Were the Hercules Capital insider transactions open-market sales or tax-related?

The transactions were tax-related, not open-market sales. Both entries use code F, indicating shares withheld to pay taxes. A footnote explains the shares covered taxes applicable to restricted stock vesting on April 9, 2026, rather than discretionary selling.

Hercules Capital (NYSE: HTGC) COO reports 2,798 shares withheld for taxes

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Hercules Capital, Inc. Chief Operating Officer Christian Follmann reported routine share dispositions related to tax withholding on vested equity. On April 9, 2026, a total of 2,798 shares of common stock were withheld at $14.74 per share to cover taxes on restricted stock vesting.

After these tax-withholding dispositions, Follmann held 148,770 shares of Hercules Capital common stock directly. He also reported indirect ownership of 350 additional shares held by his spouse. The filing reflects compensation-related tax settlements rather than open-market stock sales.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Follmann Christian

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	1,365	$14.74	$20K
Tax Withholding	Common Stock	1,433	$14.74	$21K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 148,770 shares (Direct); Common Stock — 350 shares (Indirect, By Spouse)

Footnotes (1)

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Key Figures

First tax-withholding block: 1,365 shares at $14.74 Second tax-withholding block: 1,433 shares at $14.74 Total tax-withheld shares: 2,798 shares +2 more

5 metrics

First tax-withholding block 1,365 shares at $14.74 Common stock withheld for taxes on April 9, 2026

Second tax-withholding block 1,433 shares at $14.74 Common stock withheld for taxes on April 9, 2026

Total tax-withheld shares 2,798 shares Tax-withholding dispositions for restricted stock vesting

Direct holdings after transaction 148,770 shares Common stock directly owned after April 9, 2026

Indirect holdings by spouse 350 shares Common stock held indirectly through spouse

Key Terms

tax-withholding disposition, restricted stock, indirect ownership, Chief Operating Officer

4 terms

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition" for the common stock entries"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

restricted stock financial

"shares withheld to pay taxes applicable to the vesting of restricted stock"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

indirect ownership financial

"total_shares_following_transaction "350.0000" with nature_of_ownership "By Spouse""

Chief Operating Officer financial

"officer_title: "Chief Operating Officer" for reporting person Follmann Christian"

A chief operating officer (COO) is a senior executive responsible for overseeing the day-to-day activities of a company, ensuring that all parts of the organization work smoothly and efficiently. They often act like a company's operational quarterback, translating strategic plans into practical actions. For investors, the COO's effectiveness can influence a company's performance and stability, making them an important figure in assessing the company's management strength.

Form 4 Insider Transactions: What Each Field Means →

04/13/2026 - 05:21 PM

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

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^*

Follmann Christian

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/09/2026

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

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/09/2026		F		1,365⁽¹⁾	D	$14.74	148,770	D
Common Stock	04/09/2026		F		1,433⁽¹⁾	D	$14.74	147,337	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents shares of common stock withheld to pay taxes applicable to the vesting of restricted stock on April 9, 2026.

Remarks:

	/s /Kiersten Zaza Botelho, Attorney-in-Fact for Christian Follmann	04/13/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Hercules Capital (HTGC) report for Christian Follmann?

Hercules Capital reported that COO Christian Follmann had shares withheld to cover taxes on vested restricted stock. On April 9, 2026, 2,798 common shares were disposed of as a tax-withholding transaction, rather than an open-market sale or purchase.

How many Hercules Capital shares were withheld for taxes in this Form 4?

A total of 2,798 Hercules Capital common shares were withheld for tax obligations. The filing shows 1,365 shares and 1,433 shares disposed of at $14.74 per share to pay taxes on restricted stock that vested on April 9, 2026.

How many Hercules Capital shares does Christian Follmann hold after this tax withholding?

After the tax-withholding dispositions, Christian Follmann directly owned 148,770 Hercules Capital common shares. The Form 4 also reports indirect ownership of 350 additional shares held by his spouse, providing a fuller picture of his total reported equity position.

What does transaction code F mean in the Hercules Capital Form 4 filing?

Transaction code F indicates a tax-withholding disposition, where shares are delivered to satisfy tax liabilities or exercise costs. In this filing, it reflects shares withheld to pay taxes on restricted stock vesting, not voluntary buying or selling in the open market.