Horizon Technology Finance Corp
Inside Horizon Technology Finance Corp’s $668M private-credit portfolio — 253 holdings disclosed in SEC filings. The portfolio is concentrated in Software (45%).
Aug 4 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read HRZN as a credit: NAV per share is the Q2 FY2026 book value ($6.23) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-10-10.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.74x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Coverage (GAAP NII) | 0.86x GAAP NII ÷ FY2025 distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | 14.3% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | -2.3% FY2025: ΔNAV/share + distributions 3-yr ≈-2.1%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 1.49x 90th pct of 5 venture peers | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 167% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 23% of portfolio FV ≈ 37% of Q2 FY2026 NAV largest: Onkos Surgical, Inc. (5.2% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 9.8% (9.5% below 80) of marked debt FV (98% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| Floating-Rate Mix | 36% floating, mostly Prime of rate-classified debt (78% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | 0.8% of debt FV (100% coverage) | Parsed from the filing’s own non-accrual footnotes. 1–3% of portfolio fair value is normal; 5%+ is a warning sign. Trend11 qtrs |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $11.7M ≈1.45% of FY2025 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | $0 no net incentive fee accrued in FY2025 | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-04 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 11% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-04 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $7M | 1.0% |
| 2027 | $65M | 10.1% |
| 2028 | $87M | 13.5% |
| 2029 | $136M | 21.2% |
| 2030 | $195M | 30.3% |
| 2031+ | $154M | 23.9% |
Lien profile: Horizon’s 10-K describes its debt investments as typically secured by first liens, or first liens behind a secured revolving line of credit — together its “Senior Term Loans” — while noting some investments may be subordinated to term debt provided by third parties. The filing reports that 97.3% of the debt portfolio at fair value consisted of Senior Term Loans as of December 31, 2025. This is the manager’s portfolio-level characterization — the filed Schedule of Investments labels positions by loan type rather than lien tier, so no per-position first-lien percentage is computed for this book. Source: HRZN FY2025 10-K (SEC accession 0001437749-26-006636)
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-05 and 2026-08-04 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 11
- Hivemq Inc.$25M
- Stellar Cyber, Inc.$15M
- Phigenics Holdings, Inc.$6M
- Volt Bidco, Inc.$4M
- Bastille Buyer, Inc.$3M
- Cognoa, Inc.$1M
Exited 1
- Sparkcharge, Inc.$5M
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | Kodiak Robotics, Inc.2 reporting lines · Term Loan + Term Loan | Debt | Software | 10.25% | Jan 2030 | $22M | 3.3% | 5.3% |
| 2 | Sonex Health, Inc.2 reporting lines · Term Loan + Term Loan | Debt | Medical Device | Prime + 3.50% | Apr 2030 | $20M | 2.9% | 4.7% |
| 3 | Samba TV, Inc.2 reporting lines · Term Loan + Term Loan | Debt | Software | 10.25% | Dec 2030 | $17M | 2.6% | 4.1% |
| 4 | BriteCore Holdings, Inc.2 reporting lines · Term Loan + Term Loan | Debt | Software | 10.50% | Jan 2031 | $17M | 2.6% | 4.1% |
| 5 | Castle Creek Biosciences, Inc.2 reporting lines · Term Loan + Term Loan | Debt | Biotechnology | Prime + 4.25% | Mar 2028 | $15M | 2.3% | 3.7% |
| 6 | MasteryPrep, LLC2 reporting lines · Term Loan + Term Loan | Debt | Software | 11.50% | Jul 2029 | $15M | 2.2% | 3.6% |
| 7 | Ossio, Inc.Term Loan | Debt | Medical Device | — | Jan 2031 | $12M | 1.9% | 3.0% |
| 8 | Long Grove Pharmaceuticals, LLC | Debt | Biotechnology | 1-month SOFR + 4.00% | Feb 2031 | $11M | 1.6% | 2.5% |
| 9 | Elligo Health Research, Inc. | Debt | Software | 11.75% | Oct 2027 | $10M | 1.5% | 2.4% |
| 10 | Onkos Surgical, Inc. | Debt | Medical Device | Prime + 3.25% | Jan 2030 | $10M | 1.5% | 2.4% |
| Full schedule — all 253 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q2 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Horizon Technology Finance Corp shares 9 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Questions this page answers
How large is Horizon Technology Finance Corp's portfolio?
Horizon Technology Finance Corp reported $668M in portfolio fair value across 253 holdings and 96 unique borrowers as of its 2026-08-04 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Horizon Technology Finance Corp's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-04 filing date.
About Horizon Technology Finance Corp
Horizon Technology Finance Corp (HRZN) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Horizon Technology Finance Corp discloses its full loan portfolio through SEC filings.