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Hercules Capital (HTGC) investor relations material
Hercules Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Achieved record Q2 2025 net investment income of $88.7M and total investment income of $137.5M, both up 7.7–10% year-over-year, with net assets rising to $2.2B and NAV per share increasing to $11.84.
Maintained strong liquidity with $785.6M available at quarter end, supported by a $350M unsecured notes offering and upsized $440M credit facility.
Portfolio focused on high-growth, venture-backed companies, with 97.8% floating rate loans and 91% first lien senior secured debt.
Adviser subsidiary manages four funds with $1.6B in committed equity and debt capital.
Internally managed BDC structure maximizes efficiency and transparency, with no external management fees.
Financial highlights
Q2 2025 total investment income was $137.5M, up 10% year-over-year; net investment income was $88.7M ($0.50/share), up 7.7% year-over-year.
First half 2025: total investment income $257M, net investment income $166.2M, gross new commitments $2.02B, gross fundings $1.25B.
GAAP effective yield was 13.9% in Q2 2025; core yield 12.5%.
NAV per share increased 2.5% quarter-over-quarter to $11.84.
Net realized losses of $57.6M in Q2 2025, offset by $47.8M in net unrealized appreciation.
Outlook and guidance
Q3 2025 prepayments expected at $200M–$250M, similar to Q2; Q3 is seasonally slow for new originations, but full-year commitments and fundings projected to reach record levels.
Core yield for Q3 expected at the high end of 12%–12.5% guidance range, excluding future rate changes.
Asset-sensitive portfolio with 97.8% floating rate loans and 91.4% fixed-rate borrowings, positioned for higher NII if rates rise.
$471.5M in unfunded commitments available to portfolio companies as of June 30, 2025.
Management expects continued focus on high-growth, venture-backed companies in technology and life sciences.
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Next Hercules Capital earnings date
Q3 202529 Oct, 2025
Next Hercules Capital earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
Hercules Capital Inc is a business development company that provides venture debt and growth capital to high-growth, innovative companies. It focuses on technology, life sciences, and sustainable and renewable technology sectors, offering secured loans and other financing solutions. The company partners with startups and emerging companies backed by venture capital. The company is headquartered in Palo Alto, California, and its shares are listed on the NYSE.
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