HCXY — what changed in the latest 10-Q
A section-by-section comparison of HCXY's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-30 vs the prior 10-Q · 2026-05-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +27 | −31 | ~56 | 74 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 2 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | Text added/removed | +2 | 0 | 0 | 1 |
| Risk factors | Text added/removed | +2 | −3 | ~1 | 7 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-30
We report our financial results on a GAAP basis. We monitor the performance of our total investment portfolio and total debt portfolio using both GAAP and Non-GAAP financial measures. In particular, we evaluate performance through monitoring the portfolio yields as we consider them to be effective i…
Interest and fees on our debt totaled approximately $31.1 million and $25.7 million for the three months ended June 30, 2026 and 2025, respectively and approximately $62.0 million and $47.8 million for the six months ended June 30,
2026 and 2025, respectively. Interest and fee expense during the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025, increased due to higher weighted average debt outstanding.
Our weighted average cost of debt was approximately 5.2% and 5.0% for the three months ended June 30, 2026 and 2025, respectively and 5.1% and 4.9%, for the six months ended June 30, 2026 and 2025, respectively. The weighted average cost of debt includes interest and fees on our debt, but excludes t…
General and administrative expenses include legal fees, consulting fees, accounting fees, printer fees, insurance premiums, rent, expenses associated with the workout of underperforming investments, and various other expenses. Our general and administrative expenses decreased to $4.9 million from $5…
Text removed vs the prior filing · source: 10-Q · 2026-05-05
We report our financial results on a GAAP basis. We monitor the performance of our total investment portfolio and total debt portfolio using both GAAP and Non-GAAP financial measures. In particular, we evaluate performance through
monitoring the portfolio yields as we consider them to be effective indicators, for both management and stockholders, of the financial performance of our total investment portfolio and total debt portfolio. The key metrics that we monitor with respect to yields are as described below:
Net change in unrealized appreciation (depreciation):(45,005)(25,565)
Net increase (decrease) in net assets resulting from operations$42,502 $50,337
Interest and fees on our debt totaled approximately $30.8 million and $22.1 million for the three months ended March 31, 2026 and 2025, respectively. Interest and fee expense during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, increased due to higher we…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-07-30
On March 20, 2026, a putative shareholder class action lawsuit (i.e., the lawsuit has not yet been certified as a class action by a court) captioned Hunter v. Hercules Capital, Inc. et al., No. 26-cv-2465-VC, was filed in the United States District Court for the Northern District of California again…
Additionally, two shareholder derivative complaints have been filed, alleging breaches of fiduciary duties and other misconduct by certain directors and officers of the Company as a result of substantially the same allegations and claimed damages as referenced above. The derivative complaints have b…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-07-30
•Shield AI, Inc. is an aerospace and defense technology company that designs and builds AI-powered, autonomous Unmanned Aerial Vehicles (UAVs) for national defense operations and military organizations.
•Dyne Therapeutics, Inc. is a clinical stage biotechnology company focused on the development of novel therapies for the treatment of rare neuromuscular diseases.
Text removed vs the prior filing · source: 10-Q · 2026-05-05
•Armis, Inc. is the leading agentless, enterprise-class device security platform designed to address the new threat landscape of unmanaged and IoT devices.
•Shield AI, Inc. is an aerospace and defense technology company that designs and builds AI-powered, autonomous Unmanned Aerial Vehicles (UAVs) for national defense operations and military organizations.
•SeatGeek, Inc. is a mobile-focused ticket platform that enables users to buy and sell tickets for live sports, concerts and theater events.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice