | &nbsp;&nbsp;&nbsp;&nbsp;Majority Owned Control Investments | &nbsp;&nbsp;&nbsp;&nbsp;Majority Owned Control Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Coronado Aesthetics, LLC | Medical Devices & Equipment | Preferred Series A Equity |  |  | 5000000 | $250 | $312 |
|  | Medical Devices & Equipment | Common Stock |  |  | 180000 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Coronado Aesthetics, LLC |  |  |  |  |  | $250 | $313 |
| &nbsp;&nbsp;&nbsp;Gibraltar Acquisition LLC<sup>(3)</sup> | Diversified Financial Services | Unsecured Debt | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $27655 | 27480 | 27480 |
|  | Diversified Financial Services | Unsecured Debt | September 2026 | FIXED 11.95% | $10000 | 9908 | 9908 |
|  | Diversified Financial Services | Member Units |  |  | 1 | 33406 | 22955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Gibraltar Acquisition, LLC |  |  |  |  |  | $70794 | $60343 |
| &nbsp;&nbsp;&nbsp;Hercules Adviser LLC<sup>(4)</sup> | Diversified Financial Services | Member Units |  |  | 1 | 12035 | 44222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Hercules Adviser LLC |  |  |  |  |  | $12035 | $44222 |
| &nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments (4.88%)\* | &nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments (4.88%)\* | &nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments (4.88%)\* | &nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments (4.88%)\* | &nbsp;&nbsp;&nbsp;Total Majority Owned Control Investments (4.88%)\* |  | $83079 | $104878 |
| &nbsp;&nbsp;&nbsp;Other Control Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tectura Corporation | Consumer & Business Services | Senior Secured Debt | January 2027 | FIXED 8.25% | $8250 | $8250 | $7976 |
|  | Consumer & Business Services | Common Stock |  |  | 414994863 | 900 |  |
|  | Consumer & Business Services | Preferred Series BB Equity |  |  | 1000000 |  | 1 |
|  | Consumer & Business Services | Preferred Series C Equity |  |  | 3235298 | 13263 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Tectura Corporation |  |  |  |  |  | $22413 | $10018 |
| &nbsp;&nbsp;&nbsp;Total Other Control Investments (0.46%)\* | &nbsp;&nbsp;&nbsp;Total Other Control Investments (0.46%)\* | &nbsp;&nbsp;&nbsp;Total Other Control Investments (0.46%)\* | &nbsp;&nbsp;&nbsp;Total Other Control Investments (0.46%)\* |  |  | $22413 | $10018 |
| **Total Control Investments (5.34%)\*** |  |  |  |  |  | $**105492** | $**114896** |

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\*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.

------

<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**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)**<br>**Portfolio Company** |<br>**Industry** |<br>**Type of Investment**<sup>(1)</sup> |<br>**Maturity Date** |<br>**Interest Rate and Floor** |<br>**Principal or Shares** |<br>**Cost** |<br>**Value**<sup>(2)</sup> |
| **Control Investments** | **Control Investments** | **Control Investments** | **Control Investments** | **Control Investments** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Majority Owned Control Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Coronado Aesthetics, LLC | Medical Devices & Equipment | Preferred Series A Equity |  |  | 5000000 | $250 | $69 |
|  | Medical Devices & Equipment | Common Stock |  |  | 180000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Coronado Aesthetics, LLC | &nbsp;&nbsp;&nbsp;&nbsp;Total Coronado Aesthetics, LLC |  |  |  |  | $250 | $69 |
| &nbsp;&nbsp;&nbsp;Gibraltar Acquisition LLC <sup>(3)</sup> | Diversified Financial Services | Unsecured Debt | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $26569 | 26337 | 26337 |
|  | Diversified Financial Services | Unsecured Debt | September 2026 | FIXED 11.95% | $10000 | 9875 | 9875 |
|  | Diversified Financial Services | Member Units |  |  | 1 | 34006 | 23051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Gibraltar Acquisition, LLC | &nbsp;&nbsp;&nbsp;&nbsp;Total Gibraltar Acquisition, LLC | &nbsp;&nbsp;&nbsp;&nbsp;Total Gibraltar Acquisition, LLC |  |  |  | $70218 | $59263 |
| &nbsp;&nbsp;&nbsp;Hercules Adviser LLC<sup>(4)</sup> | Diversified Financial Services | Unsecured Debt | June 2025 | FIXED 5.00% | $12000 | 12000 | 12000 |
|  | Diversified Financial Services | Member Units |  |  | 1 | 35 | 30190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Hercules Adviser LLC |  |  |  |  |  | $12035 | $42190 |
| &nbsp;&nbsp;Total Majority Owned Control Investments (5.10%)\* | &nbsp;&nbsp;Total Majority Owned Control Investments (5.10%)\* | &nbsp;&nbsp;Total Majority Owned Control Investments (5.10%)\* | &nbsp;&nbsp;Total Majority Owned Control Investments (5.10%)\* | &nbsp;&nbsp;Total Majority Owned Control Investments (5.10%)\* | &nbsp;&nbsp;Total Majority Owned Control Investments (5.10%)\* | $82503 | $101522 |
| &nbsp;&nbsp;Other Control Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tectura Corporation | Consumer & Business Services | Senior Secured Debt | January 2027 | FIXED 8.25% | $8250 | $8250 | $8027 |
|  | Consumer & Business Services | Common Stock |  |  | 414994863 | 900 | 7 |
|  | Consumer & Business Services | Preferred Series BB Equity |  |  | 1000000 |  | 17 |
|  | Consumer & Business Services | Preferred Series C Equity |  |  | 3235298 | 13263 | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Tectura Corporation |  |  |  |  |  | $22413 | $11657 |
| &nbsp;&nbsp;Total Other Control Investments (0.59%)\* | &nbsp;&nbsp;Total Other Control Investments (0.59%)\* | &nbsp;&nbsp;Total Other Control Investments (0.59%)\* | &nbsp;&nbsp;Total Other Control Investments (0.59%)\* | &nbsp;&nbsp;Total Other Control Investments (0.59%)\* | &nbsp;&nbsp;Total Other Control Investments (0.59%)\* | $22413 | $11657 |
| **Total Control Investments (5.69%)\*** | **Total Control Investments (5.69%)\*** | **Total Control Investments (5.69%)\*** | **Total Control Investments (5.69%)\*** | **Total Control Investments (5.69%)\*** |  | $104916 | $113179 |

---

\*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.

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<u>[**Table of Contents**](#if052ff5de4324f1380a737656508eb7a_7)</u>

**SIGNATURES** 

Pursuant to the requirements of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| | HERCULES CAPITAL, INC. (Registrant) |
| Dated: July 31, 2025 | /S/ SCOTT BLUESTEIN |
|  | **Scott Bluestein** |
|  | **President, Chief Executive Officer, and <br>Chief Investment Officer** |
| Dated: July 31, 2025 | /S/ SETH H. MEYER |
|  | **Seth H. Meyer** |
|  | **Chief Financial Officer, and <br>Chief Accounting Officer** |

---

## Exhibit 14.1

![image_0.jpg](image_0.jpg)

**JOINT CODE OF ETHICS**

**Effective: June 6, 2025**

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This Code of Ethics (the "***Code***") has been adopted by the Board of Directors (the "***Board***") of Hercules Capital, Inc. ("***Hercules Capital***") in accordance with Rule 17j-l(c) under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and by Hercules Adviser LLC (the "***Adviser***" and together with Hercules Capital, "***Hercules***"), in accordance with Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "***Advisers Act***").

Rule 17j-1 under the 1940 Act requires that a business development company ("***BDC***") adopt a written code of ethics that establishes standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the BDC may abuse their position, and otherwise contain provisions reasonably necessary to prevent violations of Rule 17j-1 and the types of conflict of interest situations to which Rule 17j-1 is addressed. Rule 204A-1 under the Advisers Act requires each registered investment adviser to establish, maintain and enforce a written code of ethics that, among other things, contains provisions regarding the standard of business conduct required by the adviser, which must reflect the Adviser's fiduciary duty to its clients ("***Adviser Clients***") and compliance with all applicable U.S. federal securities laws.

This Code is intended to comply with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act.

**&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this Code is to reflect the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the duty at all times to place the interests of (i) Adviser Clients and (ii) Hercules Capital and its shareholders, as appropriate, first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the requirement that all personal securities transactions be conducted consistent with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the fundamental standard that BDC and investment advisory personnel should not take inappropriate advantage of their positions.

**SECTION I: STATEMENT OF PURPOSE AND APPLICABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>Statement of Purpose</u> 

It is the policy of Hercules that no affiliated person of Hercules will, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by Hercules Capital or an Adviser Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Employ any device, scheme or artifice to defraud Hercules Capital or an Adviser Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Make to Hercules Capital or an Adviser Client any untrue statement of a material fact or omit to state to Hercules Capital or an Adviser Client a

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material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon Hercules Capital or an Adviser Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Engage in any manipulative practice with respect to Hercules Capital or an Adviser Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)<u>Scope of the Code</u>

In order to prevent Access Persons, as defined in Section II, paragraph (A) below, of Hercules from engaging in any of these prohibited acts, practices or courses of business, the Adviser has adopted this Code and the Board has adopted this Code on behalf of Hercules Capital.

**SECTION II: DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>Access Person.</u> "Access Person" means any director, officer, or "Advisory Person" of Hercules or all employees of Hercules Capital who act as Supervised Persons<sup>1</sup> of the Adviser and those employees that make, participate in, or obtain non-public information regarding the portfolio management decisions relating to investment advisory services on behalf of an Adviser Client or prospective client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)<u>Advisory Person.</u> "Advisory Person" of Hercules means: (i) any director, officer or employee of Hercules or of any company in a control relationship to Hercules, who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by Hercules, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to Hercules who obtains information concerning recommendations made to Hercules with regard to the purchase or sale of a "Covered Security."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)<u>Beneficial Interest.</u> "Beneficial Interest" includes any entity, person, trust, or account with respect to which an Access Person exercises investment discretion or provides investment advice. A beneficial interest will be presumed to include all accounts in the name of or for the benefit of the Access Person, his or her spouse, dependent children, or any person living with him or her or to whom he or she contributes economic support.

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;Rule 204A-1 requires every registered investment adviser to establish, maintain, and enforce a written investment adviser code of ethics that is applicable to its "supervised persons." Section 202(a)(25) of the Advisers Act defines the term "supervised person" to include all of the partners, officers, directors (or other person occupying a similar status or performing similar functions), and employees of the investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)<u>Beneficial Ownership.</u> "Beneficial Ownership" will be determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), except that the determination of direct or indirect Beneficial Ownership will apply to all securities, and not just equity securities, that an Access Person holds or acquires. Rule 16a-1(a)(2) provides that the term "beneficial owner" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect pecuniary interest in any equity security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)<u>Control.</u> "Control" will have the meaning set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)<u>Covered Security.</u> "Covered Security" means a security as defined in Section 2(a)(36) of the 1940 Act and Section 202(a)(18) of the Advisers Act, except that it does not include (i): direct obligations of the Government of the United States; (ii) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments including repurchase agreements; and (iii) shares issued by registered open-end investment companies (i.e., mutual funds); however, exchange traded funds structured as unit investment trusts or open-end funds are considered "Covered Securities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)<u>Designated Officer.</u> "Designated Officer" means the officer of Hercules designated by the Board from time to time to be responsible for management of compliance with this Code and/or any person or persons designated by such officer to perform such functions on his or her behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)<u>Disinterested Director.</u> "Disinterested Director" means a director of Hercules Capital who is not an "interested person" of Hercules within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)<u>Entertainment.</u> "Entertainment" means any attendance at an event (e.g., dinners, concerts, sporting events, etc.) having a monetary value that is exchanged, directly or indirectly, between an employee and a prospective or existing client, vendor, and/or third party seeking to, or currently engaged in business activities with Hercules, where the provider and recipient are both in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)<u>Gifts.</u> "Gift" means any item or service having a monetary value that is exchanged, directly or indirectly, between an employee and a prospective or existing client, vendor, and/or third party seeking to, or currently engaged in business activities with Hercules. For the avoidance of doubt, attendance at an

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event that satisfies the definition of "Entertainment" shall not be considered a "Gift".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)<u>Hercules.</u> "Hercules" means Hercules Capital, Inc., a Maryland corporation, and its wholly-owned subsidiary, Hercules Adviser LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)<u>Initial Public Offering.</u> "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M)<u>Investment Personnel.</u> "Investment Personnel" means: (i) any employee of Hercules Capital (or of any company in a control relationship to Hercules) or any Supervised Person of the Adviser who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by Hercules Capital or one or more Adviser Clients; and (ii) any natural person who controls Hercules Capital or the Adviser and who obtains information concerning recommendations regarding the purchase or sale of securities by Hercules Capital or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N)<u>Limited Offering.</u> "Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O)<u>Outside Business Activity.</u> An "Outside Business Activity" means any business activity an Access Person engages in outside of their relationship with Hercules, including but not limited to, acting as an employee, independent contractor, sole proprietor, officer, director, or partner, whether paid or unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P)<u>Purchase or Sale of a Covered Security.</u> "Purchase or Sale of a Covered Security" is broad and includes, among other things, the writing of an option to purchase or sell a Covered Security, or the use of a derivative product to take a position in a Covered Security.

**SECTION III: STANDARDS OF CONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>General Standards</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)No Access Person will engage, directly or indirectly, in any business transaction or arrangement for personal profit that is inconsistent with the best interests of, as applicable, Adviser Clients or Hercules Capital or its shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)No Access Person will make use of any confidential information gained by reason of his or her employment by or affiliation with Hercules or affiliates thereof in order to derive a personal profit for himself or herself or for any Beneficial Interest, in violation of the fiduciary duty owed to Hercules or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)No Access Person will recommend or authorize the purchase or sale of a Covered Security by Hercules or its affiliates without having disclosed, at the time of such recommendation or authorization, any Beneficial Interest in, or Beneficial Ownership of, such Covered Security or the issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)No Access Person will disclose any confidential information concerning securities holdings or securities transactions of Hercules to persons outside Hercules, without obtaining prior written approval from the Designated Officer, or such person or persons designated to act on his or her behalf. Notwithstanding the preceding sentence, such Access Person may dispense such information without obtaining prior written approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)when there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)when such information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between Hercules and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)when such information is reported to directors of Hercules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)in the ordinary course of his or her duties on behalf of Hercules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)All personal securities transactions should be conducted consistent with this Code and in such a manner as to avoid actual or potential conflicts of interest, the appearance of a conflict of interest, or any abuse of an individual's position of trust and responsibility within Hercules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)No Access Person may exchange, in any circumstance, cash or cash equivalents, or any item or service of monetary value that may create the appearance of impropriety or a conflict of interest, with a current or prospective business partner. Access Persons may not exchange any Gift or Entertainment with a current or prospective business partner without adhering to the reporting and preclearance requirements relating to such events, items or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)No Access Person will serve on the board of directors of a portfolio company of Hercules unless (i) such board service is consistent with the interests of Hercules and its shareholders and (ii) such Access Person has

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obtained prior written approval from the Chief Executive Officer and Designated Officer for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)No Access Person may engage in an Outside Business Activity that would be in violation of, or otherwise impede upon, their ability to meet their obligations and responsibilities as a Hercules employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)<u>Requirement to Obtain Preclearance of Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Preclearance is Required before Trading.</u> Preclearance of trades helps to prevent personal trading from conflicting with Hercules transactions. No Access Person will be able to purchase or sell, directly or indirectly, any Covered Security (except as excluded in (5) below) in which he or she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership unless that Access Person has obtained preclearance prior to engaging in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>How to Obtain Preclearance.</u> Prior to conducting a trade, all Access Persons must enter transaction information into the ComplySci Preclearance System ("ComplySci") and follow the instructions to receive approval. If preclearance is granted, it will be valid for five (5) business days from the day that approval was granted and the trade must take place within those days. If preclearance approval is not granted, Access Persons will not be permitted to engage in the proposed transaction and may direct further inquiries to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Certain Transactions May be Denied Preclearance.</u> The following transactions will generally be denied preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Company Considering Purchase or Sale.</u> Requests for preclearance regarding any securities that Hercules is currently considering for purchase or sale will generally be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Company Same Day Purchase or Sale.</u> Requests for preclearance regarding any securities that Hercules has purchased or sold on the same business day as the preclearance request will generally be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Restricted Security List.</u> Requests for preclearance regarding any security listed on Hercules's Restricted Security List will generally be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Blackouts for Investment Personnel.</u> Requests from Investment Personnel for preclearance that fall within a "blackout" period will generally be denied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<u>Approval of CCO's Transaction.</u> The CCO will conduct transactions in the manner described herein for all Access Persons. The Chief Executive Officer or Chief Financial Officer will approve such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)<u>Exclusions from Preclearance Requirement.</u> The following transactions will generally be exempt from the preclearance requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Exchange Traded Funds (other than Exchange Traded Funds with "BDC" or "Business Development Companies" in the name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Securities listed as constituents of the S&P 500; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Securities listed as constituents of the Fortune 500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)<u>Other Restrictions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Company Acquisition of Shares in Companies that Investment Personnel Hold Through Limited Offerings.</u> Investment Personnel who have been authorized to acquire securities in a Limited Offering must disclose that investment to the Designated Officer when they are involved in Hercules's subsequent consideration of an investment in the issuer, and Hercules's decision to purchase such securities must be independently reviewed by Investment Personnel with no personal interest in that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Initial Public Offerings and Limited Offerings.</u> Access Persons must obtain preclearance before, directly or indirectly, acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)<u>Requirements to Report and Obtain Preclearance of Gifts and Entertainment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Reporting Thresholds for Gifts and Entertainment.</u> Access Persons that give or receive Gifts or Entertainment must report the following scenarios in ComplySci within 30 days following the exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any exchange of Gifts between the same persons or related parties exceeding a cumulative value of $250 or more in a calendar year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any exchange of Entertainment between the same persons or related parties exceeding a cumulative value of $500 or more per attendee in a calendar year

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Preclearing Thresholds for Gifts and Entertainment.</u> Access Persons that give or receive a Gift or Entertainment must preclear the following scenarios in ComplySci prior to the exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any Gift or Entertainment exchanged between a government, pension, or union entity and/or their respective affiliated persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Gift exchanged that exceeds a value of $500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Entertainment exchanged that exceeds a value of $750 per attendee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Exclusions from Reporting and Preclearance Requirements.</u> Any exchange of corporate promotional Gifts, such as clothing or items bearing a company logo, or any personal Gifts, such as acknowledging personal life events, are not considered gifts for the purpose of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)<u>Requirements to Obtain Preclearance of Outside Business Activities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Preclearing Outside Business Activities.</u> Access Persons that seek to partake in any Outside Business Activity must request preclearance in ComplySci and obtain approval prior accepting any role.

**SECTION IV: PROCEDURES TO IMPLEMENT CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code, and to assist Hercules in preventing, detecting, and imposing sanctions for violations of this Code. Every Access Person must follow these procedures. Questions regarding these procedures should be directed to the Designated Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>Applicability</u> 

All Access Persons are subject to the reporting requirements set forth in Section IV(B) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)with respect to transactions effected for, and Covered Securities held in, any account over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a Disinterested Director, who would be required to make a report solely by reason of being a Director, need not make: (1) an initial holdings or an annual holdings report; and (2) a quarterly transaction report, unless the Disinterested Director knew or, in the ordinary course of fulfilling his or her official duties as a Director, should have known that during the 15-day

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period immediately before or after such Disinterested Director's transaction in a Covered Security, Hercules purchased or sold the Covered Security, or Hercules considered purchasing or selling the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)an Access Person need not make a quarterly transaction report if the report would duplicate information contained in broker trade confirmations or account statements received by Hercules with respect to the Access Person in the time required by subsection (B)(2) of this Section IV, if all of the information required by subsection (B)(2) of this Section IV is contained in the broker trade confirmations or account statements, or in the records of Hercules, as specified in subsection (B)(4) of this Section IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)<u>Report Types</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Initial Holdings Report.</u> An Access Person must file an initial report in ComplySci not later than 10 calendar days after that person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Quarterly Transaction Report.</u> An Access Person must file a quarterly transaction report in ComplySci not later than 30 calendar days after the end of a calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Annual Holdings Report.</u> An Access Person must file an annual holdings report in ComplySci not later than 30 calendar days after the end of a fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<u>Account Statements.</u> In lieu of providing a quarterly transaction report, an Access Person may direct his or her broker to provide to the Designated Officer copies of periodic statements for all investment accounts in which they have Beneficial Ownership that provide the information required in quarterly transaction reports, as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)<u>Hercules Reports.</u> No less frequently than annually, Hercules Capital and the Adviser must furnish to the Board or the CCO, respectively, and the Board or CCO must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)describes any issues arising under the Code or procedures since the last report to the Board, including but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)certifies that Hercules has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)<u>Disclaimer of Beneficial Ownership.</u> Any report required under this Section IV may contain a statement that the report will not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)<u>Review of Reports.</u> The reports required to be submitted under this Section IV will be delivered to the Designated Officer. The Designated Officer will review such reports to determine whether any transactions recorded therein constitute a violation of the Code. The Designated Officer will maintain copies of the reports as required by Rule 17j-1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)<u>Designated Officer Investigation.</u> The Designated Officer may conduct such investigation as he or she considers necessary to determine if proposed trades comply with this Code, including post-transaction monitoring. The Designated Officer may impose additional measures to avoid perceived or actual conflicts of interest or to address any transactions that require additional review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)<u>Acknowledgment and Certification.</u> Upon becoming an Access Person and annually thereafter, all Access Persons will sign an acknowledgment and certification of their receipt of and intent to comply with this Code in ComplySci. Each Access Person must also certify annually that he or she has read and understands the Code and recognizes that he or she is subject to the Code. In addition, each access person must certify annually that he or she has complied with the requirements of the Code and that he or she has disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)<u>Records.</u> Hercules will maintain records with respect to this Code in the manner and to the extent set forth below, which records may be maintained on microfilm or electronic storage media under the conditions described in Rule 31a-2(f) under the 1940 Act and Rule 204-2(g) under the Advisers Act and will be available for examination by representatives of the U.S. Securities and Exchange Commission (the "***SEC***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)A copy of this Code and any other code of ethics of Hercules that is, or at any time within the past five years has been, in effect will be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)A record of any violation of this Code and of any action taken as a result of such violation will be maintained in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)A copy of each report made by an Access Person or duplicate account statement received pursuant to this Code, including any information

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provided in lieu of the reports under subsection (A)(3) of this Section IV will be maintained for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)A record of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, will be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)A copy of each report required under subsection (B)(5) of this Section IV will be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)A record of any decision, and the reasons supporting the decision, to approve the direct or indirect acquisition by an Access Person of beneficial ownership in any securities in an Initial Public Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Limited Offering will be maintained for at least five years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)<u>Obligation to Report a Violation.</u> Every Access Person who becomes aware of a possible violation of this Code by any person must report it to the Designated Officer, who will report it to appropriate management personnel. The management personnel will take such action that they consider appropriate under the circumstances. In the case of officers or other employees of Hercules, such action may include removal from office. The Board or CCO, as applicable, will be notified, in a timely manner, of remedial action taken with respect to violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)<u>Confidentiality.</u> All reports of Covered Securities transactions, duplicate confirmations, account statements and other information filed with Hercules or furnished to any person pursuant to this Code will be treated as confidential, but are subject to review as provided herein and by representatives of the SEC or otherwise to comply with applicable law or the order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)<u>Waivers.</u> The Designated Officer has the authority to exempt any employee or investment transaction from any or all of the provisions of this Code if the Designated Officer determines that such exemption would not be against the interests of any shareholders and is consistent with applicable laws and regulations, including Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act. The Designated Officer will prepare and file a written memorandum of any

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exemption granted, describing the circumstances and reasons for the exemption.

**SECTION V: SANCTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;Upon determination that a violation of this Code has occurred, management personnel of Hercules may impose such sanctions as they deem appropriate, including, among other things, disgorgement of profits, a letter of censure or suspension or termination of the employment of the violator. All violations of this Code and any sanctions imposed with respect thereto will be reported in a timely manner to the Board.

**SECTION VI: AMENDMENTS**

This Code may be amended from time to time by resolution of the Board, or without a resolution of the Board to the extent the approval of such amendment is not required under the 1940 Act.

**SECTION VII: RULE 204A-1 OF THE ADVISERS ACT**

The provisions set forth in this Code shall apply in connection with the Adviser's provision of investment advisory services to Adviser Clients and it shall be interpreted in a manner to fully protect the interests of Adviser Clients. In the capacity of a registered investment adviser to Adviser Clients, the Adviser and Supervised Persons serve as fiduciaries. Consistent with their fiduciary duties, the interests of Adviser Clients take priority over the personal investment objectives or other personal interests of Supervised Persons. Supervised Persons must work to mitigate or eliminate any conflict of interest that may exist. A conflict of interest generally exists when a person's private interests may be contrary to the interests of Adviser Clients (or, when acting on behalf of Hercules Capital, when a person's private interests may be contrary to the interests of Hercules Capital or its shareholders).

For purposes of compliance by the Adviser and its Supervised Persons with this Code, the administrative provisions, enforcement provisions, approval (including pre-approval) provisions and recordkeeping provisions (which shall be read to refer to Rule 204-2 under the Advisers Act for purposes of the Adviser) may continue to be governed by the systems in place for Hercules Capital.

## Exhibit 14.2

![image_0a.jpg](image_0a.jpg)

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Effective: June 6, 2025**

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**CODE OF BUSINESS CONDUCT AND ETHICS**

**TABLE OF CONTENTS**

[Introduction](#i3c4dec788a3e43a989c44a38e109fc07_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_7)[1](#i3c4dec788a3e43a989c44a38e109fc07_7)

[Purpose of](#i3c4dec788a3e43a989c44a38e109fc07_7)[the Code](#i3c4dec788a3e43a989c44a38e109fc07_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_7)[1](#i3c4dec788a3e43a989c44a38e109fc07_7)

[Conflicts](#i3c4dec788a3e43a989c44a38e109fc07_7)[of](#i3c4dec788a3e43a989c44a38e109fc07_7)[Interest](#i3c4dec788a3e43a989c44a38e109fc07_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_7)[1](#i3c4dec788a3e43a989c44a38e109fc07_7)

[Corporate](#i3c4dec788a3e43a989c44a38e109fc07_10)[Opportunities](#i3c4dec788a3e43a989c44a38e109fc07_10)&nbsp;&nbsp;&nbsp;&nbsp;2

[Confidentiality](#i3c4dec788a3e43a989c44a38e109fc07_10)&nbsp;&nbsp;&nbsp;&nbsp;2

[Fair](#i3c4dec788a3e43a989c44a38e109fc07_10)[Dealing](#i3c4dec788a3e43a989c44a38e109fc07_10)&nbsp;&nbsp;&nbsp;&nbsp;2

[Protection and Proper Use of](#i3c4dec788a3e43a989c44a38e109fc07_10)[Company](#i3c4dec788a3e43a989c44a38e109fc07_10)[Assets](#i3c4dec788a3e43a989c44a38e109fc07_10)&nbsp;&nbsp;&nbsp;&nbsp;2

[Compliance with Applicable Laws, Rules](#i3c4dec788a3e43a989c44a38e109fc07_10)[and Regulations](#i3c4dec788a3e43a989c44a38e109fc07_10)&nbsp;&nbsp;&nbsp;&nbsp;3

[Equal](#i3c4dec788a3e43a989c44a38e109fc07_10)[Opportunity, Harassment](#i3c4dec788a3e43a989c44a38e109fc07_10)&nbsp;&nbsp;&nbsp;&nbsp;3

Retaining Business [Records](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[4](#i3c4dec788a3e43a989c44a38e109fc07_10)

Accuracy of Company [Records](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[4](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Outside](#i3c4dec788a3e43a989c44a38e109fc07_10)[Employment](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[4](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Service as](#i3c4dec788a3e43a989c44a38e109fc07_10)[a Director](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[4](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Dealings with Government and](#i3c4dec788a3e43a989c44a38e109fc07_10)[Industry](#i3c4dec788a3e43a989c44a38e109fc07_10)[Regulators](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[5](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Media](#i3c4dec788a3e43a989c44a38e109fc07_10)[Relations](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[5](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Intellectual](#i3c4dec788a3e43a989c44a38e109fc07_10)[Property](#i3c4dec788a3e43a989c44a38e109fc07_10)[Information](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[5](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Internet and](#i3c4dec788a3e43a989c44a38e109fc07_10)[E-Mail](#i3c4dec788a3e43a989c44a38e109fc07_10)[Policy](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[6](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Reporting Violations and](#i3c4dec788a3e43a989c44a38e109fc07_10)[Complaint](#i3c4dec788a3e43a989c44a38e109fc07_10)[Handling](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[6](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Sanctions for](#i3c4dec788a3e43a989c44a38e109fc07_10)[Code](#i3c4dec788a3e43a989c44a38e109fc07_10)[Violations](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[7](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Application/Waivers](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[7](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Revisions](#i3c4dec788a3e43a989c44a38e109fc07_10)[and](#i3c4dec788a3e43a989c44a38e109fc07_10)[Amendments](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[7](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Other Policies](#i3c4dec788a3e43a989c44a38e109fc07_10)[and Procedures](#i3c4dec788a3e43a989c44a38e109fc07_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_10)[7](#i3c4dec788a3e43a989c44a38e109fc07_10)

[Internal](#i3c4dec788a3e43a989c44a38e109fc07_13)[Use](#i3c4dec788a3e43a989c44a38e109fc07_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c4dec788a3e43a989c44a38e109fc07_13)[8](#i3c4dec788a3e43a989c44a38e109fc07_13)

------

**<u>Introduction</u>**

This Code of Business Conduct and Ethics (the "***Code***") has been adopted by Hercules Capital, Inc. (the "***Company***") in order to establish applicable policies, guidelines, and procedures that promote ethical practices and conduct by the Company and all of its employees, officers, and directors. You should carefully read and retain a copy of the Code for future reference. The Code is primarily designed to assist you in the recognition and resolution of potential conflicts of interest, maintain the confidentiality of our business activities, assist in the compliance with all applicable securities laws and reporting of any unethical or illegal conduct, and reaffirm and promote the Company's commitment to a corporate culture that values honesty, integrity, and accountability.

All officers, directors and employees ("***Covered Persons***") of the Company are responsible for maintaining this level of integrity and for complying with the policies contained in this Code. If you have a question or concern about what is proper conduct for you or anyone else, please raise these concerns with the Chief Compliance Officer or any member of the Company's senior management, or follow the procedures outlined in applicable sections of this Code.

The Company's Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940, as amended (the "***1940 Act***"), and the Company's Insider Trading Policy, contain separate requirements for persons covered by this Code and other persons and is not part of this Code.

**<u>Purpose of the Code</u>**

This Code is intended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.help you recognize ethical issues and take the appropriate steps to resolve these issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.deter ethical violations and avoid any abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.maintain confidentiality of our business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.assist you in complying with applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.assist you in reporting any unethical or illegal conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.reaffirm and promote our commitment to a corporate culture that values honesty, integrity and accountability.

As a condition of employment or continued employment, you must acknowledge annually, in writing, that you have received a copy of this Code, read it, and understand that the Code contains our expectations regarding your conduct. You also will receive any updates and updated versions of this Code and will be required to read and acknowledge such updates.

**<u>Conflicts of Interest</u>**

You must avoid any conflict, or the appearance of a conflict, between your personal interests and the Company's interests. A "conflict of interest" occurs when your private interests interfere in any way, or even appears to interfere, with the interests of, or your service to, the Company. For example, a conflict of interest probably exists if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.you, or a member of your family, receives improper personal benefits as a result of the Covered Person's position with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.you use any non-public information about us, our customers, or our other business partners for your personal gain, or the gain of a member of your family;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.you use or communicate confidential information obtained in the course of your work for your or another's personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.you take actions or have interests that may make it difficult to perform your work on behalf of the Company objectively and effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.you use your personal influence or personal relationship improperly to influence investment decisions, financial reporting or company charitable contributions to benefit yourself to the detriment of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.you give or accept, directly or indirectly, any gift, favor, or service to or from any person or entity that does or proposes to do business with the Company without obtaining pre-clearance from the Chief Compliance Officer as required by the Company's Code of Ethics.

**<u>Corporate Opportunities</u>**

Each of us has a duty to advance the legitimate interests of the Company when the opportunity to do so presents itself. Therefore, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.take for yourself personally opportunities, including investment opportunities, discovered through the use of your position with us, or through the use of Company property or information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.use our property, information, or position for your personal gain or the gain of a family member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.compete, or prepare to compete, with us.

**<u>Confidentiality</u>**

You must not disclose confidential information regarding us, our affiliates, our lenders, or our other business partners, unless disclosure is authorized or required by law. Confidential information includes all non-public information that might be harmful to, or useful to the competitors of, the Company, our affiliates, our lenders or our other business partners. Even after you leave the Company, this obligation continues until the information becomes publicly available.

All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters will not be disclosed by the Company to anyone other than the Board of Directors and its counsel.

**<u>Fair Dealing</u>**

You must endeavor to deal fairly with our suppliers and business partners, or any other companies or individuals with whom we do business or come into contact with, including fellow employees and our competitors. You must not take unfair advantage of these or other parties by means of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.manipulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.concealment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.abuse of privileged information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.misrepresentation of material facts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.any other unfair-dealing practice.

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**<u>Protection and Proper Use of Company Assets</u>**

Our assets are to be used only for legitimate business purposes. Theft, carelessness and waste have a direct impact on the Company's profitability. You should protect our assets and ensure that they are used efficiently.

Incidental personal use of telephones, fax machines, copy machines, personal computers and similar equipment is generally allowed if there is no significant added cost to us, it does not interfere with your work duties, it is in compliance with the Company's policy with respect to Internet usage and social media and is not related to an illegal activity or to any outside business.

**<u>Compliance with Applicable Laws, Rules and</u> <u>Regulations</u>**

Each of us has a duty to comply with all laws, rules and regulations that apply to our business.

Highlighted below are some of the key compliance guidelines that must be followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Insider trading.** It is against the law to buy or sell securities using material information that is not available to the public. Individuals who give this "inside" information to others may be liable to the same extent as the individuals who trade while in possession of such information. You must not trade in our securities, or the securities of our affiliates, our lenders, or our other business partners while in the possession of "inside" information. All employees are required to be familiar and comply with our Insider Trading Policy in the Company's Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**"Whistleblower" protections.** It is against the law to discharge, demote, suspend, threaten, harass, or discriminate in any manner against an employee who provides information or otherwise assists in investigations or proceedings relating to violations of federal securities laws or other federal laws prohibiting fraud against shareholders. You must not discriminate in any way against an employee who engages in these "whistleblower" activities. You are encouraged to refer to our Whistleblower Policy in the Company's Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**1940 Act requirements.** A separate code of ethics has been established to comply with Rule 17j-1 under the 1940 Act and is applicable to those persons designated in such code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Document retention.** You must adhere to appropriate procedures governing the retention and destruction of records consistent with applicable laws, regulations and our policies. You may not destroy, alter or falsify any document that may be relevant to a threatened or pending lawsuit or governmental investigation. All employees are required to be familiar and comply with our Recordkeeping Policy in the Company's Compliance Manual.

Please talk to the Chief Compliance Officer or any member of senior management if you have any questions about how to comply with the above regulations and other laws, rules and regulations.

In addition, we expect you to comply with all our policies and procedures that apply to you. We may modify or update our policies and procedures in the future, and may adopt new Company policies and procedures from time to time. You are also expected to observe the terms of any confidentiality agreement, employment agreement or other similar agreement that applies to you.

**<u>Equal Opportunity, Harassment</u>**

We are committed to providing equal opportunity in all of our employment practices including selection, hiring, promotion, transfer, and compensation of all qualified applicants and employees

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without regard to race, color, sex or gender, gender identity, sexual orientation, religion, age, national origin, handicap, disability, citizenship status, or any other status protected by law. With this in mind, there are certain behaviors that will not be tolerated. These include harassment, violence, intimidation, and discrimination of any kind involving race, color, sex or gender, gender identity, sexual orientation, religion, age, national origin, handicap, disability, citizenship status, marital status, or any other status protected by law.

**<u>Retaining Business Records</u>**

The law requires us to maintain certain types of corporate records, usually for specified periods of time. Failure to retain those records for those minimum periods could subject us to penalties and fines, cause the loss of rights, obstruct justice, place us in contempt of court, or seriously disadvantage us in litigation. If we inform you, or you believe that our records are relevant to any litigation or governmental action, or any potential litigation or action, then you must preserve those records until we determine the records are no longer required to be preserved. This requirement supersedes any previously or subsequently established destruction policies for those records. If you believe that this requirement may apply, or have any questions regarding the possible applicability of this requirement, please contact our Chief Compliance Officer.

**<u>Accuracy of Company Records</u>**

We require honest and accurate recording and reporting of information in order to make responsible business decisions. This includes such data as quality, safety, and personnel records, as well as financial records.

All financial books, records and accounts must accurately reflect transactions and events, and conform both to required accounting principles and to our system of internal controls. No false or artificial entries may be made.

**<u>Outside Employment</u>**

Without the written consent of the Chief Executive Officer, no officer or employee is permitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.engage in any other financial services business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.be employed or compensated by any other business for work performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.have a significant (more than 5% equity) interest in any other financial services business, including, but not limited to, banks, brokerages, investment advisers, insurance companies or any other similar business.

Requests for outside employment waivers must be made in writing to the Chief Executive Officer with a copy to the Chief Compliance Officer of the Company.

**<u>Service as a Director</u>**

No officer or employee may serve as a director or officer of any organization, other than the Company, without prior written authorization from our Chief Compliance Officer. Any request to serve on the board or as an officer of such an organization must include the name of the entity and its business, the names of the other board members or officers, as applicable, and a general reason for the request. The Chief Compliance Officer will consult with the Chief Executive Officer in connection

------

with any such request.

&nbsp;&nbsp;&nbsp;&nbsp;Directors who serve on the Company's Board of Directors are required to adhere to the procedures set forth in the Company's Corporate Governance Guidelines and Code of Ethics prior to serving on a board of another organization.

**<u>Dealings with Government and Industry Regulators</u>**

The Company's policy forbids payments of any kind by us, our employees or any agent or other intermediary to any government official, self-regulatory official or other similar person or entity, within the United States or abroad, for the purpose of obtaining or retaining business, or for the purpose of influencing favorable consideration of any application for a business activity or other matter. This policy covers all types of payments, even to minor government officials and industry regulators, regardless of whether the payment would be considered legal under the circumstances, provided that, subject to certain limitations, political contributions or donations of an amount less than the then federally-mandated maximum amount, made without the intent to obtain or retain business or favorably influence consideration of any application for a business activity or other matter, are permitted, as further explained below. Employees are required to avoid even the appearance of impropriety in their dealings with industry and government regulators and officials, even with respect to permissible contributions or donations.

It is expected and required that all employees fulfill their personal obligations to governmental and regulatory bodies. Those obligations include the filing of appropriate federal, state and local tax returns, as well as the filing of any applicable forms or reports required by regulatory bodies.

All employees are required to cooperate fully with management in connection with any internal or independent investigation and any claims, actions, arbitrations, litigations, investigations or inquiries brought by or against us. Employees are expected, if requested, to provide us with reasonable assistance, including, but not limited to, meeting or consulting with the Company and our representatives, reviewing documents, analyzing facts and appearing or testifying as witnesses or interviewees or otherwise.

Employees are required to immediately notify the Chief Compliance Officer in the event they are contacted by any national, state, local or self-regulatory authority or body regarding a potential or actual litigation, investigation, examination, or inquiry directly or indirectly involving the Company, unless, upon the written advice of legal counsel, such employee is prohibited by law from doing so in such case.

**<u>Media Relations</u>**

We must speak with a unified voice in all dealings with the press and other media. As a result, the Company's Chief Executive Officer, or his or her designee, is the sole contact for media seeking information about the Company. Any requests from the media regarding the Company must be referred to its Chief Executive Officer, or his or her designee.

**<u>Intellectual Property Information</u>**

Information generated in our business is a valuable asset. Protecting this information plays an important role in our growth and ability to compete. Such information includes business and research plans; objectives and strategies; trade secrets; unpublished financial information; salary and benefits data; and lender and other business partner lists. Employees who have access to our intellectual property information are obligated to safeguard it from unauthorized access and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.not disclose this information to persons outside of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.not use this information for personal benefit or the benefit of persons outside of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.not share this information with other employees except on a legitimate "need to know" basis.

**<u>Internet and E-Mail Policy</u>**

We provide an e-mail system and Internet access to certain of our employees to help them do their work. You may use the e-mail system and the Internet only for legitimate business purposes in the course of your duties. Incidental and occasional personal use is permitted, but never for personal gain or any improper or illegal use. Further, you are prohibited from discussing or posting information regarding the Company in any external electronic forum, including Internet chat rooms, electronic bulletin boards or social media sites. You are encouraged to refer to our Social Media Policy in the Company's Compliance Manual for more information.

**<u>Reporting Violations and Complaint Handling</u>**

You are responsible for compliance with the rules, standards and principles described in this Code. In addition, you should be alert to possible violations of the Code by the Company's employees, officers and directors, and you are required to report a violation promptly. Normally, reports should be made to one's immediate supervisor. Under some circumstances, it may be impractical or you may feel uncomfortable raising a matter with your supervisor. In those instances, you are encouraged to contact the Chief Compliance Officer who will investigate the matter and potentially report it to the Company's Chief Executive Officer and/or Board of Directors, as the circumstance dictates. You will also be expected to cooperate in an investigation of a violation.

The Company has also adopted a Whistleblower Policy pursuant to which you may report a concern about our conduct, the conduct of a director, officer or employee of the Company or our accounting, internal accounting controls or auditing matters directly to the Audit Committee of the Board of Directors of the Company. All reported concerns will be reviewed and by the Audit Committee and/or by the Chief Compliance Officer on behalf of the Audit Committee. The status of all outstanding concerns forwarded to the Audit Committee will be reported on a quarterly basis by the Company's Chief Compliance Officer. The Audit Committee may direct that certain matters be presented to the full Board and may retain outside advisors or counsel, for any concern reported to it. You are encouraged to refer to our Whistleblower Policy in the Company's Compliance Manual and to report any concerns that you might have.

All reports will be investigated and, whenever possible, requests for confidentiality will be honored. And, while anonymous reports will be accepted, please understand that anonymity may hinder or impede the investigation of a report. All cases of questionable activity or improper actions will be reviewed for appropriate action, discipline or corrective actions. Whenever possible, we will keep confidential the identity of employees, officers or directors who are accused of violations, unless or until it has been determined that a violation has occurred.

There will be no reprisal, retaliation or adverse action taken against any employee who, in good faith, reports or assists in the investigation of, a violation or suspected violation, or who makes an inquiry about the appropriateness of an anticipated or actual course of action.

For reporting concerns about the Company's conduct, the conduct of a director, officer or employee of the Company, or about the Company's accounting, internal accounting controls or auditing matters, you may use the following means of communication:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.By Mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer

Hercules Capital, Inc.

31 St. James Avenue, Suite 1005 Boston, MA 02116

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Confidentially By Mail:&nbsp;&nbsp;&nbsp;&nbsp;Chairperson of the Audit Committee

To be Opened by Audit Committee Only C/O Chief Compliance Officer

Hercules Capital, Inc. 31 St. James Avenue, Suite 1005 Boston, MA 02116

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Anonymously By Phone to Ethics Hotline: 650-600-5400

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.By Email to Chief Compliance Officer:&nbsp;&nbsp;&nbsp;&nbsp;complianceofficer@htgc.com

**<u>Sanctions for Code Violations</u>**

All violations of the Code are subject to appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal activity, the individual or individuals in question will be reported, as warranted, to the appropriate authorities.

**<u>Application/Waivers</u>**

All the directors, officers and employees of the Company are subject to this Code.

Any material amendment or waiver of the Code for an executive officer of the Company or a member of the Board of Directors of the Company must be made by the Board of Directors and disclosed on a Form 8-K filed with the U.S. Securities and Exchange Commission within four business days following such amendment or waiver.

**<u>Revisions and Amendments</u>**

This Code may be revised, changed or amended at any time by our Board of Directors. Following any material revisions or updated, an updated version of this Code will be distributed to you, and will supersede the prior version of this Code effective upon distribution. We may ask you to sign an acknowledgement confirming that you have read and understood the revised version of the Code, and that you agree to comply with the provisions.

**<u>Other Policies and Procedures</u>**

This Code will be the sole code of business conduct and ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company may govern the behavior or activities of the Covered Person who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

------

**<u>Internal Use</u>**

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

## Exhibit 19.1

![screenshot2025-07x29113952.jpg](screenshot2025-07x29113952.jpg)

**INSIDER TRADING POLICY**

Adopted: July 7, 2015

Amended and Restated: November 19, 2019

Ratified: December 3, 2020 Joint Policy Adopted: March 2021

Ratified: December 2021

Ratified: December 2022

Ratified: December 2023

Amended and Restated: September 19, 2024

Amended: March 2025

------

**INSIDER TRADING**

**TABLE OF CONTENTS**

INSIDER TRADING POLICY

[Section](#i84e57850da98416d966f3fc3132a9cdc_7)[I.](#i84e57850da98416d966f3fc3132a9cdc_7)[Policy](#i84e57850da98416d966f3fc3132a9cdc_7)[Summary](#i84e57850da98416d966f3fc3132a9cdc_7)&nbsp;&nbsp;&nbsp;&nbsp;3

[Section](#i84e57850da98416d966f3fc3132a9cdc_7)[II.](#i84e57850da98416d966f3fc3132a9cdc_7)[Business](#i84e57850da98416d966f3fc3132a9cdc_7)[and](#i84e57850da98416d966f3fc3132a9cdc_7)[Financial](#i84e57850da98416d966f3fc3132a9cdc_7) [Reporting](#i84e57850da98416d966f3fc3132a9cdc_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_7)[3](#i84e57850da98416d966f3fc3132a9cdc_7)

[Section](#i84e57850da98416d966f3fc3132a9cdc_7) [III.](#i84e57850da98416d966f3fc3132a9cdc_7) [Non-Disclosure](#i84e57850da98416d966f3fc3132a9cdc_7) [Agreements](#i84e57850da98416d966f3fc3132a9cdc_7) [and](#i84e57850da98416d966f3fc3132a9cdc_7) [Data](#i84e57850da98416d966f3fc3132a9cdc_7) [Rooms](#i84e57850da98416d966f3fc3132a9cdc_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_7)[4](#i84e57850da98416d966f3fc3132a9cdc_7)

[Section](#i84e57850da98416d966f3fc3132a9cdc_7) [IV.](#i84e57850da98416d966f3fc3132a9cdc_7) [Expert](#i84e57850da98416d966f3fc3132a9cdc_7) [Network](#i84e57850da98416d966f3fc3132a9cdc_7) [Groups](#i84e57850da98416d966f3fc3132a9cdc_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_7)[4](#i84e57850da98416d966f3fc3132a9cdc_7)

[Section](#i84e57850da98416d966f3fc3132a9cdc_7)[V.](#i84e57850da98416d966f3fc3132a9cdc_7)[Creditor](#i84e57850da98416d966f3fc3132a9cdc_7) [Committees](#i84e57850da98416d966f3fc3132a9cdc_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_7)[4](#i84e57850da98416d966f3fc3132a9cdc_7)

[Section](#i84e57850da98416d966f3fc3132a9cdc_7) [VI.](#i84e57850da98416d966f3fc3132a9cdc_7) [Maintenance](#i84e57850da98416d966f3fc3132a9cdc_7) [of](#i84e57850da98416d966f3fc3132a9cdc_7) [the](#i84e57850da98416d966f3fc3132a9cdc_7) [Restricted](#i84e57850da98416d966f3fc3132a9cdc_7)[List](#i84e57850da98416d966f3fc3132a9cdc_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_7)[5](#i84e57850da98416d966f3fc3132a9cdc_7)

[Section](#i84e57850da98416d966f3fc3132a9cdc_13)[VII.](#i84e57850da98416d966f3fc3132a9cdc_13)[Insider](#i84e57850da98416d966f3fc3132a9cdc_13)[Trading](#i84e57850da98416d966f3fc3132a9cdc_13)&nbsp;&nbsp;&nbsp;&nbsp;5

[Section](#i84e57850da98416d966f3fc3132a9cdc_16)[VIII.](#i84e57850da98416d966f3fc3132a9cdc_16) [Penalties](#i84e57850da98416d966f3fc3132a9cdc_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_16)[6](#i84e57850da98416d966f3fc3132a9cdc_16)

[Section](#i84e57850da98416d966f3fc3132a9cdc_16)[IX.](#i84e57850da98416d966f3fc3132a9cdc_16)[Additional](#i84e57850da98416d966f3fc3132a9cdc_16)[Procedures](#i84e57850da98416d966f3fc3132a9cdc_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#i84e57850da98416d966f3fc3132a9cdc_16)[8](#i84e57850da98416d966f3fc3132a9cdc_16)

_____________________________

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**<u>INSIDER</u> <u>TRADING</u> <u>POLICY</u>**

**<u>Section</u> <u>I.</u> <u>Policy</u> <u>Summary</u>**

It is the policy of Hercules Capital, Inc. (the "***Company***") and its wholly owned subsidiary, Hercules Adviser LLC (the "***Adviser***") (collectively, "***Hercules***"), to guide its directors, officers and employees (including their family members, occupants of their households and entities that they control) with respect to standards of conduct required in areas where improper or illegal activities could damage Hercules' reputation and/or result in serious adverse consequences to the Company, the Adviser or the Adviser's clients and those involved in such conduct.

An important Hercules policy is to comply with the letter and spirit of all applicable securities laws and regulations including prohibitions on insider trading. The information below is not a detailed legal analysis, rather serves as contextual guidelines regarding the receipt of sensitive information you may come across as part of your employment with the Company and summarizes your obligations and restrictions relating to the handling of such information, what is generally referred to as "material non-public information" and "insider trading". Any questions concerning the application of this policy or subsequent restrictions should immediately be directed to the Company's Chief Compliance Officer.

Employees should also be aware that in addition to Hercules' policy against insider trading, any parties involved in the mishandling of sensitive information could be held liable for both civil and criminal penalties. Therefore, all employee of the Company are expressly prohibited from trading on, or disclosing to third-parties, any material non-public information ("MNPI") concerning the Company, the Company's portfolio companies, the Adviser and the Adviser's clients. In addition to possible civil and criminal liabilities, officers and employees who violate the Hercules' policy will be subject to immediate disciplinary action, including possible dismissal.

Directors, officers and certain designated employees of Hercules are subject to additional trading restrictions, which may include adherence to a restricted securities list (the "Restricted List") and/or a prohibition on trading the Company's securities or securities on behalf of Hercules' clients during periods when the Company or the Adviser, as applicable, are in possession of MNPI. The Company's Chief Compliance Officer will notify such individuals of the additional restrictions that apply to them.

**<u>Section</u> <u>II.</u> <u>Business</u> <u>and</u> <u>Financial</u> <u>Reporting</u>**

The securities laws require the Company, at least quarterly, to make periodic filings concerning business and financial information, and at times, to disclose material events which occur between quarterly and annual filings. It is the Company's policy to make financial reports and disclosures that are complete and accurate in all material respects.

Employees who are in a position to receive significant information regarding the Company's customers or transactions or who are responsible for or work in departments that are involved with initiating or recording transactions in the Company's books and records, preparing financial reports, preparing press releases or otherwise communicating with the public lenders and securities analysts, should be especially sensitive to potential insider trading violations.

Given the reporting and filing requirements of the Company, all employees, directors, and officers are subject to periodic restrictions from trading in Company securities (*i.e., "*blackout" periods). The Chief Compliance Officer may lift these restrictions to permit all employees, directors, and officers to trade in Company securities. (*i.e.,* "open window" periods). During these open window periods, employees, directors, and officers that wish to trade in Company securities must first preclear the transaction with the Chief Compliance Officer, or designee. The Company's open window periods are generally tied to its periodic reporting obligations and commence one full trading day after release of the prior fiscal quarter or annual results and continue until the close of business on the last business day of a fiscal quarter, though it is possible that the

3

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trading window may be closed at other times. From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. So long as the event remains material and non-public, the persons designated by the Chief Compliance Officer may not trade the Company's securities.

The Chief Compliance Officer will communicate to directors, officers, and employees the status of the trading window when it changes. All employees are required to confine their trades to these open window periods. In each instance, however, the employee may not trade if he or she is in possession of material non- public information, even though such trade would occur during an open window period.

These restrictions on trading do not apply to transactions made under a trading plan adopted pursuant to Rule 10b5-1(c) (17 C.F.R. 240.10b5-1) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***") and approved in writing by the proper officer(s) of the Company designated by the Company's Board of Directors.

**<u>Section</u> <u>III.</u> <u>Non-Disclosure</u> <u>Agreements</u> <u>and</u> <u>Data</u> <u>Rooms</u>**

The Company may enter into a non-disclosure agreement ("NDA") regarding potential investment transactions provided that the NDA is reviewed and executed in accordance with the internal procedures established and/or approved by the Chief Legal Officer.

Employees may access to "public side" data rooms such as Intralinks, Debtdomain or Syndrak (each a "Data Room"). However, employees are prohibited from entering a "private side" Data Room containing information about, or receiving any non-public information from, a publicly traded company without first confirming that the subject company has been added to the Restricted List and, if deemed appropriate by the Chief Legal Officer, an NDA is executed with the subject company. This applies even if the potential investment transaction only involves bank debt or a trade claim.

The Chief Compliance Officer, or designee, will decide whether an issuer's name will be added to the Restricted List.

**<u>Section</u> <u>IV.</u> <u>Expert</u> <u>Network</u> <u>Groups</u>**

An "Expert Network Group" retains industry experts ("Paid Experts") and matches them with investment personnel seeking industry research. Employees are prohibited from engaging any Paid Experts that have not been introduced by an Expert Network Group approved by the Chief Operating Officer. These expert network services have standard controls in place to prevent the sharing of MNPI with employees who utilize the service. If at any time an employee may have inadvertently requested, come in contact with, or received MNPI from a paid industry expert, immediately report that incident to the Chief Compliance Officer.

The Chief Compliance Officer will make a determination as to whether any issuers' names should be added to the Restricted List. The Company maintains separate *Expert Networks Desktop Procedures*.

**<u>Section</u> <u>V.</u> <u>Creditors</u> <u>Committee</u>**

Hercules employees may be asked to serve on a creditors committee as part of their official employment responsibilities. Serving on a creditors committee as a Hercules employee does not require pre- approval from the Chief Compliance Officer. However, in accordance with the *Joint 1940 Act Code of Ethics Policy*, employees are prohibited from accepting a position on a creditors' committee in their personal capacity without first seeking pre-approval from the Chief Executive Officer and Chief Compliance Officer. If necessary, the Chief Compliance Officer will determine what appropriate action is taken, which may

4

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include placing the respective issuer on the Restricted List.

**<u>Section</u> <u>VI.</u> <u>Maintenance</u> <u>of</u> <u>the</u> <u>Restricted</u> <u>List</u>**

Hercules maintains a list of companies about which a determination has been made to restrict or limit trading activity in that issuers name. A company may be added to the Restricted List through the processes detailed in the preceding sections of this Policy. There are various reasons as to why a company may be added to the Restricted List, but most commonly from the possibility that Hercules or its employees may be in possession of, or is in a position to, obtain MNPI. Although various Hercules employees are involved in these processes, it is the primary responsibility of the Chief Compliance Officer, or designee, for the continued maintenance of the Restricted List.

For these reasons, unless a restriction is applied via the preceding sections of this policy, it is critical that you inform the Chief Compliance Officer as soon as you believe you may have come in contact with, or are the recipient of, any MNPI so that the Restricted List can be updated accordingly. If the Company has entered into an effective NDA with the subject company, it will be assumed (subject to rebuttal) that the Company possesses MNPI regarding the subject company.

It is equally important to notify the Chief Compliance Officer if you believe information is no longer material or nonpublic so that the Restricted List can be updated accordingly. This could happen if, for example, a company makes available to the general public (such as via a press release or regulatory filing) information that was previously provided via an NDA (a so-called "cleansing event").

**<u>Section</u> <u>VII.</u> <u>Insider</u> <u>Trading</u>**

***Non-Public Information.*** In the normal course of business, officers, directors and employees of the Company or the Adviser may come into possession of significant, sensitive information. It is illegal and against Hercules' policy for any individual to profit from information relating to the Company (including its portfolio companies), any of the Company's controlled entities that has not been disclosed generally to the public, or the Adviser's clients. (*<u>i.e.</u>*<u>,</u> inside information).

Information should be considered "inside information" if it has not been disseminated in the Company's annual or periodic reports to shareholders; has not been the subject of a prior widely disseminated press release intended for and made available to public; or has not been widely reported on the media, market writers, statistical services or the like. Even after information has been released to the press, insiders must wait a brief period (two full business days) for the market to absorb the previously non-public information. The use of such information in trading the Company securities or other Securities<sup>1</sup> is known as "insider trading."

***Trading and Recommendation Prohibition.*** An employee or director who is in possession of any material inside information may not purchase or sell, or recommend the purchases or sale of, any Securities. Trading includes all purchase and sales of Securities, including purchases and salesof options and warrants as well as shortsales.

***Tipping Prohibition.*** Furthermore, inside information must not be disclosed to third parties (*e.g.* friends, family or any other person) or to other Company or Adviser employees for whom knowledge is not necessary. A person who discloses inside information or makes a recommendation to trade Securities based upon inside information breaches a fiduciary duty to the Company and the Adviser and is potentially liable for any inside trading resulting from the disclosure. Such activity is commonly referred to as "tipping" which involves providing material nonpublic information to any person who might be expected to trade in possession of that

<sup>1</sup> "Securities" shall have the same meaning in this Policy as the term "Covered Security" is defined in the Joint Code of Ethics adopted by the Company and the Adviser.

------

information.

Company's Customers, Suppliers, Adviser's Clients and Other Companies. It is also against Hercules policy for any employee, who may have inside or unpublished knowledge about any of Hercules' suppliers, customers, the Adviser's clients, or any company Hercules does business with, to disclose such information to the public or to purchase or sell Securities of those companies during the period in which such information remains generally undisclosed to the public.

***"Materiality" Guidelines.*** The rules relating to insider trading generally prohibit trading by those who possess "material" inside information. Information is material if its dissemination may affect the market price of any Securities or is likely to be considered important by reasonable investors, including reasonable speculative investors, in determining whether to trade in those Securities. As a rule of thumb, if an employee or director learns something that leads that person to want to buy or sell Securities, that information will probably be considered material. If an employee or director is uncertain about whether any information is "material" or not, such employee or director should assume that such information is material until he or she obtains guidance from the Chief Compliance Officer to the contrary.

It is important to keep in mind that material information is not limited to facts which are certain to occur or which have just occurred; information that something is likely to happen, or even just that it may happen, could be considered material. Keep in mind also that the Securities and Exchange Commission (the "***SEC***"), the agency that regulates the federal securities laws, takes the view that the mere fact that an employee or director knows the information is enough to bar such employee and director from trading: it is no excuse that one's reasons for trading were not based on theinformation.

Examples of material information include information relating to earnings, earnings estimates, changes in previously released earnings estimates, dividend increases or decreases, stock splits, a significant expansion or curtailment of operations, a significant increase or decline of orders, a change in direction or product or loan mix, significant contracts, joint ventures, merger or acquisition proposals or agreements, significant new product or service development or discoveries, extraordinary borrowing or liquidity problems, significant management developments, major marketing changes, information indicating a trend not made public purchase or sale of substantial assets, unusual gains or losses in major operations, major personnel changes, major issues raised in tax audits and commencement of or significant developments in major litigation, administrative proceedings, or government investigations.

**<u>Section</u> <u>VIII.</u> <u>Penalties</u>**

***Civil***: The Insider Trading Act of 1988 (the "Act") carries a civil penalty of three times the profit gained or loss avoided for the person who traded or tipped. The controlling person **(**see description below) could be liable for a penalty of the greater of $1 million or three times the profit gained or loss avoided.

***Criminal***: The maximum term of imprisonment for criminal violations is 10 years plus a penalty of the greater of up to $1 million or three times the profit gained or loss avoided.

***Private Civil Actions***. The Act also provides an express private right of action for persons who have traded Securities contemporaneously with those trading on the basis of inside information.

***SEC Bounties***. The Act authorizes the SEC to pay bounties to persons who provide information about insider trading violations.

***Dismissal***. In addition to possible civil and criminal liability, failure to comply with Hercules' policy and procedures may result in dismissal for cause.

***Potential Liability of Supervisors***. Employees also have an obligation to be alert to situations where others within the Company (particularly those over whom you have some supervisory authority) may not be observing the rules against insider trading. <u>The securities laws provide for penalties not only for those who</u> <u>engage</u> <u>in</u> <u>insider</u> <u>trading.</u> <u>but</u> <u>also</u> <u>for</u> <u>those</u> <u>"controlling</u> <u>persons"</u> <u>(e.g.</u> <u>employees</u> <u>with</u> <u>manageri</u>al

------

<u>responsibilities, officers and directors) who fail to implement procedures to ensure compliance with this</u> <u>policy</u> or who fail to take appropriate actions when they either knew or recklessly disregarded the fact that those individuals within their control were engaged or were likely to be engaged in acts violating those rules. Controlling persons could be liable for the greater of $1 million or three times the profit gained or loss avoided by the person who traded.

***Misuse of Street Named Accounts***. It is against Hercules' policy and may be illegal as well to trade the Company's Securities and Securities of any other company in a way that attempts to hide the true identity of the trader or mislead others as to exactly who is doing the trading. Should this be discovered, it should immediately be disclosed to the Company's Chief Compliance Officer. The SEC and the national exchanges on which the Company's Securities and other companies' Securities are traded have sophisticated tracking mechanisms to assist them in identifying suspicious trades.

Any employees trading in the Company's Securities using fictitious names, names of relatives or friends or brokerage accounts under fictitious names in violation of the policy shall be subject to immediate disciplinary action up to and including termination.

***Options***. The exercise of a Company granted stock option is not subject to the insider trading laws. However, selling stock received from an option (including selling through a broker assisted sameday buy- and-sell exercise) or the net issuance of shares by the Company is subject to the laws and the Company policy prohibiting trading when in possession of material non-public information except to the extent that there is any applicable exemption.

***Hercules Retirement Plan (401-K Plan)***. Transactions by employees in the Company's Securities held in the Hercules' self-directed retirement Plan (401-K Plan) are covered by this policy. Consequently, purchases and sales of Company Securities in that plan may only be affected when the trading window is open, following receipt of pre-clearance and only if such person does not possess material non-public information.

***Exchange Traded Options***. Certain stock exchanges permit trading in put and call options. Options, puts, calls, warrants, and similar derivatives, if and when they are available for trading are deemed to be a class of the equity securities of the Company and therefore subject to this policy and the insider trading laws. Acquisition of a call option on the Company's Securities will be treated as a purchase of the common stock, and, the acquisition of a put option on the Company's Securities will be treated as a sale of the common stock. Persons who trade exchange traded options are betting that the Company's stock price will move rapidly. All employees are strongly discouraged from trading in such options.

***Short Sales***. Section 16(c) of the Exchange Act makes it unlawful for a director, officer or shareholder owning more than 10% of the Company's Securities to engage in short sales of the Company's Securities. A Short Sale is one involving Securities which the Seller does not own at the time of sale, or, if owned, are not delivered within 20 days after the sale or deposited in the mail or other usual channel of transportation within 5 days after the sale. The Company's employees are strongly discouraged from engaging in short sales of the Company's Securities.

***Confidentiality Requirements and Prohibition of Tipping Information to Third Parties***. Besides the obligation to refrain from trading while in possession of material inside information, employees are prohibited from "tipping" others. The concept of unlawful tipping includes passing on information to third parties, including family or friends or family members under circumstances that suggest that a person was trying to help them to make a profit or avoid a loss. <u>When tipping occurs both the "tipper" and the "tippee"</u> may be held liable and this liability may extend to all those to whom the tippee in turn gives the information.

Besides being considered a form of insider trading, of course, tipping is also a serious breach of corporate confidentiality. Accordingly, all employees should comply with the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Do not discuss confidential matters with unauthorized persons, either inside or outside Hercules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Do not discuss confidential matters in places where the conversation might be overheard, such as restrooms, hallways, reception areas, elevators, taxis, airplanes or restaurants. Do not allow visitors to the Company or the Adviser to participate in or overhear discussions of confidential matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Carefully preserve the security of physical and electronic documents, both inside and outside the office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Do not leave confidential documents where their contents may be disclosed to a visitor.

***Business Purpose Disclosures***. We recognize that periodically it becomes necessary for legitimate business reasons to disclose material nonpublic information to persons outside the Company or the Adviser, such as commercial bankers, investment bankers, or other companies seeking to engage in a business venture with the Company or other joint goal. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate businessreasons.

In addition to concerns about violating federal and state securities laws the requirement also serves the Hercules' interest in preserving the confidentiality of its proprietary information and trade secrets. Serious problems could be caused for the Company and the Adviser by an unauthorized disclosure of internal information about the Company or the Adviser, their plans or that of the Company's subsidiaries and their operations whether or not the disclosure of information is for the purpose of facilitating improper trading in the stock. Internal Hercules matters and developments should not be discussed with anyone outside of the Company, its subsidiaries, or the Adviser, except as required in the performance of your job responsibilities. Non-public information is corporate property and personal use of it, for trading or other prohibited activities, constitutes misappropriation and therefore an improper use. If material nonpublic information is inadvertently disclosed by any Company or Adviser director, officer, or employee, the person making or discovering that disclosure should immediately report the facts to the Company's Chief Compliance Officer, for a decision regarding appropriate remedialsteps.

If you have an emergency situation or are you are in doubt as to the rules involving the purchase or the sale of the Company's Securities or Securities in companies that you are familiar with by virtue of your work for the Company, please consult with the Company's Chief Compliance Officer before making any such purchase or sale.

**<u>Section</u> <u>IX.</u> <u>Additional</u> <u>Procedures</u>**

Hercules has established additional procedures in order to assist Hercules in the administration of this Policy, to facilitate compliance with laws prohibiting insider trading while in possession of material nonpublic information, and to avoid the appearance of any impropriety. These additional procedures are applicable as described below.

***Pre-Clearance Procedures***. The persons designated in the Joint Code of Ethics adopted by the Company and the Adviser and other persons designated by the Chief Compliance Officer (each a "***Trader***") may not engage in any transaction in Securities without first obtaining pre-clearance of the transaction from the Chief Financial Officer, or his or her designee, and Chief Compliance Officer, or his or her designee (collectively, the "***Approvers***"). A pre-clearance certification request must be submitted in Comply in advance of the proposed transaction. The Approvers are under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction. If a Trader seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in Securities, and should not inform any other person of the restriction.

When a request for pre-clearance is made, the Trader should carefully consider whether he or she may be aware of any material nonpublic information about the Company (including its portfolio companies) or any of the Company's controlled entities. If the Trader believes he or she may be aware of material non- public information, the Trader must describe fully those circumstances to the Chief Financial Officer and

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Chief Compliance Officer prior to submitting a trade request. If the Trader is a Section 16 reporter, he or she must also indicate whether he or she has bought or sold Company Securities within the past six months, and, if required, must be prepared to report the proposed transaction on an appropriate Form 4 or Form 5.

The Trader may only execute any pre-cleared trades during the open window (for trades in Company Securities) and within five business days of receipt of pre-clearance, unless an exception is granted. If a Trader does not effect the transaction within the five business days following the receipt of pre-clearance, the Trader must resubmit the trade for pre-clearance. If a Form 4 is required to filed, the Trader must provide the trade details to the Chief Compliance Officer or his or her designee immediately after executing the transaction.

It is important to note that ultimately the responsibility for determining whether a Trader is in possession of material nonpublic information rests with the Trader, and any action on the part of the Company, the Adviser, the Chief Compliance Officer or any other employee or director pursuant to this policy (or otherwise) does not in any way constitute legal advice or insulate a person from liability under applicable securities laws. Traders are subject to severe legal penalties and disciplinary action by the Company for any conduct prohibited by this policy or applicable securities laws.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO** 

**RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,** 

**AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Scott Bluestein, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Hercules Capital, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: July 31, 2025 | By: | /s/ Scott Bluestein |
|  |  | **Scott Bluestein** |
|  |  | **President, Chief Executive Officer, and<br>Chief Investment Officer** |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO** 

**RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,** 

**AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Seth H. Meyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Hercules Capital, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: July 31, 2025 | By: | /s/ Seth H. Meyer |
|  |  | **Seth H. Meyer** |
|  |  | **Chief Financial Officer, and<br>Chief Accounting Officer** |

---

## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the "Report") of Hercules Capital, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Scott Bluestein, the Chief Executive Officer of the Registrant, certify, to the best of my knowledge, that:

1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: July 31, 2025 | By: | /s/ Scott Bluestein |
|  |  | **Scott Bluestein** |
|  |  | **President, Chief Executive Officer, and<br>Chief Investment Officer** |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the "Report") of Hercules Capital, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Seth H. Meyer, the Chief Financial Officer of the Registrant, certify, to the best of my knowledge, that:

1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: July 31, 2025 | /s/ Seth H. Meyer |
| | **Seth H. Meyer** |
| | **Chief Financial Officer, and <br>Chief Accounting Officer** |

---

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