Hercules Capital Reports Fourth Quarter and Full-Year 2023 Financial Results
February 15 2024 - 4:07PM
Business Wire
Record Q4 2023 Total Investment Income of
$122.6 Million, an Increase of 22.4% Year-over-Year
Record Q4 2023 Net Investment Income “NII” of
$86.0 Million, or $0.56 per Share, an Increase of 38.5%
Year-over-Year
Record Full-Year 2023 Total Investment Income
of $460.7 Million, an Increase of 43.2% Year-over-Year
Record Full-Year 2023 Net Investment Income
“NII” of $304.0 Million, an Increase of 61.7% Year-over-Year
Record Full-Year 2023 Total Gross Fundings of
$1.6 billion, an Increase of 9.1% Year-over Year
Inclusive of the Adviser Funds Managed by
Hercules Adviser LLC, its Wholly-owned Subsidiary, Hercules had
over $1.0 Billion of Available Liquidity as of Year End
Q4 2023 NII Provides 140% Coverage of the Base
Cash Distribution
Announced a New Supplemental Cash Distribution
for 2024 of $0.32 per Share, Payable over Four Quarters
Undistributed Earnings Spillover of $125.6
Million, or $0.80(1) per Ending Shares Outstanding
Approximately $4.2 Billion of Assets Under
Management, an Increase of 15.3% Year-over-Year(2)
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
fourth quarter and full-year ended December 31, 2023. The earnings
release can be accessed at Hercules’ Investor Relations website at
https://investor.htgc.com/financial-information/financial-results.
Footnotes:
(1)
$0.82 per Weighted Average Shares
Outstanding
(2)
Assets under management includes assets
managed by Hercules Capital and its Adviser Subsidiary
Conference Call
Hercules has scheduled its fourth quarter and full-year 2023
financial results conference call for February 15, 2024 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
fourth quarter and full-year 2023 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 approximately $19
billion to over 640 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 business, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215172753/en/
Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. 650-433-5578 mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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