CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance (in shares)

170,575,000

Beginning balance

$ 2,151,075

$ 1,851,810

$ 1,856,545

$ 1,989,581

$ 1,802,706

Net increase (decrease) in net assets resulting from operations

119,685

68,711

$ 248,909

$ 201,527

Public offering, net of offering expenses (in shares)

10,400,000

3,700,000

Public offering, net of offering expenses

(12)

(88)

$ 188,839

$ 66,284

Issuance of common stock under equity-based award plans

172

284

2,976

Shares retired on vesting of equity-based awards

(1,146)

(1,165)

$ (5,753)

$ (5,371)

Distributions reinvested in common stock (in shares)

355,971

342,129

Distributions reinvested in common stock

1,753

2,445

$ 6,799

$ 6,277

Distributions

(85,388)

(77,943)

(249,855)

(231,868)

$ (312,244)

Stock-based compensation

$ 3,726

^[1]

3,230

^[2]

$ 11,061

^[1]

9,279

^[2]

Ending balance (in shares)

181,776,000

170,575,000

181,776,000

170,575,000

Ending balance

$ 2,189,865

$ 1,989,581

$ 1,851,810

$ 2,189,865

$ 1,851,810

$ 1,989,581

Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance (in shares)

181,729,000

162,505,000

162,428,000

170,575,000

157,758,000

Beginning balance

$ 182

$ 163

$ 171

$ 158

Public offering, net of offering expenses (in shares)

10,354,000

3,725,000

Public offering, net of offering expenses

$ 10

$ 4

Issuance of common stock under equity-based award plans (in shares)

19,000

10,000

825,000

1,032,000

Issuance of common stock under equity-based award plans

$ 1

Shares retired on vesting of equity-based awards (in shares)

(63,000)

(69,000)

(334,000)

(351,000)

Distributions reinvested in common stock (in shares)

91,000

136,000

356,000

341,000

Distributions

$ (84,752)

$ (77,263)

$ (247,749)

$ (229,650)

Ending balance (in shares)

181,776,000

170,575,000

162,505,000

181,776,000

162,505,000

170,575,000

Ending balance

$ 182

$ 171

$ 163

$ 182

$ 163

$ 171

Capital in excess of par value

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

2,097,216

1,741,975

1,737,478

1,900,490

1,662,535

Public offering, net of offering expenses

(12)

(88)

188,829

66,280

Issuance of common stock under equity-based award plans

172

283

2,975

Shares retired on vesting of equity-based awards

(1,146)

(1,165)

(5,753)

(5,371)

Distributions reinvested in common stock

1,753

2,445

6,799

6,277

Stock-based compensation

3,726

^[1]

3,230

^[2]

11,061

^[1]

9,279

^[2]

Ending balance

2,101,709

1,900,490

1,741,975

2,101,709

1,741,975

1,900,490

Distributable Earnings (loss)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

53,677

109,672

118,904

88,920

140,013

Net increase (decrease) in net assets resulting from operations

119,685

68,711

248,909

201,527

Distributions

(85,388)

(77,943)

(249,855)

(231,868)

Ending balance

$ 87,974

$ 88,920

$ 109,672

$ 87,974

$ 109,672

$ 88,920

[1]	Stock-based compensation includes $35 thousand and $106 thousand of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2025, respectively.
[2]	Stock-based compensation includes $36 thousand and $107 thousand of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2024, respectively.

Hercules Capital, Inc. 10-Q