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Hercules Capital HTGC Net change in unrealized appreciation/(depreciation) on investments

Net change in unrealized appreciation/(depreciation) on investments at other companies

Blackstone Secured Lending Fund logo
Blackstone Secured Lending FundBXSL
-$218.31M-188%
Golub Capital logo
Golub CapitalGBDC
$9.86M+106%
Blue Owl Capital logo
Blue Owl CapitalOBDC
-$51.9M+65.3%

Other financials

Income statement

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Net income$42.5M-15.6%
EPS (diluted)$0.23-20.7%

Balance sheet

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Cash & equivalents$44.9M-17.3%
Total debt$2.6B+28.1%
Total equity$2.2B+11.3%
Total assets$4.8B+19.7%

Cash flow

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Operating cash flow-$230.6M-3.8%
CapEx$19.0K+138%
Free cash flow-$230.7M-3.8%

Valuation

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Market cap$2.84B-18.4%
Enterprise value$5.35B-0.8%
P/E8.6×-7.1×

Returns & leverage

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Return on equity15.7%+4.3pp
Debt / equity1.1×+0.2×

Where this comes from

Reported directly by Hercules Capital in its filing.

Tagged under the XBRL concept us-gaap:InvestmentCompanyDistributableEarningsLossAccumulatedAppreciationDepreciation.

The official record: Hercules Capital’s 10-K, filed February 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hercules Capital's net change in unrealized appreciation/(depreciation) on investments?
Hercules Capital (HTGC) reported net change in unrealized appreciation/(depreciation) on investments of -$15.57M in Q4 2025.
How has Hercules Capital's net change in unrealized appreciation/(depreciation) on investments changed year-over-year?
Hercules Capital's net change in unrealized appreciation/(depreciation) on investments increased by 68.6% year-over-year, from -$49.55M to -$15.57M.
What is the long-term trend for Hercules Capital's net change in unrealized appreciation/(depreciation) on investments?
Over 5 years (2020 to 2025), Hercules Capital's net change in unrealized appreciation/(depreciation) on investments has grown at a -16.3% compound annual growth rate (CAGR), from $37.78M to -$15.57M.
What does net change in unrealized appreciation/(depreciation) on investments mean?
This metric measures the periodic change in the fair value of the investment portfolio that has not yet been realized through a sale or exit. It reflects the market-based appreciation or depreciation of the underlying assets held by the company. Significant fluctuations indicate volatility in the portfolio's valuation and potential future realized gains or losses.