v3.26.3
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 9 Months Ended
Sep. 30, 2026
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates
(in thousands)
Portfolio Company
Investment(1)
Amount of Interest, Dividends, and Fees Credited to Income(2)
Realized Gain (Loss)Fair Value as of
December 31, 2025
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of September 30, 2026
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Units$— $— $218 $— $— $(38)$180 
Common Units— — — — — — — 
Gibraltar Acquisition LLC(5)
Unsecured Debt3,520 — 38,255 102 — — 38,357 
Member Units— — 23,963 — (1,000)816 23,779 
Hercules Adviser LLC(6)
Unsecured Debt191 — — 8,000 — — 8,000 
Member Units6,300 — 43,274 2,149 — (3,481)41,942 
Total Majority Owned Control Investments$10,011 $— $105,710 $10,251 $(1,000)$(2,703)$112,258 
Other Control Investments
Tectura Corporation(7)
Senior Debt$515 $— $8,091 $— $— $159 $8,250 
Preferred Stock— — 1,250 — — 272 1,522 
Common Stock— — — — — — — 
Total Other Control Investments$515 $— $9,341 $— $— $431 $9,772 
Total Control Investments$10,526 $— $115,051 $10,251 $(1,000)$(2,272)$122,030 
Affiliate Investments
Annex Cloud(9)
Senior Debt$— $— $— $3,325 $— $(289)$3,036 
Common Units— 5 — 7,359 (7,359)— — 
Warrants— — — — — — — 
Total Affiliate Investments
$— $5 $— $10,684 $(7,359)$(289)$3,036 
Total Control and Affiliate Investments
$10,526 $5 $115,051 $20,935 $(8,359)$(2,561)$125,066 
(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.
(9)As of September 30, 2026, the Company's investment in Annex Cloud became classified as an affiliate investment as a result of obtaining more than 5% but less 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 Nine Months Ended September 30, 2025 (unaudited)
(in thousands)
Portfolio Company
Investment(1)
Amount of Interest, Dividends and Fees Credited to Income(2)
Realized Gain (Loss)Fair Value as of
December 31, 2024
Gross Additions(3)
Gross Reductions(4)
Net Change in Unrealized Appreciation/ (Depreciation)Fair Value as of September 30, 2025
Control Investments
Majority Owned Control Investments
Coronado Aesthetics, LLC(8)
Preferred Units$— $— $69 $— $— $274 $343 
Common Units— — — — — 1 1 
Gibraltar Acquisition LLC(5)
Unsecured Debt3,910 — 36,212 1,794 — — 38,006 
Member Units— — 23,051 — (1,250)386 22,187 
Hercules Adviser LLC(6)
Unsecured Debt6,100 — 12,000 — (12,000)— — 
Member Units— — 30,190 12,000 — 1,320 43,510 
Total Majority Owned Control Investments$10,010 $— $101,522 $13,794 $(13,250)$1,981 $104,047 
Other Control Investments
Tectura Corporation(7)
Senior Debt$516 $— $8,027 $— $— $40 $8,067 
Preferred Stock— — 3,623 — — (3,414)209 
Common Stock— — 7 — — (7)— 
Total Other Control Investments$516 $— $11,657 $— $— $(3,381)$8,276 
Total Control Investments$10,526 $— $113,179 $13,794 $(13,250)$(1,400)$112,323 
(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 September 30, 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-25,000,000$250 $180 
Medical Devices & EquipmentCommon Units180,000— — 
Total Coronado Aesthetics, LLC$250 $180 
Gibraltar Acquisition LLC(3)
Diversified Financial ServicesUnsecured DebtJuly 2029
FIXED 11.50%
$28,805 28,486 28,486 
Diversified Financial ServicesUnsecured DebtJuly 2029
FIXED 11.95%
$10,000 9,871 9,871 
Diversified Financial ServicesMember Units1 31,456 23,779 
Total Gibraltar Acquisition LLC$69,813 $62,136 
Hercules Adviser LLC(4)
Diversified Financial ServicesUnsecured DebtMarch 2027
FIXED 6.75%
$8,000 8,000 8,000 
Diversified Financial ServicesMember Units114,183 41,942 
Total Hercules Adviser LLC$22,183 $49,942 
Total Majority Owned Control Investments (4.83%)*
$92,246 $112,258 
Other Control Investments
Tectura CorporationConsumer & Business ServicesSenior Secured DebtJanuary 2027
FIXED 8.25%
$8,250 $8,250 $8,250 
Consumer & Business ServicesCommon Stock414,994,863 900 — 
Consumer & Business ServicesPreferred Series BB Equity1,000,000— — 
Consumer & Business ServicesPreferred Series C Equity3,235,29813,263 1,522 
Total Tectura Corporation$22,413 $9,772 
Total Other Control Investments (0.42%)*
$22,413 $9,772 
Total Control Investments (5.25%)*
$114,659 $122,030 
Affiliate Investments
Annex Cloud(5)
Application SoftwareSenior Secured DebtSeptember 2026
PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99%
$3,325 $3,325 $3,036 
Application SoftwareCommon Units175,2117,359 — 
Application SoftwareWarrant - Common Units185,185— — 
Total Affiliate Investments (0.13%)*
$10,684 $3,036 
Total Control and Affiliate Investments (5.38%)*
$125,343 $125,066 
*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.
(5)Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.
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-25,000,000$250 $218 
Medical Devices & EquipmentCommon Units180,000— — 
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 Units132,456 23,963 
Total Gibraltar Acquisition LLC$70,711 $62,218 
Hercules Adviser LLC(4)
Diversified Financial ServicesMember Units112,035 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 Equity1,000,000— — 
Consumer & Business ServicesPreferred Series C Equity3,235,29813,263 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.