Hercules Capital, Inc.

Listed Company

HTGCCIK 0001280784NYSELarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$339.74M

Total Assets

$4.58B

Equity

$2.22B

Shares Out

183.70M

Op. Cash Flow

$-425.80M

Business

Hercules Capital, Inc. is a specialty finance company that provides senior secured loans and structured financing to high‑growth, venture capital‑backed and institutional‑backed companies in technology and life sciences. It offers Structured Debt (debt with warrants or equity features), senior debt, unitranche loans, direct equity and warrant investments, loan and compliance administration, and investment advisory services through an adviser subsidiary. The company operates as an internally managed business development company with SBIC subsidiaries and an adviser subsidiary that manages third‑party funds. Hercules primarily invests in U.S. technology‑related and life sciences companies across multiple industry sub‑sectors and sources transactions through relationships with venture capital and private equity sponsors and its origination network and offices.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total interest and dividend income, excluding PIK interest income	452	416	410	287	—
Total PIK interest income	56	51	25	20	—
Total interest and dividend income	508	467	434	307	253
Total fee income	25	26	26	14	28
Total investment income	532	494	461	322	281
Interest	92	77	68	55	54
Loan fees	11	9	10	8	9
General and administrative	19	20	19	17	16
Tax expenses	6	6	6	5	8
Compensation and benefits	63	54	50	44	37
Stock-based compensation	15	13	13	13	12
Total employee compensation	78	67	64	57	49
Total gross operating expenses	206	179	166	142	136
Expenses allocated to the Adviser Subsidiary	−15	−11	−9	−8	−5
Total net operating expenses	191	168	157	134	131
Net investment income	342	326	304	188	150
Loss on extinguishment of debt	−184,000	−171,000	0	−4	−4
Total net realized gain (loss)	−41	−32	8	−924,000	21
Total net change in unrealized appreciation (depreciation)	39	−31	25	−85	3
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)	−2	−63	33	−86	24
Net increase (decrease) in net assets resulting from operations	340	263	337	102	174
Basic (in dollars per share)	1.91	2	2.09	1.48	1.29
Basic (in dollars per share)	1.9	1.61	2.32	0.8	1.5
Diluted (in dollars per share)	1.85	1.61	2.31	0.79	1.49
Basic (in shares)	177	161	144	125	115
Diluted (in shares)	189	162	145	127	116
Basic (in dollars per share)	1.88	1.92	1.9	1.97	1.55

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investments, at fair value:	4,467	—	—	—	3,660
Cash and cash equivalents	57	—	—	—	43
Foreign cash (cost of $113 and $70,445, respectively)	113,000	—	—	—	70
Restricted cash	2	—	—	—	3
Interest receivable	37	—	—	—	33
Right of use asset	15	—	—	—	17
Other assets	6	—	—	—	6
Total assets	4,584	—	—	—	3,832
Debt (net of unamortized debt issuance costs of $26,626 and $14,310, respectively; amounts related to a VIE $64,530 and $118,769, respectively)	2,286	—	—	—	1,769
Accounts payable and accrued liabilities	65	—	—	—	55
Operating lease liability	16	—	—	—	18
Total liabilities	2,368	—	—	—	1,842
Commitments and Contingencies	—	—	—	—	—
Common stock, par value	183,000	—	—	—	171,000
Capital in excess of par value	2,115	—	—	—	1,900
Total distributable earnings	101	—	—	—	89
Total net assets	2,216	—	—	—	1,990
Total liabilities and net assets	4,584	—	—	—	3,832
Shares of common stock outstanding ($0.001 par value and 300,000 and 200,000 authorized respectively) (in shares)	183	—	—	—	171
Net asset value per share (in dollars per share)	12.13	12.05	11.84	11.55	11.66

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchases of investments	−1,696	−1,542	−1,599	−1,465	−1,467
Fundings assigned to Adviser Funds	0	118	351	330	125
Principal and fee repayments received	848	956	1,002	530	1,183
Proceeds from the sale of debt investments	75	0	0	—	—
Proceeds from the sale of equity and warrant investments	46	49	43	15	—
Net change in unrealized (appreciation) depreciation	−39	31	−25	85	−3
Net realized (gain) loss	41	31	−8	−3	−25
Payments for derivative instruments	−2	−849,000	0	0	—
Accretion of loan discounts	−7	−5	−7	−5	−4
Accretion of loan discount on convertible notes	1	0	0	112,000	671,000
Accretion of loan exit fees	−33	−27	−25	−25	−24
Change in loan income, net of collections	28	24	24	27	35
Unearned fees related to unfunded commitments	−965,000	−400,000	−3	2	−2
Amortization of debt fees and issuance costs	9	7	7	6	6
Depreciation and amortization	337,000	466,000	190,000	204,000	317,000
Stock-based compensation and amortization of restricted stock grants	15	12	12	11	10
Interest receivable	−5	62,000	−1	−14	2
Other assets	3	2	−22	406,000	2
Accrued liabilities	8	14	6	−2	10
Net cash provided by (used in) operating activities	−426	−118	68	−425	129
Purchases of capital equipment	−89,000	−705,000	−887,000	−114,000	−106,000
Net cash provided by (used in) investing activities	−89,000	−705,000	−887,000	−114,000	−106,000
Issuance of common stock	207	221	344	232	11
Offering expenses	−2	−3	−6	−2	−209,000
Retirement of employee shares, net	−6	−3	−13	−5	−3
Distributions paid	−326	−303	−274	−245	−176
Issuance of debt	1,996	1,332	659	1,274	1,737
Repayment of debt	−1,485	−1,119	−683	−931	−1,787
Debt issuance costs	−11	−4	0	−7	−6
Fees paid for credit facilities	−4	−2	−5	−2	—
Net cash provided by (used in) financing activities	369	119	23	315	−230
Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash	−57	408,000	90	−110	−101
Interest paid	83	78	67	52	51
Income tax, including excise tax, paid	6	5	5	7	4
Distributions reinvested	9	9	5	4	4

Filings

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