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Dec 31, 2025
Hercules Capital Q4 2025 Earnings Report
Hercules Capital reported solid fourth quarter 2025 results with strong net investment income coverage, record commitments, and conservative leverage metrics.
Key Takeaways
For Q4 2025, Hercules generated total investment income of 142487000 and net investment income of 86641000, or 0.48 per share, covering 120% of its base cash distribution. The company delivered record gross debt and equity commitments of 1060000000 while maintaining net GAAP leverage of 101.8%.
Total investment income reached 142487000 for Q4 2025.
Net investment income was 86641000, or 0.48 per share, covering 120% of the base distribution.
Gross debt and equity commitments totaled 1060000000 in the quarter.
Net GAAP leverage was 101.8% and net regulatory leverage was 86.0%.
Forward Guidance
Hercules announced a new supplemental cash distribution of 0.28 per share for 2026 and highlighted strong liquidity, earnings spillover, and continued portfolio growth momentum.
Positive Outlook
- New supplemental cash distribution of 0.28 per share for 2026.
- Undistributed earnings spillover of 149900000 supports future payouts.
- Over 1000000000 of available liquidity at year end.
- Record Q4 gross commitments of 1060000000.
- Conservative leverage with net regulatory leverage at 86.0%.
Challenges Ahead
- Net GAAP leverage above 100%.
- Exposure to venture-backed company credit risk.
- Sensitivity to capital markets and interest rates.
- Dependence on new deal flow to sustain growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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