Q1 25 EPS
$0.45
MISS 3.74%
Est. $0.47
Q1 25 Revenue
$119.5M
MISS 4.72%
Est. $125.4M
vs S&P Since Q1 25
-32.5%
TRAILING MARKET
HTGC +0.7% vs S&P +33.2%
Market Reaction
Did HTGC Beat Earnings? Q1 2025 Results
Hercules Capital fell short of Wall Street expectations in Q1 2025, posting earnings per share of $0.45 against a consensus estimate of $0.47, a miss of 3.74%, while revenue of $119.51 million trailed the $125.43 million consensus by 4.72% and declin… Read more Hercules Capital fell short of Wall Street expectations in Q1 2025, posting earnings per share of $0.45 against a consensus estimate of $0.47, a miss of 3.74%, while revenue of $119.51 million trailed the $125.43 million consensus by 4.72% and declined 10.4% year over year. The primary culprit was a sharp pullback in early loan repayments, which fell 41.5% to $131.80 million from $225.20 million in Q4 2024, dragging down fee income and compressing net investment income from $0.50 per share a year ago. Still, the quarter carried notable bright spots; gross debt and equity commitments exceeded $1.02 billion, only the second time in company history the firm has cleared that threshold in a single quarter, and assets under management crossed $5.00 billion for the first time. Looking ahead, Hercules enters Q2 with $682.50 million in signed non-binding term sheets and $141.00 million in new commitments closed since quarter-end, while management expects core yield to hold within its 12.25% to 12.75% target range despite heightened economic uncertainty.
Key Takeaways
- • Record gross debt and equity commitments of $1.02 billion in Q1 2025, only the second time exceeding $1 billion
- • Gross fundings of $539.1 million drove net debt portfolio growth of $269.8 million
- • Eighth consecutive quarter of core income exceeding $100 million
- • Early loan repayments decreased 41.5% to $131.8 million from $225.2 million in Q4 2024
- • Assets under management surpassed $5.0 billion, up 11.0% year-over-year
- • 98.0% floating rate debt portfolio with floors providing interest rate sensitivity
- • 90.9% first lien senior secured debt portfolio composition
HTGC YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
HTGC Revenue by Segment
With YoY comparisons, source: SEC Filings
“We drove a robust start to 2025, achieving over $1.0 billion in gross debt and equity commitments for the second time in our history. Our gross fundings of over $539.0 million led to net debt portfolio growth of nearly $270.0 million, the second highest levels for each metric historically. Our assets under management, which include investments managed by Hercules and the Adviser Subsidiary, surpassed the $5.0 billion mark which further highlighted our strong origination performance. With our eighth consecutive quarter of delivering core income of more than $100.0 million, our net investment income of $0.45 per share provided 113% coverage of our base distribution.”
— Scott Bluestein, Q1 2025 Earnings Press Release
HTGC Earnings Trends
HTGC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HTGC EPS Trend
Earnings per share: estimate vs actual
HTGC Revenue Trend
Quarterly revenue: estimate vs actual
HTGC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.47 | $0.48 | +1.35% | $141.5M | -0.48% |
| Q4 25 MISS FY | $0.49 | $0.48 | -2.52% | $137.4M | -2.92% |
| FY Full Year | $1.93 | $1.91 | -0.95% | $532.5M | -0.77% |
| Q3 25 BEAT | $0.48 | $0.49 | +1.32% | $138.1M | +0.87% |
| Q2 25 BEAT | $0.47 | $0.50 | +5.98% | $137.5M | +6.17% |
| Q1 25 MISS | $0.47 | $0.45 | -3.74% | $119.5M | -4.72% |