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Hercules Capital, Inc. (NYSE: HTGC) is a premier specialty finance company dedicated to providing senior secured loans to high-growth, venture capital-backed companies in technology-related markets. Established in December 2003, Hercules has positioned itself as a key player in the venture lending space, committing over $4.6 billion to more than 300 companies across various stages of development. The company focuses on sectors such as technology, biotechnology, life sciences, and sustainable and renewable energy.
Hercules Capital stands out by offering more than just financial support. The company provides vital access to its expansive network of contacts and invaluable business advice, helping entrepreneurial companies achieve significant milestones. Their investment portfolio includes a mix of structured debt with warrants, senior debt, and equity investments.
Recent achievements include a $35 million loan facility to SynOx Therapeutics Limited to support the development of emactuzumab, a next-generation monoclonal antibody for treating Tenosynovial Giant Cell Tumour (TGCT). Another notable investment is the $150 million financing to Harness, a Modern Software Delivery Platform company, to expand its platform with new modules and enhance its use of generative AI.
Hercules Capital’s strategic partnerships and financial solutions make it the lender of choice for venture-backed companies seeking reliable growth capital. The company’s financial stability and extensive industry expertise ensure that it remains a trusted partner for innovation-driven businesses looking to scale.
Hercules Capital (NYSE: HTGC) reported strong financial results for Q4 and full-year 2024, marking several record achievements. The company's total investment income reached $493.6 million for the full year, up 7.1% year-over-year, while net investment income (NII) grew 7.2% to $325.8 million.
Q4 2024 performance included NII of $81.1 million ($0.49 per share), providing 123% coverage of the base cash distribution. The company maintained a conservative balance sheet with net GAAP leverage of 83.9% and net regulatory leverage of 69.9%. Total assets under management increased 14.2% year-over-year to $4.8 billion.
The company announced a new supplemental cash distribution for 2025 of $0.28 per share, payable over four quarters, and reported an undistributed earnings spillover of $163.6 million ($0.96 per share).
Hercules Capital (NYSE: HTGC) has announced a new supplemental cash distribution of $0.28 per share, which will be distributed equally over four quarters starting Q4 2024. The first payment of $0.07 per share is scheduled for March 5, 2025, with a record date of February 26, 2025.
This supplemental distribution is additional to the regular quarterly cash distribution of $0.40 per share for Q4 2024. The company maintains a variable distribution policy aiming to distribute 90-100% of its quarterly taxable income. The supplemental payment will be made from Hercules' undistributed taxable income as of December 31, 2024.
For Q4 2024 distributions, 100% were derived from current and accumulated earnings and profits. Additionally, 79.97% of the distributions qualify as Qualified Interest Income (QII), which may be exempt from U.S. withholding tax on foreign accounts.
Hercules Capital (NYSE: HTGC) has declared a total cash distribution of $0.47 per share for Q4 2024, consisting of a $0.40 base distribution and a $0.07 supplemental distribution. The distribution will be paid on March 5, 2025, to stockholders of record as of February 26, 2025.
The company maintains a variable distribution policy targeting 90-100% of quarterly taxable income. For Q4 2024, 100% of distributions were derived from current and accumulated earnings and profits. Additionally, 79.97% of the Q4 distributions qualify as Qualified Interest Income (QII), which may be exempt from U.S. withholding tax for foreign accounts under IRC Section 871(k).
Hercules Capital (NYSE: HTGC), the largest specialty financing provider to venture, growth and established stage companies, has scheduled its fourth quarter and full-year 2024 financial results conference call for Thursday, February 13, 2025, at 2:00 p.m. PT (5:00 p.m. ET). The company will release its financial results after market close on the same day.
Participants can register for telephone access, and a live webcast will be available on the investor relations section at investor.htgc.com. An archived webcast replay will remain accessible for at least 30 days following the conference call.
Remodel Health, the leading Individual Coverage Health Reimbursement Arrangement (ICHRA) provider, has secured over $100 million in growth funding from Oak HC/FT and Hercules Capital (NYSE: HTGC). The company offers a comprehensive white-labeled tech platform for ICHRA plans and has experienced significant growth, with 11x YoY increase in broker-led ICHRA bookings.
The platform provides employers with predictable annual benefits costs, delivering average savings of 30%. Following its acquisition of PeopleKeep in early 2024, Remodel Health is positioned to serve organizations of all sizes. The ICHRA market has shown strong growth, with a 29% increase in adoption from 2023 to 2024, and is projected to grow tenfold by 2032.
Hercules Capital (NYSE: HTGC) has renewed and expanded its credit facility with Sumitomo Mitsui Banking (SMBC) from $225.0 million to $300.0 million. The renewed facility includes participation from Synovus Bank, Customers Bank, and Apple Bank, with an uncommitted accordion feature expandable up to $500.0 million. The facility matures in November 2029, including a 12-month amortization period. This renewal aims to strengthen capital resources and enhance operational flexibility while maintaining optimal cost of capital.
Behavox, a provider of AI-driven compliance solutions, has secured a $70 million credit facility from Hercules Capital (NYSE: HTGC). The company plans to use the funds for strategic acquisitions and new product development. Behavox aims to expand its product portfolio in 2025, adding solutions for Trade Surveillance, Control Room, and Sanction Screening. The company's Intelligent Archive, launched in January, has achieved over 100% QoQ pipeline growth. The platform, powered by Behavox's proprietary large language model, consolidates compliance tech stacks across 100+ communication channels.
Hercules Capital (NYSE: HTGC) reported strong financial results for Q3 2024, achieving record total investment income of $125.2 million, up 7.3% year-over-year. The company's net investment income (NII) reached $83.2 million, or $0.51 per share, representing an 8.3% increase year-over-year and providing 128% coverage of base cash distribution. Total gross debt and equity commitments were $430.7 million, with gross fundings of $272.0 million. The company maintained conservative balance sheet management with net GAAP leverage of 92.5% and net regulatory leverage of 83.0%. Assets under management grew 10.9% year-over-year to approximately $4.6 billion.
Hercules Capital (HTGC) has declared a total cash distribution of $0.48 per share for Q3 2024, consisting of a $0.40 base distribution and an $0.08 supplemental distribution. The distribution will be paid on November 20, 2024, to stockholders of record as of November 13, 2024. The company maintains a variable distribution policy targeting 90-100% of quarterly taxable income. For Q3 2024, 100% of distributions were derived from current earnings and profits, with 80.08% qualifying as Qualified Interest Income for foreign accounts.
Hercules Capital (NYSE: HTGC), the largest specialty financing provider for innovative venture, growth, and established stage companies, has announced the date for its third quarter 2024 financial results release and conference call. The company will release its financial results after market close on Wednesday, October 30, 2024, followed by a conference call at 2:00 p.m. PT (5:00 p.m. ET) on the same day.
To participate in the call, interested parties must register to receive the dial-in number and a unique PIN. A live webcast of the conference call will be available on the investor relations section of Hercules Capital's website. An archived webcast replay will remain accessible on the company's website for at least 30 days following the call.
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