Alones Creative Management Expense Alignment With Shareholders In an externally managed BDC, these fees can add up to about 1/4 of the gross investment income provided by the asset portfolio. HTGC avoids this overhead cost and passes the savings on to the shareholder. This is one reason why HTGC currently trades at a large premium to NAV. We compute the debt-to-equity ratio for FY end 2014-2023 for HTGC. All figures used are in millions of USD and were extracted from past 10-K filings. The debt-toequity rat ...