Hercules Capital, Inc.NASDAQ
Thu, Nov. 3, 5:41 PM
Thu, Nov. 3, 4:10 PM
Wed, Nov. 2, 5:35 PM
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Mon, Sep. 12, 10:04 AM
- The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
- All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
- Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Thu, Aug. 4, 5:46 PM
Thu, Aug. 4, 4:47 PM
- Q2 net investment income of $23.4M or $0.32 per share vs. $20.1M and $0.28 in Q1. Dividend is $0.31. Distributable NOI of $0.34 per share vs. $0.32.
- Net asset value share of $9.66 down $0.15 from three months earlier. Today's close was $13.40.
- $159.8M of gross new debt and equity fundings; $203M of commitments. Debt investment portfolio is up to $1.26B, just shy of the $1.3B-$1.35B target. Management suggests this range could be exceeded in H2.
- Previously: Hercules Technology Growth Capital beats by $0.02, beats on total investment income (Aug. 4)
- HTGC flat after hours
Thu, Aug. 4, 4:14 PM
Wed, Aug. 3, 5:35 PM
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Thu, Jun. 23, 8:06 AM
- Hercules Capital (NYSE:HTGC) announces the pricing of an underwritten public offering of an additional $60M in aggregate principal amount of its 6.25% unsecured notes due 2024 (the "Notes"). The Notes constitute a further issuance of rank equally in right of payment with, and form a single series with the $175.9M in aggregate principal amount of the 6.25% unsecured notes issued previously.
- The Existing Notes and Notes will mature on July 30, 2024, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 30, 2017.
- The Company also grants the underwriters a 30-day option to purchase Notes up to an additional $9M to cover over-allotments, if any.
Mon, May 9, 1:51 PM
- The average yield in the mortgage REIT sector is 14%, says analyst Bose George - probably warranted given falling book values, though things stabilized in Q1 for at least a few. His favorites are Two Harbors (NYSE:TWO) at 78% of book with a 12% dividend yield, and there's also American Capital Agency (NASDAQ:AGNC), Annaly Capital (NYSE:NLY), Chimera Investment (NYSE:CIM), and MFA Financial (NYSE:MFA).
- BDCs, says Ryan Lynch, have been stung by credit fears and trade at an average 87% of book value. His favorites - Ares Capital (NASDAQ:ARCC) and Hercules Capital (NYSE:HTGC) - both yield near 10%.
- Property & casualty insurers have high "cash-on-cash returns" thanks to share buybacks, says Meyer Shields, with Hartford (NYSE:HIG) and AIG standing out on that front. His favorite stocks, however, are lower yielders like Allstate (NYSE:ALL), National General (NASDAQ:NGHC), and XL Group (NYSE:XL).
- KBW also offers a basket of high yielders through the PowerShares KBW High Dividend Yield Financial ETF (NYSEARCA:KBWD). The fund currently yields 9%, and is higher by 20% in the past three months.
- Source: Barron's
Thu, May 5, 5:40 PM
- Hercules Technology Growth Capital (NYSE:HTGC) declares $0.31/share quarterly dividend, in line with previous.
- Forward yield 10.38%
- Payable May 23; for shareholders of record May 16; ex-div May 12.
Thu, May 5, 4:33 PM
- Q1 net investment income of $20.1M or $0.28 per share vs. $20.9M and $0.29 in Q4. Distributable net operating income of $22.7M or $0.32 per share. Dividend of $0.31 is declared.
- Net asset value per share of $9.81 slips from $9.94 three months earlier. Stock closed today at $11.95.
- $220M in new debt and equity commitments in Q1, with 8% growth in the investment loan portfolio ($90M). Q2 target is for net loan portfolio growth of $50M-$90M.
- HTGC flat after hours
Thu, May 5, 4:33 PM
- Hercules Technology Growth Capital (NYSE:HTGC): Q1 NII of $0.28 in-line.
- Total investment income of $38.94M (+19.9% Y/Y) misses by $1.54M.
Wed, May 4, 5:35 PM
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Mon, Apr. 11, 7:59 AM
- The company in Q1 closed new debt and equity commitments of $220.9M, and had total unfunded commitments of $162.7M. HTGC received $76.4M in principal repayments during quarter, of which $55M was unscheduled early repayments.
- The goal for H1 is to grow the loan portfolio by $200M to $1.25B-$1.3B.
Fri, Apr. 8, 7:40 AM
- Under the accordion feature of its credit facility with Wells Fargo, Hercules (NYSE:HTGC) has added a new $25M commitment from Everbank for a total of $120M of credit capacity (the accordion allows up to $300M).
- Borrowings are still at Libor plus 3.25%.
- Now read: Lessons In The Stats For Business Development Companies From Q1-16 (April 5)