Earnings Releases·Oct 29, 2026, 4:29 PM ET

Hercules Capital — Third Quarter 2026 Earnings Summary

Total investment income rose 1.5% year-over-year to $140.1 million, while Net Investment Income (NII) declined 1.5% to $87.3 million ($0.47/share) due to higher interest expenses and reduced early loan repayments; year-to-date NII reached a record $268.4 million, up 5.4%.
Net Asset Value (NAV) per share increased 0.9% to $12.26, supported by a 17.7% year-over-year growth in assets under management to $6.5 billion, though GAAP effective portfolio yield fell to 12.3% from 13.4% in the prior quarter.
Management highlighted strong operating momentum with $701.0 million in total new commitments for the quarter and $571.7 million in pending commitments as of late October, while noting confidence in generating results irrespective of market dynamics.
Strategic capital actions included the issuance of $400.0 million in 6.700% unsecured notes due 2029 and the sale of 2.3 million shares via the equity ATM program for $39.2 million, resulting in NII coverage of the base cash distribution at 118%.