FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Bluestein Scott
   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
(Last)
(First)
(Middle)
C/O HERCULES CAPITAL, INC., 31 ST. JAMES AVENUE, SUITE 790		 3. Date of Earliest Transaction (Month/Day/Year)
05/06/2022
(Street)

BOSTON, MA 02116		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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
Performance Stock Units (1) 05/06/2022   A   1,458,358 (2) A (2) 1,458,358 D  

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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 Underlying Securities
(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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Bluestein Scott
C/O HERCULES CAPITAL, INC.
31 ST. JAMES AVENUE, SUITE 790
BOSTON, MA 02116		       Chief Executive Officer  

Signatures

 /s/ Eileen Bagarella, Attorney-in-fact for Scott Bluestein   05/09/2022
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Each of the Performance Stock Units (the "PSU(s)") represents a contingent right to receive one (1) share of the Common Stock of the Issuer upon settlement.
(2) On May 2, 2018, the Reporting Person was granted a PSU award for a target number of 487,409 shares of common stock, subject to the achievement of certain financial performance criteria during the performance period. On May 6, 2022, the Compensation Committee of the Issuer certified the Issuer's absolute total shareholder return ("TSR") performance over the performance period, which ran from May 2, 2018 through May 2, 2022, at the maximum level, resulting in 200% of the PSUs originally granted on May 2, 2018 that vest based on absolute TSR becoming earned. Includes 483,540 dividend equivalents accrued since May 2, 2018. These PSUs and dividend equivalents remain outstanding and release is subject to a one year deferral period ending on May 2, 2023.

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