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Hercules Capital, Inc. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and Hercules Capital, Inc.’s Form 8-K, filed June 20, 2025 (Item 5.07 on EDGAR). Page generated October 14, 2026.

16Reported items
262Asset managers
739Fund votes
June 18, 2025Main meeting date

Results at a glance

Meeting of June 18, 2025: 5 items on Hercules Capital, Inc.’s Form 8-K, filed June 20, 2025: 5 without a stated outcome.

Meeting of August 15, 2024: 1 item on Hercules Capital, Inc.’s Form 8-K, filed August 16, 2024: 1 without a stated outcome.

Material dissent

None.

Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided

Proxy season: 2023-2024 2024-2025 2025-2026

Explore Hercules Capital, Inc. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by Hercules Capital, Inc.

These tallies are Hercules Capital, Inc.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed June 20, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX. Hercules Capital, Inc. reported 2 meetings in this season; each is tabulated separately below, with its own filing.

Hercules Capital, Inc. — official shareholder meeting results, meeting held June 18, 2025 (Form 8-K, filed June 20, 2025)
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Support (of votes cast)	Reported outcome	Voting standard
Elect Director: Wade Loo	61,882,801	2,636,652	1,629,498	--	62,194,527	96%	Not verified	—
Elect Director: DeAnne Aguirre	53,233,934	11,628,304	1,286,713	--	62,194,527	82%	Not verified	—
Proposal 2	56,068,806	6,417,109	3,663,036	--	62,194,527	90%	Not verified	—
All stockholders excluding shares held by affiliates	46,991,610	11,069,871	2,460,950	--	62,194,527	81%	Not verified	—
Proposal 4	124,568,440	1,780,065	1,994,973	--	--	99%	Not verified	—

Source: Hercules Capital, Inc., Form 8-K, filed with the SEC on June 20, 2025 — read the filing on EDGAR.

Hercules Capital, Inc. — official shareholder meeting results, meeting held August 15, 2024 (Form 8-K, filed August 16, 2024)
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Support (of votes cast)	Reported outcome	Voting standard
3. Authorization of the Company to sell or issue shares of its common stock at a price below its then-current NAV per share, subject to the conditions set forth in Proposal 3	62,295,041	14,854,495	4,859,506	--	--	81%	Not verified	—

Source: Hercules Capital, Inc., Form 8-K, filed with the SEC on August 16, 2024 — read the filing on EDGAR.

How asset managers voted at the Hercules Capital, Inc. 2024-2025 meetings

Each item below shows how the 262 asset managers that disclosed a Hercules Capital, Inc. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of Hercules Capital, Inc.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Elect Director: DeAnne Aguirre

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Meeting held June 18, 2025.

Combines 3 wordings of this item as funds reported it.

82% Majority: yes · of votes cast

FOR 82%AGAINST

FOR: 53,233,934AGAINST: 11,628,304

Details: description as filed, official tally, votes by 18 asset managers

Description as filed by funds: Election of three Directors: DeAnne Aguirre

Hercules Capital, Inc.’s own tally for this item (“Elect Director: DeAnne Aguirre”): 53,233,934 for, 11,628,304 against, per its Form 8-K filed June 20, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 82% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 18 asset managers below reported 3,807,932 for, 802,970 against, 80,215 abstained.

FORAGAINST

FOR: 3,807,932AGAINST: 802,970ABSTAIN: 80,215

Largest asset managers voting on “Election of three Directors: DeAnne Aguirre” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	2,592,585	547,094	64,010	Mixed
Putnam	510,134	107,650	12,595	Mixed
CITY NATIONAL ROCHDALE FUNDS	392,445	0	0	For
First Trust	145,665	30,739	3,596	Mixed
WisdomTree	92,205	0	0	For
ETFis Series Trust I	0	39,577	0	Against
LOCORR INVESTMENT TRUST	34,818	0	0	For
ProShares	0	32,331	0	Against
EA Series Trust	22,854	0	0	For
Blackstone Alternative Investment Funds	0	18,400	0	Against
Tidal Trust I	14,583	0	0	For
Goldman Sachs	0	10,664	0	Against
Elevation Series Trust	0	8,671	0	Against
SIT MUTUAL FUNDS INC	0	7,725	0	Against
Northern Lights Fund Trust IV	1,870	0	0	For
Invesco	548	116	14	Mixed
RBB Fund Trust	225	0	0	For
Lazard	0	4	0	Against

2. Election of three Directors: Scott Bluestein

No official matchDIRECTOR ELECTIONS

Meeting held June 18, 2025.

Combines 2 wordings of this item as funds reported it.

98% of fund votes cast · no official result

FOR

Details: votes by 18 asset managers

The 18 asset managers below reported 4,540,403 for, 69,294 against, 81,419 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 4,540,403AGAINST: 69,294ABSTAIN: 81,419

Largest asset managers voting on “Election of three Directors: Scott Bluestein” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	3,083,422	55,296	64,971	For
Putnam	606,715	10,880	12,784	For
CITY NATIONAL ROCHDALE FUNDS	392,445	0	0	For
First Trust	173,243	3,107	3,650	For
WisdomTree	92,205	0	0	For
ETFis Series Trust I	39,577	0	0	For
LOCORR INVESTMENT TRUST	34,818	0	0	For
ProShares	32,331	0	0	For
EA Series Trust	22,854	0	0	For
Blackstone Alternative Investment Funds	18,400	0	0	For
Tidal Trust I	14,583	0	0	For
Goldman Sachs	10,664	0	0	For
Elevation Series Trust	8,671	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
Northern Lights Fund Trust IV	1,870	0	0	For
Invesco	652	12	14	For
RBB Fund Trust	225	0	0	For
Lazard	4	0	0	For

3. Elect Director: Wade Loo

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Meeting held June 18, 2025.

Combines 2 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 61,882,801AGAINST: 2,636,652

Details: description as filed, official tally, votes by 18 asset managers

Description as filed by funds: Election of three Directors: Wade Loo

Hercules Capital, Inc.’s own tally for this item (“Elect Director: Wade Loo”): 61,882,801 for, 2,636,652 against, per its Form 8-K filed June 20, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 96% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 18 asset managers below reported 4,425,019 for, 164,323 against, 101,774 abstained.

FOR

FOR: 4,425,019AGAINST: 164,323ABSTAIN: 101,774

Largest asset managers voting on “Election of three Directors: Wade Loo” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	2,991,348	131,127	81,213	Mixed
Putnam	588,597	25,801	15,980	Mixed
CITY NATIONAL ROCHDALE FUNDS	392,445	0	0	For
First Trust	168,070	7,367	4,563	Mixed
WisdomTree	92,205	0	0	For
ETFis Series Trust I	39,577	0	0	For
LOCORR INVESTMENT TRUST	34,818	0	0	For
ProShares	32,331	0	0	For
EA Series Trust	22,854	0	0	For
Blackstone Alternative Investment Funds	18,400	0	0	For
Tidal Trust I	14,583	0	0	For
Goldman Sachs	10,664	0	0	For
Elevation Series Trust	8,671	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
Northern Lights Fund Trust IV	1,870	0	0	For
Invesco	632	28	17	Mixed
RBB Fund Trust	225	0	0	For
Lazard	4	0	0	For

4. Election of three Independent Directors: Gayle Crowell

No official matchDIRECTOR ELECTIONS

Meeting held August 15, 2024.

Combines 3 wordings of this item as funds reported it.

88% of fund votes cast · no official result

FOR

Details: votes by 16 asset managers

The 16 asset managers below reported 2,430,970 for, 317,141 against, 83,185 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 2,430,970AGAINST: 317,141ABSTAIN: 83,185

Largest asset managers voting on “Election of three Independent Directors: Gayle Crowell” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	1,723,931	228,168	74,624	Mixed
CITY NATIONAL ROCHDALE FUNDS	370,971	0	0	For
First Trust	153,108	20,264	6,628	Mixed
Pear Tree Funds	125,545	0	0	For
WisdomTree	26,085	0	0	For
ETFis Series Trust I	0	24,546	0	Against
ProShares	0	22,457	0	Against
Northern Trust	21,754	0	0	For
Virtus	0	12,197	0	Against
SIT MUTUAL FUNDS INC	0	7,725	0	Against
EA Series Trust	5,593	0	0	For
Tidal Trust I	3,350	0	0	For
Northern Lights Fund Trust IV	0	0	1,915	Abstain
Blackstone Alternative Investment Funds	0	1,700	0	Against
Invesco	563	83	18	Mixed
Renaissance Investment Group LLC	71	0	0	For

5. Election of three Independent Directors: Nikos Theodosopoulos

No official matchDIRECTOR ELECTIONS

Meeting held August 15, 2024.

Combines 3 wordings of this item as funds reported it.

98% of fund votes cast · no official result

FOR

Details: votes by 16 asset managers

The 16 asset managers below reported 2,694,004 for, 42,844 against, 94,447 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 2,694,004AGAINST: 42,844ABSTAIN: 94,447

Largest asset managers voting on “Election of three Independent Directors: Nikos Theodosopoulos” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	1,900,661	39,339	86,723	Mixed
CITY NATIONAL ROCHDALE FUNDS	370,971	0	0	For
First Trust	168,804	3,494	7,702	Mixed
Pear Tree Funds	125,545	0	0	For
WisdomTree	26,085	0	0	For
ETFis Series Trust I	24,546	0	0	For
ProShares	22,457	0	0	For
Northern Trust	21,754	0	0	For
Virtus	12,197	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
EA Series Trust	5,593	0	0	For
Tidal Trust I	3,350	0	0	For
Northern Lights Fund Trust IV	1,915	0	0	For
Blackstone Alternative Investment Funds	1,700	0	0	For
Invesco	630	12	22	Mixed
Renaissance Investment Group LLC	71	0	0	For

6. Election of three Independent Directors: Thomas J. Fallon

No official matchDIRECTOR ELECTIONS

Meeting held August 15, 2024.

Combines 3 wordings of this item as funds reported it.

88% of fund votes cast · no official result

FOR

Details: votes by 16 asset managers

The 16 asset managers below reported 2,426,634 for, 320,673 against, 83,919 abstained, 71 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 2,426,634AGAINST: 320,673ABSTAIN: 83,919UNKNOWN: 71

Largest asset managers voting on “Election of three Independent Directors: Thomas J. Fallon” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	1,718,256	231,411	77,056	Mixed
CITY NATIONAL ROCHDALE FUNDS	370,971	0	0	For
First Trust	152,604	20,552	6,844	Mixed
Pear Tree Funds	125,545	0	0	For
WisdomTree	26,085	0	0	For
ETFis Series Trust I	0	24,546	0	Against
ProShares	0	22,457	0	Against
Northern Trust	21,754	0	0	For
Virtus	0	12,197	0	Against
SIT MUTUAL FUNDS INC	0	7,725	0	Against
EA Series Trust	5,593	0	0	For
Tidal Trust I	3,350	0	0	For
Northern Lights Fund Trust IV	1,915	0	0	For
Blackstone Alternative Investment Funds	0	1,700	0	Against
Invesco	561	85	19	Mixed
Renaissance Investment Group LLC	0	0	0	--

7. AUTHORIZATION OF THE COMPANY TO SELL OR ISSUE SHARES OF ITS COMMON STOCK AT A PRICE BELOW ITS THEN-CURRENT NAV PER…

No official match Fund totals may overlapEXTRAORDINARY TRANSACTIONS

Meeting held June 18, 2025.

84% Fund and manager reports combined; may count the same shares twice · no official result

FORAGAINST

Details: description as filed, votes by 19 asset managers

Description as filed by funds: AUTHORIZATION OF THE COMPANY TO SELL OR ISSUE SHARES OF ITS COMMON STOCK AT A PRICE BELOW ITS THEN-CURRENT NAV PER SHARE, SUBJECT TO THE CONDITIONS SET FORTH IN PROPOSAL 3.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 18 asset managers voting on “AUTHORIZATION OF THE COMPANY TO SELL OR ISSUE SHARES OF ITS COMMON STOCK AT A PRICE BELOW ITS THEN-CURRENT NAV” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	2,529,280	551,643	122,765	Mixed
Putnam	497,678	108,545	24,156	Mixed
CITY NATIONAL ROCHDALE FUNDS	392,445	0	0	For
First Trust	142,108	30,994	6,898	Mixed
WisdomTree	92,205	0	0	For
ETFis Series Trust I	39,577	0	0	For
LOCORR INVESTMENT TRUST	34,818	0	0	For
ProShares	32,331	0	0	For
EA Series Trust	0	22,854	0	Against
Blackstone Alternative Investment Funds	18,400	0	0	For
Tidal Trust I	14,583	0	0	For
Goldman Sachs	10,664	0	0	For
Elevation Series Trust	8,671	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
Northern Lights Fund Trust IV	0	1,870	0	Against
Invesco	534	117	26	Mixed
RBB Fund Trust	225	0	0	For
Lazard	4	0	0	For

Fund voting reports, all 18 managers: 3,821,248 for, 716,023 against, 153,845 abstained.

Institutional-manager reports: 1 asset manager voting on “AUTHORIZATION OF THE COMPANY TO SELL OR ISSUE SHARES OF ITS COMMON STOCK AT A PRICE BELOW ITS THEN-CURRENT NAV” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Withheld	Vote
UNITED CAPITAL FINANCIAL ADVISORS, LLC	71,266	0	0	0	For

Institutional-manager reports, all 1 managers: 71,266 for.

8. 3. Authorization of the Company to sell or issue shares of its common stock at a price below its then-current NAV per…

Outcome not verifiedCAPITAL STRUCTUREReported outcome: Not verified

Meeting held August 15, 2024.

81% Majority: yes · of votes cast

FOR 81%AGAINST

FOR: 62,295,041AGAINST: 14,854,495

Details: description as filed, official tally, votes by 15 asset managers

Description as filed by funds: Authorization of the Company to sell or issue shares of its common stock at a price below its then-current NAV per share, subject to the conditions set forth in Proposal 3.

Hercules Capital, Inc.’s own tally for this item (“3. Authorization of the Company to sell or issue shares of its common stock at a price below its then-current NAV per share, subject to the conditions set forth in Proposal 3”): 62,295,041 for, 14,854,495 against, per its Form 8-K filed August 16, 2024 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 81% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 15 asset managers below reported 2,283,410 for, 407,170 against, 132,991 abstained.

FORAGAINST

FOR: 2,283,410AGAINST: 407,170ABSTAIN: 132,991

Largest asset managers voting on “Authorization of the Company to sell or issue shares of its common stock at a price below its then-current NAV” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	1,530,764	373,849	122,110	Mixed
CITY NATIONAL ROCHDALE FUNDS	370,971	0	0	For
First Trust	135,952	33,203	10,845	Mixed
Pear Tree Funds	125,545	0	0	For
WisdomTree	26,085	0	0	For
ETFis Series Trust I	24,546	0	0	For
ProShares	22,457	0	0	For
Northern Trust	21,754	0	0	For
Virtus	12,197	0	0	For
EA Series Trust	5,593	0	0	For
Tidal Trust I	3,350	0	0	For
Northern Lights Fund Trust IV	1,915	0	0	For
Blackstone Alternative Investment Funds	1,700	0	0	For
Invesco	510	118	36	Mixed
Renaissance Investment Group LLC	71	0	0	For

9. ADVISORY VOTE TO APPROVE THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION.

No official match Fund totals may overlapSECTION 14A SAY-ON-PAY VOTES

Meeting held June 18, 2025.

Combines 4 wordings of this item as funds reported it.

87% Fund and manager reports combined; may count the same shares twice · no official result

FOR

Details: votes by 210 asset managers

Fund voting reports: 18 asset managers voting on “ADVISORY VOTE TO APPROVE THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION.” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	2,704,650	315,627	183,411	Mixed
Putnam	532,185	62,105	36,089	Mixed
CITY NATIONAL ROCHDALE FUNDS	392,445	0	0	For
First Trust	151,961	17,734	10,305	Mixed
WisdomTree	0	92,205	0	Against
ETFis Series Trust I	39,577	0	0	For
LOCORR INVESTMENT TRUST	34,818	0	0	For
ProShares	32,331	0	0	For
EA Series Trust	22,854	0	0	For
Blackstone Alternative Investment Funds	18,400	0	0	For
Tidal Trust I	14,583	0	0	For
Goldman Sachs	10,664	0	0	For
Elevation Series Trust	8,671	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
Northern Lights Fund Trust IV	1,870	0	0	For
Invesco	572	67	39	Mixed
RBB Fund Trust	225	0	0	For
Lazard	4	0	0	For

Fund voting reports, all 18 managers: 3,973,534 for, 487,738 against, 229,844 abstained.

Institutional-manager reports: 192 asset managers voting on “ADVISORY VOTE TO APPROVE THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION.” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VAN ECK ASSOCIATES CORP	2,704,650	315,627	183,411	Mixed
Legal & General Investment Management Ltd	0	1,198,874	0	Against
Two Sigma	952,834	0	0	For
STIFEL NICOLAUS & CO INC \MO\	882,804	0	0	For
Hudson Bay Capital Management LP	679,693	0	0	For
Putnam	537,936	62,105	36,089	Mixed
Gilman Hill Asset Management, LLC	521,078	0	0	For
Citadel	398,633	0	0	For
Point72	394,935	0	0	For
Nikko Asset Management Co., Ltd.	364,008	0	0	For
RBC Capital Markets, LLC	346,134	0	0	For
Janney Montgomery Scott LLC	295,294	0	0	For
D.A. DAVIDSON & CO.	289,231	0	0	For
Connor, Clark & Lunn Investment Management Ltd.	276,963	0	0	For
Robeco Institutional Asset Management B.V.	0	232,518	0	Against
CONFLUENCE INVESTMENT MANAGEMENT LLC	178,606	14,778	8,588	Mixed
BLAIR WILLIAM & CO/IL	200,000	0	0	For
ENVESTNET ASSET MANAGEMENT INC	177,978	0	0	For
BlackRock	173,827	0	0	For
PNC BANK, NATIONAL ASSOCIATION	150,181	0	0	For
Naviter Wealth, LLC	145,905	0	0	For
ELEVATION POINT WEALTH PARTNERS, LLC	145,390	0	0	For
ROCKEFELLER FINANCIAL LLC	131,595	0	0	For
DnB Asset Management AS	114,192	0	0	For
CIBC Private Wealth Group LLC	111,276	0	0	For

Institutional-manager reports, all 192 managers: 11,765,177 for, 1,887,709 against, 273,615 abstained, 7,921 not voted, 741 unknown. Showing the 25 largest; see all in the interactive database.

10. Advisory vote to approve the Company's named executive officer compensation.

No official match Fund totals may overlapSECTION 14A SAY-ON-PAY VOTES

Meeting held August 15, 2024.

Combines 3 wordings of this item as funds reported it.

85% Fund and manager reports combined; may count the same shares twice · no official result

FORAGAINST

Details: votes by 162 asset managers

Fund voting reports: 14 asset managers voting on “Advisory vote to approve the Company's named executive officer compensation.” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	1,700,907	193,978	131,838	Mixed
CITY NATIONAL ROCHDALE FUNDS	370,971	0	0	For
First Trust	151,063	17,228	11,709	Mixed
Pear Tree Funds	125,545	0	0	For
WisdomTree	0	26,085	0	Against
ETFis Series Trust I	24,546	0	0	For
ProShares	22,457	0	0	For
Northern Trust	21,754	0	0	For
Virtus	12,197	0	0	For
EA Series Trust	5,593	0	0	For
Tidal Trust I	3,350	0	0	For
Northern Lights Fund Trust IV	1,915	0	0	For
Blackstone Alternative Investment Funds	1,700	0	0	For
Invesco	566	63	35	Mixed

Fund voting reports, all 14 managers: 2,442,564 for, 237,353 against, 143,583 abstained.

Institutional-manager reports: 150 asset managers voting on “Advisory vote to approve the Company's named executive officer compensation.” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VAN ECK ASSOCIATES CORP	1,700,907	193,978	131,838	Mixed
Legal & General Investment Management Ltd	0	1,118,411	0	Against
MARSHALL WACE, LLP	858,501	0	0	For
STIFEL NICOLAUS & CO INC \MO\	842,445	0	0	For
Nikko Asset Management Co., Ltd.	553,237	0	0	For
Gilman Hill Asset Management, LLC	516,246	0	0	For
Stewart Capital Advisors, LLC	471,741	0	0	For
Robeco Institutional Asset Management B.V.	0	374,837	0	Against
RBC Capital Markets, LLC	374,223	0	0	For
Janney Montgomery Scott LLC	316,382	0	0	For
D.A. DAVIDSON & CO.	250,308	0	0	For
Citadel	241,977	0	0	For
Hudson Bay Capital Management LP	234,067	0	0	For
Two Sigma	213,959	0	0	For
CONFLUENCE INVESTMENT MANAGEMENT LLC	171,665	14,357	9,758	Mixed
BlackRock	170,022	0	0	For
PNC BANK, NATIONAL ASSOCIATION	168,439	0	0	For
ENVESTNET ASSET MANAGEMENT INC	163,167	0	0	For
BLAIR WILLIAM & CO/IL	141,879	0	0	For
AllianceBernstein	140,163	0	0	For
DnB Asset Management AS	115,630	0	0	For
CIBC Private Wealth Group LLC	114,494	0	0	For
UNITED CAPITAL FINANCIAL ADVISORS, LLC	103,284	0	0	For
Northern Trust	90,406	0	0	For
ROCKEFELLER FINANCIAL LLC	86,431	0	0	For

Institutional-manager reports, all 150 managers: 8,872,098 for, 1,731,382 against, 180,501 abstained, 5,133 not voted. Showing the 25 largest; see all in the interactive database.

11. 14A Executive Compensation

No official matchSECTION 14A SAY-ON-PAY VOTES

Meeting held June 18, 2025.

99.6% of fund votes cast · no official result

FOR

Details: votes by 6 asset managers

The 6 asset managers below reported 206,472 for, 800 against, 119 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 206,472AGAINST: 800UNKNOWN: 119

Largest asset managers voting on “14A Executive Compensation” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Vote
Baker Avenue Asset Management, LP	127,451	0	For
EAGLE GLOBAL ADVISORS LLC	38,705	0	For
Bramshill Investments, LLC	34,818	0	For
Focus Partners Wealth	4,598	800	Mixed
MATTERN CAPITAL MANAGEMENT, LLC	900	0	For
LEAVELL INVESTMENT MANAGEMENT, INC.	0	0	--

12. Advisory Vote to Ratify Named Executive Officers' Compensation

No official matchSECTION 14A SAY-ON-PAY VOTES

Meeting held June 18, 2025.

100% of fund votes cast · no official result

FOR

Details: votes by 5 asset managers

The 5 asset managers below reported 339,818 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 339,818

Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Vote
ARES MANAGEMENT LLC	201,606	For
CREDIT AGRICOLE S A	137,450	For
TD ASSET MANAGEMENT INC	550	For
TD Waterhouse Canada Inc.	200	For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma	12	For

13. 14A Executive Compensation

No official matchSECTION 14A SAY-ON-PAY VOTES

Meeting held August 15, 2024.

99.8% of fund votes cast · no official result

FOR

Details: votes by 4 asset managers

The 4 asset managers below reported 138,650 for, 227 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 138,650AGAINST: 227

Largest asset managers voting on “14A Executive Compensation” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Vote
Baker Avenue Asset Management, LP	115,502	0	For
EAGLE GLOBAL ADVISORS LLC	20,410	0	For
Focus Partners Wealth	2,680	227	Mixed
MQS Management LLC	58	0	For

14. Advisory Vote to Ratify Named Executive Officers' Compensation

No official matchSECTION 14A SAY-ON-PAY VOTES

Meeting held August 15, 2024.

100% of fund votes cast · no official result

FOR

Details: votes by 2 asset managers

The 2 asset managers below reported 157,252 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 157,252

Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Withheld	Vote
ARES MANAGEMENT LLC	143,038	0	0	0	For
ADVISORY RESEARCH INC	14,214	0	0	0	For

15. RATIFICATION OF THE SELECTION OF THE INDEPENDENT PUBLIC ACCOUNTANT FOR THE FISCAL YEAR ENDING DECEMBER 31, 2025.

No official matchAUDIT-RELATED

Meeting held June 18, 2025.

99% of fund votes cast · no official result

FOR

Details: votes by 18 asset managers

The 18 asset managers below reported 4,543,735 for, 65,119 against, 82,262 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 4,543,735AGAINST: 65,119ABSTAIN: 82,262

Largest asset managers voting on “RATIFICATION OF THE SELECTION OF THE INDEPENDENT PUBLIC ACCOUNTANT FOR THE FISCAL YEAR ENDING DECEMBER 31, 202” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	3,086,081	51,964	65,644	For
Putnam	607,238	10,225	12,916	For
CITY NATIONAL ROCHDALE FUNDS	392,445	0	0	For
First Trust	173,392	2,920	3,688	For
WisdomTree	92,205	0	0	For
ETFis Series Trust I	39,577	0	0	For
LOCORR INVESTMENT TRUST	34,818	0	0	For
ProShares	32,331	0	0	For
EA Series Trust	22,854	0	0	For
Blackstone Alternative Investment Funds	18,400	0	0	For
Tidal Trust I	14,583	0	0	For
Goldman Sachs	10,664	0	0	For
Elevation Series Trust	8,671	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
Northern Lights Fund Trust IV	1,870	0	0	For
Invesco	652	11	14	For
RBB Fund Trust	225	0	0	For
Lazard	4	0	0	For

16. Ratification of the selection of the Independent Public Accountant for the fiscal year ending December 31, 2024.

No official matchAUDIT-RELATED

Meeting held August 15, 2024.

99% of fund votes cast · no official result

FOR

Details: votes by 16 asset managers

The 16 asset managers below reported 2,726,466 for, 37,084 against, 67,675 abstained, 71 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 2,726,466AGAINST: 37,084ABSTAIN: 67,675UNKNOWN: 71

Largest asset managers voting on “Ratification of the selection of the Independent Public Accountant for the fiscal year ending December 31, 202” at Hercules Capital, Inc., 2024-2025
Asset manager	For	Against	Abstain	Vote
VanEck ETF Trust	1,930,535	34,049	62,139	For
CITY NATIONAL ROCHDALE FUNDS	370,971	0	0	For
First Trust	171,457	3,024	5,519	For
Pear Tree Funds	125,545	0	0	For
WisdomTree	26,085	0	0	For
ETFis Series Trust I	24,546	0	0	For
ProShares	22,457	0	0	For
Northern Trust	21,754	0	0	For
Virtus	12,197	0	0	For
SIT MUTUAL FUNDS INC	7,725	0	0	For
EA Series Trust	5,593	0	0	For
Tidal Trust I	3,350	0	0	For
Northern Lights Fund Trust IV	1,915	0	0	For
Blackstone Alternative Investment Funds	1,700	0	0	For
Invesco	636	11	16	For
Renaissance Investment Group LLC	0	0	0	--

Largest Hercules Capital, Inc. shareholders voting in 2024-2025

Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 162,428,000 shares outstanding at the time of that meeting.

Fund voting reports: top Hercules Capital, Inc. shareholders by shares voted on “ADVISORY VOTE TO APPROVE THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION.”, 2024-2025
#	Asset manager	% of shares outstanding
1	VanEck ETF Trust	1.97%
2	Putnam	0.39%
3	CITY NATIONAL ROCHDALE FUNDS	0.24%
4	First Trust	0.11%
5	WisdomTree	0.06%
6	ETFis Series Trust I	0.02%
7	LOCORR INVESTMENT TRUST	0.02%
8	ProShares	0.02%
9	EA Series Trust	0.01%
10	Blackstone Alternative Investment Funds	0.01%

Institutional-manager reports: top Hercules Capital, Inc. shareholders by shares voted on “ADVISORY VOTE TO APPROVE THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION.”, 2024-2025
#	Asset manager	% of shares outstanding
1	VAN ECK ASSOCIATES CORP	1.97%
2	Legal & General Investment Management Ltd	0.74%
3	Two Sigma	0.59%
4	STIFEL NICOLAUS & CO INC \MO\	0.54%
5	Hudson Bay Capital Management LP	0.42%
6	Putnam	0.39%
7	Gilman Hill Asset Management, LLC	0.32%
8	Citadel	0.25%
9	Point72	0.24%
10	Nikko Asset Management Co., Ltd.	0.22%

Reported Hercules Capital, Inc. holdings and ownership

As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.

Hercules Capital, Inc. holdings and ownership disclosed for the 2024-2025 proxy season
Holder	% outstanding	Disclosure
Kingdom Holding Company	5.79%	DEF14A
Scott Bluestein	1.41%	DEF14A
Morgan Stanley	0.97%	13F
Citadel Advisors	0.92%	13F
Two Sigma	0.84%	13F
BlackRock	0.54%	13F
JPMorgan Chase	0.42%	13F
Franklin Templeton	0.37%	13F
Millennium Management	0.25%	13F
Seth H. Meyer	0.24%	DEF14A

Percentages above are of 162,428,000 shares outstanding, as reported by Hercules Capital, Inc. on its Form 10-Q dated June 30, 2024 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from Hercules Capital, Inc.’s 10-Q dated June 30, 2024. This page is a static snapshot rebuilt weekly on October 14, 2026; a live search always shows the current data.

At Hercules Capital, Inc.'s 2 shareholder meetings in the 2024-2025 proxy season (held August 15, 2024 and June 18, 2025), 262 asset managers reported how they voted in their SEC Form N-PX filings, covering 739 separate fund positions. Their filings are grouped here into 16 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. Hercules Capital, Inc.'s own Form 8-K tally for this meeting is published below, but no row in it could be matched to the most widely held item, so this page states no certified outcome for that item. On that item — ADVISORY VOTE TO APPROVE THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION. — the reporting funds and managers cast 87% of the shares they voted in favour (FOR divided by FOR plus AGAINST plus WITHHELD; abstained and unvoted shares are excluded because neither took a side). Fund and manager reports are combined in it and may count the same shares twice: it adds fund reports to institutional-manager reports, which can cover the same shares. It is not the company's certified result.

Hercules Capital, Inc. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.

Download data (CSV): ballot items · votes by manager · column guide.