Hercules Capital | 8-K: FY2025 Q2 Revenue Beats Estimate at USD 137.46 M

LB filings
2025.07.31 20:32
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Revenue: As of FY2025 Q2, the actual value is USD 137.46 M, beating the estimate of USD 129.46 M.

EPS: As of FY2025 Q2, the actual value is USD 0.43, missing the estimate of USD 0.4718.

Segment Revenue

  • Total Investment Income: Hercules Capital reported a record total investment income of $137.5 million for Q2 2025, marking a 10.0% increase year-over-year.

Operational Metrics

  • Net Investment Income (NII): The company achieved a record NII of $88.7 million, or $0.50 per share, which is a 7.7% increase year-over-year.
  • Net Realized Losses: Hercules reported net realized losses of - $57.6 million primarily due to losses on debt and warrant investments and foreign exchange movements.
  • Net Unrealized Appreciation: The company recorded $47.8 million of net unrealized appreciation, net of foreign currency movements.

Cash Flow

  • Available Liquidity: Hercules had $785.6 million of available liquidity at the end of Q2 2025, including $52.2 million in unrestricted cash and cash equivalents.

Unique Metrics

  • Assets Under Management: Hercules reported over $5.3 billion of assets under management, reflecting a 16.5% increase year-over-year.
  • Net Asset Value (NAV): The NAV per share increased by 2.5% to $11.84 as of June 30, 2025.
  • Total Cash Distribution: Hercules Capital declared a total cash distribution of $0.47 per share for the second quarter of 2025, comprised of a $0.40 per share base distribution and a $0.07 per share supplemental distribution.

Outlook / Guidance

  • Hercules Capital continues to strengthen its balance sheet and liquidity to support growth objectives, including raising a new institutional bond of $350.0 million and increasing its credit facility with MUFG to $440.0 million.
  • The company has pending commitments of $480.0 million in signed non-binding term sheets as of July 28, 2025, which are subject to due diligence and final approval.
  • The company maintains a variable distribution policy aiming to distribute 90% to 100% of its taxable quarterly income and may pay supplemental distributions to distribute all its annual taxable income within the year it was earned or opt to carry over excess taxable income to the following year.
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