Horizon Technology Finance Corp
Inside Horizon Technology Finance Corp’s $677M private-credit portfolio — 295 holdings disclosed in SEC filings.
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 ($6.43) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| 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 | -5.8% FY2025: ΔNAV/share + distributions 3-yr ≈-4.5%/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 | 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 | 71% of portfolio FV largest: PortfolioInvestmentAssetsMember (19.2% 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. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
| 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.
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-04 filing.
| Non-accrual rate | 0.00% of determinate debt FV as of 2025-04-29 |
| Direction (4q) | stable (+0.00pp) |
| Avg debt mark vs 4q ago | 88.5 vs 97.5 (-9.0 pts) |
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 51
- Portfolioinvestmentassetsmember$677M
- Nonaffiliateportfolioinvestmentassetsmember$651M
- Nonaffiliatedebtinvestmentsmember$628M
- Nonaffiliatedebtinvestmentslifesciencemember$306M
- Nonaffiliatedebtinvestmentstechnologymember$244M
- Nonaffiliatedebtinvestmentshealthcareinformationandservicesmember$72M
Exited 12
- Nonaffiliatedebtinvestmentstechnologykodiakroboticssoftwaretermloanonemember$15M
- Nonaffiliatedebtinvestmentslifesciencescientiavascularincmedicaldevicetermloanonemember$10M
- Nonaffiliatedebtinvestmentstechnologykodiakroboticssoftwaretermloantwomember$7M
- Nonaffiliatedebtinvestmentstechnologykodiakroboticssoftwaretermloanthreemember$7M
- Nonaffiliatedebtinvestmentstechnologyapkudoincsoftwaretermloansonemember$5M
- Nonaffiliatedebtinvestmentstechnologyapkudoincsoftwaretermloanstwomember$5M
Top Portfolio Holdings
| # | Company | Type | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|
| 1 | PortfolioInvestmentAssetsMember | Debt | — | — | $677M | 100.0% | 162.1% |
| 2 | NonaffiliatePortfolioInvestmentAssetsMember | Debt | — | — | $651M | 96.2% | 156.0% |
| 3 | NonaffiliateDebtInvestmentsMember | Debt | — | — | $628M | 92.8% | 150.4% |
| 4 | NonaffiliateDebtInvestmentsLifeScienceMember | Debt | — | — | $306M | 45.2% | 73.2% |
| 5 | NonaffiliateDebtInvestmentsTechnologyMember | Debt | — | — | $244M | 36.1% | 58.6% |
| 6 | NonaffiliateDebtInvestmentsHealthcareInformationandServicesMember | Debt | — | — | $72M | 10.6% | 17.3% |
| 7 | ShorttermUnrestrictedInvestmentsUSBankMoneyMarketDepositAccountOne | Debt | — | — | $57M | 8.5% | 13.7% |
| 8 | ShorttermUnrestrictedInvestmentsMember | Debt | — | — | $57M | 8.5% | 13.7% |
| 9 | NoncontrolledAffiliateMember | Debt | — | — | $25M | 3.7% | 6.0% |
| 10 | NoncontrolledAffiliatePortfolioInvestmentAssetsMember | Debt | — | — | $25M | 3.7% | 6.0% |
| Full schedule — all 295 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.
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 $677M in portfolio fair value across 295 holdings and 217 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.