Incorporated as a Maryland Corporation in December 2003, Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or “the company”) is a non-diversified, publicly traded, closed end, internally managed investment management company regulated as a business development company (“BDC”) under the Investment Company Act of 1940. Also, the company has elected to be subject to tax as a regulated investment company (“RIC”).
The company is headquartered in San Mateo, CA with offices in Boston, MA, New York, NY, San Diego, CA, Denver, CO, and London.
As of June 30, 2025, the company had equity of $2.15 billion, a market capitalization of $3.31 billion (July 28, 2025), and $4.18 billion of total investments at fair value (“FV”).
The company is focused on providing senior secured first lien loans to portfolio companies primarily in the life sciences and technology venture capital (VC) direct lending market.
Key Credit Considerations
The…
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