Hercules Capital (HTGC) is an attractive, 11.5% yield, internally-managed BDC with a differentiated strategy and a track record of success. There is a lot to like about Hercules, and there are risk factors to consider. In this report, we share comparative data on 40 big-dividend BDCs, briefly review what a BDC actually is, and then dig into the details on Hercules. We conclude with our strong opinion on investing.