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

Rhea-AI Filing Summary

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

Chief Operating Officer Christian Follmann reported a tax-related transaction on 11 July 2025. In connection with the vesting of restricted stock, 829 common shares were automatically withheld (Transaction Code F) at a price of $18.94 to satisfy statutory tax obligations. Following the withholding, Follmann still directly owns 119,423 common shares and indirectly holds 350 shares through his spouse.

No open-market purchase or sale occurred; the event does not reflect a discretionary change in ownership. The filing indicates the executive maintains a substantial equity position, keeping his economic interests aligned with shareholders.

Positive

• Reporting person retains 119,423 shares after the transaction, demonstrating continued insider alignment with shareholders.

Negative

• A total of 829 shares were disposed of (withheld for taxes), marginally reducing insider ownership.

Insights

Securities Analyst

TL;DR: Routine tax withholding; insider still holds 119k shares, suggesting neutral impact.

The Form 4 shows a standard Code F transaction – shares retained by the issuer to cover taxes upon restricted-stock vesting. Such transactions do not signal sentiment or valuation views. The direct stake remains sizeable (≈119 k shares), reinforcing long-term alignment but offering no incremental insight into future performance. Because ownership decreased by only 0.7% and no cash sale occurred, the disclosure is immaterial for valuation models and trading decisions.

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^*

Follmann Christian

(Last) (First) (Middle)

C/O HERCULES CAPITAL, INC.

1 NORTH B STREET, SUITE 2000

(Street)

SAN MATEO CA 94401

(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 Operating 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		829(1)	D	$18.94	119,423	D
Common Stock								350	I	By Spouse

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 Christian Follmann	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

What did HTGC's COO report in the July 2025 Form 4?

829 shares were withheld to pay taxes upon restricted-stock vesting; no open-market trade occurred.

How many HTGC shares does Christian Follmann now own?

He owns 119,423 shares directly and 350 shares indirectly via his spouse.

Was the transaction a purchase or sale of HTGC stock?

Neither; it was a Code F withholding to satisfy taxes, not a discretionary trade.

Does this Form 4 signal insider sentiment on HTGC?

No. Tax-withholding events are routine and generally neutral for sentiment analysis.

What was the share price used for the tax withholding?

The shares were valued at $18.94 each for withholding purposes.