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Hercules Capital
Hercules Capital (HTGC) investor relations material
Hercules Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record operating performance in 2025, including record originations, platform expansion, and strong credit quality, with net investment income (NII) of $341.7M and total investment income of $532.5M for the year.
Q4 2025 NII was $87.0M ($0.48/share), and total investment income was $137.4M, with NII per share at $0.48.
Ended 2025 with over $5.7B in assets under management, up 20% year-over-year, and portfolio at cost reached $4.47B.
Maintained robust liquidity of $525.5M, conservative leverage, and continued supplemental shareholder distributions.
Positioned for growth in 2026, expecting a robust new business environment, increased M&A activity, and a new supplemental cash distribution of $0.28/share for 2026.
Financial highlights
Record new debt and equity commitments of $3.92B, up 45.7% year-over-year, and gross fundings of $2.28B, up 25.9% year-over-year.
Q4 2025 total investment income was $137.4M, up 13% year-over-year; NII was $87.0M, up 7% year-over-year.
Net asset value per share in Q4 was $12.13, up 0.7% from Q3 and from $11.66 year-over-year.
Q4 return on equity was 16.4%; GAAP effective yield 12.9%, core yield 12.5%.
Q4 net realized gains totaled $20.3M, with net unrealized depreciation of $16.4M.
Outlook and guidance
Expect continued market and macro volatility in 2026, but anticipate a robust new business environment and strong growth, supported by disciplined underwriting and ample liquidity.
Q1 2026 core yield expected in the 12%-12.5% range; prepayments forecasted at $150-$200M.
Announced a new supplemental cash distribution for 2026 of $0.28/share, payable over four quarters.
Pending commitments of $587.5M in signed non-binding term sheets as of February 9, 2026.
SG&A expenses for Q1 expected at $26-$27M; RIA expense allocation ~$4.5M.
What factors led to improved portfolio grading?
How do Adviser Funds impact future funding capacity?
Assess the impact of new notes on interest sensitivity.
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Next Hercules Capital earnings date
Q1 202630 Apr, 2026
Hercules Capital
Next Hercules Capital earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Hercules Capital Inc is a business development company that provides venture debt and growth capital to high-growth, innovative companies. It focuses on technology, life sciences, and sustainable and renewable technology sectors, offering secured loans and other financing solutions. The company partners with startups and emerging companies backed by venture capital. The company is headquartered in Palo Alto, California, and its shares are listed on the NYSE.
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