Hercules Capital Inc
Inside Hercules Capital Inc’s $5.6B private-credit portfolio — 390 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| , February 2029, Prime + 0.75%, Floor rate 8.75%, PIK Interest 2.25%, 3.00% Exit Fee | Senior Secured Senior Secured | SOFR + 0.75% (PIK 2.25%) | $184,359,000 | $183,062,000 | ||
| , February 2029, Prime + 3.10%, Floor rate 9.85%, 2.00% Exit Fee | Senior Secured Senior Secured | SOFR + 3.10% | $132,012,000 | $132,485,000 | ||
| , May 2030, Prime + 2.45%, Floor rate 9.45%, 3.75% Exit Fee | Senior Secured Senior Secured | SOFR + 2.45% | $128,408,000 | $128,186,000 | ||
| , February 2029, Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee | Senior Secured Senior Secured | SOFR + 0.85% (PIK 2.50%) | $117,460,000 | $117,249,000 | ||
| , March 2028, Prime + 1.25%, Floor rate 8.75%, PIK Interest 2.00%, 2.25% Exit Fee | Senior Secured Senior Secured | SOFR + 1.25% (PIK 2.00%) | $101,558,000 | $103,940,000 | ||
| , July 2030, Prime + 2.45%, Floor rate 9.95%, 5.50% Exit Fee | Senior Secured Senior Secured | SOFR + 2.45% | $99,676,000 | $100,946,000 | ||
| , September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | Senior Secured Senior Secured | SOFR + 5.70% | $92,785,000 | $93,662,000 | ||
| , September 2030, Prime - 0.05%, Floor rate 8.45%, PIK Interest 2.20%, 9.00% Exit Fee | Senior Secured Senior Secured | SOFR + -0.05% (PIK 2.20%) | $76,872,000 | $80,548,000 | ||
| , July 2026, Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.50% Exit Fee | Senior Secured Senior Secured | SOFR + 2.50% (PIK 0.50%) | $80,492,000 | $80,492,000 | ||
| , September 2030, Prime + 1.95%, Floor rate 9.45%, PIK Interest 1.00%, 6.50% Exit Fee | Senior Secured Senior Secured | SOFR + 1.95% (PIK 1.00%) | $80,315,000 | $79,163,000 | ||
| , January 2030, Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee | Senior Secured Senior Secured | SOFR + 2.75% | $70,035,000 | $78,210,000 | ||
| , July 2027, Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee | Senior Secured Senior Secured | SOFR + 3.15% | $76,711,000 | $76,676,000 | ||
| , July 2027, Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | Senior Secured Senior Secured | SOFR + 1.95% | $75,542,000 | $75,272,000 | ||
| , November 2026, 1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45% | Senior Secured Senior Secured | SOFR + 5.11% (PIK 4.45%) | $76,183,000 | $74,296,000 | ||
| , April 2029, Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30% | Senior Secured Senior Secured | SOFR + 0.45% (PIK 2.30%) | $72,580,000 | $70,728,000 | ||
| , February 2028, Prime + 5.85%, Floor rate 9.50%, PIK Interest 1.95% | Senior Secured Senior Secured | SOFR + 5.85% (PIK 1.95%) | $71,847,000 | $70,716,000 | ||
| , April 2029, Prime + 2.45%, Floor rate 9.45%, 6.45% Exit Fee | Senior Secured Senior Secured | SOFR + 2.45% | $67,163,000 | $67,102,000 | ||
| , December 2027, 3-month SOFR + 8.01%, Floor rate 9.01% | Senior Secured Senior Secured | SOFR + 8.01% | $66,666,000 | $65,599,000 | ||
| , December 2028, Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee | Senior Secured Senior Secured | SOFR + 3.00% | $65,349,000 | $65,068,000 | ||
| , September 2029, Prime + 2.05%, Floor rate 8.55%, PIK Interest 1.00%, 4.70% Exit Fee | Senior Secured Senior Secured | SOFR + 2.05% (PIK 1.00%) | $65,096,000 | $63,751,000 | ||
| , March 2029, Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee | Senior Secured Senior Secured | SOFR + -2.25% (PIK 6.25%) | $58,360,000 | $59,115,000 | ||
| , October 2027, Prime + 1.75%, Floor rate 8.50%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | Senior Secured Senior Secured | SOFR + 1.75% (PIK 1.50%) | $57,953,000 | $57,961,000 | ||
| , October 2028, Prime + 3.00%, Floor rate 10.50%, PIK Interest 0.25%, 5.45% Exit Fee | Senior Secured Senior Secured | SOFR + 3.00% (PIK 0.25%) | $54,673,000 | $55,682,000 | ||
| , March 2028, Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee | Senior Secured Senior Secured | SOFR + 0.00% (PIK 2.00%) | $52,268,000 | $53,155,000 | ||
| , June 2028, Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee | Senior Secured Senior Secured | SOFR + 1.15% (PIK 2.50%) | $53,204,000 | $53,138,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2023-06-30 | 0 | — | — | $6.2B |
| 2023-09-30 | 0 | — | — | $6.5B |
| 2023-12-31 | 22 | 5.45 | 102.5 | $10.5B |
| 2024-03-31 | 1 | 2.25 | 95.3 | $7.2B |
| 2024-06-30 | 1 | 2.25 | 95.9 | $7.2B |
| 2024-09-30 | 2 | 2.05 | 98.5 | $7.2B |
| 2024-12-31 | 0 | — | — | $11.1B |
| 2025-03-31 | 1 | 2.25 | 98.6 | $11.9B |
| 2025-06-30 | 0 | — | — | $12.6B |
| 2025-09-30 | 0 | — | — | $7M |
| 2025-12-31 | 3 | 3.79 | 99.8 | $114M |
| 2026-03-31 | 146 | 2.68 | 98.4 | $4.5B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Hercules Capital Inc
Hercules Capital Inc (HTGC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Hercules Capital Inc discloses its full loan portfolio through SEC filings.
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