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Hercules Capital, Inc. (NYSE: HTGC) reported a record total gross debt and equity commitments of $2.48 Billion for Q3 2022, with gross fundings reaching $1.10 Billion. The company saw a net debt portfolio growth of $465.1 Million and total investment income increased by 20% year-over-year to $84.2 million. Hercules also announced a net investment income of $0.39 per share, covering the increased base distribution payout of $0.36.
Undistributed earnings stand at $134.1 Million.
Positive
Record total gross debt and equity commitments of $2.48 Billion for Q3 2022.
Gross fundings reached $1.10 Billion, showing strong capital influx.
Net investment income of $0.39 per share provides 108% coverage for the base distribution payout.
Total investment income rose by 20% year-over-year, reaching $84.2 Million.
Undistributed earnings spillover is $134.1 Million, or $1.03 per share.
Negative
None.
Record Year-to-Date Q3 2022 Total Gross Debt and Equity Commitments of $2.48 Billion
Record Year-to-Date Q3 2022 Total Gross Fundings of $1.10 Billion
Record Q3 2022 Total Gross Debt and Equity Commitments of $817.2 Million
Record Year-to-Date Q3 2022 Net Debt Portfolio Growth of $465.1 Million
Record Total Investment Income of $84.2 million, an increase of 20.0% year-over-year
Q3 2022 Net Investment Income of $0.39 per Share Provides 108% Coverage of the Recently Increased Base Distribution Payout
Increased the Company’s Base Cash Distribution to $0.36 per Share
Undistributed Earnings Spillover of $134.1 Million, or $1.03per Ending Shares Outstanding
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 third quarter ended September 30, 2022. 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 third quarter 2022 financial results conference call for November 2, 2022 at 2:00 p.m. PT (5:00 p.m. ET). To participate via telephone, please register here. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. While not required, it is recommended you join 10 minutes prior to the event start. A live webcast of the third quarter 2022 financial results conference call will also be available on the investor relations section of the Company’s website at investor.htgc.com. An archived webcast replay will be available on the Company's website for at least 30 days following the conference call.
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 $16 billion to over 600 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. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.
Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. 650-433-5578
mhara@htgc.com
Source: Hercules Capital, Inc.
FAQ
What are the financial results of Hercules Capital for Q3 2022?
Hercules Capital reported total gross debt and equity commitments of $2.48 Billion, gross fundings of $1.10 Billion, and a net investment income of $0.39 per share.
What is Hercules Capital's base cash distribution for Q3 2022?
The company increased its base cash distribution to $0.36 per share.
When is Hercules Capital's Q3 2022 financial results conference call?
The conference call is scheduled for November 2, 2022, at 2:00 p.m. PT.
What is the significance of Hercules Capital's undistributed earnings spillover?
Hercules reported an undistributed earnings spillover of $134.1 Million, which is $1.03 per ending share outstanding.
