POWER OF ATTORNEY

	I, Gayle Crowell, hereby constitute, appoint, authorize and
designate Kiersten Zaza Botelho and Eileen Bagarella as my agent
and lawful attorney in fact, with full power of substitution to:
 	(1)	prepare and sign on my behalf, in my capacity as an
officer and/or director of Hercules Capital, Inc. (the
Company), Forms 3, 4 and 5 in accordance with Section 16(a) of
the Securities Exchange Act of 1934, as amended, and the rules
thereunder, and to file the same with the Securities and
Exchange Commission and each stock exchange on which the
Companys stock is listed:
	(2)	prepare and sign on my behalf any Form 144 Notice
under the Securities Act of 1933, as amended, and file the same
with the Securities and Exchange Commission; and
	(3)	take any other action of any type whatsoever in
connection with the foregoing which, in the opinion of such
attorney in fact, may be of benefit to, in the best interest of,
or legally required by, the undersigned, it being understood
that the documents executed by such attorney in fact on behalf
of the undersigned pursuant to this Power of Attorney shall be
in such form and shall contain such terms and conditions as such
attorney in fact may approve in such attorney in facts
discretion.
	The undersigned hereby grants to such attorney in fact full
power and authority to do and perform any and every act and
thing whatsoever requisite, necessary or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney in fact, or such attorney in facts substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorney in
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigneds responsibilities to comply with Section 16
of the Securities Exchange Act of 1934, as amended, or Section 5
of the Securities Act of 1933, as amended, or Rule 144
promulgated under such Act.
	This Power of Attorney shall remain in effect until the
undersigned is no longer required to file Forms 3, 4, 5 and 144
with respect to the undersigneds holdings of and transactions
in securities issued by the Company, unless earlier revoked by
the undersigned in a signed writing delivered to the foregoing
attorneys in fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed as of this 7th day of December, 2023.
SIGNED:  /s/ Gayle Crowell

Gayle Crowell