)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Hercules Capital (HTGC) investor relations material
Hercules Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record Q3 2025 total investment income of $138.1 million, up 10.3% year-over-year, and net investment income of $88.6 million, or $0.49 per share, with strong origination and portfolio growth.
Originations and fundings reached record highs, with $846.2 million in new commitments and $504.6 million in fundings for Q3, and $2.87 billion in commitments year-to-date.
Maintained a conservative balance sheet with over 90% first lien exposure, 97.8% floating rate loans, and robust liquidity exceeding $655 million.
Portfolio is diversified across technology and life sciences, with 78 equity and 102 warrant holdings, and strong regulatory oversight.
Assets under management grew 20.7% year-over-year to $5.5 billion, with NAV per share rising to $12.05, the highest since 2008.
Financial highlights
Q3 2025 total investment income was $138.1 million, up from $125.2 million in Q3 2024, and net investment income was $88.6 million, or $0.49 per share.
Assets under management reached $5.5 billion, and total assets grew to $4.41 billion from $3.83 billion at year-end 2024.
Return on equity for Q3 was 17.4%; GAAP effective yield 13.5%, core yield 12.5%, and net interest margin 10.8%.
Net asset value per share increased 1.8% to $12.05 at September 30, 2025.
Weighted average cost of debt was 5.1% for Q3 2025.
Outlook and guidance
Origination activity expected to remain strong through year-end, with Q4 typically robust and core yield guidance reiterated at 12%-12.5%.
Prepayments expected to be $150-$200 million in Q4; SG&A expenses for Q4 expected at $25-$26 million.
Management expects continued focus on high-growth, venture-backed companies in technology and life sciences, with a robust pipeline of $847.4 million in non-binding term sheets.
Confident in maintaining base and supplemental distributions into next year, with strong dividend coverage even in a rate reduction environment.
Focus on sustainable shareholder returns and disciplined underwriting standards.
Explain the non-accrual increase.
Impact of rate cuts on dividend coverage.
Adviser Funds' role in new commitments.
PIK income: underwriting vs. credit issues?
How does market frothiness impact deal structure?
AI impact on legacy software portfolio?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Hercules Capital earnings date
Q4 202513 Feb, 2026
Next Hercules Capital earnings date
Q4 202513 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage