Hercules Capital Declares a Total Cash Distribution of $0.48 per Share for the First Quarter 2024
April 30 2024 - 6:00AM
Business Wire
The Total Cash Distribution of $0.48 per Share
for the First Quarter 2024 is Comprised of a $0.40 per Share Base
Distribution and an $0.08 per Share Supplemental Distribution
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the largest and leading specialty finance provider to
innovative, venture, growth and established stage companies backed
by some of the leading and top-tier venture capital and select
private equity firms, is pleased to announce that its Board of
Directors has declared a first quarter 2024 total cash distribution
of $0.48 per share. The following shows the key dates of the first
quarter 2024 distribution payment:
Record Date
May 14, 2024
Payment Date
May 21, 2024
Hercules' Board of Directors maintains a variable distribution
policy with the objective of distributing four quarterly
distributions in an amount that approximates 90% to 100% of the
Company’s taxable quarterly income or potential annual income for a
particular year. In addition, during the year, the Company’s Board
of Directors may choose to pay additional supplemental
distributions, so that the Company may distribute approximately all
its annual taxable income in the year it was earned, or it can
elect to maintain the option to spill over the excess taxable
income into the coming year for future distribution payments.
The determination of the tax attributes of the Company's
distributions is made annually as of the end of the Company's
fiscal year based upon its taxable income for the full year and
distributions paid for the full year. Therefore, a determination
made on a quarterly basis may not be representative of the actual
tax attributes of its distributions for a full year. Of the
distributions declared during the quarter ended March 31, 2024,
100% were distributions derived from the Company’s current and
accumulated earnings and profits. There can be no certainty to
stockholders that this determination is representative of the tax
attributes of the Company’s 2024 full year distributions to
stockholders.
Pursuant to Internal Revenue Code Section 871(k), certain funds
generate “Qualified Interest Income” (QII) that may be exempt for
U.S. withholding tax on foreign accounts. A regulated investment
company (“RIC”) is permitted to designate distributions of QII as
exempt from U.S. withholding tax when paid to non-U.S. shareholders
with proper documentation.
The percentage of QII for distributions declared for the first
quarter ended March 31, 2024 on Hercules’ common stock is
83.85%.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $20.0
billion to over 650 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call (650)
289-3060.
Hercules, through its wholly owned subsidiary business, Hercules
Adviser LLC (the “Adviser Subsidiary”), also maintains an asset
management business through which it manages investments for
external parties (“Adviser Funds”). The Adviser Subsidiary is
registered as an investment adviser under the Investment Advisers
Act of 1940.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. We may use words such as “anticipates,” “believes,”
“expects,” “intends,” “will,” “should,” “may” and similar
expressions to identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and should not
be relied upon in making any investment decision. Such statements
are based on currently available operating, financial and
competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations. While
we cannot identify all such risks and uncertainties, we urge you to
read the risks discussed in our Annual Report on Form 10-K and
other materials that we publicly file with the Securities and
Exchange Commission. Any forward-looking statements made in this
press release are made only as of the date hereof. Hercules assumes
no obligation to update any such statements in the future.
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Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. (650) 433-5578 mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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