10-K · February 12, 2026
Hercules Capital positions itself as a specialty finance BDC focused on Structured Debt and senior secured loans to venture- and institutional-backed technology and life sciences companies, targeting total annualized…
Earnings analysis · 10-Q
HTGC earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Hercules Capital (HTGC) reported Q1 2026 results with total revenues of $141.5 million, reflecting a 17.9% increase from $119.5 million in Q1 2025, though net investment income per share of $0.48 fell short of the…
Read full summary
Hercules Capital (HTGC) reported Q1 2026 results with total revenues of $141.5 million, reflecting a 17.9% increase from $119.5 million in Q1 2025, though net investment income per share of $0.48 fell short of the consensus estimate of $0.47. The company encountered increased operating expenses, impacting margins, while still demonstrating growth in portfolio commitment originations and loan fundings.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.48
What stood out
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Revenue Growth
Total investment income rose 17.9% to $141.5 million from $119.5 million in Q1 2025.
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EPS Performance
Net investment income per share was $0.48, exceeding prior year’s $0.45 but slightly below consensus estimates.
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Strong Loan Commitments
Investment commitments increased significantly to $1.8 billion from $1.0 billion year-over-year.
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Dividend Declaration
Declared cash distribution of $0.47 per share, maintaining a steady payout amid ongoing operational challenges.
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Portfolio Growth
Total fair value of investments grew to $4.72 billion from $4.46 billion at year-end 2025.
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Debt Investment Yield Stability
Weighted average effective yield on debt investments remained steady at 12.8%, slightly lower than 13.0% from prior period.
What to watch
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Operating Expense Increase
Total operating expenses rose to $53.4 million from $42.1 million in Q1 2025, impacting overall profit margins.
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Unrealized Depreciation
Recorded net unrealized depreciation of $45 million, up from $25.6 million in Q1 2025, indicating increased volatility.
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Reduced PIK Income
PIK interest income decreased to $12.9 million from $13.5 million, reflecting challenges in maintaining loan performance.
Management's outlook
Management expects to maintain operational flexibility amidst challenging macroeconomic conditions, focusing on portfolio quality.
Earlier filings 4
10-Q · July 31, 2025
Hercules Capital reported Q2 2025 total investment income of $137.459M and net investment income of $88.734M, beating revenue and EPS consensus. Portfolio fair value increased to $4,176.486M and NAV per share rose to…
10-Q · May 1, 2025
Hercules Capital reported Q1 results with total investment income of $119,511,000 and net investment income of $77,458,000, producing net investment income per share of $0.45 (basic) vs $0.50 in Q1 2024. Investments at…
10-K · February 13, 2025
Hercules Capital positions itself as a specialty finance BDC focused on Structured Debt and senior secured loans to venture- and institutional-backed technology and life sciences companies, targeting total annualized…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.