Hercules Capital Reports Third Quarter 2026 Financial Results (Form 8-K)

Hercules Capital Reports Third Quarter 2026 Financial Results

Record Year-to-Date Ending Q3 2026 Total New Debt and Equity Commitments of $3.44 Billion, an Increase of 20.0% Year-over-Year

Record Year-to-Date Ending Q3 2026 Total Fundings of $1.93 Billion, an Increase of 9.9% Year-over-Year

Record Year-to-Date Ending Q3 2026 Total Investment Income of $430.8 Million, an Increase of 9.0% Year-over-Year

Record Year-to-Date Ending Q3 2026 Net Investment Income "NII" of $268.4 Million, an Increase of 5.4% Year-over-Year

Q3 2026 NII of $87.3 Million, or $0.47 per Share provides 118% Coverage of the Base Cash Distribution

Conservative Balance Sheet Management with Net GAAP Leverage of 109.0% and Net Regulatory Leverage of 94.0%

Inclusive of the Adviser Funds Advised by Hercules Adviser LLC, its Wholly-Owned Subsidiary, Hercules had over $1.0 Billion of Available Liquidity as of the end of Q3 2026

Undistributed Earnings Spillover of $167.8 Million, or $0.88(1) per Ending Shares Outstanding

Approximately $6.5 Billion of Assets Under Management, an Increase of 17.7% Year-over-Year(2)

Q3 2026 Financial Achievements and Highlights

•Total Investment Income of $140.1 million, an increase of 1.5% year-over-year

•NII of $87.3 million, or $0.47 per share

•Total new debt and equity commitments of $701.0 million

•Net debt and equity commitments of $557.6 million(3)

•Total fundings of $572.9 million

•Net fundings of $438.3 million(3)

•Unscheduled early principal repayments or "early loan repayments" of $148.3 million, a decrease of 74.1% from $572.1 million in Q2 2026

•$506.6 million of available liquidity, subject to existing terms and covenants

•15.4% Return on Average Equity "ROAE" (NII/Average Equity)(4)

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•7.4% Return on Average Assets "ROAA" (NII/Average Assets)

•GAAP leverage of 111.1% and regulatory leverage of 96.1%(5)

•Net GAAP leverage (includes SBA debentures and excludes cash) of 109.0% and net regulatory leverage, a non-GAAP measure (excludes SBA debentures and cash) of 94.0%

•Net Asset Value "NAV" of $12.26 per share, an increase of 0.9% from Q2 2026

•12.3% GAAP Effective Yield and 11.9% Core Yield(6), a non-GAAP measure

Nine-months ending September 30, 2026 Financial Highlights

•Record nine-months ending Q3 2026 Total Investment Income of $430.8 million, an increase of 9.0% year-over-year

•Record nine-months ending Q3 2026 NII of $268.4 million, an increase of 5.4% year-over-year

•Record nine-months ending Q3 2026 total new debt and equity commitments of $3.44 billion, an increase of 20.0% year-over-year

•Record nine-months ending Q3 2026 total fundings of $1.93 billion, an increase of 9.9% year-over-year

•Net debt investment portfolio growth of $380.7 million

•Unscheduled early loan repayments of $946.2 million

Footnotes:

(1)$0.91 per Weighted Average Shares Outstanding

(2)Assets under management includes assets managed by Hercules Capital, Inc. ("Hercules") and the Adviser Subsidiary (defined below)

(3)Net commitments and fundings are net of what was assigned to or directly committed or funded by the "Adviser Funds" which are external vehicles advised by Hercules Adviser LLC (the "Adviser Subsidiary")" during the quarter

(4)As presented above, ROAE is (i) sourced from Hercules as of September 30, 2026 and (ii) based on NII, excluding realized and unrealized gains/losses

(5)Regulatory leverage represents debt-to-equity ratio, excluding the Company's Small Business Administration ("SBA") debentures

(6)Core Yield excludes early loan repayments, dividends from the Adviser Subsidiary, one-time fees and bank interest income, and includes income and fees from expired commitments

SAN MATEO, Calif., October 29, 2026 - 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, today announced its financial results for the third quarter ended September 30, 2026.

"Building on record results in the first half of 2026, the Hercules platform continued to deliver in Q3, bringing year-to-date new debt and equity commitments to a record $3.44 billion and fundings to a record $1.93 billion, increases of 20.0% and 9.9% year-over-year, respectively," stated Scott Bluestein, chief executive officer and chief investment officer of Hercules.

Bluestein added, "Our consistent new business activity, combined with continued stable credit performance, drove new year-to-date records for total investment income of $430.8 million and net investment income of $268.4 million, increases of 9.0% and 5.4% year-over-year, respectively. We continue to comfortably cover our base dividend operating at these levels with 118% coverage for Q3, despite a nearly 75% reduction in early repayment volume during the quarter."

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Bluestein concluded, "We remain focused on managing our business and balance sheet conservatively, and we are confident in the strength of the Hercules platform and our ability to generate strong operating results irrespective of market dynamics. We believe that we are continuing to benefit from operating at scale and that we remain well positioned as we close out the year."

Q3 2026 Review and Operating Results

Debt Investment Portfolio

Hercules delivered Q3 new debt and equity commitments totaling $701.0 million and Q3 new fundings totaling $572.9 million.

During the third quarter, Hercules realized early loan repayments of $148.3 million which, along with normal scheduled amortization of $3.4 million, resulted in total debt repayments of $151.7 million.

The new debt investment origination and funding activities combined with repayments and normal scheduled amortization led to a net debt investment portfolio increase of $252.9 million during the third quarter on a cost basis.

The Company's total investment portfolio, (at cost and fair value) by category, quarter-over-quarter is highlighted below:

Total Investment Portfolio: Q2 2026 to Q3 2026

(in millions)			Debt						Equity & Other Investments						Warrants						Total Portfolio
Balances at Cost at June 30, 2026			$	4,391.7					$	176.3					$	35.3					$	4,603.3
New fundings(a)			564.9						5.9						2.1						572.9
Fundings assigned to or directly funded by Adviser Funds			(133.2)						(0.8)						(0.6)						(134.6)
Principal payments received on investments			(3.4)						-						-						(3.4)
Early payoffs(b)			(148.3)						-						-						(148.3)
Proceeds from sale of debt investments			(24.0)						-						-						(24.0)
Assets Sale - Participants			(15.4)						-						-						(15.4)
Net changes attributed to conversions, liquidations, and fees			12.3						6.3						(3.4)						15.2
Net activity during Q3 2026			252.9						11.4						(1.9)						262.4
Balances at Cost at September 30, 2026			$	4,644.6					$	187.7					$	33.4					$	4,865.7
Balances at Fair Value at June 30, 2026			$	4,376.2					$	156.4					$	51.3					$	4,583.9
Net activity during Q3 2026			252.9						11.4						(1.9)						262.4
Net change in unrealized appreciation (depreciation)			17.4						(14.2)						(3.1)						0.1
FX unrealized gain (loss)			(0.5)						-						-						(0.5)
Total net activity during Q3 2026			269.8						(2.8)						(5.0)						262.0
Balances at Fair Value at September 30, 2026			$	4,646.0					$	153.6					$	46.3					$	4,845.9

(a) Includes $2.8 million fundings associated with revolver loans during Q3 2026.

(b) Early payoffs includes $2.1 million paydowns on revolvers during Q3 2026.

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Debt Investment Portfolio Balances by Quarter

(in millions)			Q3 2026						Q2 2026						Q1 2026						Q4 2025						Q3 2025
Ending Balance at Cost			$4,644.6						$4,391.7						$4,561.9						$4,263.9						$4,073.2
Weighted Average Balance			$4,417.7						$4,397.1						$4,397.8						$4,148.1						$3,970.0

Debt Investment Portfolio Composition by Quarter

(% of debt investment portfolio)			Q3 2026						Q2 2026						Q1 2026						Q4 2025						Q3 2025
First Lien Senior Secured			88.8%						86.8%						88.6%						89.3%						90.4%
Floating Rate w/Floors			97.9%						97.8%						98.0%						97.9%						97.8%

GAAP Effective Portfolio Yield and Core Portfolio Yield ("Core Yield")

The GAAP effective yield on Hercules' debt investment portfolio was 12.3% during Q3 2026 as compared to 13.4% for Q2 2026. The Company realized $148.3 million of early loan repayments in Q3 2026 compared to $572.1 million in Q2 2026, or a decrease of 74.1%. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events. Effective yields are materially impacted by the elevated or reduced levels of early loan repayments and derived by dividing total investment income by the weighted average earning investment portfolio assets outstanding during the quarter, which excludes non-interest earning assets such as warrants and equity investments.

Core Yield, a non-GAAP measure, was 11.9% during Q3 2026, within the Company's expected range of 11.8% to 12.0%, and decreased from 12.0% in Q2 2026. Hercules defines Core Yield as yield that generally excludes any benefit from income related to early repayments attributed to the acceleration of unamortized income and prepayment fees and includes income from expired commitments.

Income Statement

Total investment income increased to $140.1 million for Q3 2026, compared to $138.1 million in Q3 2025. The increase is primarily attributable to a higher weighted average debt investment portfolio between periods, partially offset by lower yields.

Non-interest and fee expenses were $24.3 million in Q3 2026, compared to $26.4 million in Q3 2025. The decrease was primarily due to a decrease in employee compensation expenses and tax expenses.

Interest expense and fees were $33.2 million in Q3 2026, compared to $27.2 million in Q3 2025. The increase was primarily due to a higher weighted average and cost of borrowings.

The Company had a weighted average cost of borrowings comprised of interest and fees, of 5.4% in Q3 2026, as compared to 5.1% for Q3 2025.

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NII - Net Investment Income

NII for Q3 2026 was $87.3 million, or $0.47 per share, based on 186.0 million basic weighted average shares outstanding, compared to $88.6 million, or $0.49 per share, based on 180.4 million basic weighted average shares outstanding in Q3 2025. The decrease in NII is primarily attributable to lower early repayment volume and higher interest expense due to higher weighted average borrowings, partially offset by an increase in total investment income and lower employee compensation expenses between periods.

Continued Credit Discipline and Strong Credit Performance

Hercules' net cumulative realized gain/(loss) position, since its first origination activities in October 2004 through September 30, 2026, (including net loan, warrant and equity activity and excluding loss on debt extinguishment, foreign exchange movements and other non-credit related losses) on investments totaled ($101.5) million, on a GAAP basis, spanning more than 21 years of investment activities.

When compared to total net new debt investment commitments during the same period of approximately $24.9 billion, the total realized gain/(loss) since inception of ($101.5) million represents approximately 41 basis points ("bps"), or 0.41%, of cumulative debt commitments, or an effective annualized loss rate of 1.9 bps, or 0.019%.

Realized Gains/(Losses)

During Q3 2026, Hercules had net realized losses of ($1.9) million, consisting of $8.0 million of gains on equity and warrant investments, offset by ($7.9) million of realized foreign currency losses on the repayment of the Company's Euro-denominated credit facility and ($2.0) million of realized losses on debt investments. Excluding any foreign exchange impact, Hercules had net realized gains of $6.0 million on the investment portfolio during Q3. The realized foreign currency loss on the Euro-denominated credit facility had minimal impact on net asset value during the quarter, as it represented previously recorded unrealized depreciation that was converted to a realized loss when the facility was repaid. The Company repaid the facility and entered into a foreign currency forward contract to hedge the currency exposure on its Euro-denominated debt investment. That investment continues to carry unrealized appreciation from foreign currency movements.

Unrealized Appreciation/(Depreciation)

During Q3 2026, Hercules recorded $8.2 million of net unrealized appreciation, net of the impact of foreign currency movements. This is primarily attributable to $9.8 million of net unrealized appreciation attributable to debt investments, $8.1 million of net unrealized appreciation attributable to foreign currency, $2.6 million of net reversals of previously recorded unrealized depreciation upon realization events, and $0.8 million of net unrealized appreciation attributable to valuation movements in publicly and privately held warrants. This was partially offset by ($13.1) million of net unrealized depreciation attributable to valuation movements in publicly and privately held equity and investment funds.

Portfolio Asset Quality

As of September 30, 2026, the weighted average grade of the debt investment portfolio, at cost, was 2.12 compared to 2.17 as of June 30, 2026, based on a scale of 1 to 5, with 1 being the highest quality. Hercules' policy is to generally adjust the credit grading down on its portfolio companies as they approach their expected need for additional growth equity capital to fund their respective operations for the next 9-14 months. Various portfolio companies in the

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Company's portfolio will require additional rounds of funding from time to time to maintain their operations. Additionally, Hercules may selectively downgrade portfolio companies from time to time if they are not meeting the Company's financing criteria or are underperforming relative to their respective business plans.

As of September 30, 2026, grading of the debt investment portfolio at fair value, excluding warrants and equity investments, was as follows:

Credit Grading (at Fair Value), Q3 2026 - Q3 2025 ($ in millions)
			Q3 2026									Q2 2026									Q1 2026									Q4 2025									Q3 2025
Grade 1 - High			$	1,073.6		23.1		%				$	940.5		21.5		%				$	944.5		20.8		%				$	681.6		15.9		%				$	513.4		12.5		%
Grade 2			$	2,110.8		45.5		%				$	1,920.8		43.9		%				$	2,256.5		49.7		%				$	2,169.0		50.7		%				$	2,128.9		52.0		%
Grade 3			$	1,394.8		30.0		%				$	1,432.5		32.7		%				$	1,300.0		28.6		%				$	1,355.5		31.7		%				$	1,340.9		32.7		%
Grade 4			$	52.5		1.1		%				$	76.9		1.8		%				$	35.4		0.8		%				$	73.3		1.7		%				$	112.4		2.8		%
Grade 5 - Low			$	14.3		0.3		%				$	5.5		0.1		%				$	3.7		0.1		%				$	-		-		%				$	-		-		%
Weighted Avg. (at Cost)			2.12									2.17									2.11									2.20									2.27

Non-Accruals

The number of loans on non-accrual remained the same quarter-over-quarter. As of September 30, 2026, the Company had two debt investments on non-accrual with an investment cost and fair value of approximately $18.8 million and $13.2 million, respectively, or 0.4% and 0.3% as a percentage of the Company's total investment portfolio at cost and value, respectively.

As of June 30, 2026, the Company had two debt investments on non-accrual with an investment cost and fair value of approximately $16.0 million and $5.5 million, respectively, or 0.3% and 0.1% as a percentage of the Company's total investment portfolio at cost and value, respectively.

			Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
Total Investments at Cost			$4,865.7			$4,603.3			$4,770.4			$4,467.8			$4,290.8
Loans on non-accrual as a % of Total
Investments at Value			0.3%			0.1%			0.1%			0.1%			1.1%
Loans on non-accrual as a % of Total
Investments at Cost			0.4%			0.3%			0.2%			0.2%			1.2%

Liquidity and Capital Resources

The Company ended Q3 2026 with $506.6 million in available liquidity, including $48.3 million in unrestricted cash and cash equivalents, $383.3 million available under its credit facilities, and $75.0 million in additional SBA availability, subject to existing terms, advance rates, regulatory and covenant requirements.

In addition to the Company's available liquidity, it has 13.0 million shares remaining available for issuance and sale under the equity ATM program. During Q3 2026, the Company sold 2.3 million shares of common stock under the equity ATM program for total net proceeds of $39.2 million (net of $0.3 million of offering expenses).

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Credit Facilities

As of September 30, 2026, there were $241.0 million outstanding borrowings under Hercules' $440.0 million committed credit facility with MUFG Bank, Ltd. and $290.2 million of outstanding borrowings and $0.5 million of outstanding letter of credits under Hercules' $475.0 million committed credit facility and letter of credit facility with SMBC.

Leverage

As of September 30, 2026, Hercules' GAAP leverage ratio, including its SBA debentures, was 111.1%. Hercules' regulatory leverage, or debt-to-equity ratio, excluding its SBA debentures, was 96.1% and net regulatory leverage, a non-GAAP measure (excluding cash of approximately $48.3 million), was 94.0%. Hercules' net leverage ratio, a non-GAAP measure (including its SBA debentures), was 109.0%.

Available Unfunded Commitments - Representing 8.0% of Total Assets

The Company's unfunded commitments and contingencies consist primarily of unused commitments to extend credit in the form of loans to select portfolio companies. A portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones in order to gain access to additional funding. Furthermore, the credit agreements the Company enters into with its portfolio companies contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. In addition, since a portion of these commitments may also expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements.

As of September 30, 2026, the Company had $397.6 million of available unfunded commitments at the request of the portfolio company and unencumbered by any milestones, including undrawn revolving facilities, representing 8.0% of Hercules' total assets. The amount of available unfunded commitments decreased from the previous quarter of $408.2 million or 8.7% of Hercules' total assets.

Existing Pipeline and Signed Term Sheets

After closing $701.0 million in new debt and equity commitments in Q3 2026, Hercules has pending commitments of $571.7 million in signed non-binding term sheets outstanding as of October 26, 2026. Since the close of Q3 2026 and as of October 26, 2026, Hercules has closed new debt and equity commitments (before assignments to or direct originations by the Adviser Funds) of $219.6 million and funded $89.2 million.

Signed non-binding term sheets are subject to satisfactory completion of Hercules' due diligence and final investment committee approval process as well as negotiations of definitive documentation with the prospective portfolio companies. These non-binding term sheets generally convert to contractual commitments in approximately 90 days from signing and some portion may be assigned or allocated to or directly originated by private funds managed by the Adviser Subsidiary prior to or after closing.

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The table below summarizes the Company's year-to-date closed and pending commitments:

Closed Commitments and Pending Commitments (in millions)
January 1 - September 30, 2026 Closed Commitments (a)(c)			$	3,440.5
Q4 2026 Closed Commitments (as of October 26, 2026)(a)(c)			$	219.6
Year-to-Date 2026 Closed Commitments (as of October 26, 2026)(a)(c)			$	3,660.1
Q4 2026 Pending Commitments (as of October 26, 2026)(b)			$	571.7
Year-to-Date 2026 Closed and Pending Commitments (a)(b)(c)			$	4,231.8

Notes:

a.Closed commitments may include renewals of existing credit facilities and equity commitments. Not all closed commitments result in future cash requirements. Commitments generally fund over the two succeeding quarters from close.

b.Not all pending commitments (signed non-binding term sheets) are expected to close and do not necessarily represent any future cash requirements.

c.Gross commitments before assignments to or direct originations by the Adviser Funds.

Net Asset Value

As of September 30, 2026, the Company's net assets were $2.32 billion, compared to $2.27 billion at the end of Q2 2026. NAV per share increased 0.9% to $12.26 on 189.6 million outstanding shares of common stock as of September 30, 2026, compared to $12.15 on 187.2 million outstanding shares of common stock as of June 30, 2026. The increase in NAV per share was primarily attributed to accretion from ATM equity issuances above NAV and net unrealized appreciation on our debt investments.

Interest Rate Sensitivity

Hercules has an asset sensitive debt investment portfolio with 97.9% of its debt investment portfolio being priced at floating interest rates as of September 30, 2026, with a Prime or Non-Prime based (SOFR) interest rate floor, combined with 79.4% of its outstanding debt borrowings bearing fixed interest rates, leading to higher net investment income sensitivity.

Based on Hercules' Consolidated Statement of Assets and Liabilities as of September 30, 2026, the following table shows the approximate annualized increase/(decrease) in components of net income resulting from operations of hypothetical base rate changes in interest rates, such as Prime Rate, assuming no changes in Hercules' debt investments and borrowings. These estimates are subject to change due to the impact from active participation in the Company's equity ATM program and any future equity offerings.

(in thousands) Basis Point Change						Interest Income(1)(2)						Interest Expense(3)						Net Income						EPS(4)
(200)						$	(22,012)					$	(4,275)					$	(17,737)					$	(0.10)
(100)						$	(15,444)					$	(2,137)					$	(13,307)					$	(0.07)
(75)						$	(12,912)					$	(1,603)					$	(11,309)					$	(0.06)
(50)						$	(10,001)					$	(1,069)					$	(8,932)					$	(0.05)
(25)						$	(5,729)					$	(534)					$	(5,195)					$	(0.03)
25						$	7,189					$	534					$	6,655					$	0.04
50						$	14,393					$	1,069					$	13,324					$	0.07
75						$	23,084					$	1,603					$	21,481					$	0.12

1.Source: Hercules Form 10-Q for Q3 2026

2.Includes change in bank interest income, calculated using the weighted average balance of cash and cash equivalents for the three months ended September 30, 2026.

3.Calculated using the weighted average principal outstanding under the Company's floating rate credit facilities for the three months ended September 30, 2026.

4.Earnings per share calculated on basic weighted shares outstanding of 185,989. Estimates are subject to change due to impact from active participation in the Company's equity ATM program and any future equity offerings.

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Existing Equity and Warrant Portfolio

Equity Portfolio

Hercules held equity positions in 73 portfolio companies with a fair value of $146.8 million and a cost basis of $182.4 million as of September 30, 2026. On a fair value basis, 19.6% or $30.1 million is related to public equity positions.

Warrant Portfolio

Hercules held warrant positions in 114 portfolio companies with a fair value of $46.3 million and a cost basis of $33.4 million as of September 30, 2026. On a fair value basis, 20.5% or $9.5 million is related to public warrant positions.

Portfolio Company IPO and M&A Activity in Q3 2026

As of October 26, 2026, Hercules held debt, warrant or equity positions in two portfolio companies that have completed or announced an IPO or M&A event, including:

IPO and SPAC Activity as of Q3 2026

•N/A

M&A Activity in Q3 2026

•In July 2026, Hercules' portfolio company Simon Data, Inc., the agentic platform built on the AI-first composable customer data platform, was acquired by Monetate, the leader in AI-powered digital and omnichannel personalization, experimentation and experience optimization. Terms of the acquisition were not disclosed. Hercules initially committed $25.0 million in venture debt financing beginning in March 2023.

•In July 2026, Hercules' portfolio company DroneDeploy, Inc., the robotics and visual intelligence platform for the built world that is used on over 3 million jobsites across more than 180 countries, entered into a definitive agreement to be acquired by Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, for approximately $845.0 million in cash. The acquisition is subject to customary regulatory approvals and closing conditions. Hercules initially committed $65.0 million in June 2022.

There can be no assurances that companies that have yet to complete their IPOs will do so or that pending merger announcements will close.

Subsequent Events

On October 8, 2026, the Company issued $400.0 million in aggregate principal amount of 6.700% interest-bearing unsecured notes due October 8, 2029 (the "October 2029 Notes"), unless repurchased in accordance with the terms of the Twelfth Supplemental Indenture, dated October 8, 2026 (the "Twelfth Supplemental Indenture"). Interest on the October 2029 Notes is payable semiannually in arrears on April 8 and October 8 of each year, commencing April 8, 2027. The October 2029 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the October 2029 Notes at any time, or from time to time, at the redemption price set forth under the terms of the Twelfth Supplemental Indenture.

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Non-GAAP Financial Measures

To provide additional information about the Company's results, the Company's management has discussed in this press release the Company's Core Yield (calculated as yield excluding early loan repayments, dividends from the Adviser Subsidiary, one-time fees and bank interest income, and includes income and fees from expired commitments), core investment income (calculated as total investment income from debt investments excluding fees and other income accelerations attributed to early payoffs, deal restructuring, loan modifications, and other one-time income events, but includes income from expired commitments), net leverage ratio (calculated as net debt (i.e., debt less unrestricted cash) divided by total net assets), and its net regulatory leverage (calculated as net debt (i.e., debt less unrestricted cash), excluding SBA debentures, divided by total net assets), which are not prepared in accordance with GAAP. These non-GAAP measures are included to supplement the Company's financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate its leverage and financial condition and believes the presentation of these measures enhances investors' ability to analyze trends in the Company's business and to evaluate the Company's leverage and ability to take on additional debt. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company's financial results as reported under GAAP.

These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company's results of operations in conjunction with their corresponding GAAP measures.

Conference Call

Hercules has scheduled its third quarter 2026 financial results conference call for October 29, 2026 at 2:00 p.m. PT (5:00 p.m. ET). All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Investor Relations section of our website at investor.htgc.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (800) 420-1459. International callers can access the conference call by dialing +1 (203) 518-9861. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID HTGCQ326. For interested parties, an archived replay will be available on a webcast link located on the Investor Relations section of Hercules Capital's website.

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 $29 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 [email protected], 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.

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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).