HERCULES CAPITAL, INC.
Hercules Capital, Inc. is a Maryland corporation originally incorporated in December 2003 under the name Hercules Technology Growth Capital, Inc.; it was renamed Hercules Capital, Inc. in February 2016. The company is registered with the U.S. Securities and Exchange Commission (CIK 0001280784) and began investment operations in September 2004. Its principal executive offices are located at 1 North B Street, Suite 2000, San Mateo, California 94401.
Hercules Capital operates as an internally managed, closed-end, non-diversified investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, and it has elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes. The company provides senior secured venture debt, growth capital and other structured financing to venture capital-, private equity- and institutionally-backed companies operating primarily in technology, life sciences, and sustainable and renewable technology industries, at stages ranging from venture growth through established, pre-IPO and public companies. Through its wholly owned adviser subsidiary, Hercules Adviser LLC, an SEC-registered investment adviser, the company also provides investment advisory services to privately offered third-party credit funds, and through subsidiaries such as Gibraltar Business Capital, LLC it offers asset-based lending and equipment-finance products to lower-middle-market companies.
Hercules Capital’s common stock trades on the New York Stock Exchange under the ticker symbol HTGC.
For the fiscal year ended December 31, 2025, Hercules Capital reported total investment income of approximately $532.5 million (up 7.9% year-over-year) and net investment income of approximately $341.7 million (up 4.9% year-over-year), on assets under management of approximately $5.7 billion (up 20.5% year-over-year), according to the company’s fourth-quarter and full-year 2025 results announcement and its Form 10-K for fiscal year 2025 filed with the SEC in February 2026. These figures are reported on a consolidated company basis.
In 2026 the company announced changes to its senior executive leadership and added a new independent director, while continuing to expand its adviser-fund platform and asset-based lending subsidiaries alongside its core BDC lending activity.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
5
Shareholders of Hercules Capital, Inc.
Hercules Capital, Inc. is a publicly traded business development company listed on the New York Stock Exchange (NYSE: HTGC), and its shares are widely held by the investing public. As with other NYSE-listed companies, Hercules Capital does not publish a complete register of all shareholders; only large institutional investors that cross SEC reporting thresholds must disclose their positions, through Schedule 13D/13G beneficial-ownership filings and Form 13F institutional holdings reports. Based on 13F filings for the period ending December 31, 2025, approximately 331 institutional investors reported holdings in Hercules Capital, together representing institutional ownership of roughly 26.3% of shares outstanding. The largest reported institutional position as of that date was held by Van Eck Associates Corp, with over 3.46 million shares (approximately 1.88% of shares outstanding). Other reported institutional holders for the same period include Two Sigma Advisers, Two Sigma Investments, Morgan Stanley, Citadel Advisors, Legal & General Group, LPL Financial, Kingstone Capital Partners Texas, and the VanEck BDC Income ETF (BIZD), among others. This reflects a major-shareholders-only view of ownership: disclosed institutional positions above reporting thresholds, not a complete shareholder base, which also includes retail and other non-reporting holders.
Ultimate beneficial ownership
No verified ultimate beneficial owner (natural person) is identifiable for Hercules Capital, Inc. As an internally managed, NYSE-listed business development company with a widely dispersed institutional and retail shareholder base, and with the largest disclosed holder controlling less than 2% of shares outstanding, no individual or entity meets a beneficial-ownership control threshold that would support identifying a UBO. No UBO is asserted in the absence of such evidence.
Data availability
Shareholder information for Hercules Capital is best described as major shareholders only: institutional positions above SEC disclosure thresholds are publicly available through 13F/13G filings, but the complete underlying shareholder register, including retail holders, is not publicly disclosed. Data reflects positions as of December 31, 2025, the most recent 13F reporting date identified.
Sources
- SEC EDGAR, Hercules Capital, Inc. filings (CIK 0001280784), https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001280784, retrieved 2026-09-23
- Fintel.io, HTGC Institutional Ownership, https://fintel.io/so/us/htgc, retrieved 2026-09-23
- WhaleWisdom, Hercules Capital Inc 13F holders, https://whalewisdom.com/stock/htgc, retrieved 2026-09-23
Registry feed — rows exactly as filed with California Secretary of State — bizfile Online, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| Sound Income Strategies, LLC | 11.9% | California Secretary of State — bizfile Online | |
| UBS Group AG | 7.4% | California Secretary of State — bizfile Online | |
| Tidal ETF Trust-Sound Enhanced Fixed Income ETF | 0.4% | California Secretary of State — bizfile Online | |
| Invesco Exch-Trd Fd. TRT-Invesco Global Listed Private Eqy. ETF | 0.4% | California Secretary of State — bizfile Online | |
| ProShares Trust-ProShares Global Listed Private Equity ETF | 0.1% | California Secretary of State — bizfile Online |
Officers
15
Directors and officers of Hercules Capital, Inc.
Hercules Capital, Inc. discloses its board of directors and executive officers through SEC filings (proxy statements and Form 8-K reports) and its investor relations website. As of September 2026, the Board of Directors comprises eight members, seven of whom are independent directors: Robert P. Badavas (Chairman of the Board; director since March 2006, Chairman since May 2019), Scott Bluestein (Chief Executive Officer and Chief Investment Officer; director since July 2019), DeAnne Aguirre (director since June 2022), Gayle Crowell (director since February 2019), Thomas J. Fallon (director since 2014), Wade Loo (director since July 2021), Nikos Theodosopoulos (director since 2023), and Alfred B. Fichera (independent director, appointed September 17, 2026, serving on the Audit Committee).
The company’s named executive officers as of September 2026 include Scott Bluestein (Chief Executive Officer and Chief Investment Officer), Seth H. Meyer (President; formerly Chief Financial Officer), Andrew Olson (Chief Financial Officer and Head of Corporate Development), Kiersten Zaza Botelho (Chief Legal Officer and Chief Compliance Officer), Christian Follmann (Chief Operating Officer), and Charlie Vandis (Chief Credit Officer).
Nationality and country of residence are not disclosed in the company’s public SEC filings or investor relations materials for its directors or executive officers; these fields are treated as not disclosed rather than inferred from names or addresses.
Recent officer changes
- Effective May 18, 2026: Seth H. Meyer transitioned from Chief Financial Officer to President, continuing to report to CEO Scott Bluestein. Source: company announcement, "Hercules Capital Enters Next Phase of Growth with Expanded Leadership Team," businesswire.com, May 2026.
- Effective May 18, 2026: Andrew Olson was appointed Chief Financial Officer and Head of Corporate Development, succeeding Meyer. Source: same announcement.
- Effective September 17, 2026: Alfred B. Fichera was appointed as an independent director and Audit Committee member. Source: company press release, investor.htgc.com.
Data availability
Officer and director information is Full for a U.S. SEC-reporting issuer such as Hercules Capital: current appointments, roles and effective dates are publicly disclosed through proxy statements and Form 8-K filings. Historical/resigned officer records outside the period reviewed were not independently checked. Nationality is not publicly disclosed for any director or officer.
Sources
- Hercules Capital investor relations, Board of Directors, https://investor.htgc.com/corporate-governance/board-of-directors, retrieved 2026-09-23
- Hercules Capital investor relations, Executive Team, https://investor.htgc.com/company-information/executive-team, retrieved 2026-09-23
- Hercules Capital, "Hercules Capital Announces the Appointment of Alfred B. Fichera to Its Board of Directors," https://investor.htgc.com/news-events/press-releases/detail/598/hercules-capital-announces-the-appointment-of-alfred-b, September 17, 2026
- Businesswire, "Hercules Capital Enters Next Phase of Growth with Expanded Leadership Team," https://www.businesswire.com/news/home/20260504674282/en/Hercules-Capital-Enters-Next-Phase-of-Growth-with-Expanded-Leadership-Team, May 2026
Registry feed — rows exactly as filed with California Secretary of State — bizfile Online, including entries the profile above does not cover.
Group Structure
Group structure of Hercules Capital, Inc.
Hercules Capital, Inc. is an independent, NYSE-listed business development company; it is not a subsidiary of another corporate parent. As a BDC, Hercules Capital does not operate through traditional operating subsidiaries in the way an industrial or commercial group would; it conducts its core lending business substantially through the parent company itself and holds a portfolio of debt and equity investments in unrelated third-party portfolio companies, which are investments rather than corporate subsidiaries or group members and are not listed here as such.
Hercules Capital does maintain a number of wholly owned special-purpose and functional subsidiaries used for financing, securitization, asset management and licensing purposes, consistent with the company’s own Exhibit 21 subsidiary disclosures in its SEC filings. These include financing and securitization vehicles (for example Hercules Funding II LLC, Hercules Funding IV LLC, and several Hercules Capital Funding Trust/LLC entities used in structured note issuances), small business investment company ("SBIC") license-holding subsidiaries (the Hercules Technology Management Co I-V LLC/Inc. series), an SEC-registered investment adviser subsidiary, Hercules Adviser LLC, which advises privately offered third-party credit funds, and asset-based lending subsidiaries Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The company also has a UK subsidiary, HTGC UK Limited (UK company number 13529640, incorporated 26 July 2021, confirmed active via UK Companies House), supporting its international operations.
The company is internally managed rather than externally managed by a separate advisory company: it does not pay management fees to a third-party adviser for managing its own balance sheet. Its Hercules Adviser LLC subsidiary instead externally advises unrelated third-party funds as a separate line of business.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| HTGC UK Limited | GB | 13529640 | Direct subsidiary | Ownership percentage not disclosed (wholly owned per SEC Exhibit 21 disclosures) | Active | 2026-09-23 |
| Hercules Adviser LLC | US (Delaware) | Not disclosed | Direct subsidiary (SEC-registered investment adviser to third-party funds) | Ownership percentage not disclosed (wholly owned per SEC filings) | Active | 2026-09-23 |
| Gibraltar Business Capital, LLC | US (Illinois) | Not disclosed | Direct subsidiary (asset-based lending) | Ownership percentage not disclosed | Active | 2026-09-23 |
| Gibraltar Equipment Finance, LLC | US (California) | Not disclosed | Direct subsidiary (equipment finance) | Ownership percentage not disclosed | Active | 2026-09-23 |
| Hercules Funding II LLC | US (California) | Not disclosed | Direct subsidiary (financing vehicle) | Ownership percentage not disclosed | Active | 2026-09-23 |
Data availability
Corporate-linkage information for Hercules Capital is Partial: the identity of numerous wholly owned functional and financing subsidiaries is confirmed through the company’s own SEC Exhibit 21 subsidiary disclosures and, for the UK subsidiary, through UK Companies House; but exact ownership percentages and registration numbers for most U.S. LLC subsidiaries were not independently confirmed beyond the subsidiary names and jurisdictions. No parent company exists above Hercules Capital, Inc.
Sources
- SEC EDGAR, Hercules Capital, Inc. Exhibit 21.1 List of Subsidiaries (various years), https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001280784, retrieved 2026-09-23
- SEC filings regarding formation of Hercules Adviser LLC and related no-action relief, https://www.sec.gov/Archives/edgar/data/1280784/, retrieved 2026-09-23
- UK Companies House, HTGC UK LIMITED (company number 13529640), https://find-and-update.company-information.service.gov.uk/company/13529640, retrieved 2026-09-23
Registry feed — rows exactly as filed with California Secretary of State — bizfile Online, including entries the profile above does not cover.
HERCULES CAPITAL, INC.
United States
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Frequently Asked Questions
What does HERCULES CAPITAL, INC. do?
Hercules Capital, Inc. is an internally managed business development company (BDC) providing senior secured venture debt and growth capital financing to venture capital- and private equity-backed companies in technology, life sciences and sustainable/renewable technology industries.
Who owns HERCULES CAPITAL, INC.?
Widely held NYSE-listed BDC; approximately 331 institutional holders reported positions as of December 31, 2025 (about 26.3% institutional ownership), led by Van Eck Associates Corp (~1.88%); the complete shareholder register is not public.
Who is HERCULES CAPITAL, INC.'s UBO (Ultimate Beneficial Owner)?
No natural-person ultimate beneficial owner identified; ownership is dispersed among public shareholders with no holder above roughly 2%.
What is HERCULES CAPITAL, INC.'s company registration number?
HERCULES CAPITAL, INC.'s registration number is 2641589, filed with California Secretary of State — bizfile Online in United States. Its current status on the register is active.
Is HERCULES CAPITAL, INC. still an active company?
HERCULES CAPITAL, INC.'s status on California Secretary of State — bizfile Online is listed as active.
When was HERCULES CAPITAL, INC. incorporated?
HERCULES CAPITAL, INC. was incorporated on 9 March 2004, according to California Secretary of State — bizfile Online.
What is HERCULES CAPITAL, INC.'s registered address?
The registered address on file for HERCULES CAPITAL, INC. is United States.
What is HERCULES CAPITAL, INC.'s revenue?
For fiscal year 2025 (ended December 31, 2025), Hercules Capital reported total investment income of approximately $532.5 million and net investment income of approximately $341.7 million, per its Q4/FY2025 results announcement and SEC Form 10-K.
Is HERCULES CAPITAL, INC. listed on a stock exchange?
Common stock trades on the New York Stock Exchange under ticker HTGC.
Who are the officers/directors of HERCULES CAPITAL, INC.?
CEO and Chief Investment Officer Scott Bluestein leads an 8-member board chaired by Robert P. Badavas; President Seth H. Meyer and CFO Andrew Olson were appointed in a leadership reorganization effective May 18, 2026.
Does HERCULES CAPITAL, INC. have a parent company or subsidiaries?
Independent, internally managed BDC with no corporate parent; wholly owned functional subsidiaries include Hercules Adviser LLC (third-party fund adviser), Gibraltar Business Capital / Gibraltar Equipment Finance (asset-based lending), SBIC-license subsidiaries, and HTGC UK Limited. Portfolio investments are not corporate subsidiaries.
Can Zavia monitor changes to HERCULES CAPITAL, INC.'s ownership over time?
This profile reflects a point-in-time snapshot from California Secretary of State — bizfile Online. Zavia's monitoring API can track changes to HERCULES CAPITAL, INC.'s registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access HERCULES CAPITAL, INC.'s data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including United States, so records like HERCULES CAPITAL, INC.'s registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from California Secretary of State — bizfile Online and was last synced on 25 September 2026.