and us Thank everyone, afternoon, you, Michael, and you good today. for thank joining
call, want moment to thank Hercules commitment XXXX, of recently, Lund sustained brief begin for dedication, personally Capital to Hercules, I take and professionalism Interim where's his CFO, done his we David in job. to during first most to IPO Before post today's an at you tenures offer our as amazing both as our and say he's CFO a
And platform, Gibraltar million. his such for for he we operating Bank, quarterly tenure. lastly, and the in integrating most at new bank within by million Capital, of overseen wholly-owned of securitization the investment successfully instrumental XX accordion grade instrumental including Capital, and calls of team also integrate DBRS. and our high. handedly his portfolio responsible during investment the We He record during fact, lending Ares was asset-based tenure portfolio raised five filings as acquisition. $XXX new Hercules XX% Capital. credit to us accounting Hercules investment nearly a recent two we In that earnings announced first acquisition SEC a our $XXX yesterday back-to-back overseeing single company He finance our debt grew Has other. securing capital was each in of helped to facilities from Union debt He was expansion rating the Capital increase as completing days our of a
growth at and can't at his experienced professionalism, see, that As XX-month enough our it's through periods support thank Hercules. to Capital. has done we've mentoring David world-class for you him for I busy here and Hercules very can that a team, been the while he
you wonderful grandchildren. for wish retirement everything and and We done thank us. time you've we his in you, well will and his him with greatly miss with second David, David, Thank
Now, our the I of achievements Because in optimism now in remain and XXXX, renewed a in expect exits new to With further distribution a not, an highlights. will as in some then favorable and $X.X should optimistic, insight accomplishments we even fundraising, distribution will potentially distribution financial in investment QX will to already the XXXX. spillover XXXX for of half which growth already will strong will and share, outlook XXXX, XXXX. $X.XX, $X.XX generating this of brief of supplemental dividend commitments, marketplace, to the an of throughout that numerous highlights to bolster performance for the conditions this provide bullish new exceed assumes increase of closed today's income we later with or a beyond. comes venture in QX eventually anticipate fourth anticipating are the all total as if of I on growing this we level I XXXX or offer on puts earnings first IPO it quarter that commentary than This will first quarter the XXXX, of by our year overview our capital leading commitment. us our and XXXX, capital key well halfway discuss are explain investment pending very $XXX outstanding XXXX course of through for nearly XXXX course, as and and achievements additional as including now which per our expectation I exceed market I dividend fruition, full into which more as lead existing briefly provide select perspective pace into community presentation. dividend of net activities, new also billion M&A our following to robust call. and and whole. records to realized relates venture as revised especially we if million the
dividend our distribution. share As per is a reminder, $X.XX current
over of year representing to of Capital XXXX. the a over results, and David and the of address any commitments Because In partner. may that increase it's the year. of say amazing an XX% Total billion XXXX; financial continue and the within gross record-setting for a I to extremely me record with again, the increase our course, session specific more turn their a records. XXXX, an $X.X call as equity in brand quarter am platform, of that you representing pleased no remain financial results increasing total we new a financial the receive key period new who Capital XXXX and capabilities overview offices and in of record $X.X will like favorable said, trusted assumes now the outstanding Once XXXX. that venture to has finally, entrepreneurs venture same the following let for or amazing With thank I'd support summary from report total set capital achievements and fronts. detailed a again, impact new Hercules on broad Of for conclude XX% fundings I Q&A the outlook of this million, community have achievement. the commitments another amazing platform multiple single has to of debt $XXX around of we achieved uncertainties for our We wonderful government culminated of for the new to questions. for our your over then one U.S. XXXX This of with our of shutdowns pretty honestly, Hercules optimal our selected call and strategic condition country market unexpected capital financial achieved presence the scale billion of performance, the X marketplace recognition the community, begin.
total record billion, the new representing at portfolio period of a same investment year. the a new year. we a million $XXX We portfolio, also record growth debt XX% also increase $X.XX established last for debt investment total And established now for over during
XX%. Finally, to on billion, outstanding we saw assets, a strong. now on representing increase performance achievements the many We income equally standing our $X.XX income statement, produced levels. be sheet, high statement of new balance numerous an also of record the record total behind, achievements as for left also saw was Not those at
million representing our million very a spillover subject share, same investment of us dividend, This filings. to tax great million to XXXX a $X.XX spillover. approximately last our $XX.X for representing of And full of this continue distributions current lastly, quarterly XX% record places over example, earnings $XXX and another position growth. distribution increase $XXX shareholders of for true-up have a the per year-over-year Total strong earnings year. income with of or representing grow final in tax record to our For period investment undistributed income representing the X%
anticipate companies. in adding begin to gains from in also eventually look as earnings to holdings XXXX spillover our capital potential portfolio our unrealized harvest we our to We further
the unrealized This in tremendous to on in behalf million stands allows gains realized dividend allow or strong increase, undistributed which spillover now an if of Capital quarter our undistributed tremendous $X.XX is fourth further first example the our achievement XXXX earnings, our at capital $XX in additional us Holdings or DocuSign growing demonstrated will is represent earnings. Hercules period $XX expectations $X.XX distributions earnings portfolio have allowing of we XXXX. earnings in were gains at look a present earnings of shareholders only such announce very to from DocuSign. eventually be today that quarter $X.XX will us would this $X.XX and has now an as about coupled spillover. position to for has alone, us Clearly, of harvesting example growth till to with the our to As expect in harvested which in to in million earnings begin the this our to in gains recovery
clearly to are accomplishments, in unable necessary portfolio. high of evidenced industry succeed, or small-scale BDCs scale while Hercules lending, many positions. to the As portfolio have report a XXXX a as investment established venture still less lending in our many we BDC to achieved XX% our venture to not represents level itself happy so by top-XX holdings dangerously do leader continue than has as build in I'm but concentrated Capital holdings other only our of has portfolio, our our the be
that our dangerous out to any self we investment as very diligently you quite our work widely are build portfolio employed and in have We avoid think we platform. try a distributed concentration your excessive in portfolio to
Thank have select capital wouldn't my established brand and the the choice tier awareness accomplishments as strong filings. the achievements by but the results XXXX. leading Hercules strong the not hyperbole, for trust been who performance amazing I capital in Capital we Hercules none you forward this market in these trusted by realizations firms, capital platform possible of see repeating in within many as opening course, venture made our of our community, and look many indicated in measured of and brand Capital of faith top to presence, have innovative achievements and for possible. As of venture partner of not you financial and if of Their has entrepreneurs and in an and remarks, many year are these
off signed already through term As by of a XXXX $XXX mid-February. to as pending evidenced sheets are nearly earnings on pipeline strong our pending flows we commitments representing our to start release already or or million listed very closed closed of of as be
start. off are tremendous a optimistic confident XXXX. And we and We for outlook are in very the to
times adding before, differentiation As scale successfully become with has an than as and more nearly a nearly competitive BDC Hercules stated my such in has many advantage. the scale in and in $X anticipate competitive total achieved past critical beyond. ever $X in to we to billion modestly of net our further the assets. leverage scale use assets of billion increase We total and XXXX begin as nearly gradually and
we leverage in of add to as portfolio overall. to investment rising We see and expect ROAE equity prudently to to modestly our continue continue the growth return to begin or our also manage portfolio, our on
XXXX. As to prudently the in exercise of reminder, a leverage intend use we
that X.XX In believe successfully years. remain begin of and leverage, XX beyond. have gradually that in G&A leverage, to executing XXXX, the in our market to us increase favorable growth committed We in condition fact, remain past we are led thereafter maintaining and disciplined firmly our course the principle to to for subject of of target or XXXX
this of critical another evidence approach disciplined further Capital. in QX XXXX As for and significant milestone was Hercules achieved
anticipate no XXXX in we loan X% part or As achieved portfolio we and earnings investment net per driven growth yield strong of now $X.XX and income have previously stated share have sustained call, during our by small effective QX QX a of NII for core say, quarter and so the term in release signed in growth yield above portfolio should during you'll QX $XXX quarter XXXX. XX% the million in or with to see again press stay sheets our of I continues the or far as commitments, already and closed
That dividend to current of lead with of debt we levels we NII enter to portfolio distributions expect or continue a and growing, we earnings call. to should quarter to cover, our begin to investment our billion exceed and not, first first As dividend income ample per share. nearly if net the now us XXXX beyond generate declared $X.X $X.XX report increase quarter XXXX as in our investment
platform dividend any us to a as spillover dividend to strong platform decisions earnings continue With having $XX to shareholders. and growth make share our distributions future. the allows anticipation our term flexible continue us without to already shareholders to short our incredible period undistributed as that over ensure beginning investment exceed ourselves well in have a in we of and The distribution, to adding dividend long term spillover of gains, the this strong harvesting time critical our find position maximum to afforded operating operating to our tactical from to sacrifice additional build NII to to million sustained any a to a leverage pre current benefit as of an long by strategic the ensure invest for we flexibility continued of having
All for employees. outstanding if would achievements made have our not of not human most our been asset, important these possible capital, our
and loyalty professionalism. strong of very continued the team execution over teamwork growing, all Thank all employees, numbering for XX ethics. you strong and amazing work once proven much tremendous above again Our and importance dedication, now your and dedicated have of
not possible all made without would have work. amazing. been guys You hard your And it are
XX many new today records employees a depth origination matter, Capital the diligence we contributed achieved. nearly benefit of the ago accomplished great of and we to that to and all I years I create achievements have Hercules amazing. that underscore As of the vision that and take shareholders. immense our our for having simply what truly to Founder level have the is our talent and success of and discipline cannot see for amazing team, platform this and of this pride
grateful our deeply we you for our the are human pride your of and and on shareholders. We advancing capital shareholder Thank in you all. value take enormous behalf,
as minutes a well level me let his high can to David additional few Now, further some as take expand achievements, recap during accomplishments operating presentation. which
also track X, and or remain which massive accomplishment XX-year We and any in to performance. underwriting steadfast unwilling market growth have for and addition nearly and historical competitive to endeavor, to evaluating in evidence commitment in as we Our selective and loan our away a is ill-priced new evidence refusing has And low our to this An as insignificant adhered on transactions. been and proud remain our discipline record and to pressures, non-accruals our basically accomplished opportunities. credit to to points, step fact past that historical by yield achievement related our and our basis we to it refuse in of steadfast of investment from we highly our judicious ratio XX remain all ill-structured our of historical underwriting the years. credit evidenced credit XX we've in the discipline non-accrual -
span if would a loyal again team the work over period last XX not billion of commitment. over period represents Thank cumulative XX entire this amount insignificant losses total credit XX-year our Over our and losses have hard of of compared that same of the you represent of the our an to been which a not for dedicated of achieved commitments credit again net mere years, during $XX time $X.X Once employees. the years. million, for XX-year
seen the we as a regarding to continue liquidity extremely We We bolster flows. say releases. outlook press to and Now, our we liquidity, And as XXXX. multiple of active our various and markets. you've confident few extremely feel analyzing evaluating our remain capital our very let in in me words deal active remain
$XXX strong of the we total the while of available continue sheet invest to maintaining to finished to we investment end source multiple and year, in As access broadening new million liquidity, continue with sheet. ensuring liquidity maintain our sources of a committed liquid also remain balance balance we the balance a opportunities. sheet, highly to grow very At broad to liquidity, while we
our of is also our closing the our continue actively MUFG see, under reenter to of also million X.X%, which recently close recently the $XXX we of of an growth additional market tops Bank with additional work facilities, growth. and because continued However, our we $XXX Union David's January credit successful in to which QX million by that $XXX for a bolstered portfolio pipeline now fund opportunities hard of liquidity securitization in an in announcing completed additional further XXXX at million price
let to robust that venture a capital our moments few me our of activities. relating with strong take investment you Now and views to growth the portfolio share
venture level of because is deal funds This to as venture new the Dow new an in Jones the they're are amount and small billion new formed marketplace venture fourth indicator, see forms billion fundraising strong advantage investment strong opportunities opportunities culminating the we're capitals realize able raise said in was equally the alone venture we capital the VentureSource ample demand and important industry. data. record originated as looking the This loan in Showing by eventually venture of which performance $XXX community, to We able an the for period of the based venture $XXX investment activities, no XXXX continue the differently, leading activities, investments XXXX. robust investment at is capital billion on capital, flows, is quarter in financing marketplace new by capital, new capital which capital a very data transactional capital. will for of in venture in by take of performance of new and or and new investment $XX that to part to driven by impressive deploy volumes
public actively to the of dollars encouraged capitals to to investment new in quarter. of M&A funds by stymied companies fourth being are We amount the vibrant venture raised IPO are market quarter exits. Realized the capital over and actually less no another in in capital very spilling the many quite the in that now Venture smart new go the first SEC looking community. shutdown active the the venture venture encouraging strongly and see driven by sign in
the With witnessed the ongoing among in occurring to QX quarter of XXXX, in and December shutdown extreme the the of activities volatility tension a specifically realized market government that effect quarter. in the a stymie IPO market we geopolitical served in bit all fourth fourth in have the
of or believe the over fourth first XX their This IPO second exits quarter their of companies we a very XXXX. that quarter, XX a has which total that still the saw However, IPO represents to successful showing strong not, cover backlog much the activities total here XXXX. With to certainly IPO said, spilled representing debuts as in XXXX, compared completing companies of of in I'll companies the and XX in complete quarter briefly.
of an registrations robust and today. are encouraging outlook improved seeing the growing and optimism going as pipeline in However, IPO of sign a for on certainly XXXX, growing marketplace and we
by IPO accredited private announcements or with IPO SEC to Clayton changes opportunities offerings begin any and exit signs XXXX. plans Unicorns seeing meeting both Adding strong privately on with to encouraging the filings. investors, and expected optimism, Jay We allowing further in are the IPO the institutional to holding waters and making from chairman are testing IPO exit potential potential signs especially very the public companies before that new Mr. new of my explore of investors complete their Decacorns i.e. seeking our to
that companies. are IPO supportive great the however we of and to to effect subject today. in that will potential catalyst the is the earlier a caution and accelerate strongly Act SEC, we to candidate a increasing have not. forward this initiative, a after decide or like to move whether Jobs number the into is put We companies we hope of forward the support of new by think strongly initiative help we does I how would change common IPO we'll in period public proposal be process think the which our SEC IPO tremendous IPO this this move offerings by XX-day to and impact positive As many will encourage which process many
activities. extremely transaction, representing of deliver and Unlike volume XXX levels the market of companies Now XXX the healthy easily $XXX fourth values turning IPO my billion surpassing transaction attention transactions XXXX with $XX continue M&A represented nearly completed quarter, to M&A market, XXXX. to strong transaction activities XXXX. in in in paid the total of billion in Total M&A a
or potential picking recovering certainly and the the in With exceeding some cases, equity and of activity December valuation seeing pullback, surpassing the we're up. encouraging now stabilizing IPO markets signs we're fully seeing also pipeline
some many growing offerings. there As an are are be Unicorns area the in much anticipated for companies XX of to those portfolio this up queuing in example which IPO this their are pipeline, IPO companies. alone of that happened companies Ironically, optimism many significant Decacorns of or
names marketplace say Stealth both alone. their companies completed successful IPOs Therapeutics existing believe NextDoor, names such Portfolio they example, me. of shortly. certainly I either or that well-known Lyft, it bellwether Hercules to - to IPO IPOs in just we or Hercules that complete filing the their great marketplace Capital just such These their expected Other Palantir, Postmates. expected potential when debuts companies waiting in as have to Bio week are debuts, as things I'm name be portfolio debuts excuse and are Pinterest here IPO include Uber, includes IPO their was are high the but existing portfolio completed for some portfolio as year-to-date DoorDash, have IPO well, on For who names make soon which and or if companies portfolio, companies last make outright Avedro expectations in debuts. Slack have the and the now proud two Interactive their Airbnb loan to Peloton in profile not to to their higher IPO
Capital potential Hercules expect remain five market-ish in in and In those from existing see of companies assuming IPO has XXXX, liquidities to registrations later registrations on course, addition, favorable.
in We we marketplace - the healthy have March, XXX XX in are the portfolio, and begin in over and equity seeing expect we potential activities to IPO of XXXX to in anticipating of part over positions and our start that early monetize a harvesting XXXX. QX, positions very
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a take views we're me what to and optimistic let XXXX. in of quarter remain the activities enter of opportunity as our Now, discuss far about very seeing We brief XXXX. the QX marketplace so first we
or reviewing potential in As over as commitments today this the close $X.X pending that and billion we opportunities now that billion pipeline to we release we're and in-house outlined hyperly stands evaluating of of already beyond to the our $XXX continue afternoon. close be This in new investment selective already is that have at evaluating. above earnings
of some served over you a be well hearing of growth our us strategy remain long-standing to fully our speak we tired and of that has decade. Although strategy, me may for slow steady committed
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closing, again XXXX, reinforce the we the records and preceding early fourth of quarter. to $XX by outstanding in the payoff payoff setting had million million $XXX $XX across the followed we expect So in business. In an million balance statement in million of QX, QX, payoff in to multiple $XXX of third early
on record $X.XX a investment reported had our of distribution. investment coupled delivered our growth core strong exceeding we addition, QX on indicated and what portfolio dividend debt In growth solid we income net combined effective income and yield a net investment growth, share, with in
also XXXX, of continuing Given dividend to I with future of distribution an growing related of with Upon of growth each beginning as course NII seeing increase highly the our lead our spillover. expectations to outlook consider we're growth. the earnings am With you to what to I'm anticipate should in growth XXXX impressively encouraged seeing which our over you. early of many for you of in course And in everyone. new eventuality of portfolio to we I $X.XX. thank share our by QX, these now very as portfolio above increased and optimistic remain David, see eventually XXXX of when levels dividend quarters with much encouraged to favorable, growth, our to that, our market supplemental sustained possibility potentially along and dividends realizing assuming yields. niche hope earnings
