Hercules Capital Inc Stock Price, News & Analysis

Hercules Capital, Inc. (NYSE: HTGC) announced that Fitch Ratings has reaffirmed its investment grade credit rating at BBB- with a stable outlook. This rating indicates Hercules' strong position in providing senior secured loans to venture-backed companies. Key factors for this rating include a solid credit track record, substantial asset coverage, and robust funding flexibility. The stable outlook reflects expected continued focus on quality first lien debt investments and consistent core earnings. Since its inception in December 2003, Hercules has committed over $16 billion to more than 600 companies.

Hercules Capital (NYSE: HTGC) has launched a new institutional private credit lending program through its subsidiary, Hercules Adviser LLC, to support venture and growth stage companies affected by recent market disruptions. The firm manages over $3.6 billion in assets and has committed more than $16 billion in capital to over 600 companies since 2003. This new program aims to provide essential financing to strong companies in the venture capital ecosystem, reinforcing Hercules's position as a leading non-bank lender.

The company has partnered with Davidson Kempner Capital Management as an anchor for this initiative.

Hercules Capital, Inc. (NYSE: HTGC) has announced an increase of $75 million in its committed letter of credit facility with Sumitomo Mitsui Banking Corporation (SMBC), bringing the total credit capacity to $175 million. This facility also features an uncommitted accordion feature of up to $400 million. CFO Seth Meyer emphasized that this expansion will enhance Hercules' ability to provide financing solutions to its growth and late-stage venture portfolio companies. Since its inception in December 2003, Hercules has committed over $16 billion to more than 600 companies, positioning itself as a leader in specialty finance for venture-backed firms.

EPAM Systems, Inc. (NYSE: EPAM) announced the appointment of DeAnne Aguirre to its Board of Directors on March 14, 2023. With over 30 years of experience in technology and business consulting, Aguirre brings valuable knowledge to enhance EPAM's advisory services. She previously held leadership roles at PwC and serves on the Board of Hercules Capital (NYSE: HTGC). CEO Arkadiy Dobkin expressed confidence in Aguirre's ability to help navigate growth opportunities in a complex business environment. EPAM continues to expand its offerings in digital transformation, highlighting its commitment to innovation and client success.

Gibraltar Business Capital (GBC) has launched Gibraltar Equipment Finance (GEF), enhancing its financing solutions. GEF offers equipment loans and leases between $1 million and $20 million, targeting sectors like manufacturing and healthcare. Led by industry veteran Jeffry S. Pfeffer, GEF aims to provide innovative financing for growth and modernization. Since partnering with Hercules Capital (NYSE: HTGC) in 2018, GBC has expanded its market presence, now aiming to address more middle-market business needs. The new venture aligns with GBC's strategy to support companies in need of liquidity and growth capital.

Hercules Capital, Inc. (NYSE: HTGC) is actively supporting its portfolio amid the FDIC's decision to place Silicon Valley Bank under receivership. With over $16 billion committed to venture-backed companies, Hercules has earmarked $50 million for short-term financing to assist affected businesses. The company ended 2022 with assets under management exceeding $3.6 billion, showing a 29.3% year-over-year increase, alongside strong liquidity of $606 million. Hercules expects record funding performance in Q1 2023 and has maintained a diversified portfolio, with no direct exposure to SVB, ensuring minimal operational impact.

Hercules Capital, Inc. (NYSE: HTGC) announced participation in the RBC Capital Markets 2023 Financial Institutions Conference on March 7, 2023, in New York, NY. The company is a leading specialty finance provider focused on senior secured loans to high-growth, venture-backed companies across various sectors, including technology and life sciences. Since its inception in December 2003, Hercules has committed over $16 billion to more than 600 companies. Additionally, Hercules Adviser LLC manages investments for external parties. The company also has a retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

Hercules Capital (NYSE: HTGC) announced its financial results for Q4 and full-year 2022, highlighting record total gross debt and equity commitments of $3.12 billion and net investment income (NII) of $188.1 million, up 25.4% from the previous year. The total investment income for Q4 reached $100.2 million, increasing 38.3%. The company enhanced its cash distribution to $0.39 per share and announced a supplementary cash distribution of $0.32 for 2023. Additionally, it reported an increase in assets under management to over $3.6 billion, a 29.3% increase year-over-year.

Hercules Capital has announced a new supplemental cash distribution of $0.08 per share for the fourth quarter of 2022, in addition to the regular distribution of $0.39 per share. This distribution, totaling $0.32 per share over four quarters, will be paid from undistributed taxable income as of December 31, 2022. The record date for this payment is March 2, 2023, with payments made on March 9, 2023. Approximately 89.65% of the distributions will qualify as Qualified Interest Income exempt from U.S. withholding tax for foreign shareholders.