Hercules Capital, Inc. (HTGC) — payout ratio, two ways
Fiscal year ending 2025-12-31 · sector Investment company · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 93.3% | Distorted by unrealised marks on the investment portfolio, which move with credit spreads rather than with distributable income. |
| Net investment income | 95.4% | What actually funds a BDC distribution. |
Spread between highest and lowest: 2 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $1.73 ÷ diluted EPS $1.85
Where the figures came from
- 10-K filed 2026-02-12 · accession
0001280784-26-000009
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- DPS derived from dividends paid ($1.73); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.