v3.26.1
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 3 Months Ended
Mar. 31, 2026
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates
(in thousands)
Portfolio Company
Investment(1)
Amount of Interest, Dividends, and Fees Credited to Income(2)
Realized Gain (Loss)Fair Value as of
December 31, 2025
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of March 31, 2026
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Units$— $— $218 $— $— $(60)$158 
 Common Units— — — — — — — 
Gibraltar Acquisition LLC(5)
Unsecured Debt1,163 — 38,255 36 — — 38,291 
 Member Units— — 23,963 — (300)213 23,876 
Hercules Adviser LLC(6)
Unsecured Debt2,101 — — 3,000 — — 3,000 
 Member Units— — 43,274 — — (2,137)41,137 
Total Majority Owned Control Investments $3,264 $— $105,710 $3,036 $(300)$(1,984)$106,462 
Other Control Investments
Tectura Corporation(7)
Senior Debt$170 $— $8,091 $— $— $(8)$8,083 
 Preferred Stock— — 1,250 — — 453 1,703 
 Common Stock— — — — — — — 
Total Other Control Investments $170 $— $9,341 $— $— $445 $9,786 
Total Control Investments$3,434 $— $115,051 $3,036 $(300)$(1,539)$116,248 
(1)Stock and warrants are generally non-income producing and restricted.
(2)Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period.
(5)As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC became classified as a control investment as a result of obtaining a controlling financial interest. Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(6)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 - Description of Business” for additional disclosure.
(7)As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018.
(8)As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company.
Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
For the Three Months Ended March 31, 2025 (unaudited)
(in thousands)
Portfolio Company
Investment(1)
Amount of Interest, Dividends and Fees Credited to Income(2)
Realized Gain (Loss)Fair Value as of
December 31, 2024
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation)Fair Value as of March 31, 2025
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Units$— $— $69 $— $— $(22)$47 
 Common Units— — — — — — — 
Gibraltar Acquisition LLC(5)
Unsecured Debt1,606 — 36,212 578 — — 36,790 
 Member Units— — 23,051 — — (941)22,110 
Hercules Adviser LLC(6)
Unsecured Debt1,900 — 12,000 — (12,000)— — 
 Member Units— — 30,190 12,000 — 2,827 45,017 
Total Majority Owned Control Investments $3,506 $— $101,522 $12,578 $(12,000)$1,864 $103,964 
Other Control Investments
Tectura Corporation(7)
Senior Debt$170 $— $8,027 $— $— $5 $8,032 
 Preferred Stock— — 3,623 — — 113 3,736 
 Common Stock— — 7 — — (5)2 
Total Other Control Investments $170 $— $11,657 $— $— $113 $11,770 
Total Control Investments$3,676 $— $113,179 $12,578 $(12,000)$1,977 $115,734 
(1)Stock and warrants are generally non-income producing and restricted.
(2)Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period.
(5)As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC became classified as a control investment as a result of obtaining a controlling financial interest. Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(6)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 - Description of Business” for additional disclosure.
(7)As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018.
(8)As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company.
Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
As of March 31, 2026 (unaudited)
(in thousands)
Portfolio CompanyIndustry
Type of Investment(1)
Maturity DateInterest Rate and FloorPrincipal or SharesCost
Value(2)
Control Investments   
Majority Owned Control Investments   
Coronado Aesthetics, LLCMedical Devices & EquipmentPreferred Series A-2  5,000,000$250 $158 
 Medical Devices & EquipmentCommon Units  180,000— — 
Total Coronado Aesthetics, LLC $250 $158 
Gibraltar Acquisition LLC(3)
Diversified Financial ServicesUnsecured DebtJuly 2029
FIXED 11.50%
$28,805 28,439 28,439 
 Diversified Financial ServicesUnsecured DebtJuly 2029
FIXED 11.95%
$10,000 9,852 9,852 
Diversified Financial ServicesMember Units1 32,156 23,876 
Total Gibraltar Acquisition LLC $70,447 $62,167 
Hercules Adviser LLC(4)
Diversified Financial ServicesUnsecured DebtMarch 2027
FIXED 6.75%
$3,000 3,000 3,000 
Diversified Financial ServicesMember Units  112,035 41,137 
Total Hercules Adviser LLC $15,035 $44,137 
Total Majority Owned Control Investments (4.78%)*
 $85,732 $106,462 
Other Control Investments   
Tectura CorporationConsumer & Business ServicesSenior Secured DebtJanuary 2027
FIXED 8.25%
$8,250 $8,250 $8,083 
 Consumer & Business ServicesCommon Stock414,994,863 900 — 
 Consumer & Business ServicesPreferred Series BB Equity  1,000,000— — 
 Consumer & Business ServicesPreferred Series C Equity  3,235,29813,263 1,703 
Total Tectura Corporation $22,413 $9,786 
Total Other Control Investments (0.44%)*
 $22,413 $9,786 
Total Control Investments (5.22%)*
 $108,145 $116,248 
*Value as a percent of net assets
(1)Stock and warrants are generally non-income producing and restricted.
(2)All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs.
(3)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(4)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 - Description of Business” for additional disclosure.
Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
As of and for the year ended December 31, 2025
(in thousands)
Portfolio CompanyIndustry
Type of Investment(1)
Maturity DateInterest Rate and FloorPrincipal or SharesCost
Value(2)
Control Investments   
Majority Owned Control Investments   
Coronado Aesthetics, LLCMedical Devices & EquipmentPreferred Series A-2  5,000,000$250 $218 
 Medical Devices & EquipmentCommon Units  180,000— — 
Total Coronado Aesthetics, LLC $250 $218 
Gibraltar Acquisition LLC(3)
Diversified Financial ServicesUnsecured DebtJuly 2029
FIXED 3.45%, PIK Interest 8.05%
$28,805 28,412 28,412 
 Diversified Financial ServicesUnsecured DebtJuly 2029
FIXED 11.95%
$10,000 9,843 9,843 
 Diversified Financial ServicesMember Units  132,456 23,963 
Total Gibraltar Acquisition LLC
 $70,711 $62,218 
Hercules Adviser LLC(4)
Diversified Financial ServicesMember Units  112,035 43,274 
Total Hercules Adviser LLC $12,035 $43,274 
Total Majority Owned Control Investments (4.77%)*
$82,996 $105,710 
Other Control Investments   
Tectura CorporationConsumer & Business ServicesSenior Secured DebtJanuary 2027
FIXED 8.25%
$8,250 $8,250 $8,091 
 Consumer & Business ServicesCommon Stock414,994,863 900 — 
 Consumer & Business ServicesPreferred Series BB Equity  1,000,000— — 
 Consumer & Business ServicesPreferred Series C Equity  3,235,29813,263 1,250 
Total Tectura Corporation $22,413 $9,341 
Total Other Control Investments (0.42%)*
$22,413 $9,341 
Total Control Investments (5.19%)*
 $105,409 $115,051 
*Value as a percent of net assets
(1)Stock and warrants are generally non-income producing and restricted.
(2)All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs.
(3)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(4)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 - Description of Business” for additional disclosure.