Horizon Technology Finance Corp
horizontechfinance.comHorizon Technology Finance Corporation (NASDAQ: HRZN) is a business development company that provides venture loans to development-stage and growth-stage companies in technology, life sciences, and related sectors. Revenue comes primarily from interest income on debt investments, supplemented by commitment fees, end-of-term payments, prepayment fees, success fees, and non-utilization fees charged to borrowers. HRZN is externally managed by Horizon Technology Finance Management LLC, an advisor that has directly originated, underwritten, and managed venture loans with an aggregate original principal amount of over $3.2 billion to more than 340 companies since operations commenced in 2004. The portfolio is secured through liens on all assets of borrowers, or all assets excluding intellectual property with a prohibition on competing liens. HRZN uses leverage through credit facilities and unsecured notes, including 2027 Notes, 2028 Notes, and 2030 Notes, to increase returns on equity. As of the 10-K filed March 3, 2026 for fiscal year ended December 31, 2025, the advisor's parent was subject to a change of control when Wendel SE acquired 75% of Monroe Capital LLC.
Products & Services
Venture loans (referred to internally as Venture Loans) to development-stage and growth-stage companies. Loans include current-pay interest, commitment fees, end-of-term payments, prepayment fees, success fees, and non-utilization fees. Loans are structured on an enterprise value basis secured by liens on borrower assets.
Revenue Model
Interest income accrued on venture loan principal at contractual rates, plus fee income from commitment fees, end-of-term payments, prepayment fees, success fees, and non-utilization fees. For FY2025 and FY2024, interest income from debt investments on non-accrual status was $0.3 million and $0.2 million, respectively.
Customers & Markets
Development-stage and growth-stage companies in technology, life sciences, and adjacent sectors described as Target Industries. Borrowers are typically venture-backed companies seeking non-dilutive debt capital for development runway, sales hiring, or R&D milestones prior to additional equity raises or liquidity events.
Geographic Exposure
United States focus. Filing references geopolitical risks including U.S.-China relations and Russia-Ukraine conflict as external risk factors but does not specify non-U.S. portfolio exposure.
Financial Snapshot
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