HCXY Company Report

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Hercules Capital Reports Record Q3 2025 Financial Results

HCXY

Earnings

Dividends

Guidance Update

Hercules Capital (HCXY) reported record total investment income of $138.1 million and net investment income of $88.6 million, or $0.49 per share, for Q3 2025.
The company achieved 122% coverage of its quarterly base distribution of $0.40 per share and maintained $0.80 per share of spillover income.
Q3 2025 saw record gross fundings of $504.6 million and $95.9 million of net debt portfolio growth, with net asset value (NAV) per share increasing to $12.05.
Credit quality remained stable, with a weighted average internal credit rating of 2.27 and over 90% first lien exposure, and the company ended the quarter with over $1 billion of liquidity across its platform.

Oct 30, 2025, 9:00 PM

Hercules Capital Reports Record Q3 2025 Performance and Strong Year-to-Date Growth

HCXY

Earnings

Dividends

Guidance Update

Hercules Capital (HCXY) reported record Q3 2025 total investment income of $138.1 million and net investment income of $88.6 million, or $0.49 per share, achieving 122% coverage of its quarterly base distribution of $0.40 per share.
The company delivered record originations of $2.87 billion and record total gross fundings of $1.75 billion for the first three quarters of 2025, resulting in over $557.8 million in net debt investment portfolio growth.
HCXY's net asset value per share reached $12.05 in Q3 2025, its highest since 2008, supported by strong credit quality with a weighted average internal credit rating of 2.27.
The company maintains robust liquidity of $655 million in the BDC and over $1 billion across its platform, with approximately 75% of its prime-based loans at their contractual floors.
For Q4 2025, HCXY expects prepayments to be between $150 million and $200 million and projects a core yield in the range of 12% to 12.5%.

Oct 30, 2025, 9:00 PM

Hercules Capital Reports Record Q3 2025 Performance and Strong Year-to-Date Growth

HCXY

Earnings

Dividends

Revenue Acceleration/Inflection

Hercules Capital reported record total investment income of $138.1 million and net investment income of $88.6 million, or $0.49 per share, for Q3 2025, representing a 10.3% year-over-year increase in total investment income.
The company achieved record total gross fundings of $504.6 million in Q3 2025, an 85.5% increase year-over-year, leading to $95.9 million of net debt portfolio growth for the quarter. Year-to-date through Q3 2025, total gross fundings reached a record $1.75 billion.
HCXY maintained strong dividend coverage, with 122% coverage of its quarterly base distribution of $0.40 per share in Q3 2025, and declared a total distribution of $0.47 per share including a $0.07 supplemental distribution.
Balance sheet strength was demonstrated by a net asset value per share of $12.05 in Q3 2025, the highest since 2008, and over $1 billion of liquidity across its platform.

Oct 30, 2025, 9:00 PM

Hercules Capital Announces Q3 2025 Financial Results

HCXY

Earnings

Dividends

New Projects/Investments

Hercules Capital reported Net Investment Income (NII) of $88.6 million and NII per share of $0.49 for Q3 2025.
For Q3 2025, the company declared a base dividend of $0.40 per share and a supplemental dividend of $0.07 per share, with an annualized base dividend yield of 8.5% as of September 30, 2025.
The company achieved a Return on Average Equity (ROAE) of 17.4% and an effective yield of 13.5% on its $4.07 billion total debt investments at cost in Q3 2025.
Hercules Capital maintained $655.0 million in available liquidity and reported a Price-to-NAV of 1.49x as of October 27, 2025, supported by investment grade credit ratings.