HTGC earnings analysis
What we found in HTGC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total investment income rose 17.9% to $141.5 million from $119.5 million in Q1 2025.
- EPS Performance
- Net investment income per share was $0.48, exceeding prior year’s $0.45 but slightly below consensus estimates.
- Strong Loan Commitments
- Investment commitments increased significantly to $1.8 billion from $1.0 billion year-over-year.
- Dividend Declaration
- Declared cash distribution of $0.47 per share, maintaining a steady payout amid ongoing operational challenges.
- Portfolio Growth
- Total fair value of investments grew to $4.72 billion from $4.46 billion at year-end 2025.
- Debt Investment Yield Stability
- Weighted average effective yield on debt investments remained steady at 12.8%, slightly lower than 13.0% from prior period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating Expense Increase
- Total operating expenses rose to $53.4 million from $42.1 million in Q1 2025, impacting overall profit margins.
- Unrealized Depreciation
- Recorded net unrealized depreciation of $45 million, up from $25.6 million in Q1 2025, indicating increased volatility.
- Reduced PIK Income
- PIK interest income decreased to $12.9 million from $13.5 million, reflecting challenges in maintaining loan performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.48
What they said about what is next.
Management expects to maintain operational flexibility amidst challenging macroeconomic conditions, focusing on portfolio quality.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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