Hercules Capital, Inc. 10-Q Filing

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Key Financial Figures

• $0.001 — ch registered Common Shares, par value $0.001 per share HTGC New York Stock Exchange

Filing Documents

• htgc-20240930.htm (10-Q) — 7197KB
• ex-3f_articlesofamendmentd.htm (EX-3.(F)) — 13KB
• htgcq3202410q-exx311.htm (EX-31.1) — 10KB
• htgcq3202410q-exx312.htm (EX-31.2) — 10KB
• htgcq3202410q-exx321.htm (EX-32.1) — 5KB
• htgcq3202410q-exx322.htm (EX-32.2) — 4KB
• htgcq3202410qcleancopy.pdf (10-Q) — 11172KB
• 0001280784-24-000026.txt ( ) — 46161KB
• htgc-20240930.xsd (EX-101.SCH) — 119KB
• htgc-20240930_cal.xml (EX-101.CAL) — 73KB
• htgc-20240930_def.xml (EX-101.DEF) — 684KB
• htgc-20240930_lab.xml (EX-101.LAB) — 1052KB
• htgc-20240930_pre.xml (EX-101.PRE) — 865KB
• htgc-20240930_htm.xml (XML) — 7625KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1. Consolidated Financial Statements 3 Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Schedule of Investments as of September 30, 2024 (unaudited) 7 Consolidated Schedule of Investments as of December 31, 2023 21

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 35 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 71 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 4.

Controls and Procedures

Controls and Procedures 88

OTHER INFORMATION

PART II. OTHER INFORMATION 89 Item 1.

Legal Proceedings

Legal Proceedings 89 Item 1A.

Risk Factors

Risk Factors 89 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 90 Item 3. Defaults Upon Senior Securities 90 Item 4. Mine Safety Disclosures 90 Item 5. Other Information 90 Item 6. Exhibits and Financial Statement Schedules 91

SIGNATURES

SIGNATURES 96 Table of Contents

: FINANCIAL INFORMATION

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.

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS HERCULES CAPITAL, INC. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share data) September 30, 2024 (unaudited) December 31, 2023 Assets Investments, at fair value: Non-control/Non-affiliate investments (cost of $ 3,505,649 and $ 3,143,851 , respectively) $ 3,447,416 $ 3,133,042 Control investments (cost of $ 104,337 and $ 103,182 , respectively) 113,097 115,004 Total investments, at fair value (cost of $ 3,609,986 and $ 3,247,033 , respectively; fair value amounts related to a VIE $ 272,611 and $ 254,868 , respectively) 3,560,513 3,248,046 Cash and cash equivalents 38,904 98,899 Restricted cash (amounts related to a VIE $ 5,113 and $ 17,114 , respectively) 5,113 17,114 Interest receivable 31,450 32,741 Right of use asset 17,249 4,787 Other assets 3,130 15,339 Total assets $ 3,656,359 $ 3,416,926 Liabilities Debt (net of debt issuance costs of $ 11,791 and $ 15,131 , respectively; amounts related to a VIE $ 148,985 and $ 148,544 , respectively) $ 1,739,209 $ 1,554,869 Accounts payable and accrued liabilities 46,860 54,156 Operating lease liability 18,480 5,195 Total liabilities $ 1,804,549 $ 1,614,220 Net assets consist of: Common stock, par value $ 163 $ 158 Capital in excess of par value 1,741,975 1,662,535 Total distributable earnings 109,672 140,013 Total net assets $ 1,851,810 $ 1,802,706 Total liabilities and net assets $ 3,656,359 $ 3,416,926 Shares of common stock outstanding ($ 0.001 par value and 200,000 authorized) 162,505 157,758 Net asset value per share $ 11.40 $ 11.43 See notes to consolidated financial statements 3 Table of Contents HERCULES CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Investment income: Interest and dividend income: Non-control/Non-affiliate investments $ 115,563 $ 10

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