Overview
- TickerHRZN on Nasdaq1
- HeadquartersFarmington, Connecticut1
- Incorporated inDE2
- Business address312 Farmington Avenue, Farmington, Ct 060322
- Filer categoryAccelerated filer2
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We are a specialty finance company that lends to and invests in development-stage companies in the technology, life science, healthcare information and services and sustainability industries, which we refer to as our “Target Industries.” Our investment objective is to maximize our investment portfolio’s total return by generating current income from the debt investments we make and capital appreciation from the warrants we receive when making such debt investments. We are focused on making secured debt investments, which we refer to as “Venture Loans,” to venture capital and private equity backed companies and publicly traded companies in our Target Industries, which we refer to as “Venture Lending.” Our debt investments are typically secured by first liens or first liens behind a secured revolving line of credit, or collectively, “Senior Term Loans.” Some of our debt investments may als…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 5 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Payment-in-kind (PIK) interest income | $2.3M | $3.3M | $8.4M | ||
| Total investment income | $96.0M | $99.9M | $113.5M | ||
| Interest expense | $32.8M | $32.3M | $29.0M | ||
| Base management fee (Note 3) | $11.7M | $12.3M | $12.8M | ||
| Performance based incentive fee (Note 3) | $0 | $295.0K | $3.1M | ||
| Administrative fee (Note 3) | $1.5M | $1.6M | $1.7M | ||
| Professional fees | $2.5M | $2.3M | $2.2M | ||
| General and administrative | $1.9M | $1.9M | $1.8M | ||
| Total expenses | $50.5M | $50.7M | $50.5M | ||
| Net investment income before excise tax | $45.5M | $49.3M | $62.9M | ||
| Provision for excise tax | $1.1M | $1.5M | $1.5M | ||
| Net investment income | $44.4M | $47.8M | $61.4M | ||
| Net realized gain (loss) on investments | -$55.1M | -$34.6M | -$29.7M | ||
| Net realized loss on extinguishment of debt | -$2.8M | $0 | -$151.0K | ||
| Net realized loss | -$57.9M | -$34.6M | -$29.9M | ||
| Net unrealized appreciation (depreciation) on investments | $10.9M | -$18.8M | -$48.8M | ||
| Net realized and unrealized loss | -$47.1M | -$53.4M | -$78.6M | ||
| Net decrease in net assets resulting from operations | -$2.7M | -$5.6M | -$17.2M | ||
| Net investment income per common share - basic (in dollars per share) | $1.05 | $1.32 | $1.98 | $1.46 | $1.41 |
| Net investment income per common share - diluted (in dollars per share) | $1.05 | $1.32 | $1.98 | ||
| Net decrease in net assets resulting from operations per common share - basic (in dollars per share) | -$0.06 | -$0.16 | -$0.56 | $0.86 | $1.39 |
| Net decrease in net assets resulting from operations per common share - diluted (1) (in dollars per share) | -$0.06 | -$0.16 | -$0.56 | ||
| Weighted average shares outstanding - basic (in shares) | 42.3M shares | 36.1M shares | 31.0M shares | ||
| Weighted average shares outstanding - diluted (in shares) | 42.3M shares | 36.1M shares | 31.0M shares | ||
| Distributions declared per share (in dollars per share) | $1.32 | $1.37 | $1.37 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 11 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Investments at fair value | $647.2M | $697.9M | |||
| Cash | $105.5M | $70.3M | $46.6M | ||
| Investments in money market funds | $34.7M | $27.3M | $26.4M | ||
| Restricted investments in money market funds | $2.5M | $3.3M | |||
| Interest receivable | $12.1M | $16.6M | |||
| Other assets | $9.1M | $6.5M | |||
| Total assets | $811.1M | $821.8M | |||
| Borrowings (Note 7) | $473.0M | $467.9M | |||
| Distributions payable | $15.1M | $13.2M | |||
| Base management fee payable (Note 3) | $975.0K | $1.0M | |||
| Other accrued expenses | $3.5M | $3.5M | |||
| Total liabilities | $492.6M | $485.6M | |||
| Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | |||
| Common stock, par value $0.001 per share, 100,000,000 shares authorized, 45,781,280 and 40,043,312 shares issued and 45,613,815 and 39,875,847 shares outstanding as of December 31, 2025 and 2024, respectively | $51.0K | $44.0K | |||
| Paid-in capital in excess of par | $559.4M | $518.2M | |||
| Distributable loss | -$240.9M | -$182.1M | |||
| Total net assets | $318.5M | $336.2M | $324.0M | $318.4M | $245.3M |
| Total liabilities and net assets | $811.1M | $821.8M | |||
| Net asset value per common share (in dollars per share) | $6.98 | $8.43 | $9.71 | $11.47 | $11.56 |
| Investments at cost | $705.3M | $766.8M | |||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, shares oustanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |||
| Common stock, shares issued (in shares) | 45.8M shares | 40.0M shares | |||
| Common stock, shares outstanding (in shares) | 45.6M shares | 39.9M shares | 33.4M shares | 27.8M shares | 21.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at fair value | $647.2M | $697.9M | |||||||||
| Cash | $105.5M | $70.3M | $46.6M | ||||||||
| Investments in money market funds | $34.7M | $27.3M | $26.4M | ||||||||
| Restricted investments in money market funds | $2.5M | $3.3M | |||||||||
| Interest receivable | $12.1M | $16.6M | |||||||||
| Other assets | $9.1M | $6.5M | |||||||||
| Total assets | $811.1M | $821.8M | |||||||||
| Borrowings (Note 7) | $473.0M | $467.9M | |||||||||
| Distributions payable | $15.1M | $13.2M | |||||||||
| Base management fee payable (Note 3) | $975.0K | $1.0M | |||||||||
| Other accrued expenses | $3.5M | $3.5M | |||||||||
| Total liabilities | $492.6M | $485.6M | |||||||||
| Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | |||||||||
| Common stock, par value $0.001 per share, 100,000,000 shares authorized, 45,781,280 and 40,043,312 shares issued and 45,613,815 and 39,875,847 shares outstanding as of December 31, 2025 and 2024, respectively | $51.0K | $44.0K | |||||||||
| Paid-in capital in excess of par | $559.4M | $518.2M | |||||||||
| Distributable loss | -$240.9M | -$182.1M | |||||||||
| Total net assets | $318.5M | $336.2M | $324.0M | $318.4M | $245.3M | $212.6M | $184.1M | $134.3M | $135.1M | $139.2M | |
| Total liabilities and net assets | $811.1M | $821.8M | |||||||||
| Net asset value per common share (in dollars per share) | $6.98 | $8.43 | $9.71 | $11.47 | $11.56 | $11.02 | $11.83 | $11.64 | $11.72 | $12.09 | $13.85 |
| Investments at cost | $705.3M | $766.8M | |||||||||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |||||||||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||||||||
| Preferred stock, shares oustanding (in shares) | 0 shares | 0 shares | |||||||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |||||||||
| Common stock, shares issued (in shares) | 45.8M shares | 40.0M shares | |||||||||
| Common stock, shares outstanding (in shares) | 45.6M shares | 39.9M shares | 33.4M shares | 27.8M shares | 21.2M shares | 19.3M shares | 15.6M shares | 11.5M shares | 11.5M shares | 11.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net decrease in net assets resulting from operations | -$2.7M | -$5.6M | -$17.2M |
| Amortization of debt issuance costs | $2.6M | $1.8M | $1.9M |
| Net realized loss on investments | $55.1M | $34.6M | $29.7M |
| Net realized loss on extinguishment of debt | $2.8M | $0 | $151.0K |
| Net unrealized (appreciation) depreciation on investments | -$10.9M | $18.8M | $48.8M |
| Purchase of investments | -$223.8M | -$182.4M | -$218.7M |
| Principal payments received on investments | $234.5M | $146.4M | $152.3M |
| PIK interest on investments | -$2.3M | -$3.3M | -$8.4M |
| Proceeds from sale of investments | $6.0M | $302.0K | $11.1M |
| Equity received in settlement of interest and fee income | -$5.1M | $0 | -$89.0K |
| Warrants received in settlement of fee income | -$71.0K | -$359.0K | -$80.0K |
| Accrued interest converted to common stock | $137.0K | $0 | $0 |
| Decrease (increase) in interest receivable | $687.0K | -$922.0K | $1.8M |
| Decrease (increase) in end-of-term payments | $3.8M | -$1.7M | -$2.0M |
| Decrease in unearned income | -$2.7M | -$2.9M | -$3.7M |
| Increase in other assets | -$1.4M | -$246.0K | -$650.0K |
| Increase (decrease) in other accrued expenses | $5.0K | -$535.0K | $1.4M |
| Decrease in base management fee payable | -$70.0K | -$7.0K | -$13.0K |
| Decrease in incentive fee payable | $0 | $0 | -$1.4M |
| Net cash provided by (used in) operating activities | $56.6M | $3.9M | -$5.3M |
| Proceeds from issuance of 2028 Notes | $57.5M | $0 | $0 |
| Proceeds from issuance of common stock, net of offering costs | $14.1M | $66.4M | $65.1M |
| Advances on Credit Facilities | $15.0M | $75.0M | $104.2M |
| Repayment of Credit Facilities | $0 | -$70.0M | -$35.0M |
| Debt issuance costs | -$7.2M | -$4.9M | -$735.0K |
| Distributions paid | -$53.1M | -$46.4M | -$40.5M |
| Net cash (used in) provided by financing activities | -$14.8M | $21.2M | $50.5M |
| Net increase in cash, cash equivalents and restricted cash | $41.8M | $25.1M | $45.3M |
| Cash paid for interest | $29.9M | $30.4M | $26.9M |
| Refinanced debt investment balances | $78.8M | $27.7M | $32.5M |
| Warrant and equity investments received and recorded as unearned income | $2.3M | $1.8M | $2.7M |
| Debt converted to common stock | $25.8M | $0 | $0 |
| End-of-term payments receivable | $9.7M | $13.5M | $11.8M |
| Non-cash income | $14.0M | $12.1M | $17.1M |
No quarter-by-quarter statement was filed.
Compare Horizon Technology Finance Corp with another company
Corporate structure
Horizon Technology Finance Corp sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- Horizon Technology Finance Corp Farmington, Connecticut
- Evelo Biosciences, Inc. Stake · Foxboro, Massachusetts
Built from major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Horizon Technology Finance Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Properties, in its own words
We do not own any real estate or other physical properties materially important to our operation. Our headquarters and our Advisor’s headquarters are currently located at 312 Farmington Avenue, Farmington, Connecticut 06032. We believe that our office facilities are suitable and adequate to our business.
Item 2 of the 10-K filed Mar 3, 2026.3
Leadership
Who has led Horizon Technology Finance Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerMichael Balkin Apr 14, 2026 to now10
- Chief executive officerRobert D. Pomeroy Jr. Oct 28, 2010 to Dec 12, 202211
- ChairRobert D. Pomeroy Jr. Dec 12, 2022 to Dec 12, 202212
- PresidentGerald A. Michaud Oct 28, 2010 to Dec 2, 202413
- Chief financial officerDaniel R. Trolio Sep 7, 2016 to now14
- Chief financial officerChristopher M. Mathieu Oct 28, 2010 to Aug 25, 201515
Board members and other officers (17)
- Chief Investment OfficerPaul G. Seitz Jun 26, 2025 to now16
- Chief Accounting OfficerLynn Denise Murray Dombrowski Mar 2, 2023 to Mar 2, 202317
- Chief Credit OfficerDiane Earle Feb 28, 2020 to Feb 28, 202018
- SVP & Chief Credit OfficerDaniel S. Devorsetz Oct 28, 2010 to May 21, 201219
- SVP, Gen. Counsel, CCO & Sec.John C. Bombara Oct 28, 2010 to Oct 28, 201020
- Board memberThomas J. Allison Apr 14, 2026 to now21
- Board memberKimberley Ann O'Connor Mar 2, 2023 to now22
- Board memberMichael Balkin Jul 18, 2023 to now23
- Board memberJoseph J. Savage Mar 7, 2016 to Nov 14, 202424
- Board memberElaine A. Sarsynski Jun 14, 2012 to Mar 16, 202025
- Board memberBrett N. Silvers Oct 28, 2010 to Oct 28, 201026
- Board memberChristopher B. Woodward Oct 28, 2010 to Mar 26, 201527
- Board memberDavid P. Swanson Oct 28, 2010 to Dec 5, 201228
- Board memberEdmund Mahoney V. Oct 28, 2010 to Sep 30, 202229
- Board memberGerald A. Michaud Oct 28, 2010 to Dec 2, 202413
- Board memberJames Bottiglieri Oct 28, 2010 to Sep 12, 201230
- Board memberRobert D. Pomeroy Jr. Oct 28, 2010 to Jun 22, 202211
Timeline
- Sep 9, 20268-K Entered a material agreement31
- Aug 4, 20268-K Results of operations32
- Aug 4, 20268-K Other events33
- Jun 26, 20268-K Shareholder vote34
- May 14, 20268-K Change of auditor35
- May 5, 20268-K Results of operations36
- May 5, 20268-K Other events37
- Apr 14, 2026New chief executive Michael Balkin becomes CEO10
- Apr 14, 20268-K Entered a material agreement; Completed an acquisition or sale; Executive or director change38
- Mar 19, 20268-K Entered a material agreement; Regulation FD disclosure39
- Mar 16, 20268-K Regulation FD disclosure40
- Mar 13, 20268-K Shareholder vote41
- Mar 6, 20268-K Other events42
- Oct 28, 2010New chief executive Robert D. Pomeroy Jr. becomes CEO11
Calendar
Coming up
- Oct 27, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.31 a share, on Oct 28, 2025.43
- Nov 17, 2026Dividend Ex-dividend; $0.09 a share; paid 2026-12-15.44
When it reported results
- Aug 4, 2026Reported quarterly or annual results32
- May 5, 2026Reported quarterly or annual results36
- Mar 3, 2026Reported quarterly or annual results45
- Oct 28, 2025Reported quarterly or annual results46
- Aug 7, 2025Reported quarterly or annual results47
- Jul 9, 2025Reported quarterly or annual results48
- Apr 29, 2025Reported quarterly or annual results49
- Apr 9, 2025Reported quarterly or annual results50
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
256 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 109 major events, 35 insider forms, 91 other. The latest 20:
- Sep 9, 20268-K EDGAR
- Sep 4, 202640-17G EDGAR
- Aug 4, 20268-K EDGAR
- Aug 4, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jun 26, 20268-K EDGAR
- Jun 11, 20264 EDGAR
- Jun 11, 20264/A EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
- May 14, 20268-K EDGAR
- May 14, 2026DEF 14A EDGAR
- May 5, 202610-Q EDGAR
- May 5, 20268-K EDGAR
- May 5, 20268-K EDGAR
- Apr 30, 202610-K/A EDGAR
- Apr 16, 2026POS EX EDGAR
The 256 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
27 open-market trades by officers, directors and large owners since October 2021: 27 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 10, 2026 | Trolio Daniel R.Executive VP and CFO | Buy | 11,500 | $4.34 | $49.9K | Form 4 |
| Jun 9, 2026 | O'Connor Kimberley AnnDirector | Buy | 10,000 | $4.37 | $43.7K | Form 4 |
| Jun 9, 2026 | Goodman Jonathan JosephDirector | Buy | 6,000 | $4.33 | $26.0K | Form 4 |
| Jun 9, 2026 | Seitz Paul GChief Investment Officer | Buy | 11,477 | $4.35 | $49.9K | Form 4 |
| Jun 9, 2026 | Balkin MichaelChief Executive Officer | Buy | 100,000 | $4.34 | $434.0K | Form 4 |
| Jun 9, 2026 | ALLISON THOMAS J.Director | Buy | 6,000 | $4.36 | $26.2K | Form 4 |
| Jun 9, 2026 | ALLISON THOMAS J.Director | Buy | 6,000 | $4.36 | $26.2K | Form 4 |
| Dec 16, 2024 | Balkin MichaelChief Executive Officer | Buy | 20,000 | $8.53 | $170.6K | Form 4 |
| Nov 25, 2024 | Michaud Gerald A.President | Buy | 8,000 | $9.31 | $74.5K | Form 4 |
| Nov 14, 2024 | SAVAGE JOSEPH JDirector | Buy | 4,500 | $9.20 | $41.4K | Form 4 |
| Nov 13, 2024 | SAVAGE JOSEPH JDirector | Buy | 5,000 | $9.35 | $46.8K | Form 4 |
| Aug 5, 2024 | Goodman Jonathan JosephDirector | Buy | 2,313 | $10.81 | $25.0K | Form 4 |
| Aug 5, 2024 | Balkin MichaelChief Executive Officer | Buy | 10,000 | $10.58 | $105.8K | Form 4 |
| Mar 8, 2024 | Michaud Gerald A.President | Buy | 3,650 | $11.77 | $43.0K | Form 4 |
| Dec 20, 2022 | Michaud Gerald A.President | Buy | 18,250 | $11.03 | $201.3K | Form 4 |
| Dec 9, 2022 | Pomeroy Robert D. Jr.CEO and Chairman of the Board | Buy | 4,600 | $13.03 | $59.9K | Form 4 |
| Dec 6, 2022 | Michaud Gerald A.President | Buy | 4,000 | $12.90 | $51.6K | Form 4 |
| Nov 16, 2022 | Trolio Daniel R.Executive VP and CFO | Buy | 758 | $13.04 | $9.9K | Form 4 |
| Sep 29, 2022 | Mahoney Edmund V.Director | Buy | 500 | $9.88 | $4.9K | Form 4 |
| Jun 21, 2022 | Pomeroy Robert D. Jr.CEO and Chairman of the Board | Buy | 4,000 | $11.30 | $45.2K | Form 4 |
All 27 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Stakes it holds
Horizon Technology Finance Corp has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).
- Evelo Biosciences, Inc.SC 13G Jul 21, 202351
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Morgan Stanley | 1,055,591 | $5.0M | 0.0% | +1,008,154 |
| Bulldog Investors, LLP | 658,617 | $3.1M | 0.7% | New |
| Marshall Wace, Llp | 592,247 | $2.8M | 0.0% | +420,469 |
| Caprock Group, LLC | 454,442 | $2.2M | 0.0% | New |
| Green Alpha Advisors, LLC | 429,913 | $2.0M | 1.4% | −160,228 |
| Legal & General Group Plc | 386,211 | $1.8M | 0.0% | +57,556 |
| Eagle Point Credit Management LLC | 366,194 | $1.7M | 2.7% | No change |
| Virtus Investment Advisers, LLC | 252,455 | $1.2M | 0.3% | +108,487 |
| Blair William & Co/il | 239,073 | $1.1M | 0.0% | New |
| Bank Of America Corp /de/ | 225,732 | $1.1M | 0.0% | +164,779 |
| Caz Investments LP | 217,260 | $1.0M | 0.3% | New |
| Connecticut Wealth Management, LLC | 214,509 | $1.0M | 0.0% | +698 |
| UBS Group AG | 195,466 | $924.6K | 0.0% | +51,330 |
| BlackRock, Inc. | 180,902 | $855.7K | 0.0% | +1,415 |
| Arax Advisory Partners | 126,305 | $597.4K | 0.0% | New |
| Apollon Wealth Management, LLC | 126,196 | $596.9K | 0.0% | New |
| LaFleur & Godfrey LLC | 114,526 | $541.7K | 0.1% | New |
| UMB Bank, n.a. | 107,470 | $508.3K | 0.0% | New |
| Focus Partners Wealth | 100,593 | $482.8K | 0.0% | New |
| Aqr Capital Management LLC | 91,368 | $432.2K | 0.0% | +58,350 |
| Jackson Thornton Wealth Management, LLC | 90,609 | $428.6K | 0.0% | +57,591 |
| Corient Private Wealth LP | 89,300 | $422.4K | 0.0% | New |
| LPL Financial LLC | 81,942 | $387.6K | 0.0% | +55,755 |
| Commonwealth Equity Services, LLC | 81,264 | $384.4K | 0.0% | New |
| Fiera Capital Corp | 78,980 | $373.6K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Horizon Technology Finance Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARHorizon Technology Finance Corp1
- CIK0001487428
- Employer ID (EIN)27-21149343
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Business address312 Farmington Avenue, Farmington, CT 060321
- Phone860-676-86541
- Shares outstanding67,033,909 as of Aug 4, 20269
- Public float$300.0M as of Jun 30, 20253
- AuditorRSM US LLP, Hartford, Connecticut PCAOB ID 49; it also attests to the company’s internal control over financial reporting3
- On EDGAR sinceMar 19, 20101
- Filings788 in all: 8-K (286), 4 (115), 10-Q (47), CORRESP (31), 3 (22), DEF 14A (22), DEFA14A (21), 497AD (20)1
All 52 form types
40-17G (17), 10-K (16), 425 (15), 497 (14), N-2/A (14), 424B2 (13), EFFECT (13), ABS-15G (12), POS 8C (12), PRE 14A (8), POS EX (7), SC 13D/A (7), N-2 (6), 40-APP/A (5), 8-A12B (5), SC 13G/A (5), 4/A (4), 40-APP (4), SC 13G (4), 25-NSE (3), 305B2 (3), 424B3 (3), DEFR14A (3), N-23C-2 (3), 40-33 (2), 8-K/A (2), APP NTC (2), APP ORDR (2), CERT (2), FWP (2), N-14 8C/A (2), UPLOAD (2), 10-K/A (1), 8-A12B/A (1), APP WD (1), AW (1), CERTNAS (1), CERTNYS (1), DEL AM (1), N-14 8C (1), N-54A (1), N-6F (1), PRER14A (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Mar 3, 2026
Quarterly report (10-Q) Aug 4, 2026
Proxy statement (DEF 14A) May 14, 2026
Latest 8-K (8-K) Sep 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | HRZN | Nasdaq |
| 6.25% Notes due 2027 | HTFC | New York Stock Exchange |
From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks Horizon Technology Finance Corp names in Item 1A of its 10-K filed Mar 3, 2026: 74 risks under these headings, as written.3
- Risks Related to the Merger
- The termination of the Merger Agreement and/or Asset Purchase Agreement could negatively impact us.
- The Transactions are subject to customary closing conditions, including stockholder approvals. If such conditions are not satisfied or waived, the Transactions will not close, which may result in material adverse consequences to our business, operations and business prospects.
- The opinions delivered to our Board and the MRCC Board by the respective financial advisors to our Special Committee and the MRCC Special Committee prior to signing the Merger Agreement and the Asset Purchase Agreement do not reflect changes in circumstances after the date of the opinions.
- If the Transactions do not close, we will not benefit from the expenses incurred in their pursuit.
- Because the market price of our common stock will fluctuate, our stockholders and the stockholders of MRCC cannot be sure of the market value of the amount of Merger Consideration to be paid to MRCC’s stockholders until the closing of the Merger.
- Our stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Merger.
- The Merger and/or Asset Sale may trigger certain “change of control” provisions and other restrictions in contracts of us, MRCC or their affiliates (e.g., under contracts governing indebtedness), and the failure to obtain any required consents or waivers could adversely impact the combined company.
- If the Transactions close as contemplated, we will receive a substantial amount of cash, as net proceeds, that we must then deploy, and you may not agree with the way we allocate the net proceeds from the Transactions.
- We could have indemnification obligations to our directors or officers and MRCC’s directors or officers.
- The Merger Agreement and Asset Purchase Agreement limit our ability to pursue alternatives to the Transactions.
- We and MRCC are subject to operational uncertainties and contractual restrictions while the Transactions are pending.
The other 63 risks
- We, MRCC and MCIP may waive one or more conditions to the Transactions without resoliciting stockholder approval.
- The market price of our common stock after the Merger will be affected by factors different from those affecting our common stock price prior to our signing the Merger Agreement.
- We may not replicate our historical performance, or the historical success of MRCC.
- Risks Related to our Advisor and Affiliates
- We are dependent upon key personnel of our Advisor and our Advisor’s ability to hire and retain qualified personnel.
- Our Advisor may change or be restructured.
- Our Advisor may, from time to time, possess material non-public information regarding our portfolio companies, limiting our investment discretion.
- Our Advisor has significant potential conflicts of interest with us and our stockholders.
- Our incentive fee may impact our Advisor’s structuring of our investments, including by causing our Advisor to pursue speculative investments.
- Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us.
- The valuation process for certain of our portfolio holdings creates a conflict of interest.
- Our Advisor’s liability is limited, and we have agreed to indemnify our Advisor against certain liabilities, which may lead our Advisor to act in a riskier manner on our behalf than it would when acting for its own account.
- We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.
- If we are unable to manage our future growth effectively, we may be unable to achieve our investment objective, which could adversely affect our business, results of operations and financial condition and cause the value of your investment in us to decline.
- Our business plan and growth strategy depend to a significant extent upon our Advisor’s referral relationships. If our Advisor is unable to develop new or maintain existing relationships, or if these relationships fail to generate investment opportunities, our business could be materially adversely affected.
- Our Advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our business, results of operations or financial condition.
- Risks Related to Our Investments
- Our stockholders are not able to evaluate our future investments.
- We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we generally are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
- Our portfolio may be focused on a limited number of industries, which will subject us to a risk of significant loss if there is a downturn in a particular industry.
- If our investments do not meet our performance expectations, you may not receive distributions.
- Most of our portfolio companies will need additional capital, which may not be readily available.
- Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
- Economic recessions or downturns could adversely affect our business and that of our portfolio companies which may have an adverse effect on our business, results of operations and financial condition.
- Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
- Our investment strategy focuses on investments in development-stage companies in our Target Industries, which are subject to many risks, including volatility, intense competition, shortened product life cycles and periodic downturns, and would be rated below “investment grade.”
- Any unrealized depreciation we experience on our debt investments may be an indication of future realized losses, which could reduce our income available for distribution.
- If the assets securing the debt investments we make decrease in value, we may not have sufficient collateral to cover losses and may experience losses upon foreclosure.
- We may choose to waive or defer enforcement of covenants in the debt securities held in our portfolio, which may cause us to lose all or part of our investment in these companies.
- The lack of liquidity in our investments may adversely affect our business, and if we need to sell any of our investments, we may not be able to do so at a favorable price. As a result, we may suffer losses.
- The disposition of our debt investments may result in contingent liabilities.
- Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
- There may be circumstances where our debt investments could be subordinated to claims of other creditors, or we could be subject to lender liability claims.
- An investment strategy that primarily includes investments in privately held companies presents certain challenges, including a lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.
- The borrowing needs of our portfolio companies are unpredictable, especially during a challenging economic environment. We may not be able to meet our unfunded commitments to extend credit, which could have a material adverse effect on our reputation in the market and our ability to generate incremental lending activity and may subject us to lender liability claims.
- We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, experience bankruptcy or similar financial distress.
- Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
- Our business and growth strategy could be adversely affected if government regulations, priorities and resources impacting the industries in which our portfolio companies operate change.
- Our portfolio companies operating in the technology industry are subject to risks particular to that industry.
- Our portfolio companies operating in the life science industry are subject to extensive government regulation and certain other risks particular to that industry.
- Our portfolio companies operating in the healthcare information and services industry are subject to extensive government regulation and certain other risks particular to that industry.
- Our investments in the sustainability industry are subject to many risks, including volatility, intense competition, unproven technologies, periodic downturns and potential litigation.
- Sustainability companies are subject to extensive government regulation and certain other risks particular to the sectors in which they operate and our business and growth strategy could be adversely affected if government regulations, priorities and resources impacting such sectors change or if our portfolio companies fail to comply with such regulations.
- If our portfolio companies are unable to commercialize their technologies, products, business concepts or services, the returns on our investments could be adversely affected.
- Our portfolio companies may rely upon licenses for all or part of their intellectual property.
- If our portfolio companies are unable to protect their intellectual property rights, our business and prospects could be harmed, and if portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced.
- We do not expect to control any of our portfolio companies.
- We may invest in foreign portfolio companies or secure our investments with the assets of our portfolio companies’ foreign subsidiaries.
- We may not realize expected returns on warrants received in connection with our debt investments.
- We currently invest a portion of our capital in high-quality short-term investments, which generate lower rates of return than those expected from investments made in accordance with our investment objective.
- We are subject to risks associated with investments having original issue discount (“OID”) ETPs and/or PIK features.
- Federal Income Tax Risks
- If we are unable to satisfy the requirements under the Code for qualification as a RIC, we will be subject to corporate-level income taxes.
- Because we distribute all or substantially all of our investment company taxable income to our stockholders, we will need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired.
- Because we intend to distribute substantially all of our income to our stockholders to maintain our ability to be subject to tax as a RIC, we will need to raise additional capital to finance our growth. If funds are not available to us, we may need to curtail new investments, and our common stock value could decline.
- We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash.
- If we make loans to borrowers or acquire loans that contain deferred payment features, such as loans providing for the payment of portions of principal and/or interest at maturity, this could increase the risk of default by our borrowers.
- Risks Related to Business Development Companies
- As a BDC, we generally are not able to issue our common stock at a price below the then-current NAV per share without first obtaining the approval of our stockholders and our independent directors. If our common stock trades at a price below NAV per share and we do not receive such approval, our business could be materially adversely affected.
- Regulations governing our operation as a BDC affect our ability to, and the way in which, we raise additional capital, which may expose us to additional risks.
- If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
- New or modified laws or regulations governing our operations may adversely affect our business.
- Our Board may change our operating policies and strategies, including our investment objective, without prior notice or stockholder approval, the effects of which may adversely affect our business.
- Our quarterly and annual operating results may fluctuate due to the nature of our business.
- Risks Related to our Securities
- We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- If we are unable to comply with the covenants or restrictions in our Credit Facilities or make payments when due thereunder, our business could be materially adversely affected.
- If we are unable to obtain additional debt financing, our business could be materially adversely affected.
Legal proceedings
Neither we nor our Advisor is currently subject to any material legal proceedings.
The opening of Item 3, Legal Proceedings.3
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARRobert D. Pomeroy Jr., Chair
- 13SEC EDGARGerald A. Michaud, President
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- 18SEC EDGARDiane Earle, Chief Credit Officer
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- 21SEC EDGARThomas J. Allison, Board member
- 22SEC EDGARKimberley Ann O'Connor, Board member
- 23SEC EDGARMichael Balkin, Board member
- 24SEC EDGARJoseph J. Savage, Board member
- 25SEC EDGARElaine A. Sarsynski, Board member
- 26SEC EDGARBrett N. Silvers, Board member
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- 28SEC EDGARDavid P. Swanson, Board member
- 29SEC EDGAREdmund Mahoney V., Board member
- 30SEC EDGARJames Bottiglieri, Board member
- 31SEC EDGAREntered a material agreement
- 32SEC EDGARResults of operations
- 33SEC EDGAROther events
- 34SEC EDGARShareholder vote
- 35SEC EDGARChange of auditor
- 36SEC EDGARResults of operations
- 37SEC EDGAROther events
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- 40SEC EDGARRegulation FD disclosure
- 41SEC EDGARShareholder vote
- 42SEC EDGAROther events
- 43NasdaqNasdaq calendar
- 44NasdaqNasdaq calendar
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