Hercules Capital, Inc. 10-K Filing

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share HTGC New York Stock Exchang
• $20.45 — 6 billion based upon a closing price of $20.45 reported for such date on the New York
• $500 thousand — to be immaterial and that do not exceed $500 thousand in the aggregate in any year. We believ
• $21.0 billion — gy-related companies, representing over $21.0 billion in commitments from inception to Decemb

Filing Documents

• htgc-20241231.htm (10-K) — 8497KB
• htgc-20241231xexx4h.htm (EX-4.H) — 150KB
• ex-19_1xinsidertradingpoli.htm (EX-19.1) — 86KB
• ex-21_1subsidiaries.htm (EX-21.1) — 14KB
• ex-23_1pwcletterofconsent.htm (EX-23.3) — 2KB
• htgc-20241231xexx311.htm (EX-31.1) — 10KB
• htgc-20241231xexx312.htm (EX-31.2) — 10KB
• htgc-20241231xexx321.htm (EX-32.1) — 5KB
• htgc-20241231xexx322.htm (EX-32.2) — 5KB
• htgc-20241231_g1.jpg (GRAPHIC) — 147KB
• htgc-20241231_g2.jpg (GRAPHIC) — 325KB
• image_0.jpg (GRAPHIC) — 13KB
• htgcq4202410kcleancopy.pdf (10-K) — 19656KB
• 0001280784-25-000007.txt ( ) — 65565KB
• htgc-20241231.xsd (EX-101.SCH) — 166KB
• htgc-20241231_cal.xml (EX-101.CAL) — 75KB
• htgc-20241231_def.xml (EX-101.DEF) — 781KB
• htgc-20241231_lab.xml (EX-101.LAB) — 1304KB
• htgc-20241231_pre.xml (EX-101.PRE) — 978KB
• htgc-20241231_htm.xml (XML) — 9419KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved SEC Staff Comments 51 Item 1C. Cybersecurity 51 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 Part II. Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Reserved 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 143 Item 9A.

Controls and Procedures

Controls and Procedures 143 Item 9B. Other Information 144 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 149 Part III. Item 10. Directors, Executive Officers and Corporate Governance 149 Item 11.

Executive Compensation

Executive Compensation 149 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 149 Item 13. Certain Relationships and Related Transactions and Director Independence 149 Item 14. Principal Accountant Fees and Services 149 Part IV. Item 15. Exhibits and Financial Statement Schedules 150 Item 16. Form 10-K Summary 158

Signatures

Signatures 159 Hercules Capital, Inc., our logo and other trademarks of Hercules Capital, Inc. are the property of Hercules Capital, Inc. All other trademarks or trade names referred to in this Annual Report on Form 10-K are the property of their respective owners. 2 Table of Contents In this Annual Report on Form 10-K, or Annual 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. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements using forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue" or "believe" or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects, and expectations concerning our business, operating results, financial condition, and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company ("BDC") and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under "Risk Factors" in this Annual Report, as well as any cautionary language in this Annual Report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence

Business

Item 1. Business GENERAL Hercules Capital, Inc. 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. We make investments in companies that are active across a variety of technology-related industry sub-sectors or are characterized by products or services that require advanced technologies, including, but not limited to, computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure or services, consumer and business services, telecommunications, telecommunications equipment and media. Within the life sciences sub-sector, we generally focus on medical devices, bio-pharmaceutical, drug discovery and development, drug delivery, health care services and information systems companies. Our primary business objectives are to increase our net income, net investment income, and net asset value ("NAV") through our investments in primarily Structured Debt or senior secured debt instruments of venture capital-backed and institutional-backed companies across a variety of technology-related industries at attractive yields. We use the term "Structured Debt" to refer 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. 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, our subsidiaries or our affiliates, 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 may earn management or other fees for our services. We may also invest in the equity of these funds, along with other

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