Welcome to the Annual Meeting for Hercules Capital, Inc. Our host for today is Scott Bluestein, Chief Executive Officer and Chief Investment Officer. I will now turn the meeting over to your host. Mr. Bluestein, you may begin.
Good morning. Welcome to the Hercules Capital 2026 Annual Stockholders' Meeting. My name is Scott Bluestein, and I am the Chief Executive Officer and Chief Investment Officer of Hercules Capital. It is my pleasure to welcome you to today's meeting. Once again, we are pleased to be hosting our meeting virtually, which allows us to be more inclusive and reach a greater number of our stockholders. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible. It is now shortly after 9:00 A.M. Eastern Time on June 18th, 2026. This meeting is officially called to order.
The company has appointed Broadridge Financial Solutions to act as inspector of election. Paul Ramirez from Broadridge is with us today. He has taken the oath of inspector of election earlier today. After the formal business meeting has been adjourned, we will provide a short presentation and then allow time for general questions. Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to one question. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. The board of directors fixed April 9th, 2026, as the record date for determining stockholders entitled to vote at this meeting.
An affidavit has been delivered attesting to the fact the notice of the meeting, the proxy statement, and the company's most recent annual report on Form 10-K to stockholders were made available on or about April 23rd, 2026, to all stockholders as of the record date and will be incorporated into the minutes of this meeting. The stockholder list shows that as of the record date, there were 187,133,158 shares of common stock outstanding and entitled to vote at this meeting. We are informed by the Inspector of Election that there are represented in-person or by proxy shares of common stock representing 129,783,283 votes or approximately 69.33% of the voting power on the record date.
Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transacting business. In advance of this meeting, stockholders have been asked to vote on Proposals 1 through 6. Proposal 1 is the election of one director. Proposal 2 is the advisory vote to approve the company's named executive officer compensation. Proposal 3 is the advisory vote on the frequency of future advisory votes to approve the company's named executive officer compensation. Proposal 4 is the approval of the amendment and restatement of the Hercules Capital, Inc. Amended and Restated 2018 Equity Incentive Plan. Proposal 5 is the approval of the amendment and restatement of the Hercules Capital, Inc. 2018 Non-Employee Director Plan.
Proposal 6 is the ratification of the appointment of PricewaterhouseCoopers LLP to serve as the company's independent registered public accounting firm for the year ending December 31st, 2026. If any stockholder would like to make a comment regarding any of the proposals, please submit your comment through the web portal. It is now 9:04 A.M. Eastern Time on June 18, 2026. The polls are now open with respect to the six proposals. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have already voted or submitted proxies and do not want to change their vote do not need to take any further action.
Now that everyone has had the opportunity to vote, I now declare the polls for the 2026 Annual Meeting of Stockholders closed at 9:05 A.M. Eastern Time on June 18, 2026. Do we have preliminary voting results?
Yes, Mr. Bluestein, we do. The preliminary vote report shows that the nominee for election to the board has been duly elected. By advisory vote, the stockholders have approved the compensation of the named executive officers. By advisory vote, stockholders have indicated a preference for holding future advisory votes on named executive officer compensation every one year. The amendment and restatement of the Amended and Restated 2018 Equity Incentive Plan has been approved. The amendment and restatement of the 2018 Non-Employee Director Plan has been approved. The selection of the company's auditors has been ratified.
Thank you, Paul. The final vote results will be announced on a Form 8-K filed with the SEC within four business days. There being no further business to come before the meeting today, the 2026 Annual Meeting of Stockholders of Hercules Capital is now adjourned. I will give a brief presentation followed by our question and answer session. During this presentation, I will provide a brief overview of the company. I will discuss 2025 highlights and key achievements. I will discuss year-to-date 2026 highlights, achievements, and key events. We will open the line for questions and answers. Hercules Capital is the largest BDC focused on providing senior secured structured debt financing to institutionally backed growth stage companies.
As of a recent date, the company has a market capitalization of approximately $3 billion, an enterprise valuation of approximately $5.2 billion, and the stock trades at a premium to book value of approximately 1.35x . As of the end of Q1, Hercules Capital has a debt investment portfolio of approximately $4.6 billion spread across 139 different companies. In addition to our debt investments, we hold warrant positions in 113 companies and equity positions in 73 companies.
We continue to manage the business with a strong and conservative balance sheet. We ended Q1 with approximately $455 million of liquidity in the BDC, GAAP leverage of approximately 115%, regulatory leverage of approximately 99.7%, and with four corporate investment-grade credit ratings. The company's debt investment portfolio continues to be heavily weighted towards floating rate investments, with approximately 98% of our loans being floating rate as of the end of Q1.
Approximately 96% of our portfolio is in debt investments, while approximately 4% is in our equity and warrant portfolio. The company has a highly diversified asset base. Approximately 50% of our assets are in our technology vertical, approximately 50% of our assets are in our life sciences vertical, and we have no single sub-sector concentration in excess of 25%. The company has exposure to a significant list of later-stage, high-profile growth stage companies.
On the technology side, as of the end of Q1, the company had active debt investments in companies such as Armis, Harness, Shield AI, and Saronic. On the life sciences side of the portfolio, as of the end of Q1, the company had debt investments in larger, later-stage public companies such as MoonLake, Arcus, Phathom, and Dyne, and later stage scaled private life sciences companies such as ChenMed, Marathon, and Main Street Health.
Hercules Capital has a balance sheet that has highly diversified sources of funding. We also have a well-managed debt maturity schedule. In 2025, the company achieved numerous milestones. Hercules Capital was recently named 2025 America's BDC Manager of the Year by Private Debt Investor. The company delivered record financial performance in 2025. We delivered record total new debt and equity commitments of $3.92 billion, which was up 45.7% year-over-year. Record total fundings of $2.28 billion, up 25.9% year-over-year.
We delivered tremendous scale in 2025, growing our asset base to approximately $4.6 billion as of the end of the year. We delivered record total investment income in 2025 of $532.5 million and record net investment income of $341.7 million. We also raised a significant amount of capital in 2025 to support the growth of the business. We continue to deliver strong and sustainable shareholder returns.
The company's momentum from 2025 has continued year to date 2026. We delivered record Q1 total new debt and equity commitments of $1.81 billion, record Q1 total investment income, an incredibly strong Q1 net debt investment portfolio growth of approximately $298 million. We declared a new supplemental distribution for our shareholders of $0.28 per share. We ended Q1 with an undistributed earnings spillover of $149.1 million. During the quarter, we raised $300 million of institutional unsecured notes. We ended Q1 with approximately $6.1 billion of assets under management, and we also expanded the leadership team of the company to support our continued long-term growth. We would like to open things up for stockholder questions and comments. We will take stockholder questions that are being entered today on the web portal.
Please note that we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. There being no additional questions, I would like to thank everyone for joining today's meeting. We appreciate your continued support. Thank you, and have a great day.
This concludes today's meeting. Thank you for attending. You may now disconnect. Have a wonderful rest of your day.