Hercules Capital, Inc. 8-K

What Happened Hercules Capital, Inc. (HTGC) filed an 8-K on February 3, 2026 reporting preliminary, unaudited financial estimates for the quarter ended December 31, 2025. Management estimates NAV per share of common stock at $12.10–$12.16 (up $0.05–$0.11, or 0.4%–0.9%, from $12.05 on Sept. 30, 2025). The company also reported approximately $20 million of net realized gains for Q4 2025 and preliminary net investment income of $0.47–$0.49 per share. The filing notes these figures are preliminary, unaudited and subject to final closing, review and adjustment; the independent auditor has not reviewed these estimates.

Key Details

• NAV per share (preliminary, as of 12/31/2025): $12.10–$12.16 (vs. $12.05 on 9/30/2025).
• Q4 2025 net realized gains (preliminary): ~ $20 million.
• Q4 2025 net investment income (preliminary): $0.47–$0.49 per share.
• Preliminary new originations/fundings: ~ $1.0 billion in gross new debt and ~$0.5 billion in equity fundings.
• Investments on non‑accrual: <0.5% of the portfolio (by fair value and cost) as of 12/31/2025, down from 1.2% of cost on 9/30/2025.

Why It Matters These preliminary results give investors an early view of Hercules’ quarter: a small NAV uptick, meaningful realized gains, and positive net investment income per share — all indicators relevant to dividend capacity and portfolio performance. Large new debt and equity commitments suggest active deal flow and portfolio growth, while the decline in non‑accruals points to improved credit quality. Remember these are management estimates and unaudited; final results may change when the company completes its financial close and audit. The filing also includes standard forward‑looking statement disclaimers.