DBRS Morningstar has Revised the Trend of the Rating to Positive from Stable

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 DBRS, Inc. (“DBRS Morningstar”) has reaffirmed Hercules’ investment grade corporate rating of BBB. DBRS Morningstar issued a statement announcing the reaffirmation of the rating and revision of the trend on the rating to a positive outlook from stable, as well as its underlying analysis.

“We are very pleased that DBRS has reaffirmed our BBB investment grade corporate and credit rating and revised our trend to positive,” stated Seth Meyer, chief financial officer of Hercules. “This rating reflects the scale and performance of our differentiated venture and growth stage lending strategy and commitment to disciplined underwriting, as well as the depth and capabilities of our management team and ability to continue with our managed growth strategy.”

The reaffirmed BBB rating reflects the Company’s scale, moderate financial leverage, solid risk management framework and sound portfolio monitoring performance. DBRS also noted Hercules’ concentration in first-lien senior secured debt investments, diversified funding with strong access to the capital markets, track record of low levels of non-accruals and minimal net realized losses on investments since inception in 2003.

The Positive trend reflects the strength of Hercules’ franchise that has sustained strong operating performance through business cycles and well-placed positioning in a rising interest rate environment. The trend also considers DBRS Morningstar’s view that the geopolitical instability, while increasing risk to the continued U.S. economic recovery, will not overly burden VC-backed companies. Hercules’ technology and life sciences portfolio companies have largely been able to push through rising costs to their customers, which helps mitigate the profit margin pressures in their products and services as a result of inflation, supply-chain disruptions and increased energy costs.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) 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 $13 billion to over 560 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. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

The information disclosed in this press release is made as of the date hereof and reflects Hercules’ most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Hercules believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.

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