Hercules Capital Receives Reaffirmed Baa3 Investment Grade Credit and Corporate Rating from Moody’s Investors Service

Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced that Moody’s Investors Service, Inc. (“Moody’s”) has reaffirmed Hercules an investment grade credit and corporate rating of Baa3 with a stable outlook, as well as its underlying analysis.

“We are very pleased that Moody’s has reaffirmed our Baa3 investment grade credit and corporate rating,” stated Seth Meyer, chief financial officer of Hercules. “This rating reflects our differentiated and diversified venture and growth stage lending and commitment to disciplined underwriting, as well as the scale of our institutionalized lending platform.”

The affirmed Baa3 rating reflects the Company’s strong earnings profile with a longer operating history than most rated business development company (“BDC”) peers, solid underwriting and risk management as evidenced by low loan loss history, ample liquidity profile, and low leverage with stronger-than-peer median cushion against the minimum regulatory 150% asset coverage ratio. The rating also reflects Hercules’ high proportion of first lien senior secured debt investments.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $17.0 billion to over 630 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.

Hercules, through its wholly owned subsidiary, Hercules Adviser LLC (“Hercules Adviser”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). Hercules Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.

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