Horizon Technology Finance Corp

Listed Company

HTFCCIK 0001487428NYSEAcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-2.66M

Total Assets

$811.10M

Equity

—

Shares Out

68.43M

Op. Cash Flow

$56.63M

Business

Horizon Technology Finance Corp is 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. It offers secured debt investments (Venture Loans), senior term loans, warrants, equity positions and success-fee arrangements as its primary products and investment instruments. Its business is organized around venture lending activities managed by an external Advisor, including direct origination, underwriting, portfolio management and securitization strategies. It focuses on U.S.-based technology-related companies and sources transactions through venture capital and private equity firms, company management, advisers and public equity markets.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment-in-kind (PIK) interest income	2	3	8	0	0
Total investment income	96	100	113	79	60
Interest expense	33	32	29	19	12
Base management fee (Note 3)	12	12	13	11	8
Performance based incentive fee (Note 3)	0	295,000	3	8	7
Administrative fee (Note 3)	2	2	2	2	1
Professional fees	3	2	2	2	2
General and administrative	2	2	2	1	2
Total expenses	51	51	51	42	31
Net investment income before excise tax	45	49	63	37	29
Provision for excise tax	1	1	1	715,000	401,000
Net investment income	44	48	61	36	28
Net realized gain (loss) on investments	−55	−35	−30	−9	−3
Net realized loss on extinguishment of debt	−3	0	−151,000	0	−395,000
Net realized loss	−58	−35	−30	—	—
Net unrealized appreciation (depreciation) on investments	11	−19	−49	−6	3
Net realized and unrealized loss	−47	−53	−79	−15	−438,000
Net decrease in net assets resulting from operations	−3	−6	−17	21	28
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	1.46	—
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	0.86	—
Weighted average shares outstanding - basic (in shares)	42	36	31	25	—
Weighted average shares outstanding - diluted (in shares)	42	36	31	25	—
Distributions declared per share (in dollars per share)	1.32	1.37	1.37	1.28	1.25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments at fair value	647	698	709	720	458
Cash	106	70	47	21	38
Investments in money market funds	35	27	26	7	8
Restricted investments in money market funds	2	3	3	3	1
Interest receivable	12	17	14	14	6
Other assets	9	7	4	3	2
Total assets	811	822	802	767	514
Borrowings (Note 7)	473	468	462	434	258
Distributions payable	15	13	11	9	—
Base management fee payable (Note 3)	975,000	1	1	1	706,000
Other accrued expenses	4	4	4	3	2
Total liabilities	493	486	478	448	269
Commitments and contingencies (Notes 3 and 8)	—	—	—	—	—
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	0	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	51,000	44,000	36,000	29,000	22,000
Paid-in capital in excess of par	559	518	451	386	301
Distributable loss	−241	−182	−127	−68	−56
Total net assets	319	336	324	318	245
Total liabilities and net assets	811	822	802	767	514
Net asset value per common share (in dollars per share)	6.98	8.43	9.71	11.47	11.56

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt issuance costs	3	2	2	2	1
Net realized loss on investments	55	35	30	9	3
Purchase of investments	−224	−182	−219	−422	−344
Principal payments received on investments	234	146	152	96	188
Proceeds from sale of investments	6	302,000	11	50	53
Equity received in settlement of interest and fee income	−5	0	−89,000	—	—
Warrants received in settlement of fee income	−71,000	−359,000	−80,000	0	0
Accrued interest converted to common stock	137,000	0	0	—	—
Decrease (increase) in interest receivable	687,000	−922,000	2	−3	−173,000
Decrease (increase) in end-of-term payments	4	−2	−2	−4	−2
Decrease in unearned income	−3	−3	−4	−394,000	−1
Increase in other assets	−1	−246,000	−650,000	−156,000	−394,000
Increase (decrease) in other accrued expenses	5,000	−535,000	1	758,000	509,000
Decrease in base management fee payable	−70,000	−7,000	−13,000	359,000	143,000
Decrease in incentive fee payable	0	0	−1	−623,000	1
Net cash provided by (used in) operating activities	57	4	−5	−246	−76
Proceeds from issuance of 2028 Notes	58	0	0	—	—
Proceeds from issuance of common stock, net of offering costs	14	66	65	85	30
Advances on Credit Facilities	15	75	104	199	127
Repayment of Credit Facilities	0	−70	−35	−150	−45
Debt issuance costs	−7	−5	−735,000	−4	−3
Distributions paid	−53	−46	−41	−30	−25
Net cash (used in) provided by financing activities	−15	21	51	229	76
Net increase in cash, cash equivalents and restricted cash	42	25	45	−17	−477,000
Cash paid for interest	30	30	27	17	11
Refinanced debt investment balances	79	28	33	31	0
Warrant and equity investments received and recorded as unearned income	2	2	3	6	3
Debt converted to common stock	26	0	0	—	—
End-of-term payments receivable	10	14	12	10	5
Non-cash income	14	12	17	6	5

Filings

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