BDC Weekly
BDC Weekly: Income Held. Portfolio Growth Did Not.
The BDC income engine is still working. The harder question is whether lenders can replace repayments, protect NAV, and capture new financing demand without weakening underwriting.
Hercules Capital
HTGC
Hercules Capital Q2 2026: Strong Dividend Coverage, but Repayments Shrunk the Portfolio
HTGC produced strong income, rising NAV and low non-accruals, but record early repayments exposed the tension between venture-credit demand and portfolio retention.
BDC Weekly
BDC Weekly: The Funding Test Is Hitting Private Credit
Hercules kept lending, Main Street and Blue Owl worked the liability side, Prospect priced new notes, and Ares put Q2 earnings on the clock. The BDC story is shifting from headline yield to funding power.
HTGC
Hercules Capital (HTGC): The Dividend Is Still Covered. That’s Why This Stock Is Harder To Read.
HTGC is still an income story. It is also a trust story: a map of where venture-backed growth companies are still getting oxygen after the easy-money era.