Hercules Capital (HTGC) Files Q1 2024 10-Q Report

TL;DR

**HTGC Q1 2024 10-Q FILED: Check financials for debt/venture debt lender.**

AI Summary

Hercules Capital, Inc. (HTGC) filed its quarterly report for the period ended March 31, 2024. The company reported its financial results and operational highlights. Key financial metrics and strategic initiatives were detailed in the filing, which is a standard requirement for publicly traded companies.

Why It Matters

This filing provides investors with a detailed look at Hercules Capital's financial health and performance in the first quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a venture debt lender, Hercules Capital's performance is closely tied to the success and funding environment of the venture capital and technology sectors, which can be volatile.

Key Numbers

• $0.001 — Par Value of Common Shares (Indicates the nominal value assigned to each share.)

Key Players & Entities

• Hercules Capital, Inc. (company) — Registrant
• HTGC (company) — Trading Symbol for Common Shares
• HCXY (company) — Trading Symbol for 6.25% Notes due 2033
• March 31, 2024 (date) — Quarterly Period End Date
• New York Stock Exchange (company) — Exchange where securities are registered

FAQ

Key Financial Figures

• $0.001 — ch registered Common Shares, par value $0.001 per share HTGC New York Stock Exchange

Filing Documents

• htgc-20240331.htm (10-Q) — 6807KB
• htgcq1202410q-exx311.htm (EX-31.1) — 10KB
• htgcq1202410q-exx312.htm (EX-31.2) — 10KB
• htgcq1202410q-exx321.htm (EX-32.1) — 5KB
• htgcq1202410q-exx322.htm (EX-32.2) — 4KB
• htgcq1202410qcleancopy.pdf (10-Q) — 10864KB
• 0001280784-24-000014.txt ( ) — 48179KB
• htgc-20240331.xsd (EX-101.SCH) — 116KB
• htgc-20240331_cal.xml (EX-101.CAL) — 70KB
• htgc-20240331_def.xml (EX-101.DEF) — 712KB
• htgc-20240331_lab.xml (EX-101.LAB) — 994KB
• htgc-20240331_pre.xml (EX-101.PRE) — 875KB
• htgc-20240331_htm.xml (XML) — 7179KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1. Consolidated Financial Statements 3 Consolidated Statements of Assets and Liabilities as of March 31 , 202 4 (unaudited) and December 31, 202 3 3 Consolidated Statements of Operations for the three months ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Consolidated Statements of Changes in Net Assets for the three months ended March 3 1 , 202 4 and 202 3 (unaudited) 5 Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 (unaudited) 6 Consolidated Schedule of Investments as of March 3 1 , 202 4 (unaudited) 7 Consolidated Schedule of Investments as of December 31, 2023 21

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 35 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 70 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 Item 4.

Controls and Procedures

Controls and Procedures 86

OTHER INFORMATION

PART II. OTHER INFORMATION 87 Item 1.

Legal Proceedings

Legal Proceedings 87 Item 1A.

Risk Factors

Risk Factors 87 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 88 Item 3. Defaults Upon Senior Securities 88 Item 4. Mine Safety Disclosures 88 Item 5. Other Information 88 Item 6. Exhibits and Financial Statement Schedules 89

SIGNATURES

SIGNATURES 94 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION In this Quarterly Report, the "Company," "Hercules," "we," "us" and "our" refer to Hercules Capital, Inc., its wholly owned subsidiaries, and its affiliated securitization trust unless the context otherwise requires.

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS HERCULES CAPITAL, INC. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) Assets Investments, at fair value: Non-control/Non-affiliate investments (cost of $ 3,471,353 and $ 3,143,851 , respectively) $ 3,459,426 $ 3,133,042 Control investments (cost of $ 103,223 and $ 103,182 , respectively) 112,215 115,004 Total investments, at fair value (cost of $ 3,574,576 and $ 3,247,033 , respectively; fair value amounts related to a VIE $ 264,690 and $ 254,868 , respectively) 3,571,641 3,248,046 Cash and cash equivalents 50,176 98,899 Restricted cash (amounts related to a VIE $ 10,110 and $ 17,114 , respectively) 10,110 17,114 Interest receivable 35,399 32,741 Right of use asset 18,579 4,787 Other assets 10,128 15,339 Total assets $ 3,696,033 $ 3,416,926 Liabilities Debt (net of debt issuance costs - Note 5; amounts related to a VIE $ 148,691 and $ 148,544 , respectively) $ 1,751,998 $ 1,554,869 Accounts payable and accrued liabilities 38,698 54,156 Operating lease liability 19,399 5,195 Total liabilities $ 1,810,095 $ 1,614,220 Net assets consist of: Common stock, par value $ 163 $ 158 Capital in excess of par value 1,730,829 1,662,535 Total distributable earnings 154,946 140,013 Total net assets $ 1,885,938 $ 1,802,706 Total liabilities and net assets $ 3,696,033 $ 3,416,926 Shares of common stock outstanding ($ 0.001 par value and 200,000 authorized) 162,230 157,758 Net asset value per share $ 11.63 $ 11.43 See notes to consolidated financial statements 3 Table of Contents HERCULES CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended March 31, 2024 2023 Investment income: Interest and dividend income: Non-control/Non-affiliate investments $ 112,822 $ 98,781 Control investments 2,957 1,116 Total interest and dividend income 115,7

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View this 10-Q filing on SEC EDGAR