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HTGC: Quality Company, Wrong Price—Wait for 1.1x NAV
Hercules Capital (HTGC) reported record Q4 2025 results, then sold off 17% in a month to RSI 18. The market narrative: tech-exposed BDCs face software credit risk from AI disruption. The valuation reality: HTGC still trades at 1.28x NAV (28% premium), down from 1.55x on December 31. This is not a di