Hercules Capital Announces New Supplemental Cash Distribution of $0.32 per Share
13 Februar 2024 - 12:00PM
Business Wire
The New Supplemental Cash Distribution is in
Addition to the Regular Quarterly Cash Distributions and will be
Distributed Equally over Four Quarters Beginning with the Fourth
Quarter of 2023 Distribution Payable in March of 2024
The New Supplemental Cash Distribution of $0.08
per Share for the Fourth Quarter of 2023 is in Addition to the
Regular Quarterly Cash Distribution of $0.40 per Share
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the largest and leading specialty financing 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 new supplemental cash distribution of
$0.32 per share, to be distributed equally over four quarters
beginning with an $0.08 per share distribution for the fourth
quarter of 2023.
This $0.08 supplemental cash distribution will be paid out of
Hercules’ undistributed taxable income (taxable income in excess of
distributions paid) as of December 31, 2023. The following shows
the key dates of the supplemental distribution payment:
Record Date
February 28, 2024
Payment Date
March 6, 2024
This $0.08 supplemental cash distribution is in addition to the
previously announced regular quarterly cash distribution that
Hercules declared for the fourth quarter of 2023 of $0.40 per
share.
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 December 31, 2023,
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 fourth
quarter ended December 31, 2023 on Hercules’ common stock is
81.44%.
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 $18
billion to over 640 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 (“Hercules Adviser”), also maintains an asset
management business through which it manages investments for
external parties. Hercules Adviser 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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