Hercules Capital Reports Preliminary Q2 2026 Results; NAV Rises

What Happened

• Hercules Capital, Inc. (HTGC) filed an 8-K on July 21, 2026 reporting preliminary, unaudited financial results for the quarter ended June 30, 2026. Management estimates NAV per share of $12.10 to $12.20 (up $0.20–$0.30, or 1.7%–2.5%, from $11.90 as of March 31, 2026). The company also reported estimated net realized gains of about $7.7 million and preliminary net investment income of approximately $0.49 to $0.51 per share. These figures are management’s preliminary estimates and have not been audited or reviewed by the company’s independent auditors.

Key Details

• Preliminary NAV per share (6/30/2026): $12.10–$12.20 (vs. $11.90 on 3/31/2026).
• Preliminary net realized gains for Q2 2026: ≈ $7.7 million.
• Preliminary net investment income for Q2 2026: $0.49–$0.51 per share.
• Preliminary new investment activity: gross commitments ≈ $0.9 billion; fundings ≈ $0.6 billion.
• Investments at fair value (6/30/2026): ≈ $4.5–$4.6 billion.
• Non-accrual investments at cost: <0.5% of portfolio (up from 0.2% on 3/31/2026).
• Data is preliminary, subject to closing, review, final adjustments and audit; independent auditors have not provided assurance.

Why It Matters

• The NAV increase and positive net realized gains suggest modest portfolio appreciation this quarter, while $0.49–$0.51 of net investment income per share indicates ongoing income generation for shareholders.
• Significant new investment activity (≈$0.9B commitments, $0.6B fundings) shows continued deal flow and deployment of capital.
• The rise in non-accruals from 0.2% to under 0.5% is still low in absolute terms but is a metric investors watch for credit performance.
• Because the figures are preliminary and unaudited, actual results could change when finalized; investors should watch for the final Q2 financial report and management commentary for confirmation.