HRZN on Nasdaq
Horizon Technology Finance Corp
American company, incorporated in Delaware, listed on Nasdaq (HRZN). Summary from the record
Price unavailable
Last updated Oct 19, 2026.
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.
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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
201520202025
- 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
Filings
257 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 109 major events, 35 insider forms, 1 large holders, 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 257 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.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
1 such filings since October 2021:
- Jul 21, 2023SC 13G
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.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12SEC EDGARRobert D. Pomeroy Jr., Chair
- 13SEC EDGARGerald A. Michaud, President
- 14
- 15
- 16
- 17
- 18SEC EDGARDiane Earle, Chief Credit Officer
- 19
- 20
- 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
- 27
- 28SEC EDGARDavid P. Swanson, Board member
- 29SEC EDGAREdmund Mahoney V., Board member
- 30SEC EDGARJames Bottiglieri, Board member