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Hercules Capital reported record financial results for the fourth quarter and full-year 2021, announcing total gross debt and equity commitments of $2.64 billion, up 122.1% year-over-year. Q4 gross fundings reached $503.3 million, while net investment income for Q4 was $0.35 per share, offering 106% coverage of base distributions. The company declared a new $0.60 supplemental distribution, payable quarterly starting March 2022. Additionally, undistributed earnings spillover amounted to $192.1 million.
Positive
Record annual total gross debt and equity commitments of $2.64 billion, a 122.1% increase year-over-year.
Record annual total gross fundings of $1.57 billion, up 106.0% year-over-year.
Q4 net investment income of $0.35 per share, covering base distribution payouts by 106%.
Undistributed earnings spillover of $192.1 million, equivalent to $1.65 per share.
Negative
None.
Record Annual Total Gross Debt and Equity Commitments of $2.64 Billion, an Increase of 122.1% Year-over-Year
Record Annual Total Gross Fundings of $1.57 Billion, an Increase of 106.0% Year-over-Year
Record Q4 Total Gross Debt and Equity Commitments of $947.8 Million
Record Q4 Total Gross Fundings of $503.3 Million
Q4 2021 Net Investment Income of $0.35 per Share Provides 106% Coverage of Base Distribution Payout
Record Undistributed Earnings Spillover of $192.1 Million, or $1.65 per Ending Shares Outstanding
Declared a New $0.60 Supplemental Distribution Payable Equally over Four Quarters beginning with the Q4 2021 Distribution Paid in March 2022
PALO ALTO, Calif.--(BUSINESS WIRE)--
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced its financial results for the fourth quarter and full-year ended December 31, 2021. The earnings release can be accessed at Hercules’ Investor Relations website at https://investor.htgc.com/financial-information/financial-results.
Conference Call
Hercules has scheduled its fourth quarter and full-year 2021 financial results conference call for February 22, 2022 at 2:00 p.m. PT (5:00 p.m. ET). To listen to the call, please dial (877) 304-8957 (or (408) 427-3709 internationally) and reference Conference ID: 1780603 if asked, approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately three hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial (855) 859-2056 or (404) 537-3406 and enter the passcode 1780603.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $13.0 billion to over 560 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.
Hercules, through its wholly owned subsidiary, Hercules Adviser LLC (“Hercules Adviser”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). Hercules Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.
Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.
The information disclosed in this press release is made as of the date hereof and reflects Hercules’ most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Hercules believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
