CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Investment income:
Total interest and dividend income, excluding PIK interest income	$ 115,936	$ 102,262	$ 218,035	$ 208,144
Total PIK interest income	13,635	15,267	27,108	25,164
Total interest and dividend income	129,571	117,529	245,143	233,308
Total fee income	7,888	7,477	11,827	13,251
Total investment income	137,459	125,006	256,970	246,559
Operating expenses:
Interest	22,930	19,162	42,628	36,786
Loan fees	2,747	2,346	5,145	4,743
General and administrative	5,103	4,481	9,915	9,539
Tax expenses	1,068	1,754	1,980	2,465
Employee compensation:
Compensation and benefits	16,664	14,414	30,578	30,758
Stock-based compensation	3,662	3,343	7,264	6,477
Total employee compensation	20,326	17,757	37,842	37,235
Total gross operating expenses	52,174	45,500	97,510	90,768
Expenses allocated to the Adviser Subsidiary	(3,449)	(2,852)	(6,732)	(5,729)
Total net operating expenses	48,725	42,648	90,778	85,039
Net investment income	88,734	82,358	166,192	161,520
Net realized gain (loss):
Loss on extinguishment of debt	(21)	0	(36)	0
Total net realized gain (loss)	(57,637)	(5,784)	(59,193)	2,384
Net change in unrealized appreciation (depreciation):
Total net change in unrealized appreciation (depreciation)	47,790	(34,722)	22,225	(31,088)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)	(9,847)	(40,506)	(36,968)	(28,704)
Net increase (decrease) in net assets resulting from operations	$ 78,887	$ 41,852	$ 129,224	$ 132,816
Net investment income before gains and losses per common share:
Basic (in dollars per share)	$ 0.50	$ 0.51	$ 0.95	$ 1.01
Change in net assets resulting from operations per common share:
Basic (in dollars per share)	0.44	0.26	0.74	0.83
Diluted (in dollars per share)	$ 0.43	$ 0.25	$ 0.73	$ 0.82
Weighted average shares outstanding:
Basic (in shares)	176,809	160,748	173,231	159,096
Diluted (in shares)	190,777	161,309	182,159	159,614
Distributions paid per common share:
Basic (in dollars per share)	$ 0.47	$ 0.48	$ 0.94	$ 0.96
Non-control/Non-affiliate investments
Investment income:
Total interest and dividend income, excluding PIK interest income	$ 113,120	$ 99,314	$ 212,116	$ 202,239
Total PIK interest income	13,083	14,758	26,022	24,655
Total fee income	7,847	7,441	11,747	13,179
Net realized gain (loss):
Non-control/Non-affiliate investments	(57,616)	(5,784)	(59,157)	2,384
Net change in unrealized appreciation (depreciation):
Total net change in unrealized appreciation (depreciation)	48,626	(33,216)	21,084	(26,753)
Control investments
Investment income:
Total interest and dividend income, excluding PIK interest income	2,816	2,948	5,919	5,905
Total PIK interest income	552	509	1,086	509
Total interest and dividend income	3,368	3,457	7,005	6,414
Total fee income	41	36	80	72
Total investment income			7,085	6,486
Net realized gain (loss):
Non-control/Non-affiliate investments	0	0	0	0
Net change in unrealized appreciation (depreciation):
Total net change in unrealized appreciation (depreciation)	$ (836)	$ (1,506)	$ 1,141	$ (4,335)

Hercules Capital, Inc. 10-Q