Hiroshi Watanabe Hercules Capital, Inc. (NYSE:HTGC) is my only VC-focused BDC for which I have assigned a buy rating currently. My first piece on HTGC - Hercules Capital: A Different Type Of VC-Focused BDC - was published in January 2024. As it could be understood from the title, the thesis was based on fundamentals that differ from those of other VC tilted BDCs. More specifically, it was about relatively conservative equity stakes, sound capital structure and disciplined credit underwriting strategy th ...