---
schema_version: "secwatch.filing_event.v1"
accession: "0001280784-25-000023"
form_type: "8-K"
ticker: "HTGC"
cik: "0001280784"
company_name: "Hercules Capital, Inc."
filed_at: "2025-05-01T23:59:59+00:00"
generated_at: "2026-05-22T23:52:34.476747+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Hercules Capital Q1 NII $0.45/shr; $1.02B commitments; declares $0.47 dividend; rating upgraded to BBB (high)

## Summary
- Q1 2025 NII of $77.5M ($0.45/shr) vs $79.2M ($0.50/shr) in Q1 2024; 113% coverage of base distribution.
- Total gross debt/equity commitments of $1.02B; gross fundings of $539.1M; net debt portfolio grew $269.8M.
- NAV per share $11.55 (down 0.9% QoQ); AUM surpassed $5.0B, up 11% YoY.
- Received investment grade rating upgrade to BBB (high) from Morningstar DBRS.
- Declared Q1 2025 total cash distribution of $0.47/shr ($0.40 base + $0.07 supplemental), payable May 20, 2025.

## SEC filing metadata
- accession: 0001280784-25-000023
- form_type: 8-K
- ticker: HTGC
- cik: 0001280784
- company_name: Hercules Capital, Inc.
- filed_at: 2025-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1280784/000128078425000023/0001280784-25-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1280784/000128078425000023/htgc-20250429.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001280784-25-000023
- JSON: https://secwatch.observer/filing/0001280784-25-000023.json
- Plain text: https://secwatch.observer/filing/0001280784-25-000023.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.