The sequential NAV growth and robust origination activity signal continued portfolio expansion and credit performance. Traders should watch for the final Q2 2026 earnings release for full financials and any guidance updates, particularly regarding the trend in non-accruals and net investment income.
Price Chart
Executive Summary
Hercules Capital issued preliminary Q2 2026 estimates, projecting NAV per share of $12.10-$12.20 (up 1.7%-2.5% from Q1), NII of $0.49-$0.51 per share, and ~$7.7M in net realized gains. Gross new commitments were ~$0.9B with fundings of ~$0.6B, while non-accruals increased slightly to <0.5% of the portfolio at cost. The sequential NAV growth and strong origination activity are positive, but the preliminary nature and slight uptick in non-accruals temper the outlook.
Key Facts
- Preliminary Q2 2026 NAV per share estimated at $12.10-$12.20, up 1.7%-2.5% from $11.90 in Q1 2026.
- Preliminary Q2 2026 NII estimated at $0.49-$0.51 per share, compared to $0.48 in Q1 2026.
- Preliminary Q2 2026 net realized gains of approximately $7.7 million, versus a net realized loss of $0.6 million in Q1 2026.
- Preliminary Q2 2026 gross new investment commitments of ~$0.9 billion and fundings of ~$0.6 billion.
- Non-accrual investments estimated at <0.5% of total portfolio at cost as of June 30, 2026, up from 0.2% at March 31, 2026.
- Total investments at fair value estimated at $4.5-$4.6 billion as of June 30, 2026.
Financial Impact
NAV per share increase of $0.20-$0.30 (1.7%-2.5%) from Q1 2026; NII per share range of $0.49-$0.51; net realized gains of ~$7.7M.
Risk Factors
- Preliminary estimates are subject to change upon completion of financial closing and review procedures.
- Non-accrual investments increased to <0.5% from 0.2%, indicating potential credit deterioration in a small portion of the portfolio.
- Elevated early loan repayments ($225.8M in Q1 2026) could pressure future portfolio yield if not replaced with similarly high-yielding assets.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001280784-26-000032 |
| Document: 0001280784-26-000032-index-headers.html | 0001280784-26-000032 |
| Document: 0001280784-26-000032-index.html | 0001280784-26-000032 |
| Document: 0001280784-26-000032.txt | 0001280784-26-000032 |
| 8-K Data (Synthetic) | 0001280784-26-000032 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 21, 2026 10w ago | 8-K | $16.13 $16.65 | ▲ +3.22% | ▲ +0.66% | $16.74 (+3.78%) |
Mar 26, 2026 27w ago | Insider Cluster | $14.06 $15.51 | ▲ +10.31% | ▼ −0.35% | $16.74 (+19.06%) |
Feb 27, 2026 31w ago | Insider Cluster | $14.21 $13.89 | ▼ −2.25% | ▲ +5.30% | $16.74 (+17.80%) |
Feb 25, 2026 31w ago | Insider Cluster | $15.11 $14.18 | ▼ −6.15% | ▼ −0.92% | $16.74 (+10.79%) |
Feb 25, 2026 31w ago | Insider Cluster | $15.11 $14.18 | ▼ −6.15% | ▼ −0.92% | $16.74 (+10.79%) |
Feb 25, 2026 31w ago | Insider Cluster | $15.11 $14.18 | ▼ −6.15% | ▼ −0.92% | $16.74 (+10.79%) |
Feb 23, 2026 31w ago | Insider Cluster | $14.62 $14.50 | ▼ −0.82% | ▲ +3.13% | $16.74 (+14.51%) |
Feb 23, 2026 31w ago | Insider Cluster | $14.62 $14.50 | ▼ −0.82% | ▲ +3.13% | $16.74 (+14.51%) |
Feb 23, 2026 31w ago | Insider Cluster | $14.62 $14.50 | ▼ −0.82% | ▲ +3.13% | $16.74 (+14.51%) |
Feb 23, 2026 31w ago | Insider Cluster | $14.62 $14.50 | ▼ −0.82% | ▲ +3.13% | $16.74 (+14.51%) |
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