海格投资美股招股说明书(2026-07-21版)

PRELIMINARY PROSPECTUS SUPPLEMENT(To prospectus dated December11, 2024) $ % Notes due 20 We are an internally-managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company under theInvestment Company Act of 1940, as amended, or the 1940 Act. Our investment objective is to maximize our portfolio’s total return by generating currentincome from our debt investments and capital appreciation from our warrant and equity-related investments. We are offering $in aggregate principal amount of% notes due 20, or the “Notes.” The Notes will mature on, 20. We will pay interest onthe Notes semi-annually onandof each year, beginning on, 20. We may redeem the Notes in whole or in part at any time or fromtime to time, at the applicable redemption price set forth under “Description of Notes—Optional Redemption” in this prospectus supplement. In addition, holdersof the Notes can require us to repurchase the Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but notincluding, the repurchase date upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimumdenominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes will be our unsecured obligations and rankpari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinatedindebtedness issued by Hercules Capital, Inc. An investment in the Notes involves risks that are described in the “Supplementary Risk Factors” section beginning on page S-15 in this prospectussupplement, the “Risk Factors” section beginning on page 12 of the accompanying prospectus and in our most recent Annual Report on Form 10-K andour subsequent Quarterly Reports on Form 10-Q, as well as any of our subsequent filings with the Securities and Exchange Commission, or SEC. This prospectus supplement, the accompanying prospectus, any free writing prospectus related to the offering of the Notes and the documents incorporated byreference herein and therein contain important information you should know before investing in the Notes, including information about the risks related thereto.Please read this prospectus supplement and the accompanying prospectus, and the documents incorporated by reference herein and therein, before you invest andkeep it for future reference. Additional information about us, including our annual, quarterly and current reports and proxy statements, has been filed with theSEC, and can be accessed free of charge at its website at www.sec.gov. This information is also available free of charge by contacting us at 1 North B Street,Suite 2000, San Mateo, California 94401, or by telephone by calling collect at (650) 289-3060 or on our website at www.htgc.com. The information on thewebsites referred to herein is not incorporated by reference into this prospectus supplement or the accompanying prospectus. Public offering price(1) %$Underwriting discount (sales load)%$Proceeds to us (before expenses)(1)(2)%$ (1)The public offering price set forth above does not include accrued interest, if any. Interest on the Notes will accrue from, 2026 and must be paidby the purchaser if the Notes are delivered after, 2026.(2)Before deducting expenses payable by us related to this offering, estimated at $. See “Underwriting (Conflicts of Interest)” in this prospectussupplement for complete details of underwriters’ compensation. THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSITINSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or theaccompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Delivery of the Notes in book-entry form only through The Depository Trust Company for the accounts of its participants, including Euroclear Bank S.A./N.V.,as operator of the Euroclear System, and Clearstream Banking S.A., will be made on or about, 2026. Joint Book-Running Managers SMBC Nikko Table of Contents You should rely only on the information contained in this prospectus supplement, the accompanying prospectus, any free writing prospectusrelated to the offering of the Notes, the documents incorporated by reference herein and therein, or any other information to which we havereferred you. We have not, and the underwriters have not, authorized any other person to provide you with different information from thatcontained in this prospectus supplement, the accompanying prospectus and in any free writing prospectus related to the offering of the Notes. Ifanyone provides you with different or inconsistent information, you should not rely on it. This prospectus supplement, the accompanyingprospectus, and any free writing prospectus related to the