Hercules Capital, Inc.
In the published model solve dated 2026-Q2, anchored at $15.67, Hercules Capital, Inc. (HTGC) is priced for 10.8% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 24, 2026 from SEC EDGAR filings.
• Lending to venture-backed technology and life-science companies is a business almost nobody does at scale, and the spread Hercules earns on it is the whole reason the shares change hands at roughly 1.3 times the accounting value of the loan book rather than at it. • The risk that matters is the funding cycle behind the borrowers, not the borrowers one by one: 28.6% of the portfolio sat in the middle credit grade at the end of March, with a single loan on non-accrual at 0.2% of the portfolio a
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346 institutional managers reported holding HTGC in 13F filings for the quarter ended 2026-03-31. Together they hold about 35% of the company; the top 10 hold 20%. 51 opened new positions that quarter. Held by UBS, Two Sigma, D. E. Shaw, among others. On the short side, 11.5M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (8.2 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
HTGC's share count grew 59.2% over the past five years even with $33.34M spent on repurchases. It pays a dividend, and has paid one every year in our records (5 and counting). Cash returned over the past three years: $857.28M in dividends and $14.38M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at HTGC over the trailing three years: 2024: 7 buys totaling $514k; 2025: 8 buys totaling $670k; 2026: 22 buys totaling $2.59M. 11 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
HTGC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +4.5% | -10.5% |
| 2023-11-03 | +0.2% | +8.5% |
| 2024-02-16 | +6.1% | -0.8% |
| 2024-05-03 | +0.7% | +9.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
HTGC's latest 8-K filings: 2026-07-24 (items 1.01, 2.03, 8.01, 9.01); 2026-07-21 (items 2.02, 8.01); 2026-06-18 (items 5.07, 9.01); 2026-05-05 (items 2.02, 8.01, 9.01); 2026-05-04 (items 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 24, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.