DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
BDC portfolio
Hercules Capital, Inc.
BDCHTGC, HCXYCIK 1280784file 814-00702SAN MATEO, CAinternally managed
Fair value
$5.1B
as of Jun 30, 2026
Principal held
$4.8B
debt pieces, the filer's figure
Cost
$5.1B
99c on cost
Unfunded
$408M
commitments not yet drawn
Positions
459
218 borrowers
First lien
88%
95% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
363
32 sponsors financed
Portfolio through time
Fair value by quarter end$5.1B as of Jun 30, 2026
Dec 31, 2022$15B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.1B | 218 | 99c | 55 | 351 bp |
| Mar 31, 2026 | $5.6B | 224 | 99c | 61 | 360 bp |
| Dec 31, 2025 | $9.7B | 254 | 100c | 112 | 353 bp |
| Sep 30, 2025 | $5.2B | 218 | 100c | 60 | 376 bp |
| Jun 30, 2025 | $26B | 208 | 100c | 59 | 381 bp |
| Mar 31, 2025 | $24B | 204 | 99c | 55 | 385 bp |
| Dec 31, 2024 | $37B | 235 | 100c | 95 | 440 bp |
| Sep 30, 2024 | $18B | 209 | 99c | 54 | 473 bp |
| Jun 30, 2024 | $18B | 212 | 100c | 52 | 488 bp |
| Mar 31, 2024 | $18B | 217 | 100c | 50 | 492 bp |
| Dec 31, 2023 | $32B | 223 | 100c | 119 | 511 bp |
| Sep 30, 2023 | $17B | 217 | 98c | 46 | 519 bp |
| Jun 30, 2023 | $16B | 214 | 100c | 41 | 533 bp |
| Mar 31, 2023 | $19B | 218 | 99c | 42 | 549 bp |
| Dec 31, 2022 | $15B | 224 | 99c | 39 | 569 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
- Viking Global Investors LP carried4 borrowers $75.2M
- Silversmith Capital Partners carried3 borrowers $16.7M
- Accel-Kkr carried2 borrowers $73.9M
- 2 borrowers $71.2M
- RHO Capital Partners carried2 borrowers $45.0M
- Francisco Partners carried2 borrowers $44.9M
- 1 borrower $133M
- Washington Harbour Partners LP carried1 borrower $114M
- SK Capital Partners carried1 borrower $67.1M
- Lorient Capital Management, LLC carried1 borrower $60.8M
- Omega Fund Management, LLC carried1 borrower $57.3M
- 1 borrower $46.8M
- Vector Capital Management, L.P. carried1 borrower $45.7M
- HOF Capital carried1 borrower $38.4M
- Foresite Capital carried1 borrower $35.0M
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- System Software first lien term loan1 BDC hold it · matures Jan 1, 2031$504M 99c
- Defense Technologies first lien term loan1 BDC hold it · matures Jun 1, 2030$237M 102c
- Marathon Health, LLC first lien term loan1 BDC hold it · matures Feb 1, 2029$185M 99c
- Dyne Therapeutics, Inc first lien term loan1 BDC hold it · matures Jul 1, 2030$142M 102c
- Phathom Pharmaceuticals, Inc first lien term loan1 BDC hold it · matures Feb 1, 2029 · Novaquest Capital Management, L.L.C.$133M 101c
- ChenMed, LLC first lien term loan1 BDC hold it · matures May 1, 2030$130M 100c
- Tipalti Solutions Ltd first lien term loan1 BDC hold it · matures Apr 1, 2029$117M 99c
- Heron Therapeutics, Inc first lien term loan1 BDC hold it · matures Sep 1, 2030$80.8M 97c
- Blue Sprig Pediatrics, Inc first lien term loan1 BDC hold it · matures Nov 1, 2026$77.3M 99c
- Arcus Biosciences, Inc first lien term loan1 BDC hold it · matures Sep 1, 2030$76.5M 105c
- X4 Pharmaceuticals, Inc first lien term loan1 BDC hold it · matures Jul 1, 2027$75.0M 100c
- Main Street Rural, Inc first lien term loan1 BDC hold it · matures Jul 1, 2027$73.5M 100c
Schedule of investments at Jun 30, 2026
459 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Marathon Health, LLC Healthcare Services, Other | term loan first lien | $185M | $185M 99c | S+25 bp PIK 2.25% | Feb 1, 2029 |
| Defense Technologies, Shield AI, Inc. | term loan first lien | $148M | $150M 101c | S+85 bp PIK 2.50% | Feb 1, 2029 |
| Dyne Therapeutics, Inc. Drug Discovery & Development | term loan first lien | $142M | $144M 102c | S+245 bp | Jul 1, 2030 |
| Phathom Pharmaceuticals, Inc. Drug Discovery & Development | term loan first lien | $133M | $133M 101c | S+310 bp | Feb 1, 2029 |
| ChenMed, LLC Healthcare Services, Other | term loan first lien | $130M | $129M 100c | S+245 bp | May 1, 2030 |
| Total Tipalti Solutions Ltd. Application Software | unstated lien unstated | $117M | $115M 99c | ||
| System Software, Total Semperis Technologies Inc. | term loan first lien | $83.2M | $82.3M 100c | ||
| Arcus Biosciences, Inc. Drug Discovery & Development | term loan first lien | $76.5M | $81.1M 105c | S+-5 bp PIK 2.20% | Sep 1, 2030 |
| Heron Therapeutics, Inc. Drug Discovery & Development | term loan first lien | $80.8M | $78.5M 97c | S+195 bp PIK 1.00% | Sep 1, 2030 |
| DocPlanner Application Software | term loan first lien | $68.2M | $77.9M 111c | S+275 bp | Jan 1, 2030 |
| X4 Pharmaceuticals, Inc. Drug Discovery & Development | term loan first lien | $75.0M | $77.2M 100c | S+315 bp | Jul 1, 2027 |
| Defense Technologies, Saronic Technologies, Inc. | term loan first lien | $74.4M | $76.6M 105c | S+250 bp | Jun 1, 2030 |
| Main Street Rural, Inc. Healthcare Services, Other | term loan first lien | $73.5M | $76.4M 100c | S+195 bp | Jul 1, 2027 |
| Blue Sprig Pediatrics, Inc. Healthcare Services, Other | term loan first lien | $77.3M | $76.3M 99c | S+511 bp PIK 4.45% | Nov 1, 2026 |
| Equality Health, LLC Healthcare Services, Other | term loan first lien | $72.7M | $71.5M 99c | S+585 bp PIK 1.95% | Feb 1, 2028 |
| Tipalti Solutions Ltd. Application Software | term loan first lien | $73.3M | $71.5M 98c | S+45 bp PIK 2.30% | Apr 1, 2029 |
| Locus Robotics Corp. Electronics & Computer Hardware | term loan first lien | $65.0M | $64.8M 99c | S+300 bp | Dec 1, 2028 |
| AppDirect, Inc. Consumer & Business Services | term loan first lien | $65.9M | $64.4M 98c | S+205 bp PIK 1.00% | Sep 1, 2029 |
| Babel Street Application Software | term loan first lien | $64.8M | $63.3M 99c | S+801 bp | Dec 1, 2027 |
| Curana Health Holdings, LLC Healthcare Services, Other | term loan first lien | $60.8M | $61.8M 100c | S+145 bp | Oct 1, 2029 |
| System Software, Harness, Inc. | term loan first lien | $59.8M | $60.3M 102c | S+-225 bp PIK 6.25% | Mar 1, 2029 |
| Replimune Group, Inc. Drug Discovery & Development | term loan first lien | $57.3M | $58.3M 100c | S+175 bp PIK 1.50% | Oct 1, 2027 |
| GoEuro Travel GmbH Consumer & Business Services | term loan first lien | $58.0M | $58.0M 100c | S+345 bp | Nov 1, 2029 |
| Braeburn, Inc. Drug Discovery & Development | term loan first lien | $53.7M | $56.2M 102c | S+300 bp PIK 0.25% | Oct 1, 2028 |
| NeueHealth, Inc. Healthcare Services, Other | term loan first lien | $55.3M | $53.6M 99c | S+365 bp | Jun 1, 2028 |
| Reveleer Application Software | term loan first lien | $50.6M | $52.3M 100c | S+65 bp PIK 2.00% | Feb 1, 2027 |
| Total Senseonics Holdings, Inc. Medical Devices & Equipment | unstated lien unstated | $46.1M | $47.6M 101c | ||
| MoonLake Immunotherapeutics Drug Discovery & Development | term loan first lien | $46.0M | $46.9M 101c | S+145 bp | Apr 1, 2030 |
| Smartsheet Inc. Application Software | term loan first lien | $46.8M | $46.8M 102c | S+525 bp | Jan 1, 2031 |
| Dashlane, Inc. Application Software | term loan first lien | $45.0M | $46.3M 100c | S+305 bp PIK 1.10% | Dec 1, 2027 |
| Ennoble Care LLC Healthcare Services, Other | term loan first lien | $45.0M | $45.1M 101c | S+260 bp | Feb 1, 2030 |
| Mango Technologies, Inc. Application Software | term loan first lien | $45.3M | $44.5M 100c | S+225 bp | Aug 1, 2030 |
| Marigold Group, Inc. Application Software | term loan first lien | $45.7M | $44.1M 98c | S+950 bp | Apr 1, 2028 |
| COMPASS Pathways plc Drug Discovery & Development | term loan first lien | $42.5M | $43.4M 102c | S+275 bp | Jan 1, 2031 |
| Tipalti Solutions Ltd. Application Software | term loan first lien | $43.2M | $43.3M 100c | S+45 bp PIK 2.30% | Apr 1, 2029 |
| Total iSpot.tv, Inc. Application Software | unstated lien unstated | $42.6M | $42.3M 99c | ||
| Hercules Adviser LLC, Equity, 3/26/2021 Diversified Financial Services | equity equity | n/a | $40.5M 337c | ||
| Distributed Creation Inc. Application Software | term loan first lien | $40.0M | $39.3M 99c | S+300 bp | Apr 1, 2029 |
| Lexicon Pharmaceuticals, Inc. Drug Discovery & Development | term loan first lien | $39.9M | $39.1M 100c | S+310 bp | May 1, 2030 |
| iSpot.tv, Inc. Application Software | term loan first lien | $39.3M | $39.0M 99c | S+140 bp PIK 0.75% | Jan 1, 2029 |
| Chainalysis, Inc. Application Software | term loan first lien | $38.4M | $38.7M 102c | S+295 bp | Jun 1, 2029 |
| Total Gibraltar Acquisition LLC Diversified Financial Services | unstated lien unstated | $38.8M | $38.3M 100c | ||
| Disc Medicine, Inc. Drug Discovery & Development | term loan first lien | $35.0M | $36.5M 104c | S+175 bp | Dec 1, 2029 |
| Strive Health Holdings, LLC Healthcare Services, Other | term loan first lien | $36.0M | $36.4M 101c | S+105 bp | Aug 1, 2029 |
| Riviera Partners LLC Consumer & Business Services | term loan first lien | $35.9M | $35.5M 99c | S+828 bp | Mar 1, 2028 |
| System Software, Semperis Technologies Inc. | term loan first lien | $34.5M | $34.0M 100c | S+-50 bp PIK 3.85% | Apr 1, 2029 |
| WellBe Senior Medical, LLC Healthcare Services, Other | term loan first lien | $33.5M | $33.6M 99c | S+75 bp PIK 2.65% | May 1, 2029 |
| Brain Corporation Application Software | term loan first lien | $33.2M | $33.5M 100c | S+135 bp PIK 2.50% | Sep 1, 2028 |
| Senseonics Holdings, Inc. Medical Devices & Equipment | term loan first lien | $30.6M | $32.2M 101c | S+240 bp | Aug 1, 2029 |
| Pindrop Security, Inc. Application Software | term loan first lien | $31.0M | $31.7M 103c | S+350 bp | Jun 1, 2029 |
| Total Electric Hydrogen Co. Sustainable and Renewable Technology | unstated lien unstated | $30.6M | $30.5M 99c | ||
| Houzz, Inc., Convertible Debt, May 2028, PIK Interest Consumer & Business Services | unstated lien unstated | $30.7M | $29.7M 97c | PIK 12.00% | May 1, 2028 |
| Loftware, Inc. Application Software | term loan first lien | $29.5M | $29.5M 101c | S+775 bp | Mar 1, 2028 |
| System Software, Total PayIt, LLC | term loan first lien | $29.3M | $29.0M 99c | ||
| Sight Sciences, Inc. Medical Devices & Equipment | term loan first lien | $28.0M | $28.7M 100c | S+235 bp | Jul 1, 2028 |
| uniQure B.V. Drug Discovery & Development | term loan first lien | $27.5M | $28.5M 103c | S+245 bp | Oct 1, 2030 |
| Gibraltar Acquisition LLC Diversified Financial Services | unstated unsecured or subordinated | $28.8M | $28.5M 100c | Jul 1, 2029 | |
| Maze Therapeutics, Inc. Drug Discovery & Development | term loan first lien | $28.0M | $28.3M 101c | S+95 bp | Feb 1, 2031 |
| Space Technologies, Stoke Space Technologies, Inc. | term loan first lien | $28.6M | $28.2M 100c | S+100 bp PIK 2.00% | May 1, 2029 |
| Sisense Ltd. Application Software | term loan first lien | $27.7M | $28.0M 97c | S+150 bp PIK 1.95% | Jul 1, 2027 |
| Carwow LTD Consumer & Business Services | term loan first lien | $20.8M | $27.9M 97c | S+470 bp PIK 1.45% | Dec 1, 2027 |
| System Software, PayIt, LLC | term loan first lien | $26.5M | $26.3M 99c | S+145 bp PIK 1.50% | Dec 1, 2028 |
| RVShare, LLC Consumer & Business Services | term loan first lien | $25.8M | $25.8M 100c | S+950 bp | Dec 1, 2026 |
| Remodel Health Holdco, LLC Application Software | term loan first lien | $25.0M | $25.5M 101c | S+235 bp | Dec 1, 2028 |
| System Software, CoreView USA, Inc. | term loan first lien | $25.0M | $25.2M 100c | S+275 bp | Jan 1, 2029 |
| Saama Technologies, LLC Information Services | term loan first lien | $24.3M | $24.8M 101c | S+70 bp PIK 2.00% | Jul 1, 2027 |
| System Software, Semperis Technologies Inc. | term loan first lien | $24.8M | $24.6M 100c | S+250 bp PIK 1.50% | Apr 1, 2029 |
| Gibraltar Acquisition LLC, Equity, 3/1/2018 Diversified Financial Services | equity equity | n/a | $24.4M 77c | ||
| Finix Payments, Inc. Consumer & Business Services | term loan first lien | $24.5M | $24.2M 100c | S+250 bp | Dec 1, 2029 |
| Intercom, Inc. Application Software | term loan first lien | $22.6M | $23.8M 106c | S+200 bp PIK 1.00% | Feb 1, 2031 |
| Aryaka Networks, Inc. Communications & Networking | term loan first lien | $28.5M | $23.8M 82c | S+180 bp PIK 1.25% | Dec 1, 2028 |
| System Software, Semperis Technologies Inc. | term loan first lien | $23.9M | $23.7M 100c | S+-175 bp PIK 3.25% | Apr 1, 2029 |
| System Software, LogRhythm, Inc. | term loan first lien | $25.2M | $22.7M 92c | S+750 bp | Jul 1, 2029 |
| System Software, Sumo Logic, Inc. | term loan first lien | $23.5M | $22.7M 98c | S+650 bp | May 1, 2030 |
| Investment Fund, Cash & Cash Equivalent, GS Financial Square | unstated lien unstated | n/a | $22.3M 100c | ||
| Ceros, Inc. Application Software | term loan first lien | $22.7M | $22.3M 99c | S+899 bp | Jun 1, 2027 |
| Savara, Inc. Drug Discovery & Development | term loan first lien | $21.4M | $21.9M 101c | S+145 bp | Apr 1, 2030 |
| Streamline Healthcare Solutions Application Software | term loan first lien | $22.3M | $21.7M 100c | S+730 bp | Jun 1, 2030 |
| Snappt, Inc. Application Software | term loan first lien | $22.0M | $21.5M 98c | S+235 bp PIK 1.00% | Apr 1, 2029 |
| System Software, New Relic, Inc. | term loan first lien | $21.9M | $21.3M 99c | S+675 bp | Nov 1, 2030 |
| Funnel Holding AB (publ) Application Software | term loan first lien | $21.3M | $21.0M 99c | S+60 bp PIK 3.00% | Oct 1, 2029 |
| Elation Health, Inc. Application Software | term loan first lien | $21.2M | $20.9M 100c | S+175 bp PIK 1.30% | Apr 1, 2029 |
| ZeroEyes, Inc. Application Software | term loan first lien | $21.1M | $20.5M 99c | S+200 bp PIK 2.00% | May 1, 2030 |
| Earnix, Inc. Application Software | term loan first lien | $20.5M | $20.5M 101c | S+-115 bp PIK 4.45% | Jun 1, 2029 |
| AlphaSense, Inc. Application Software | term loan first lien | $20.0M | $20.1M 101c | S+625 bp | Jun 1, 2029 |
| Manufacturing Technology, VulcanForms Inc. | term loan first lien | $20.0M | $20.1M 99c | S+425 bp | Jan 1, 2028 |
| Weee! Inc. Consumer & Business Products | term loan first lien | $20.0M | $20.0M 101c | S+225 bp | Apr 1, 2028 |
| Antheia, Inc. Biotechnology Tools | term loan first lien | $21.3M | $19.9M 99c | S+285 bp | Aug 1, 2029 |
| Tonal Systems, Inc. Consumer & Business Products | term loan first lien | $20.0M | $19.8M 100c | S+425 bp | Mar 1, 2029 |
| Alchemer LLC Application Software | term loan first lien | $20.1M | $19.7M 99c | S+814 bp | May 1, 2028 |
| Peek Travel, Inc. Consumer & Business Services | term loan first lien | $20.0M | $19.5M 98c | S+175 bp PIK 1.00% | Oct 1, 2028 |
| System Software, Total Zimperium, Inc. | term loan first lien | $19.5M | $19.4M 100c | ||
| Modern Life, Inc. Healthcare Services, Other | term loan first lien | $19.0M | $19.1M 99c | S+275 bp | Feb 1, 2029 |
| The Good Health Group, LLC Healthcare Services, Other | term loan first lien | $19.1M | $18.9M 100c | S+345 bp | Jun 1, 2030 |
| DevRev, Inc. Application Software | term loan first lien | $18.8M | $18.5M 100c | S+395 bp | Jul 1, 2029 |
| Tenpoint Therapeutics Limited Drug Discovery & Development | term loan first lien | $18.8M | $18.3M 98c | S+290 bp | Oct 1, 2029 |
| enGene Therapeutics Inc. (p.k.a. enGene, Inc.) Drug Discovery & Development | term loan first lien | $17.5M | $17.9M 100c | S+225 bp | Jan 1, 2030 |
| Electric Hydrogen Co. Sustainable and Renewable Technology | term loan first lien | $17.7M | $17.7M 99c | S+225 bp PIK 1.25% | May 1, 2028 |
| System Software, Zimperium, Inc. | term loan first lien | $17.7M | $17.6M 100c | S+810 bp | May 1, 2027 |
| Altimmune, Inc. Drug Discovery & Development | term loan first lien | $17.5M | $17.6M 100c | S+245 bp | Jun 1, 2029 |
Page 1 of 5Next
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- HERCULES TECHNOLOGY GROWTH CAPITAL INCreported
- Latest schedule
- 0001280784-26-000042reported