Hercules Capital (HTGC) investor relations material

Opening remarks and agenda

• The meeting was called to order by the CEO, who welcomed participants and outlined the virtual format and agenda, including business proceedings followed by a Q&A session.

• The inspector of election was introduced, and voting procedures were explained, with polls opened for six proposals.

Financial performance review

• Market capitalization stands at approximately $3 billion, with an enterprise value of $5.2 billion and a stock trading at a 1.35x premium to book value.

• The debt investment portfolio is about $4.6 billion across 139 companies, with additional warrant and equity positions.

• Ended Q1 with $455 million in liquidity, GAAP leverage at 115%, and regulatory leverage at 99.7%.

• Record 2025 financials: $3.92 billion in new commitments (up 45.7%), $2.28 billion in fundings (up 25.9%), $532.5 million in investment income, and $341.7 million in net investment income.

• Q1 2026 saw $1.81 billion in new commitments, record investment income, $298 million net portfolio growth, and $6.1 billion in assets under management.

Board and executive committee updates

• The leadership team was expanded in Q1 2026 to support long-term growth.