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

Director takes Hercules Capital (NYSE: HTGC) board fee in shares

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

BADAVAS ROBERT P reported open-market purchase transactions in this Form 4 filing.

Hercules Capital director Robert P. Badavas acquired 3,658 shares of common stock at an average price of $14.35 per share. The shares were taken as stock in lieu of a cash director compensation fee. Following this transaction, he holds 5,070 shares directly and 122,073 shares indirectly through the Robert P. Badavas Trust of 2007.

Positive

  • None.

Negative

  • None.
Insider BADAVAS ROBERT P
Role Director
Bought 3,658 shs ($52K)
Type Security Shares Price Value
Purchase Common Stock 3,658 $14.35 $52K
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 5,070 shares (Direct); Common Stock — 122,073 shares (Indirect, By Trust)
Footnotes (1)
  1. Shares purchased based on reporting person's election to receive stock in lieu of cash compensation fee otherwise due to reporting person as a director of the Issuer. Average purchase price. Shares purchased at prices between $14.31 and $14.39. Held by the Robert P. Badavas Trust of 2007.
Shares acquired 3,658 shares Common stock taken as director fee in stock
Average purchase price $14.35 per share Average of trades between $14.31 and $14.39
Direct holdings after transaction 5,070 shares Direct ownership by Robert P. Badavas
Indirect trust holdings 122,073 shares Held by the Robert P. Badavas Trust of 2007
open-market purchase financial
"transaction_action is described as an open-market purchase"
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
stock in lieu of cash compensation fee financial
"Shares purchased based on election to receive stock in lieu of cash compensation fee"
Trust financial
"Held by the Robert P. Badavas Trust of 2007"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
BADAVAS ROBERT P
(Last)(First)(Middle)
C/O HERCULES CAPITAL, INC.
1 NORTH B STREET, SUITE 2000
(Street)
SAN MATEO CALIFORNIA 94401
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Hercules Capital, Inc. [ HTGC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock03/26/2026P3,658(1)A$14.35(2)5,070D
Common Stock122,073IBy Trust(3)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Shares purchased based on reporting person's election to receive stock in lieu of cash compensation fee otherwise due to reporting person as a director of the Issuer.
2. Average purchase price. Shares purchased at prices between $14.31 and $14.39.
3. Held by the Robert P. Badavas Trust of 2007.
Remarks:
/s /Kiersten Zaza Botelho, Attorney-in-Fact for Robert Badavas03/30/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Hercules Capital (HTGC) director Robert P. Badavas do in this Form 4?

Director Robert P. Badavas acquired 3,658 shares of Hercules Capital common stock. He received the shares as stock instead of a cash director compensation fee, reflecting a share-based form of payment rather than a traditional open-market cash investment.

At what price were the Hercules Capital (HTGC) shares acquired by the director?

The reported average purchase price was $14.35 per share for the 3,658 Hercules Capital shares. A footnote notes the transactions occurred between $14.31 and $14.39, resulting in the disclosed average price for this compensation-related share issuance.

How many Hercules Capital (HTGC) shares does Robert P. Badavas now hold directly and indirectly?

After the transaction, Robert P. Badavas directly holds 5,070 Hercules Capital shares. Indirectly, 122,073 additional shares are held by the Robert P. Badavas Trust of 2007, giving him a substantial combined reported position through direct and trust ownership.

What does the trust holding mean for Hercules Capital (HTGC) director Robert P. Badavas?

A total of 122,073 shares are held by the Robert P. Badavas Trust of 2007. This represents indirect ownership attributed to him, expanding his overall economic exposure beyond the 5,070 shares he holds directly in his own name.