HTGC - Earnings call 3 2023 | Hercules Capital, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the Hercules Capital Q3 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to introduce your host for today's call, Michael Hara, Managing Director of Investor Relations. Please go ahead.

Michael Hara

Thank you, Justin. welcome conference and third for everyone, XXXX. quarter afternoon, to call Hercules the Good the from Meyer, call Bluestein, on us With today Chief Officer; CEO Hercules Investment and Seth CFO. and Scott are released just from accessed Relations Hercules' financial Investor results after market can Hercules close investor.htgc.com. at today's section be and were current make available own An days this call.During following be Investor forward-looking based webpage our on expectations. may on statements webcast and archived will for Relations assumptions the call, the replay at XX we least statements in decision. forward-looking relied performance guarantees and should future These are of making not not be upon investment any Actual the reasons, available XX-K filings that this including, website. during the may Annual risks financial of limited and call other SEC's not our results Form the to differ forward-looking statements on on publicly but number are identified from for a in made Report with Any only made in no to call update forward-looking any Hercules call as of future.And I'll this made statements assumes statements date, and over to obligation that, are such Scott. turn the during today's the

Scott Bluestein

you and Capital Hercules XXXX you, QX Michael, the joining call. all for earnings Thank thank

lien and billion, growth increase over level investors M&A quarters.Our venture be delivering in XX% year-to-date leverage, to several portfolio with record business the offense record interest capture play and as platform of and first to liability our our as last exceeding steps This and discussing class lending the and QX equity remain the over With and has levels. level tightening across broader an activity record continues strong macro differentiated up of that credit quarters. the activity the and maintaining venture continued exits over an year-over-year. further our in to to to portfolio credit low expect many very in experienced exception, one We operating includes we themes average the our been onboarding over to best-in-class business Our enhancing continue achieve QX. we performance ability driving deliver raising to manage longstanding record combined notable and global QX credit us and M&A improves. fundings and a as portfolio for investment predicated our income us higher of is XX%, gross in thousand coming our XXXX.During well were macro balance able yields income, record screens continued our to QX take on strong, with and QX, that capital asset exposure which weighted which underwritings since over several liquidity rates position, new the our have private market investment the pleased total volatility saw well increased underwriting, and diversification, despite continued we maintaining drove well ability fundamental variety model, as remains the are core across with investment coming allows environments. our of continued highest and defensively and in results net outperform serve as represents we income, to we about across relationships same Rising $X.XX asset earnings QX additional stage in a capital we to operating while both optimistic the of quarters, markets landscape.While performance market share over equity to our positioning

record base million, share, an and income. delivering QX, distribution income record XX% diversification of For of our year-over-year, of over we our per liquidity.Let and recap our investment remain This of or on investment $X.XX some performance of up investment up the abundance maintaining prudent income In for XXXX, underwriting, focus million, XXX% total the $XX.X of $XXX.X our of XX% net will key per of net generated of me share. remainder highlights quarter year-over-year, and $X.XX fourth over coverage is record consecutive providing QX.

to managed equity second GAAP QX once effective generated scaled consecutive core new of capitalize of XX% a opportunities. in strong our generated return increases the that environment Hercules and liquidity XX.X% and expect to front is to sheet more for rate a continue sheet yield stage XX.X%, coming with of at efforts portfolio best on the liquidity continue record class which gross with on our over year-to-date higher quarter.Our to We conservative GAAP balance QX was again and platform believe new diversified fundings, we market remains new we of in yield improve we focus continued for later QX an loans. key market leverage will very differentiator over platform, emphasis recent to a in on for very the and the is of robust indicative also in onboarding be well and a deals positions of yields balance on our With and asset our for certain across in opportunity a positioned.Although our origination XX.X% have Having the us.The quarters. maximum diversification deliver

the the technology have year, towards during with numerous performance borrower new QX weighted funding activity business healthy during continue XX% approximately by with milestones same time teams although life group. quarter. the strength lending, seen XX side. Our XX performance in QX, show which more peer portfolio debt technology funded the different companies unique in drive our and sciences excel new expanded was of sciences We to sciences helps relative and activity to capital with our our to consistent life approximately vertical, life outperformance originations while and quarter, of companies.Our relationships. what to fundings during we funding commitments to In Consistent each driven were intentionally sciences our life our the XX% were in relationship was dedicated companies to life both we teams both ability QX, delivering quarter the third that throughout companies, our achieve were of sciences at

to of end to at companies XX% commitments existing end the available maintain XXXX. which level up available helped also commitments In of follow-on addition, slightly of will was QX.Approximately expire by unfunded in year the fundings the our strong through million fundings $XXX million, higher unfunded the $XXX from our driving expected of

quarterly closed an strong our weighted QX month in we to deliver we million QX XXXX. backend in track of is call, activity of coming deal for October of funding to the QX.After gross repeat to as in September. QX we originations, fundings was the fundings likely million. of This on origination As $XX atypically over guided our of quarterly earnings although XX, with our in record XX% our funded commitments theme annual and QX remain activity on team in slightly, to Since close new expect our $XX.X and moderate XXXX, has QX

$XXX on are We non-binding new continue remains market. commitments an the of term originations the to signed have currently and pending pass bar deals very million on we for seeing additional in high vast us that we in of sheets. The majority

transactions. prospective liquidity our continue coming events exits and and over confidence the a filed for are strong to staying with companies have so portfolio quarters.Although portfolio with of has from Year-to-date additional have portfolio has lender activity ability hearing and this sheet complete the increasingly power, about far for X to along to M&A completing in XX partnering are portfolio company had year. quality slow, the portfolio balance deliver and pleased today, which we generate this companies and be with of the industry that company as importance us our continue asset We we IPO X experienced portfolio their gives a great IPOs, companies growth

merger on just November Xst. company their completed enGene Our IPO SPAC portfolio Holdings

portfolio We close our M&A over quarters. the expect companies coming additional transactions for to

in Our to million. anticipated, validate great our work of investment portfolio early repayments slightly $XXX activity $XXX came our teams which we approximately continues in to to loan decreased and that million, guidance underwriting $XXX the million below QX do.As

in increase and prepayments million For QX QX to we expect range from of levels XXXX, $XXX $XXX to be million. the

quarter.Credit we investment as this Although, quality relatively debt of the remained stable. in the progress change could portfolio

X.XX Our weighted normal remains historical the rating X.XX rating from QX internal credit increased the slightly range. in within average and of

Grade versus and QX. at were XX.X% compared lower in to Grade credits in X XX.X% to improved in QX QX. X Grade Our XX.X% XX.X% X credits

Our in the their debt loans on during of X.X% rated to we being loan to X as credits QX obligations full.In outstanding QX, increased non-accrual. to credits X investment increased X.X% X off result quarter-end, rated and our slightly rated X Hercules a X X to paid a of added to quarter. in downgraded one Subsequent

company's the respectively, X investment debt percentage million fair and an and and value, X.X% a of as respectively. with have investments cost and on value at $XX.X portfolio approximately of million, non-accrual investment X.X% or $XX.X We cost total

our new loan contractual recent current was debt one of companies Convoy. portfolio added non-accrual in during investment payments most our QX secured of debt to As reporting, remain The to our XXX% Hercules. on

ongoing and that Based are Our concern. storm our situation that portfolio workout perfect maximize efforts impacted efforts same landscape seeing our negated and next a early to-date, recovery and its business ongoing and ability freight broader efforts up will accelerating raise remains book exceed pressure find time, what strategic the QX likely market meet more believe from of generally will work credit currently Convoy on negatively with we operating wrap resulted by as Convoy ultimate for capital. Convoy was on to recovery ongoing respect At the our for equity net year, mark the buyer pleased fair although, situation a continue fluid.With we and unique remain believe and going or our a turmoil the we Convoy to that our and we to across continue level. that and value to broader recovery.We to a the our a remain that outlook, events ability

us credit on focus is diversified well. to asset Our continuing base serve a underwriting and

QX raising, seeing companies growth life on more QX, to technology We capital activity our respect and M&A portfolio momentum positive certain capital pressure of companies in warrant continued raising new net from life $X.X the XX over capital last X.X in remain funds back milestone QX, years.During tech and things and Despite we Through loss while generated year-to-date. and realized considerably gains and valuation on sensitivity valuations million $X.X of for of investments. in venture across remains have side debt our due gain due and additional to in this investors, sciences with companies. over offset million raising putting $X.X book, capital investments quarter comprised strongest increased million, throughout by realized and in realized net strong on achievement the gains general QX fundraising portfolio market QX. the same.Public billion $X.X had our in on of are private stage of the to $X with pulled investment This muted raising equity was sciences Hercules selectivity of the losses the outperformance terms XXXX, for capital new million

asset liquidity the end of was strong QX X.X% than net of QX. $XX.XX, private XXXX.We million ended per our almost liquidity $XXX we of from decrease $XXX QX Our of available with have liquidity and share of value Inclusive funds, a more of QX in slight million. as

activity investments. to X activity, of gathered at is balance benefit at and and investment XXXX several data will QX investment to according quarters.Venture of strong deals from and X,XXX highs at to Year-to-date, continued PitchBook-NVCA.In the approximately relative anticipate quarters in is XXXX, in to capital have $XX equal QX historical number over new and to first position the QX deals. versus that puts $XXX XXXX a we sheet activity investment $XXX stay stable of muted XXXX billion ecosystem us XXXX's already environment investment levels be next witnessed more business by we and get billion with exceeded for to than terms and with investment fundraising billion an X,XXX fundraising in the better number the $XX double levels the of deals approximately was VC it billion, Our respectively, XXXX, that able advantageous activity

to levels ending increased our we the as than outstanding. spillover QX remain with and to expect over per record We much lower stable investment activity $XXX stay prior at or fundraising of of the $X.XX operating years end we shares earnings undistributed year-to-date, performance million approach year.With exited

of to lending maintained of we distribution for distributions.In platform distribution changing macro our of QX, $X.XX early million $X.XX In XXX-plus to declared $XXX institutionalized shareholder prepayment and capabilities success our and capital over to fees competitive supplemental and trust drive $X.XX environment is business every of quarter with of efforts, from the employees tremendous our the day. our of closing, performance For benefit levels. ability total a place continues core of partners on and consecutive operating private quarterly capitalize repayments.Our second income, venture its delivered to the Hercules dedication, a attributable record a fee excludes forward that scale of rapidly and our or which and our us QX, accelerations our and base equity

place We to I want to many the portfolio Hercules the and choice. certain and have also are teams, we make of thankful investors management of that to companies partner continue that handful of are the companies, their to acknowledge have our turn October the call VC partners X, being the that and terrorist and now over on events investors took that by followed.I impacted Seth. that attack will

Seth Meyer

of We investment million. income income and had and an the ladies To will equity net per provide million our QX a a share. also strengthened balance SBIC marked position license, with final $XXX afternoon, million of investment and for Green additional another of upon the with growth, liquidity of Total attractive received income Hercules in us record which from record offering records we quarter proactively support August.We gentlemen. portfolio good $XXX Capital. SBA $XX was $X.XX core additional of Light for and financing. Scott, you, licensing sheet letter Thank the

QX let's With realized the and the at income debt at $XXX the performance business a $X.XX result margin by $XXX.X prepayments.Net investment on investment areas: statement investment income a and of for small first increase million, NII to highlights, in share and income X.X% portfolio the million. rates. million performance measure, NAV, mind, Core and loan year-to-date $XX.X in $XXX.X and underwriting review and in benchmark statement every since was the in a XXXX. investment or of million, non-GAAP unrealized a the per income, income as consistent exceeded highlights. these liquidity, XX.X% outlook.Turning financial activity, points the has growth income again finally, excludes leverage was increased of QX increase, Core and driven Total income million, $XXX again exceeded benefits a following another quarter-over-quarter QX. record quarter recognized

Our XX.X% core was the XX.X%, was benchmark yields coupon with our in in a prepayments and quarter. were respectively, guidance to the The and interest XX.X% prior in the consistent quarter to effective interest the and due yield in decrease an the result versus The prior third compared due lower in effective yield quarter. XX% increase as to increase core of rates.

core Fed quarters.Turning We the continue hereafter to to yield from forecast due movement a coming the to leveling in of expenses. minimal

the remained in million stable Our the line our with lower the were expenses of to expenses $XX cost August.SG&A million RIA, $XX to guidance $XX.X gross fees offering operating equity recharged the the for $XX as in to SG&A million. decreased early utilization were expense slightly to Interest of expenses the quarter. million $XX.X $XX.X million. Net of $XX.X from to level to compared to quarter Net million at RIA, $XX operating expenses fairly costs prior and at of at net $XX million. in million decreased facilities the recharged quarter my due prior of the a in result credit modestly million,

cost utilization X.X% the equity the based stable Our lower facilities of credit weighted raise. at of on average debt due to remained the

NII modestly increased to activity. NII to average realized over third was ROAA assets XX.X% Our quarter average NAV equity ROAE over the and our unrealized or X.X%.Switching or and for total

unrealized decrease reversal represented or net share to depreciation per The During quarter-over-quarter. share. an were prior for of NAV $XX.X million, due $X.X disposals of main the change of partially slightly to decrease drivers NAV August. decreased appreciation investment the mainly in by $XX.XX in share the quarter, per including to million, per $X.XX accretion our the due This write-off by sale of offset the unrealized the equity X.X%

$X.X to warrant loan unrealized Our on liquidity. million leverage depreciation and $XX.X the primarily depreciation on of the of public and of portfolio portfolio.Moving driven $XX.X million depreciation and unrealized to equity was net by million

of equity to XX.X%, our to well the excludes reminder, by these Our million in available XX.X% in The net managed portfolio our in GAAP platform to existing positions out respectively, capital GAAP cash funds regulatory to our the wholly-owned strong leverage leverage and had $XXX this with new by support liquidity prior liquidity.As very subsidiary. opportunities. the August. a XX.X% balance more with Inclusive due $XXX approximately of the than companies Hercules raised quarter We and ended source respectively. the regulatory the decreased liquidity. sheet, RIA amounts, was available us million compared and raise the quarter on XX.X%, and leverage Netting

continue We the additional capital we on support ability the no decide to outlook material to points. maturities giving us be should to opportunistic, near-term have the to raise business.Finally,

expect at core tighten to XX%. to We range yield XX.X% our

approximately As floor. is of a portfolio our XX% debt a reminder, floating with

So any additional forward. going yield rate hikes will benefit our core

very we quarter. Although, activity communicated by to million difficult the expect our predict, in $XXX $XXX million prepayment in Scott, fourth to as

expense based We expect fourth on to million approximately $X of expect fourth compared portfolio of million increase expenses $XX interest to quarter million. SG&A the $XX prior to we and quarter, expense allocation RIA expectations.For our growth the quarter

dividends as call begin million the Adviser of performance.In in existing guided, should over closing, invest our the portfolio best approximately the part to balance Q&A in the Hercules now opportunistically the to remains be the portfolio the operator fourth dividend our expect opportunities.I'll begin support to business per as sheet call. previously strong Capital. well growth turn $X to with our As depending quarter on to Initially, and the quarter we paying variation

to over you. Justin,

Operator

[Operator from first Crispin from our Instructions] Sandler. And question Love Piper comes

Crispin Love

life towards more sciences weighted being on comments quarter. some in made you've Scott, the

expectations, expect worth would that out? just borrowers can Just deeper And you little dig weighted over anything sciences near life to be it or the there. calling curious demand due from you credit term? more Was a towards to if else

Scott Bluestein

Sure. Thanks, Crispin.

So it an move. intentional was

given assessment of we have of I to on over depending said of ability few between And view expect as we're QX, technology the the will we're that forth the of of way the what a think sectors macro perspective, of a in the the we're that opportunity that is, course on volatility that private sort and in toggle of some between in this the remain quarterly sciences we a turmoil basis.Over and one back focus would credit kind well, was lending direct underwritings, X we've lenders our was that lending. terms macro of life seeing life years, consistently those our to waiting market us and course our this sort the seeing, sciences on given as global QX. forth and for QX sector of represented go the better credit terms and in short-term in back

that not was We for consistent numbers we'll a we to the of transactions. sciences life want actively It sciences, to and be technology. a in life focus remainder will pretty that we technology allocation XXX% think but be the expect however, mentioned essentially X% in to I those terms in our XX-XX it remarks, continue prepared numbers. in and quarter, the to was continue my emphasize, very pursue year QX.I both the of

Crispin Love

looking I'm thinking leverage leverage pick to the contained. next a to out the increase here you can very if there? several the environment just talk quarters then, changing about further over, up out, say, But if competitive where improves? just from opportunities on be a year leverage, willing you'd little did And to And well remains landscape

Seth Meyer

It's Sure. Seth. Thanks, Crispin.

GAAP nature. for ceiling, of just a [ to guidance away things end that volatility been -- has going that the leverage distance we at our mark-to-market we're stay a and fair quarters So, and of ] X.XX always from

going are be a a we're stay pretty [ up working to we leading level. While recessionary -- to careful and ] around a through environment, X.X

[ We twice. have level X.XX XXXX, the historically in taken up and certain at it to quarters about ]

liquidity. see see as a wanting X.XX to maintain our [ but future the us sufficient recessionary in operating So, the the I foreseeable to X.X environment as result would would ceiling, ] I in range of that and

Scott Bluestein

win now, I just to we are from Crispin, environment would very what of the those X high business half the perspective. from low add look liquidity be platform a a and that Right will the particularly being new that Based aggressively like, optimistic to about It's conversations leverage, we are our next able to think in think first year. items and firms are critical will And a of opportunities by differentiation. really And and investment positioning key leverage firms, able the And reason take perspective very we to that react point that related. low, market with time equity business related. prospective not to having quickly maximizing opportunity on and arises. capital liquidity new credit private companies, the for actually venture keeping we'll is when advantage of be move teams

Operator

from And Nolan Ladenburg our next Thalmann. question comes Christopher from

Christopher Nolan

based the Seth, should core just is assume your the that effective yield yield increases rate guidance, of -- flow on we through done? about

Seth Meyer

Yes. with agree that, I would Chris.

I we the rate any ceiling absent probably the see think Fed. that increases additional what from is

with tighter As when we're stage that Fed increase comes the going a said, of we've these at were benefited originated certainly later lot raised. times the spreads from remember, lower. has as we've were much And loans, rates and companies spreads of with

rates. see continue on a to volume the prepayment We higher strong

come or at that are that larger then new to absent as just pay that decide And to increase to see. rates that all from this continue If stage the our ceiling they the stem that the will is bets inflation, And we spreads off expectations to ceiling level changes the likely because to in is. they're what need spreads any as in our Fed. later again, rates they the we're so as just And we that originations largely trying as expect manage companies. we're far the below off,

Christopher Nolan

quarters? opportunities, of yield later that to guess, should see the first lien focusing we're coming sort increase assume stage, real and going we And on attractive more not more selective, see market in you're compression just then, in strategically any given I being expansion yield likely to from

Scott Bluestein

we're Chris. forecasting more that significant see any despite Thanks, the positioning note. not that we're We going to maintain book to sort fact despite yields be that we'll think first think the and yield of yield low high I core a lien compression compression moving XXs, don't exposure, of fact of we're range. Sure. upstream, able XXs in really the we're into

feel that move So able comfortable the we'll to today. upstream despite we they we're not be maintain expecting yields pretty any contraction roughly core where and are

Operator

And our from Lynch from comes next question KBW. Ryan

Ryan Lynch

My depreciation first of question $XX little drove provide on the unrealized this could million was, just you of debt context portfolio approximately your a what quarter?

Seth Meyer

Yes, sure. Absolutely, Ryan.

So to it where was Convoy. And use in other. most really the $XX the market the of our not along yields. out with a exception portfolio did is pretty that that originations that compression Convoy, the about is what in coming remainder the write-down number we the we on each portfolio for and our though we of value Whereas existing strong be things benchmark a portfolio significant which felt million had that the rates the offsetting on on was contrasting of loss see should The model the BDC. appreciation still was our

So we a $XX in our most of material. X value million. the offsetting things of those that portfolio slight And the uptick had amounts were were

Ryan Lynch

my X-part question. a Okay. sense. That other kind question is And of makes then

the I new you've companies strongest in think the you had X.X capital quarter, in had you the which mentioned years. quarter XX was raised last third

behind -- raising for of strong there long portfolio quarter, you portfolio of of natural prepayment sort time. this your a if that kind this there's is, companies?And strong you the number period increase have would that X-part think part doesn't do driver maybe was, very any so why are Why this second of to one, of a a companies about me, in you've a question in was standpoint having raising sense lot from capital portfolio correlation of on capital quarter so was but your an then that And new talked a seen make activity.

got cut half in activity about about $XXX to this $XXX Now, prepayment quarter actually from million million.

good been but if would that was sure historically stand. a naturally it so that, didn't I'm correlation that's not have not, correlation would interesting or And have that occurred. I thought

those that normally not? things or didn't So why happen? are And correlated

Seth Meyer

Thanks, part the second I'll Sure. Ryan. first. take

those are portfolio not an majority to when So Very the rarely, the of historically secure M&A exits well, then either correlation more raise companies round The our to X between retire able us. debt. of there actually re-financings and or go prepayments equity cheaper, proceeds the for one use typically out vast is come companies items bank-like our traditional and facilities. from

And there so been has not correlation. historically

biotech companies very during sciences XX several had fairly was that public had milestones So I biggest much.On first I that achieve that of public couple QX. biotech a drove last $X XX additional company raised we side. $X.X QX, companies In too In meaningful number really slightly quarter raised strongest billion. milestones portfolio wouldn't and comments: fundraising just look to go terms into XX QX, financing.It used of The out billion. It in up the driver on months QX the life mentioned we large wasn't from our they the the in point, as raise this those quarter was actually quarter, continued We one, and the in remarks. companies had was outperformance number.

in quarter, public If companies of mix XX about that of of the you it XX kind capital terms XX think private in raised versus were were public. the private,

mix private, were helped billion some but bigger So public the that side. sciences of that $X life public drive a on definitely nice ones the between and biotech

Ryan Lynch

helpful really detail That's and background on Okay. that.

Operator

question next Wells our with comes Finian from Fargo. O'Shea And

Finian O'Shea

high-level question. first, Scott,

the but be? feel what is seeing and today equity opportunistically, invest in would you your in very I how often, think it and not times, Hercules opportunity that might past at appetite for

Scott Bluestein

the that We're on those believe our we're we opportunities will on on opportunities capital returns for now secured the And focused and Fin. we now come of to new credit. investment side. allocating focused underwriting vast majority risk Thanks, Sure. right the best Right adjusted credit think investors. our generate

to continue in opportunistically will invest we and equity. have We

think invest valuations Over the right a did companies the subsequent to have go gives couple we portfolio rounds the room down QX, some course of investments make our to which exercising further. by equity still financing. in of RTI, us of We of in some

we're so significant over time. yes. allocating current to any of on not remain the near at term, capital we're the equity And to And credit underwriting going amount certainly focused

Finian O'Shea

you fundraising? just expect us hope remind able for on And AUM targeted are and follow-up, Awesome. a you to maybe or the what RIA, XXXX or

Scott Bluestein

Sure.

be we and the not press separate public is aggregate the of private disclose private our $X have an platform business. AUM over disclose We we continue the RIA. to do the obviously do excited numbers a inclusive but billion about private that little for We number, in funds, that's very which bit release. fund underneath And

back You several And driver in TBD will go our by work. front be into we AUM in that now put to funds next us subtracting We're be the that for to investment liquidity of over continue in but to the think a private terms business will market, perspective, right BDC. we the private excited what we public in returns is, of fund a investors. significant when very AUM for about believe can company have business growth back From we'll fund public opportunities the still the year the to key quarters. fundraising of is just that next private

Operator

Scott turn over to closing And would I'm to showing remarks. call the further Bluestein now for I no questions. like back

Scott Bluestein

call today. Justin, and thanks joining for to our you, Thank everyone

Operator

And Pardon me, Scott, apologize. I

have more one We question.

next Belanger from Okay. One question City Greg ]. from [ National our Bank please. And moment comes

now is open. Your line

Unknown Analyst

that the results. the I any that if on that some there's comments to in slow the buzzer. reserves wonder go-forward I appreciate on And of you've taken. I other Convoy the Congratulations kind position on particular of was terms of and outlier? the Sorry press color on particularly record

Scott Bluestein

in going not remarks. make comment of We're situation. I active the question. the prepared to remains said workout appreciate what It any public an outside further Yes,

and to date, to efforts remarks, working are with We on will fair I our our we in maximize meet recovery my QX value the that based company mark. our expect as net exceed mentioned our or recovery

Operator

Bluestein call would closing remarks. I to back for over like Now, turn to the Scott

Scott Bluestein

today. Thank call you, joining for thanks Justin, to and our everyone

BDC Annual XXth, the the Xth SMBC Investor City, the a XXth final on Virtual Income we note, on Day As December Xst. Annual Lending in Fixed participating will New November in Summit on York November event be JMP BDC Virtual and Direct Jefferies BDC

Hara. of SMBC our our great interested any are have earnings or XXXX call. contact reporting everyone, and please Jefferies, in day. or events, JMP on Thanks, forward directly, a year-end to you If these attending QX look progress and We Michael

Operator

you today's conference Thank participating. This for concludes call.

disconnect. now may You

Hercules Capital (HTGC) 2 Nov 232023 Q3 Earnings call transcript