Notes due 2030 Initially Assigned a Baa3 by Moody's Investors Service and a BBB- by Fitch Ratings, Inc.

Hercules Capital, Inc. (NYSE:HTGC) ("Hercules" or the "Company"), today announced that it has closed an upsized underwritten public offering of $350.0 million in aggregate principal amount of 6.000% notes due June 2030 (the "Notes").

The Notes are unsecured and bear interest at a rate of 6.000% per year, payable semiannually, will mature on June 16, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company's option at par, plus a "make whole" premium, if applicable.

The Company intends to use the net proceeds from the offering of the Notes to repay outstanding secured indebtedness under the Company's existing financing arrangements.

Goldman Sachs & Co. LLC and SMBC Nikko Securities America, Inc. acted as joint book-running managers of this offering. MUFG Securities Americas Inc., Zions Direct, Inc., RBC Capital Markets, LLC, Synovus Securities, Inc. and Keefe, Bruyette & Woods, A Stifel Company acted as co-managers.

This offering was made solely by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, or email: Prospectus-ny@ny.email.gs.com, or telephone: 1-866-471-2526, or SMBC Nikko Securities America, Inc., 277 Park Avenue, New York, New York 10172, Attention: Debt Capital Markets, or email: prospectus@smbcnikko-si.com, or telephone: 1-212-224-5135.

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 and life sciences industries. Since inception (December 2003), Hercules has committed more than $22 billion to over 680 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 business, Hercules Adviser LLC (the "Adviser Subsidiary"), also maintains an asset management business through which it manages investments for external parties ("Adviser Funds"). The Adviser Subsidiary 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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Michael Hara

Investor Relations and Corporate Communications

Hercules Capital, Inc.

(650) 433-5578

mhara@htgc.com

Hercules Capital Closes Upsized Institutional Notes Offering of $350.0 Million 6.000% Unsecured Notes due 2030