[Form 4] Hercules Capital, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Hercules Capital, Inc. (HTGC) – Form 4 insider transaction

CEO Scott Bluestein reported a single non-derivative transaction on 11 Jul 2025. Transaction code “F” indicates shares were withheld to satisfy tax obligations triggered by the vesting of restricted stock. Exactly 13,431 common shares were surrendered at an implied price of $18.94. Following the withholding, Bluestein’s direct ownership stands at 2,268,180 shares. No derivative securities were acquired or disposed of, and there were no other insider participants in this filing.

The transaction represents roughly 0.6 % of the CEO’s post-transaction holdings and appears routine rather than discretionary selling or buying.

Insights

Securities Analyst

TL;DR: Routine tax-related share withholding; immaterial to HTGC valuation.

The “F” code confirms the shares were withheld strictly for tax settlement on vested RSUs, not an open-market sale. The 13.4k-share reduction is negligible versus the CEO’s >2.2 million-share position and ≪1 % of HTGC’s 149 million shares outstanding. It therefore conveys no directional signal about management’s outlook. From a liquidity perspective, the event does not increase float, as the shares were never sold into the market. Overall impact on valuation, supply-demand dynamics, or governance assessment is neutral.

Corporate Governance Expert

TL;DR: Filing is compliant, transparent, and of low investor significance.

The prompt reporting (filed 15 Jul 2025) adheres to Section 16 deadlines, reflecting sound internal controls. Withholding for taxes is consistent with standard executive compensation plans and does not alter incentive alignment, as Bluestein retains a substantial equity stake. No red flags regarding unusual timing, volume, or pattern emerge. Consequently, governance risk remains unchanged.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bluestein Scott

(Last) (First) (Middle)

C/O HERCULES CAPITAL, INC.

31 ST. JAMES AVENUE, SUITE 1005

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hercules Capital, Inc. [ HTGC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/11/2025		F		13,431(1)	D	$18.94	2,268,180	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock withheld to pay taxes applicable to the vesting of restricted stock on July 11, 2025.

Remarks:

	/s/ Eileen Bagarella, Attorney-in-fact for Scott Bluestein	07/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many HTGC shares did CEO Scott Bluestein dispose of on July 11, 2025?

He surrendered 13,431 common shares to cover taxes on vested restricted stock.

What is Scott Bluestein’s remaining ownership in Hercules Capital (HTGC)?

After the transaction, he directly owns 2,268,180 shares of HTGC common stock.

Was the transaction an open-market sale or purchase?

No. Code “F” indicates shares were withheld by the issuer solely for tax withholding purposes.

Did the Form 4 include any derivative security activity?

No derivative securities were acquired or disposed of in this filing.

Does the transaction materially impact Hercules Capital’s share float?

No. The shares were withheld internally and not sold into the market, so float remains unchanged.