Hercules Capital, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2025
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:814-00702
(Exact Name of Registrant as Specified in its Charter)
| Maryland | 74-3113410 |
|---|---|
| (State or Jurisdiction ofIncorporation or Organization) | (IRS EmployerIdentification Number) |
| 1 North B Street., Suite 2000San Mateo, California(Address of Principal Executive Offices) | 94401(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 x Noo
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 x Noo
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 | x | Accelerated filer | o |
|---|---|---|---|
| Non-accelerated filer | o | Smaller reporting company | o |
| Emerging growth company | o | ||
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). Yeso Nox
On October 23, 2025, there were 181,718,075 shares outstanding of the Registrant’s common stock, $0.001 par value.
FORM 10-Q TABLE OF CONTENTS
| PART I. FINANCIAL INFORMATION | 3 | |
|---|---|---|
| Item 1. | Consolidated Financial Statements | 3 |
| Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024 | 3 | |
| Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited) | 4 | |
| Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited) | 5 | |
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited) | 6 | |
| Consolidated Schedule of Investments as of September 30, 2025 (unaudited) | 7 | |
| Consolidated Schedule of Investments as of December 31, 2024 | 21 | |
| Notes to Consolidated Financial Statements (unaudited) | 34 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 72 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 89 |
| Item 4. | Controls and Procedures | 90 |
| PART II. OTHER INFORMATION | 91 | |
| Item 1. | Legal Proceedings | 91 |
| Item 1A. | Risk Factors | 91 |
| Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 92 |
| Item 3. | Defaults Upon Senior Securities | 92 |
| Item 4. | Mine Safety Disclosures | 92 |
| Item 5. | Other Information | 92 |
| Item 6. | Exhibits and Financial Statement Schedules | 93 |
| SIGNATURES | 98 |
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