海格投资 2025年季度报告

FORM10-Q OR HERCULES CAPITAL, INC. (Exact Name of Registrant as Specified in its Charter)_________________________________________________ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNox On April24, 2025, there were175,426,129shares outstanding of the Registrant’s common stock, $0.001 par value. HERCULES CAPITAL, INC.FORM 10-Q TABLE OF CONTENTS Item 1.Consolidated Financial Statements3Consolidated Statements of Assets and Liabilities as ofMarch31, 2025(unaudited) and December 31, 20243Consolidated Statements of Operations for the threemonths endedMarch31, 2025and 2024(unaudited)4Consolidated Statements of Changes in Net Assets for the threemonths endedMarch31, 2025and 2024(unaudited)5Consolidated Statements of Cash Flows for thethreemonths endedMarch31, 2025and 2024(unaudited)6Consolidated Schedule of Investments as ofMarch31, 2025(unaudited)7Consolidated Schedule of Investments as of December 31, 202420Notes to Consolidated Financial Statements (unaudited)33Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations70Item 3.Quantitative and Qualitative Disclosures About Market Risk86Item 4.Controls and Procedures87PART II. OTHER INFORMATION88Item 1.Legal Proceedings88Item 1A.Risk Factors88Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities89Item 3.Defaults Upon Senior Securities89Item 4.Mine Safety Disclosures89Item 5.Other Information89Item 6.Exhibits and Financial Statement Schedules90SIGNATURES95 PART I: FINANCIAL INFORMATION In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc., its wholly ownedsubsidiaries, and its affiliated securitization trust unless the context otherwise requires. ITEM 1.CONSOLIDATED FINANCIAL STATEMENTS HERCULES CAPITAL, INC.CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES HERCULES CAPITAL, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) HERCULES CAPITAL, INC.CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(unaudited) See notes to consolidated financial statements5 HERCULES CAPITAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) (in thousands) (1)Excluded from the amounts presented are certaininvestment funding allocations of $124.1million, which were directly funded by the Adviser Funds (as defined in"Note 1 – Description of Business") during the three month period ended March31, 2025. Refer to Note 12 – Related Party Transaction for additional information.(2)Stock-based compensation includes $35thousand and $35thousand of restricted stock and option expense related to director compensation for the three months endedMarch31, 2025 and 2024, respectively. The following table presents a reconciliation of cash, cash equivalents, foreign cash and restricted cash reported within theConsolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of CashFlows: (in thousands) See “Note 2 – Summary of Significant Accounting Policies” for a description of cash, cash equivalents, foreign cash and restrictedcash. See notes to consolidated financial statements6 HERCULES CAPITAL, INC.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch31, 2025 (unaudited)(dollars in thousands) HERCULES CAPITAL, INC.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch31, 2025 (unaudited)(dollars in thousands) HERCULES CAPITAL, INC.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch31, 2025 (unaudited)(dollars in thousands) HERCULES CAPITAL, INC.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch31, 2025 (unaudited)(dollars in thousands) HERCULES CAPITAL, INC.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch31,