Market Overview

Hercules Capital Reaches $8.0 Billion Milestone in Total Debt Commitments Since 2003

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This originations milestone is the result of Hercules' successful
work with more than 1,000 venture capital partners and 430 innovative
companies and entrepreneurs they invest in, combined with Hercules'
world-class team of investment professionals

Hercules
Capital, Inc.
(NYSE:HTGC) ("Hercules" or the "Company"), the
leading specialty financing provider to innovative venture growth stage
companies backed by leading venture capital and private equity firms,
today announced that it has originated more than $8.0 billion in total
debt commitments since the Company's inception in December 2003.

"The achievement of this investment milestone illustrates the
significance of Hercules' scale, focus and market leadership position as
the largest Business Development Company ("BDC") in the venture debt
space," said Manuel A. Henriquez, chairman and chief executive officer
of Hercules Capital. "Our success on this front is attributable to our
world-class investment team who are able to identify some of the most
innovative, disruptive and promising companies in our core sectors. Most
importantly, they do this while still maintaining our strict
underwriting standards and this unwavering discipline has limited
cumulative realized losses to just 0.54 percent of total commitments
since inception. This has enabled us to continue to grow and increase
shareholder value."

Select Hercules Achievements Since December 2003

  • Commitments to more than 430 portfolio companies
  • Worked with more than 1,000 different venture capital and private
    equity sponsors
  • Recognized cumulative total net realized gain/(loss) since inception
    of ($42.8 million)
  • Over 130 Hercules portfolio companies have experienced a liquidity
    event such as an IPO or M&A event
  • $1.79 billion in total assets under management ("AUM") (as of June 30,
    2018)
  • Hercules has consistently traded at a premium to Net Asset Value
    ("NAV") compared to a majority of its BCD peers, and has a market
    capitalization of $1.3 billion as of July 31, 2018

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 $8.0 billion to over
430 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' common stock trades on the New York Stock Exchange (NYSE)
under the ticker symbol "HTGC." In addition, Hercules has four
outstanding bond issuances of 6.25% Notes due 2024 (NYSE:HTGX), 4.375%
Convertible Notes due 2022, 4.625% Notes due October 2022 and 5.25%
Notes due 2025 (NYSE:HCXZ).

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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