Hercules Capital, Inc. (NYSE:HTGC) ("Hercules," "Hercules Capital," 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, was named 2025 BDC Manager of the Year - Americas by Private Debt Investor magazine.

Each year, the PDI Awards acknowledge the best firms and deals across global, Americas, European and Asia-Pacific markets. After initial nominations, the PDI editorial team votes on a select group of finalists across 50-plus categories. PDI noted that in a year marked by political uncertainty, tightness in capital markets and a slowdown in venture and capital fundraising, venture debt specialist Hercules delivered impressive performance across key metrics from assets under management to investment income.

"Receiving the Private Debt Investor award for 2025 BDC Manager of the Year - Americas is a significant honor and a strong endorsement of our platform following a year defined by record-breaking achievements, such as all-time highs in new debt and equity commitments, gross fundings, net debt portfolio growth, and investment income," said Scott Bluestein, chief executive officer and chief investment officer of Hercules. "This award is the culmination of our team's relentless execution and remarkable success of our portfolio companies which propelled Hercules to new heights in 2025. We remain committed to being the capital provider of choice for the world's most innovative companies and delivering industry-leading service."

Bluestein concluded, "Our success is attributable to the tremendous dedication, efforts and capabilities of our employees and the trust our venture capital and private equity partners place in us every day. We are thankful to PDI for this recognition."

Private Debt Investor is a global independent publication based in London covering the private debt and private equity industries.

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 $25 billion to over 700 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 Named 2025 Americas BDC Manager of the Year by Private Debt Investor