LOWBuilt-inLoan_portfolio
24.3%
Application Software industry
“10-K Item 1A: 'approximately 87.1% of the fair value of our portfolio comprised investments in five industries: 24.3% comprised investments in the "Application Software" industry'”
HTGC · Concentration risk · 10-K extracted
Hercules Capital (HTGC) concentration risks
Updated
The most significant concentration Hercules Capital discloses is Application Software industry at 24.3%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Hercules Capital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH0
MEDIUM0
LOW5
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWBuilt-inLoan_portfolio
23.3%
Drug Discovery & Development industry
“10-K Item 1A: 'approximately 87.1% of the fair value of our portfolio ... 23.3% comprised investments in the "Drug Discovery & Development" industry'”
LOWBuilt-inLoan_portfolio
18.8%
Healthcare Services, Other industry
“10-K Item 1A: 'approximately 87.1% of the fair value of our portfolio ... 18.8% comprised investments in the "Healthcare Services, Other" industry'”
LOWBuilt-inLoan_portfolio
10.6%
System Software industry
“10-K Item 1A: 'approximately 87.1% of the fair value of our portfolio ... 10.6% in the "System Software" industry'”
LOWBuilt-inLoan_portfolio
10.1%
Consumer & Business Services industry
“10-K Item 1A: 'approximately 87.1% of the fair value of our portfolio ... 10.1% comprised investments in the "Consumer & Business Services" industry'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed portfolio concentration is distributed across five technology and life sciences industries, each carrying a low-share position by disclosed size. Approximately 87.1% of the fair value of the portfolio is accounted for by these five sectors in aggregate, with Application Software at 24.3%, Drug Discovery and Development at 23.3%, Healthcare Services, Other at 18.8%, System Software at 10.6%, and Consumer and Business Services at 10.1%. All five are characterized as structural — they reflect the deliberate strategy of a technology-focused business development company to lend within its domain expertise. Because each individual industry slice is low-share by disclosed size, no single sector can alone constitute a concentrated bet that overwhelms the portfolio. The diversification is real, though it remains within a narrow technology and healthcare innovation corridor; macro or credit-cycle shocks that affect venture-backed companies across sectors would affect these holdings in a correlated fashion even if no individual name dominates. There is no disclosed customer, geographic, or counterparty concentration. On balance, the concentration profile is sector-tilted rather than name-tilted, which is typical for a venture lending platform. The appropriate monitoring frame is sector-level credit health across tech and life sciences, not any single borrower or geography. None of the individual industry exposures is at a share level that constitutes a first-order verdict driver on its own.
For the engine’s reasoning on HTGC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Asset Management
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AAMI | Acadian Asset Management Inc. | 1 | 2 | 1 | 4 |
| APAM | Artisan Partners Asset Manageme | 0 | 1 | 2 | 3 |
| AMP | Ameriprise Financial, Inc. | 0 | 1 | 0 | 1 |
| HTGC● | Hercules Capital, Inc. | 0 | 0 | 5 | 5 |
| AB | AllianceBernstein Holding L.P. | 0 | 0 | 1 | 1 |
| AMG | Affiliated Managers Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.