Earnings summaries and quarterly performance for Hercules Capital.
Executive leadership at Hercules Capital.
Board of directors at Hercules Capital.
Research analysts who have asked questions during Hercules Capital earnings calls.
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Recent press releases and 8-K filings for HTGC.
Hercules Capital Reports Record Q4 and Full Year 2025 Results
HTGC
Earnings
Dividends
New Projects/Investments
- Hercules Capital achieved record operating performance in 2025, including $3.92 billion in new debt and equity commitments, $2.28 billion in gross fundings, $532.5 million in total investment income, and $341.7 million in net investment income.
- For Q4 2025, the company reported net investment income of $87 million or $0.48 per share and a net asset value per share of $12.13, an increase of 0.7% from Q3 2025.
- The company declared a quarterly base distribution of $0.40 per share and a new supplemental distribution of $0.28 for 2026, to be distributed equally over four quarters at $0.07 per share per quarter, resulting in total shareholder distributions of $0.47 per share each quarter.
- Hercules Capital ended Q4 2025 with strong liquidity of $525.5 million in the BDC and over $1 billion across the platform, and maintained a strong credit quality with a weighted average internal credit rating of 2.20.
- Management expects a robust new business environment in 2026, with Q1 2026 commitments already at $894.8 million as of February 9, 2026, and plans to be aggressive in taking advantage of market dislocations while maintaining a disciplined credit-first approach.
Feb 12, 2026, 10:00 PM
Hercules Capital Reports Record 2025 Performance and Strong Q4 2025 Results
HTGC
Earnings
Guidance Update
Dividends
- Hercules Capital achieved record operating performance for the full year 2025, including $3.92 billion in new debt and equity commitments, $2.28 billion in gross fundings, $532.5 million in total investment income, and $341.7 million in net investment income.
- For Q4 2025, the company generated $87 million in net investment income, or $0.48 per share, and maintained 120% coverage of its quarterly base distribution of $0.40 per share.
- The company's assets under management (AUM) grew to over $5.7 billion by year-end 2025, an increase of more than 20% year-over-year, and it ended Q4 with over $1 billion in liquidity across the platform.
- Credit quality improved in Q4 2025, with the weighted average internal credit rating improving to 2.20 from 2.27 in Q3, and the percentage of loans rated 4 and 5 reached its lowest since Q3 2022 at 1.7%.
- Looking into Q1 2026, Hercules Capital expects a robust new business environment, having already closed $894.8 million in new commitments and funded $253.9 million as of February 9, 2026.
Feb 12, 2026, 10:00 PM
Hercules Capital Reports Record Q4 and Full Year 2025 Results
HTGC
Earnings
Dividends
Debt Issuance
- Hercules Capital achieved record operating performance in 2025, including $3.92 billion in new debt and equity commitments (an increase of 45.7% year-over-year), $2.28 billion in gross fundings (an increase of 25.9% year-over-year), $532.5 million in total investment income (an increase of 7.9% year-over-year), and $341.7 million in net investment income (an increase of 4.9% year-over-year).
- For Q4 2025, the company reported record originations of $1.06 billion, total investment income of $137.4 million, and net investment income of $87 million or $0.48 per share.
- The company's liquidity position remained strong, ending Q4 2025 with over $1 billion of liquidity across the platform, further strengthened by a $300 million investment-grade bond offering completed post-quarter end. GAAP leverage increased to 104.4% in Q4, remaining at the low end of its typical historical range.
- Credit quality improved quarter-over-quarter, with the weighted average internal credit rating improving to 2.20 from 2.27 in Q3, and Grade 1 and 2 credits increasing to 66.6%.
- Hercules Capital maintained its quarterly base distribution of $0.40 per share and declared a new supplemental distribution of $0.28 for 2026, to be distributed equally over four quarters at $0.07 per share per quarter.
Feb 12, 2026, 10:00 PM
Hercules Capital Reports Record Full-Year 2025 Results and Announces Supplemental Distribution
HTGC
Earnings
Dividends
Revenue Acceleration/Inflection
- Hercules Capital reported record full-year 2025 total new debt and equity commitments of $3.92 billion, an increase of 45.7% year-over-year, and record total fundings of $2.28 billion, up 25.9% year-over-year.
- Record full-year 2025 Net Investment Income (NII) was $341.7 million, a 4.9% increase year-over-year, with Q4 2025 NII at $87.0 million, or $0.48 per share.
- The company declared a total cash distribution of $0.47 per share for Q4 2025, comprising a base distribution of $0.40 per share and a new supplemental distribution of $0.07 per share. A new supplemental cash distribution of $0.28 per share for 2026 was also announced, payable over four quarters.
- Assets Under Management grew by 20.5% year-over-year to approximately $5.7 billion.
- The weighted average grade of the debt investment portfolio improved to 2.20 as of December 31, 2025, from 2.27 in Q3 2025, with only one debt investment on non-accrual at 0.2% of total investments at cost.
Feb 12, 2026, 9:30 PM
Hercules Capital Reports Q4 and Full-Year 2025 Financial Results
HTGC
Earnings
Dividends
Revenue Acceleration/Inflection
- Hercules Capital reported record full-year 2025 total new debt and equity commitments of $3.92 Billion, an increase of 45.7% year-over-year, and record total fundings of $2.28 Billion, up 25.9% year-over-year.
- The company achieved record full-year 2025 total investment income of $532.5 Million, an increase of 7.9% year-over-year, and record net investment income (NII) of $341.7 Million, up 4.9% year-over-year.
- Q4 2025 NII was $0.48 per Share, providing 120% coverage of the base cash distribution.
- Hercules Capital announced a new supplemental cash distribution for 2026 of $0.28 per Share, payable over four quarters.
- Assets Under Management reached approximately $5.7 Billion, marking an increase of 20.5% year-over-year.
Feb 12, 2026, 9:05 PM
Hercules Capital, Inc. Issues $300 Million 5.350% Notes Due 2029
HTGC
Debt Issuance
- Hercules Capital, Inc. issued $300.0 million aggregate principal amount of 5.350% Notes due 2029 on February 10, 2026, under a Tenth Supplemental Indenture.
- The Notes will mature on February 10, 2029, and bear an interest rate of 5.350% per year, payable semiannually commencing August 10, 2026.
- These are unsecured obligations that rank pari passu with other unsecured liabilities but are effectively subordinated to secured indebtedness and structurally subordinated to indebtedness of the Company's subsidiaries.
- The Underwriters purchased the Notes at 98.272% of the aggregate principal amount, with an initial public offering price of 99.272%.
Feb 10, 2026, 9:15 PM
Hercules Capital Closes Institutional Notes Offering
HTGC
Debt Issuance
New Projects/Investments
- Hercules Capital, Inc. closed an underwritten public offering of $300.0 million in aggregate principal amount of 5.350% unsecured notes due February 2029.
- The company expects to use the net proceeds to fund investments, repay outstanding secured indebtedness, and for general corporate purposes.
- The Notes were initially assigned ratings of Baa2 by Moody’s Investors Service and BBB- by Fitch Ratings, Inc..
Feb 10, 2026, 6:06 PM
Hercules Capital Closes Notes Offering, Declares Supplemental Distribution
HTGC
Debt Issuance
Dividends
New Projects/Investments
- Hercules Capital closed an underwritten public offering of notes due February 2029, with proceeds intended for investments, debt repayment, and general corporate purposes.
- The company's Board declared a new supplemental cash distribution of $0.28 per share, to be paid equally over four quarters, commencing with $0.07 per share in Q4 2025.
- This supplemental distribution is in addition to the regular $0.40 per share quarterly cash distribution, bringing the total Q4 2025 distribution to $0.47 per share.
- Market data indicates a market capitalization of approximately $3.05 billion and a reported dividend yield of ~11.19%.
Feb 10, 2026, 11:09 AM
Hercules Capital expands debt facility with enGene
HTGC
Debt Issuance
New Projects/Investments
- Hercules Capital, Inc. expanded its debt facility with enGene Holdings Inc. to $125 million.
- An initial $25 million was funded at the close of the amendment to refinance enGene's existing debt facility.
- The expanded facility provides enGene with financial flexibility for its planned Biologics License Application (BLA) for detalimogene in H2 2026 and potential commercial launch in 2027.
- The principal amount outstanding and all accrued but unpaid interest under the Loan Agreement shall be repaid on or before January 1, 2030.
Jan 20, 2026, 10:35 PM
Hercules Capital Reports Record Q3 2025 Financial Results
HTGC
Earnings
Dividends
New Projects/Investments
- Hercules Capital reported record Q3 2025 Total New Debt and Equity Commitments of $846.2 Million and record total fundings of $504.6 Million.
- The company achieved record Q3 2025 Total Investment Income of $138.1 Million and Net Investment Income (NII) of $88.6 Million, or $0.49 per share.
- Hercules Capital's Board of Directors declared a Q3 2025 total cash distribution of $0.47 per share, comprising a $0.40 per share base distribution and $0.07 per share supplemental distribution.
- The company received an Investment Grade Rating Upgrade to Baa2 from Moody's Investors Service.
- Undistributed Earnings Spillover amounted to $146.2 Million, or $0.80 per Ending Shares Outstanding.
Oct 30, 2025, 8:30 PM
Quarterly earnings call transcripts for Hercules Capital.
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