Q4 2025 Management View CEO Scott Bluestein highlighted, “2025 was another year of record operating performance, record originations, platform expansion and strong and stable credit for Hercules Capital.

Hercules Capital (NYSE:HTGC) has declared a new supplemental cash dividend to be paid over four quarters. The company has completed a US$300 million unsecured note offering with a fixed coupon. Both actions affect shareholder income prospects and the company's funding capacity for future investments.

Footnotes: (1) Included in the earnings release is a reconciliation of any non-GAAP measures included therein (2) $0.83 per Weighted Average Shares Outstanding (3) Assets under management includes assets managed by Hercules and the Adviser Subsidiary

I'm maintaining a "Buy" rating on Hercules Capital as I believe there are seven key reasons why it remains the top pick in the BDC sector for 2026. HTGC’s business model is well adapted to the rate-cutting cycle, demonstrating effective scaling through its internal management structure and a clear commitment to diversifying cash flows.

Hercules Capital (HTGC) is back on investors' radar after recent trading saw the stock close at US$16.60, with short term returns mixed and longer term total returns presenting a very different picture.

Hercules has announced a final extension and last performance date in the West End.

This $0.07 supplemental cash distribution is in addition to the recently announced regular quarterly cash distribution that Hercules declared for the fourth quarter of 2025 of $0.40 per share.

Hercules Capital, Inc. recently declared a new supplemental cash distribution of US$0.28 per share, to be paid in four quarterly installments starting with US$0.07 for the fourth quarter of 2025, and its Board also affirmed a total fourth quarter 2025 cash distribution of US$0.