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Hercules Capital
Hercules Capital (HTGC) investor relations material
Hercules Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record Q3 2025 total investment income of $138.1 million, up 10.3% year-over-year, and net investment income of $88.6 million, or $0.49 per share, with strong origination and portfolio growth.
Originations and fundings reached record highs, with $846.2 million in new commitments and $504.6 million in fundings for Q3, and $2.87 billion in commitments year-to-date.
Maintained a conservative balance sheet with over 90% first lien exposure, 97.8% floating rate loans, and robust liquidity exceeding $655 million.
Portfolio is diversified across technology and life sciences, with 78 equity and 102 warrant holdings, and strong regulatory oversight.
Assets under management grew 20.7% year-over-year to $5.5 billion, with NAV per share rising to $12.05, the highest since 2008.
Financial highlights
Q3 2025 total investment income was $138.1 million, up from $125.2 million in Q3 2024, and net investment income was $88.6 million, or $0.49 per share.
Assets under management reached $5.5 billion, and total assets grew to $4.41 billion from $3.83 billion at year-end 2024.
Return on equity for Q3 was 17.4%; GAAP effective yield 13.5%, core yield 12.5%, and net interest margin 10.8%.
Net asset value per share increased 1.8% to $12.05 at September 30, 2025.
Weighted average cost of debt was 5.1% for Q3 2025.
Outlook and guidance
Origination activity expected to remain strong through year-end, with Q4 typically robust and core yield guidance reiterated at 12%-12.5%.
Prepayments expected to be $150-$200 million in Q4; SG&A expenses for Q4 expected at $25-$26 million.
Management expects continued focus on high-growth, venture-backed companies in technology and life sciences, with a robust pipeline of $847.4 million in non-binding term sheets.
Confident in maintaining base and supplemental distributions into next year, with strong dividend coverage even in a rate reduction environment.
Focus on sustainable shareholder returns and disciplined underwriting standards.
Explain the non-accrual increase.
Impact of rate cuts on dividend coverage.
Adviser Funds' role in new commitments.
PIK income: underwriting vs. credit issues?
How does market frothiness impact deal structure?
AI impact on legacy software portfolio?
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Next Hercules Capital earnings date
Q4 202512 Feb, 2026
Hercules Capital
Next Hercules Capital earnings date
Q4 202512 Feb, 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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