Hercules Capital (HCXY) director adds 7,317 shares via stock-fee election

Rhea-AI Filing Summary

Hercules Capital director Gayle A. Crowell acquired 7,317 shares of Common Stock through an open-market purchase election on March 26, 2026 at an average price of $14.35 per share. These shares were received in stock instead of a cash director fee.

After this transaction, Crowell directly holds 97,589 Hercules Capital shares. The filing notes the purchase price reflects an average of trades executed between $14.31 and $14.39 per share, and that the total reported holdings include shares acquired under the company’s dividend reinvestment plan.

Insights

Equity compensation and governance analyst

Director increased equity stake via fee-in-stock election, a modest but shareholder-aligned move.

Director Gayle A. Crowell chose to receive a board compensation fee in stock, acquiring 7,317 Hercules Capital shares at an average of $14.35 per share. This is recorded as an open-market purchase, but functionally represents equity-based compensation rather than a discretionary cash investment.

Post-transaction, Crowell directly holds 97,589 shares, indicating a meaningful ongoing ownership position. The footnotes clarify that the holdings also reflect shares accumulated through the company’s dividend reinvestment plan, suggesting continued participation in reinvested dividends as part of overall alignment with shareholders.

Insider Trade Summary

Net Buyer: 7,317 shares ($104,999)

Net Buy 1 txn

Insider CROWELL GAYLE A

Role Director

Bought 7,317 shs ($105K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	7,317	$14.35	$105K

Holdings After Transaction: Common Stock — 97,589 shares (Direct)

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. The number of shares includes shares acquired pursuant to the Hercules Capital, Inc. dividend reinvestment plan, exempt under Rule 16a-11.

Key Figures

Shares acquired: 7,317 shares Average purchase price: $14.35 per share Post-transaction holdings: 97,589 shares +1 more

4 metrics

Shares acquired 7,317 shares Open-market purchase on March 26, 2026

Average purchase price $14.35 per share Common Stock transaction

Post-transaction holdings 97,589 shares Direct ownership after transaction

Price range $14.31–$14.39 per share Footnote F2 trade range

Key Terms

open-market purchase, dividend reinvestment plan, Rule 16a-11, cash compensation fee

4 terms

open-market purchase financial

"transaction_action": "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.

dividend reinvestment plan financial

"includes shares acquired pursuant to the Hercules Capital, Inc. dividend reinvestment plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Rule 16a-11 regulatory

"dividend reinvestment plan, exempt under Rule 16a-11"

cash compensation fee financial

"stock in lieu of cash compensation fee otherwise due to reporting person"

Form 4 Insider Transactions: What Each Field Means →

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^*

CROWELL GAYLE A

(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)

X	Director		10% 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)

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/26/2026		P		7,317(1)	A	$14.35(2)	97,589(3)	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. 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. The number of shares includes shares acquired pursuant to the Hercules Capital, Inc. dividend reinvestment plan, exempt under Rule 16a-11.

Remarks:

	/s /Kiersten Zaza Botelho, Attorney-in-Fact for Gayle Crowell	03/30/2026
	** 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)