Declared a $0.28 Supplemental Distribution for Fiscal 2021 Payable over Four Quarters beginning with Q1 2021<\/i><\/p>\n
Q1 2021 Financial Achievements and Highlights<\/b><\/p>\n \nFootnotes:\n<\/p>\n PALO ALTO, Calif.–(BUSINESS WIRE<\/a>)–Hercules Capital, Inc.<\/a> (NYSE: HTGC) (\u201cHercules\u201d or the \u201cCompany\u201d), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced its financial results for the first quarter ended March 31, 2021.\n<\/p>\n \n\u201cWe are off to a terrific start to 2021 with record levels of new commitments and fundings for the first quarter,\u201d stated Scott Bluestein, chief executive officer and chief investment officer of Hercules. \u201cNotably, we closed nearly $531 million in new debt and equity commitments, while improving and maintaining strong credit quality with the highest internal credit rating on our debt investment portfolio in 10 years.\u201d\n<\/p>\n \nBluestein added, \u201cIn addition to our base shareholder distribution this quarter, we are establishing a supplemental distribution program for fiscal year 2021 of $0.28, which will be distributed equally over four quarters beginning with the first quarter distribution, which is payable in May 2021. Our equity and warrant portfolio has continued to mirror the vibrancy in our venture ecosystem and gives us the confidence to provide the additional distributions to our shareholders.\u201d\n<\/p>\n \nBluestein concluded, \u201cWe are very pleased to have also raised and closed our first institutional private credit fund during the quarter. Having the fund in place gives us the opportunity to expand and diversify our investment platform while enhancing our level of service and capabilities we can provide to our current and future venture and growth stage portfolio companies.\u201d\n<\/p>\n Q1 2021 Review and Operating Results <\/b><\/p>\n Debt Investment Portfolio <\/b><\/p>\n \nHercules delivered new debt and equity commitments totaling $530.9 million and fundings totaling $355.3 million.\n<\/p>\n \nDuring the first quarter, Hercules realized early loan repayments of $191.5 million, which along with normal scheduled amortization of $18.3 million, resulted in total debt repayments of $209.8 million.\n<\/p>\n \nThe new debt investment origination and funding activities lead to a net debt investment portfolio increase of $82.5 million during the first quarter, on a cost basis.\n<\/p>\n The Company\u2019s total investment portfolio, (at cost and fair value) by category, quarter-over-quarter is highlighted below:<\/b><\/p>\n Total Investment Portfolio: Q1 2021 to Q4 2020<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n Equity & Inv.<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,099.5<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 190.2<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 25.7<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,315.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n348.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n355.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(47.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.2\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(48.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(18.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(18.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(191.5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(191.5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9.0\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n82.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n88.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 2,182.0<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 196.5<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 25.3<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,403.8<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 2,094.5<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 225.0<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 34.6<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,354.1<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n82.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n88.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n90.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n110.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 2,185.1<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 237.3<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 42.0<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,464.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(a)\n<\/p>\n<\/td>\n \n(b)\n<\/p>\n<\/td>\n Debt Investment Portfolio Balances by Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n \n$2,182.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,099.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,283.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,278.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,242.9\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$2,119.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,246.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,217.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,248.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,178.0\n<\/p>\n<\/td>\n<\/tr>\n Debt Investment Portfolio Composition by Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n \n82.7%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n84.2%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n85.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83.0%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n96.8%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n96.9%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97.9%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97.9%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97.8%\n<\/p>\n<\/td>\n<\/tr>\n Effective Portfolio Yield and Core Portfolio Yield (\u201cCore Yield\u201d)<\/b><\/p>\n \nThe effective yield on Hercules\u2019 debt investment portfolio was 13.2% during Q1 2021, as compared to 13.3% for Q4 2020. The Company realized $191.5 million of early loan repayments in Q1 2021 compared to $282.3 million in Q4 2020, or a decrease of 32.2%. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments, and other one-time events. Effective yields are materially impacted by the elevated or reduced levels of early loan repayments and derived by dividing total investment income by the weighted average earning investment portfolio assets outstanding during the quarter, which excludes non-interest earning assets such as warrants and equity investments.\n<\/p>\n \nCore yield, a non-GAAP measure, was 11.6% during Q1 2021, within the Company\u2019s expected range of 11.0% to 12.0%, and decreased slightly compared to 11.8% in Q4 2020. Hercules defines core yield as yields that generally exclude any benefit from income related to early repayments attributed to the acceleration of unamortized income and prepayment fees and includes income from expired commitments.\n<\/p>\n Income Statement <\/b><\/p>\n \nTotal investment income decreased to $68.8 million for Q1 2021, compared to $73.6 million in Q1 2020. The decrease is primarily attributable to a lower weighted average debt investment balance and a decrease in total fee income between periods.\n<\/p>\n \nNon-interest and fee expenses were $17.6 million in Q1 2021 versus $16.7 million for Q1 2020. The increase was due to higher employee compensation and tax expenses, offset by lower general and administrative expenses.\n<\/p>\n \nInterest expense and fees were $17.6 million in Q1 2021, compared to $16.3 million in Q1 2020. The increase was due to higher weighted-average borrowings between periods.\n<\/p>\n \nThe Company had a weighted average cost of borrowings comprised of interest and fees, of 5.5% in Q1 2021, as compared to 5.2% for Q1 2020.\n<\/p>\n NII \u2013 Net Investment Income <\/b><\/p>\n \nNII for Q1 2021 was $34.6 million, or $0.30 per share, based on 114.3 million basic weighted average shares outstanding, compared to $40.6 million, or $0.37 per share, based on 109.0 million basic weighted average shares outstanding in Q1 2020. The decrease is primarily attributable to a lower weighted average debt investment balance, the impact of the federal funds target rate cut in March 2020, a decrease in total fee income between periods and an increase in total net operating expenses between periods.\n<\/p>\n Continued Credit Discipline and Strong Credit Performance <\/b><\/p>\n \nHercules\u2019 net cumulative realized gain\/(loss) position, since its first origination activities in October 2004 through March 31, 2021, (including net loan, warrant and equity activity) on investments, totaled ($71.9) million, on a GAAP basis, spanning over 16 years of investment activities.\n<\/p>\n \nWhen compared to total new debt investment commitments during the same period of over $11.6 billion, the total realized gain\/(loss) since inception of ($71.9) million represents approximately 62 basis points \u201cbps,\u201d or 0.62%, of cumulative debt commitments, or an effective annualized loss rate of 3.8 bps, or 0.04%.\n<\/p>\n Realized Gains\/(Losses) <\/b><\/p>\n \nDuring Q1 2021, Hercules had net realized gains of $7.8 million primarily from gross realized gains of $9.5 million due to the sale of equity and warrant investments. These gross realized gains were offset by gross realized losses due to the write-off or termination of equity, warrant and loan investments of ($1.7) million.\n<\/p>\n Unrealized Appreciation\/(Depreciation) <\/b><\/p>\n \nDuring Q1 2021, Hercules recorded $21.9 million of net unrealized appreciation, all of which was net unrealized appreciation from our debt, equity and warrant investments.\n<\/p>\n Portfolio Asset Quality <\/b><\/p>\n \nAs of March 31, 2021, the weighted average grade of the debt investment portfolio, at fair value, improved to 2.01, compared to 2.16 as of December 31, 2020, based on a scale of 1 to 5, with 1 being the highest quality. Hercules\u2019 policy is to generally adjust the credit grading down on its portfolio companies as they approach their expected need for additional growth equity capital to fund their respective operations for the next 9-14 months. Various companies in the Company\u2019s portfolio will require additional rounds of funding from time to time to maintain their operations.\n<\/p>\n \nAdditionally, Hercules may selectively downgrade portfolio companies, from time to time, if they are not meeting the Company\u2019s financing criteria, or underperforming relative to their respective business plans.\n<\/p>\n \nAs of March 31, 2021, grading of the debt investment portfolio at fair value, excluding warrants and equity investments, was as follows:\n<\/p>\n Q1 2021<\/b><\/p>\n<\/td>\n Q4 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q3 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q2 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q1 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n497.5\n<\/p>\n<\/td>\n \n22.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n411.0\n<\/p>\n<\/td>\n \n19.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n406.5\n<\/p>\n<\/td>\n \n17.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n443.6\n<\/p>\n<\/td>\n \n20.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n390.4\n<\/p>\n<\/td>\n \n17.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,240.7\n<\/p>\n<\/td>\n \n56.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,027.9\n<\/p>\n<\/td>\n \n49.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,053.1\n<\/p>\n<\/td>\n \n46.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n877.9\n<\/p>\n<\/td>\n \n39.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n818.1\n<\/p>\n<\/td>\n \n37.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n426.2\n<\/p>\n<\/td>\n \n19.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n621.3\n<\/p>\n<\/td>\n \n29.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n772.3\n<\/p>\n<\/td>\n \n34.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n849.7\n<\/p>\n<\/td>\n \n38.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n917.2\n<\/p>\n<\/td>\n \n41.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n20.4\n<\/p>\n<\/td>\n \n0.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25.3\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26.7\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25.0\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n54.3\n<\/p>\n<\/td>\n \n2.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.2\n<\/p>\n<\/td>\n \n0.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8.9\n<\/p>\n<\/td>\n \n0.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.9\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n20.1\n<\/p>\n<\/td>\n \n0.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n15.5\n<\/p>\n<\/td>\n \n0.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2.01<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2.16<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2.22<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2.30<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2.34<\/b><\/p>\n<\/td>\n Non-Accruals <\/b><\/p>\n \nNon-accruals decreased as a percentage of the overall investment portfolio in the first quarter of 2021. As of March 31, 2021, the Company had four (4) debt investments on non-accrual with an investment cost and fair value of approximately $24.1 million and $8.0 million, respectively, or 1.0% and 0.3% as a percentage of the Company\u2019s total investment portfolio at cost and value, respectively.\n<\/p>\n \nCompared to December 31, 2020, the Company had seven (7) debt investments on non-accrual with an investment cost and fair value of approximately $31.0 million and $11.9 million, respectively, or 1.3% and 0.5% as a percentage of the total investment portfolio at cost and value, respectively.\n<\/p>\n \n$2,403.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,315.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,505.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,501.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,466.3\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n0.3%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.3%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.0%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n1.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.3%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.9%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.4%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.8%\n<\/p>\n<\/td>\n<\/tr>\n Liquidity and Capital Resources<\/b><\/p>\n \nIn November 2020, the Company announced a private offering totaling $100.0 million in aggregate principal amount of $50.0 million 4.50% Notes due March 2026 (the \u201cMarch 2026 A Notes\u201d) and $50.0 million 4.55% Notes due March 2026 (the \u201cMarch 2026 B Notes\u201d). The issuance of $50.0 million of the March 2026 A Notes occurred on November 4, 2020 and the issuance of $50.0 million of the March 2026 B Notes occurred on March 4, 2021.\n<\/p>\n \nThe Company ended Q1 2021 with $550.0 million in available liquidity, including $75.0 million in unrestricted cash and cash equivalents, and $475.0 million in available credit facilities, subject to existing terms and advance rates and regulatory and covenant requirements.\n<\/p>\n Bank Facilities<\/b><\/p>\n \nAs of March 31, 2021, there were no outstanding borrowings under the Hercules\u2019 $400.0 million committed credit facility with Union Bank as Agent and no outstanding borrowings under the Hercules\u2019 $75.0 million committed credit facility with Wells Fargo Capital Finance.\n<\/p>\n Leverage <\/b><\/p>\n \nAs of March 31, 2021, Hercules\u2019 GAAP leverage ratio, including its Small Business Administration \u201cSBA\u201d debentures, was 94.6%. Hercules\u2019 regulatory leverage, or debt-to-equity ratio, excluding its SBA debentures, was 89.2% and net regulatory leverage, a non-GAAP measure (excluding cash of approximately $75.0 million), was 83.5%. Hercules\u2019 net leverage ratio, including its SBA debentures, was 88.9%.\n<\/p>\n Available Unfunded Commitments \u2013 Representing 10.0% of Total Assets<\/b><\/p>\n \nThe Company\u2019s unfunded commitments and contingencies consist primarily of unused commitments to extend credit in the form of loans to select portfolio companies. A portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones in order to gain access to additional funding. Furthermore, the Company\u2019s credit agreements contain customary lending provisions that allow us relief from funding obligations for previously made commitments. In addition, since a portion of these commitments may also expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements.\n<\/p>\n \nAs of March 31, 2021, the Company had $257.9 million of available unfunded commitments at the request of the portfolio company and unencumbered by any milestones, including undrawn revolving facilities, representing 10.0% of Hercules\u2019 total assets. This increased from the previous quarter of $179.8 million of available unfunded commitments or 6.9% of Hercules\u2019 total assets.\n<\/p>\n Existing Pipeline and Signed Term Sheets<\/b><\/p>\n \nAfter closing $530.9 million in new debt and equity commitments in Q1 2021, Hercules has pending commitments of $152.9 million in signed non-binding term sheets outstanding as of April 27, 2021. Since the close of Q1 2021 and as of April 27, 2021, Hercules has closed new debt and equity commitments of $135.0 million and funded $25.0 million.\n<\/p>\n \nSigned non-binding term sheets are subject to satisfactory completion of Hercules\u2019 due diligence and final investment committee approval process as well as negotiations of definitive documentation with the prospective portfolio companies. These non-binding term sheets generally convert to contractual commitments in approximately 90 days from signing. It is important to note that not all signed non-binding term sheets are expected to close and do not necessarily represent future cash requirements or investments.\n<\/p>\n Net Asset Value<\/b><\/p>\n \nAs of March 31, 2021, the Company\u2019s net assets were $1.32 billion, compared to $1.29 billion at the end of Q4 2020. NAV per share increased 0.9% to $11.36 on 115.8 million outstanding shares of common stock as of March 31, 2021, compared to $11.26 on 114.7 million outstanding shares of common stock as of December 31, 2020. The increase in NAV per share was primarily attributed to the net change in unrealized appreciation and a decrease in liabilities between periods.\n<\/p>\n Interest Rate Sensitivity <\/b><\/p>\n \nHercules has an asset sensitive debt investment portfolio with 96.8% of its debt investment portfolio being priced at floating interest rates as of March 31, 2021, with a Prime or LIBOR-based interest rate floor, combined with 100% of its outstanding debt borrowings bearing fixed interest rates, leading to higher net investment income sensitivity.\n<\/p>\n \nBased on Hercules\u2019 Consolidated Statement of Assets and Liabilities as of March 31, 2021, the following table shows the approximate annualized increase\/(decrease) in components of net income resulting from operations of hypothetical base rate changes in interest rates, such as Prime Rate, assuming no changes in Hercules\u2019 debt investments and borrowings. These estimates are subject to change due to the impact from active participation in the Company\u2019s equity ATM program and any future equity offerings.\n<\/p>\n \n(75\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(28\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n(50\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(25\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n17\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n(25\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(18\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n25\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,941\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n18\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,923\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.03\n<\/p>\n<\/td>\n<\/tr>\n \n50\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,883\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,848\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n<\/tr>\n \n75\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,824\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n53\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n8,771\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.08\n<\/p>\n<\/td>\n<\/tr>\n \n100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11,884\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n70\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11,814\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.10\n<\/p>\n<\/td>\n<\/tr>\n \n200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25,719\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n140\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25,579\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.22\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n (2)<\/sup><\/p>\n<\/td>\n Existing Equity and Warrant Portfolio <\/b><\/p>\n Equity Portfolio<\/b><\/p>\n \nHercules held equity positions in 66 portfolio companies with a fair value of $236.2 million and a cost basis of $195.3 million as of March 31, 2021. On a fair value basis, 59.9% or $141.4 million is related to existing public equity positions.\n<\/p>\n Warrant Portfolio<\/b><\/p>\n \nHercules held warrant positions in 96 portfolio companies with a fair value of $42.0 million and a cost basis of $25.3 million as of March 31, 2021. On a fair value basis, 30.0% or $12.6 million is related to existing public warrant positions.\n<\/p>\n Portfolio Company IPO and M&A Activity in Q1 2021 and YTD 2021 <\/b><\/p>\n IPO Activity <\/b><\/p>\n \nAs of April 26, 2021, Hercules held debt, warrant or equity positions in two (2) portfolio companies that have registered for their IPOs and five (5) companies that have entered into definitive agreements to go public via a special purpose acquisition company \u201cSPAC,\u201d including:\n<\/p>\n \nThere can be no assurances that companies that have yet to complete their IPOs will do so.\n<\/p>\n M&A Activity <\/b><\/p>\n Subsequent Events<\/b><\/p>\n \nThe table below summarizes the Company\u2019s year-to-date closed and pending commitments as follows:\n<\/p>\n Closed Commitments and Pending Commitments (in millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nQ1 2021 Closed Commitments(a)<\/sup><\/p>\n<\/td>\n \n$530.9\n<\/p>\n<\/td>\n<\/tr>\n \nQ2 2021 Closed Commitments (as of April 27, 2021)(b)<\/sup><\/p>\n<\/td>\n \n$135.0\n<\/p>\n<\/td>\n<\/tr>\n Year-to-Date Closed Commitments<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nQ2 2021 Pending Commitments (as of April 27, 2021)(b)<\/sup><\/p>\n<\/td>\n \n$152.9\n<\/p>\n<\/td>\n<\/tr>\n Year-to-Date 2021 Closed and Pending Commitments<\/b><\/p>\n<\/td>\n \n$818.8\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNotes:\n<\/p>\n Conference Call <\/b><\/p>\n \nHercules has scheduled its first quarter 2021 financial results conference call for April 29, 2021 at 2:00 p.m. PT (5:00 p.m. ET). To listen to the call, please dial (877) 304-8957 (or (408) 427-3709 internationally) and reference Conference ID: 9664357 if asked, approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately three hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial (855) 859-2056 or (404) 537-3406 and enter the passcode 9664357.\n<\/p>\n About Hercules Capital, Inc.<\/b><\/p>\n \nHercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $11.6 billion to over 530 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com<\/a>, or call 650.289.3060.\n<\/p>\n \nHercules\u2019 common stock trades on the New York Stock Exchange (NYSE) under ticker symbol HTGC. In addition, Hercules has two retail bond issuances of5.25% Notes due 2025 (NYSE: HCXZ) and 6.25% Notes due 2033 (NYSE: HCXY).\n<\/p>\n \nCategory: Earnings\n<\/p>\n Forward-Looking Statements <\/b><\/p>\n \nThis press release may contain \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.\n<\/p>\n \nThe information disclosed in this press release is made as of the date hereof and reflects Hercules\u2019 most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Hercules believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.\n<\/p>\n Assets<\/b><\/p>\n<\/td>\n \nInvestments:\n<\/p>\n<\/td>\n \nNon-control\/Non-affiliate investments (cost of $2,253,503 and $2,175,651, respectively)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,385,998\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,288,338\n<\/p>\n<\/td>\n<\/tr>\n \nControl investments (cost of $74,849 and $65,257, respectively)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68,693\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,400\n<\/p>\n<\/td>\n<\/tr>\n \nAffiliate investments (cost of $75,450 and $74,450, respectively)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,664\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,340\n<\/p>\n<\/td>\n<\/tr>\n \nTotal investments in securities, at value (cost of $2,403,802 and $2,315,358, respectively)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,464,355\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,354,078\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n74,987\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n198,282\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,829\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39,340\n<\/p>\n<\/td>\n<\/tr>\n \nInterest receivable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,597\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,077\n<\/p>\n<\/td>\n<\/tr>\n \nRight of use asset\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,666\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,278\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,417\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,942\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,583,851\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,632,997\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Liabilities<\/b><\/p>\n<\/td>\n \nDebt (net of debt issuance costs)(1)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,231,298\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,286,638\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and accrued liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,300\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,343\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,859\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,312\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,268,457\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,332,293\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Net assets consist of:<\/b><\/p>\n<\/td>\n \nCommon stock, par value\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n116\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n115\n<\/p>\n<\/td>\n<\/tr>\n \nCapital in excess of par value\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,160,519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,158,198\n<\/p>\n<\/td>\n<\/tr>\n \nTotal distributable earnings (loss)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n154,759\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n133,391\n<\/p>\n<\/td>\n<\/tr>\n Total net assets<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,315,394\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,291,704\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities and net assets<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,583,851\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,623,997\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Shares of common stock outstanding ($0.001 par value, 200,000,000 authorized)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n115,768\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n114,726\n<\/p>\n<\/td>\n<\/tr>\n Net asset value per share<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11.36\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11.26\n<\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n62,982\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n65,338\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n799\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n646\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n220\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n63,782\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n66,204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,403\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,196\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,411\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,201\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,566\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,214\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,566\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,214\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,977\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,415\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n68,759\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73,619\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,750\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,532\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,794\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n428\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n899\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,438\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,135\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,168\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,025\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,034\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,059\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,804\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,214\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,744\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,440\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,548\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,654\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,132\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,039\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(933\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,199\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,039\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,560\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,580\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,770\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,967\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,770\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,967\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(58,430\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,702\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,851\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,109\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,989\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,833\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(76,270\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,603\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(69,303\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n64,163\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(28,723\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.30\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.37\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.56\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.27\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.55\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.27\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n114,304\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n108,955\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n114,803\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n108,955\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n0.37\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210429006008\/en\/<\/a><\/span><\/p>\n \nMichael Hara KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n\n
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\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n (in millions)<\/b><\/td>\n \n Debt<\/b><\/td>\n \n Funds<\/b><\/td>\n \n Warrants<\/b><\/td>\n \n Total Portfolio<\/b><\/td>\n<\/tr>\n \n Balances at Cost at 12\/31\/20<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n New fundings(a)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fundings assigned to External Funds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Principal payments received on investments<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Early payoffs(b)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net changes attributed to conversions, liquidations, and fees<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net activity during Q1 2021<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balances at Cost at 3\/31\/21<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Balances at Value at 12\/31\/20<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net activity during Q1 2021<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation (depreciation)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total net activity during Q1 2021<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balances at Value at 3\/31\/21<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n New funding amount includes $1.7 million associated with revolver loans during Q1 2021.<\/td>\n<\/tr>\n \n \n \n Early payoffs includes $1.2 million of paydowns on revolvers during Q1 2021.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (in millions)<\/td>\n \n Q1 2021<\/b><\/td>\n \n Q4 2020<\/b><\/td>\n \n Q3 2020<\/b><\/td>\n \n Q2 2020<\/b><\/td>\n \n Q1 2020<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Ending Balance at Cost<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted Average Balance<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (% of debt investment portfolio)<\/td>\n \n Q1 2021<\/b><\/td>\n \n Q4 2020<\/b><\/td>\n \n Q3 2020<\/b><\/td>\n \n Q2 2020<\/b><\/td>\n \n Q1 2020<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n First Lien Senior Secured<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Floating Rate w\/Floors<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n Credit Grading at Fair Value, Q1 2021 – Q1 2020 ($ in millions)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n Grade 1 – High<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grade 2<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grade 3<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grade 4<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grade 5 – Low<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted Avg.<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \n \n Q1 2021<\/b><\/td>\n \n Q4 2020<\/b><\/td>\n \n Q3 2020<\/b><\/td>\n \n Q2 2020<\/b><\/td>\n \n Q1 2020<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Investments at Cost<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans on non-accrual as a % of Total<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n Investments at Value<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans on non-accrual as a % of Total <\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n Investments at Cost<\/b><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n (in thousands)<\/b><\/td>\n \n Interest<\/b><\/td>\n \n Interest<\/b><\/td>\n \n Net<\/b><\/td>\n \n EPS(2)<\/sup><\/b><\/td>\n<\/tr>\n \n Basis Point Change<\/b><\/td>\n \n Income(1)<\/sup><\/b><\/td>\n \n Expense<\/b><\/td>\n \n Income<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n Source: Hercules Capital Form 10-Q for Q1 2021<\/td>\n<\/tr>\n \n \n \n EPS calculated on basic weighted shares outstanding of 114,304. Estimates are subject to change due to impact from active participation in the Company’s equity ATM program and any future equity offerings.<\/td>\n<\/tr>\n<\/table>\n \n
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\n HERCULES CAPITAL, INC.<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES<\/b><\/td>\n<\/tr>\n \n (dollars in thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31, 2021<\/b><\/td>\n \n December 31, 2020<\/b><\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n <\/tr>\n \n (1) The Company\u2019s SBA Debentures, February 2025 Notes, June 2025 Notes, 2033 Notes, April 2025 Notes, 2022 Notes, 2027 Asset-Backed Notes, 2028 Asset-Backed Notes, 2022 Convertible Notes, July 2024 Notes, and March 2026 A and B Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument.<\/td>\n<\/tr>\n \n <\/tr>\n<\/table>\n \n
\n HERCULES CAPITAL, INC.<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n (in thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n Three Months Ended March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n Investment income:<\/b><\/td>\n \n \n \n <\/tr>\n \n Interest and dividend income<\/td>\n \n \n \n <\/tr>\n \n Non-control\/Non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Control investments<\/td>\n \n \n \n \n \n \n \n \n \n Affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Total interest income<\/td>\n \n \n \n \n \n \n \n \n \n Fee income<\/td>\n \n \n \n <\/tr>\n \n Commitment, facility and loan fee income<\/td>\n \n \n \n <\/tr>\n \n Non-control\/Non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Control investments<\/td>\n \n \n \n \n \n \n \n \n \n Total commitment, facility and loan fee income<\/td>\n \n \n \n \n \n \n \n \n \n One-time fee income<\/td>\n \n \n \n <\/tr>\n \n Non-control\/Non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Total one-time fee income<\/td>\n \n \n \n \n \n \n \n \n \n Total fee income<\/td>\n \n \n \n \n \n \n \n \n \n Total investment income<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Operating expenses:<\/b><\/td>\n \n \n \n <\/tr>\n \n Interest<\/td>\n \n \n \n \n \n \n \n \n \n Loan fees<\/td>\n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n <\/tr>\n \n Legal expenses<\/td>\n \n \n \n \n \n \n \n \n \n Tax expenses<\/td>\n \n \n \n \n \n \n \n \n \n Other expenses<\/td>\n \n \n \n \n \n \n \n \n \n Total general and administrative<\/td>\n \n \n \n \n \n \n \n \n \n Employee compensation<\/td>\n \n \n \n <\/tr>\n \n Compensation and benefits<\/td>\n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n Total employee compensation<\/td>\n \n \n \n \n \n \n \n \n \n Total gross operating expenses<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Expenses allocated to the Adviser Subsidiary<\/td>\n \n \n \n \n \n \n \n \n \n Total net operating expenses<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Net investment income<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Net realized and change in unrealized appreciation (depreciation) on investments:<\/b><\/td>\n \n \n \n <\/tr>\n \n Net realized gain (loss) on investments<\/td>\n \n \n \n <\/tr>\n \n Non-control\/Non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Total net realized gain (loss) on investments<\/td>\n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation (depreciation) on investments<\/td>\n \n \n \n <\/tr>\n \n Non-control\/Non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Control investments<\/td>\n \n \n \n \n \n \n \n \n \n Affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n Total net unrealized gain (loss) on investments<\/td>\n \n \n \n \n \n \n \n \n \n Total net realized and change in unrealized appreciation (depreciation) on investments:<\/b><\/td>\n \n \n \n \n \n \n \n \n Net increase (decrease) in net assets resulting from operations<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net investment income before investment gains and losses per common share:<\/td>\n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n Change in net assets resulting from operations per common share:<\/td>\n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n Weighted average shares outstanding:<\/td>\n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n Distributions paid per common share:<\/td>\n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n <\/p>\n
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Investor Relations and Corporate Communications
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Hercules Capital, Inc.
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650-433-5578
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mhara@htgc.com<\/a><\/p>\n
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