ࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~9#܈ ~~8#܈ ~~4#܈ ~~3#܈ ~~"؈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33Form 10Q&HORIZON TECHNOLOGY FINANCE CORP&*HORIZON TECHNOLOGY FINANCE (1)&!8Statements of Changes in Net As&OConsolidated Statements of AsserIncome Statement&)Consolidated Statements of Chan Cash Flows" June 30 2018@June 30 2018 (1)œJune 30 2018 (2){June 30 2018 (3)58June 30 2018 (4)&\December 31 2017December 31 2017 (1)#December 31 2017 (2)!YDecember 31 2017 (3)&December 31 2017 (4)Note 4 Investments&Notes to Consolidated Financial&3Notes to Consolidated Finan (1)&Notes to Consolidated Finan (2)&Notes to Consolidated Finan (3)/Statement of Operations&>Note 5 Transactions with affili&eVNotes to Consolidated Finan (4)&kNotes to Consolidated Finan (5)&Notes to Consolidated Finan (6)&Notes to Consolidated Finan (7)&ZNotes to Consolidated Finan (8)&Notes to Consolidated Finan (9)&Notes to Consolidated Fina (10)&Notes to Consolidated Fina (11)& Notes to Consolidated Fina (12)&'Notes to Consolidated Fina (13)BNote 7 Borrowings&XNotes to Consolidated Fina (14)7kNote 10 Distributions QNote 10 Distributions (1)#-Note 11 Financial highlights&Portfolio composition and inves&Portfolio composition and i (1)&ZPortfolio composition and i (2)$&Debt investment asset quality&?Horizon Secured Loan Fund I LLC&MHorizon Secured Loan Fund I (1)&eHorizon Secured Loan Fund I (2)&AtHorizon Secured Loan Fund I (3)&Horizon Secured Loan Fund I (4)&’Consolidated results of operati&ϥNet realized gains and losses a/Current borrowings&Contractual obligations and off&Item 3 Quantitative and Qualita&We borrow money which magnifies l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $} $ } 2      'Horizon Technology Finance Corp 10-Q 07/31/2018 Form 10-Q x / 'QUARTERLY REPORT PURSUANT TO SECTION 13  / 'OR 15(d) OF THE SECURITIES EXCHANGE ACT   OF 1934     / 'FOR THE QUARTERLY PERIOD ENDED JUNE 30,~  OR ?-%TRANSITION REPORT PURSUANT TO SECTION2*13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8vjF`7~=PF0*8X> @ l  3*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 6} $ } +      'Horizon Technology Finance Corp 10-Q 07/31/2018.&HORIZON TECHNOLOGY FINANCE CORPORATIONDELAWARE 27-21149345 -(State or other jurisdiction of incorporation , $(I.R.S. Employer Identification No.) or organization)    312 Farmington Avenue   Farmington, CT ~ B^0((Address of principal executive offices) (Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|qeYMb)_=PF0*8X> @ l  7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U} 8} $ } } $ } $      'Horizon Technology Finance Corp 10-Q 07/31/2018.&HORIZON TECHNOLOGY FINANCE CORPORATIONLarge accelerated filer ?Accelerated filer x     Non-accelerated filer7 /? (Do not check if a smaller reporting company) ! Smaller reporting company  ?       Emerging growth company ?     $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TqeYM]QE=PF0*8X> @ l  6I/O  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } y } :}  6     'Horizon Technology Finance Corp 10-Q 07/31/2018+#Statements of Changes in Net Assets Page PART I  Item 1.) !Consolidated Financial Statements~     - %Consolidated Statements of Assets and~  4 ,Liabilities as of June 30, 2018 and December31, 2017 (unaudited)-%Consolidated Statements of Operations~ 3+for the three and six months ended June 30,!2018 and 2017 (unaudited)-%Consolidated Statements of Changes in~ 0(Net Assets for the six months ended June%30, 2018 and 2017 (unaudited)-%Consolidated Statements of Cash Flows~ 2*for the six months ended June 30, 2018 and2017 (unaudited)-%Consolidated Schedules of Investments~ 1)as of June 30, 2018 and December 31, 2017 (unaudited)6.Notes to the Consolidated Financial Statements~ F (unaudited)Item 2.,$Management?s Discussion and Analysis~ 80of Financial Condition and Results of OperationsItem 3.0(Quantitative and Qualitative Disclosures~ Dlth\P4Y[*jj)> !"#$%&'()*+,-./012345  About Market Risk!Item 4.!Controls and Procedures~ !"""#PART II#$Item 1.$Legal Proceedings~ $%Item 1A.% Risk Factors~ %&Item 2./&'Unregistered Sales of Equity Securities~ &''and Use of Proceeds(Item 3.'(Defaults Upon Senior Securities~ ()Item 4.)Mine Safety Disclosures~ )*Item 5.*Other Information~ *+Item 6.+Exhibits~ +,, Signatures~ ,-EX-31.1--.EX-31.2../EX-32.1//0EX-32.20012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0oPY V&znb:=PF0*8X> @*554433##  l  =_dq  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net AsIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } I;} $ }  } $ }  } $ =                                 'Horizon Technology Finance Corp 10-Q 07/31/2018E=Consolidated Statements of Assets and Liabilities (Unaudited)June 30, December 31,  ~   ~         Assets        / 'Non-affiliate investments at fair value ~    ~ W  5 -(cost of $216,364 and $219,303, respectively),$Non-controlled affiliate investments~ r~ 61)at fair value (cost of $7,677 and $3,774,respectively) (Note 5)0(Controlled affiliate investments at fair~ ? -3+value (cost of $4,069 and $0, respectively)(Note 5)0(Total investments at fair value (cost of~  ~ N ,$$228,110 and $223,077, respectively)(Note 4) Cash~ b~  gInterest receivable~ V?~ J> Other assets~ ~  Total assets~ ~ J LiabilitiesBorrowings (Note 7)~ Z\~ Distributions payable~  6~ 6,$Base management fee payable (Note 3)~ ~ Dc lZNB6.=p;K7o[d6 ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < & Incentive fee payable (Note 3)  ~     ~ v !Other accrued expenses!!~ ! !!!~ ! !"Total liabilities""~ "ί"""~ " "#########.$&Commitments and Contingencies (Note 8)$$$$$$$$%%%%%%%%%& Net assets&&&&&&&&4',Preferred stock, par value $0.001 per share,'' '-''' '-'0((1,000,000 shares authorized, zero shares2)*issued and outstanding as of June 30, 2018*and December 31, 20171+)Common stock, par value $0.001 per share,++~ +2+++~ +2+1,)100,000,000 shares authorized, 11,695,2293-+and 11,687,871 shares issued and 11,527,764/.'and 11,520,406 shares outstanding as of9/1June 30, 2018 and December 31, 2017, respectively(0 Paid-in capital in excess of par00~ 0" 000~ 0 011)Distributions in excess of net investment11~ 1111~ 1Z12income23*Net unrealized depreciation on investments33~ 3V333~ 33(4 Net realized loss on investments44~ 4o444~ 4jt45Total net assets55~ 5.*555~ 5>5(6 Total liabilities and net assets6~ 666~ 6J6(7 Net asset value per common share77333333'@777q= ףp'@789$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/> 0rkmfa.a =PF0*8X> @<<;;::77776666     l  :y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of Asse!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 8} $ } } $ } }  $ } } $ }  } $ :     'Horizon Technology Finance Corp 10-Q 07/31/2018Income Statement"For the Three Months Ended   For the Six Months Ended   June 30,   June 30,   ~   ~   ~   ~   Investment income                & Interest income on investments                4 ,Interest income on non-affiliate investments ~ Nh  ~ T  ~   ~ ƶ 3+Interest income on non-controlled affiliate~  -  ~  B   - investments,$Total interest income on investments~ fk~ T  ~    ~ ƶ Fee income     .&Prepayment fee income on non-affiliate~ ~   ~    ~ R  investments/'Fee income on non-affiliate investments~ &~   ~    ~ Total investment income~ Fr~ [  ~  b  ~ Expenses     Interest expense~ ~   ~  -  ~ %$Base management fee (Note 3)~ ~    ~  j"  ~ 0(Performance based incentive fee (Note 3)~ Z~ V  ~    ~  #Administrative fee (Note 3)~ ~   ~    ~ Professional fees~ ~   ~     ~  "General and administrative~ ~   ~    ~ jTotal expenses~ ZA~ 0  ~  N  ~ i.&Performance based incentive fee waived~  -  ~     -(Note 3)Dol{ocy>A*2\bKPe !"#$%&'()*+,-./0123456789  Net expenses  ~ >   ~ 0   ~ |   ~ i !Net investment income!!~ !j3!!!~ ! +!! ! ~ ! e! ! !~ !_!"""""""""" " " " " """7#/Net realized and unrealized loss on investments######### # # # # ###1$)Net realized (loss) gain on non-affiliate$$~ $$$$~ $$$ $ ~ $ J$ $ $~ $JY$% investments/&'Net realized (loss) gain on investments&&~ &&&&~ &&& & ~ & J& & &~ &JY&2'*Net unrealized (depreciation) appreciation''~ 'v'''~ ''' ' ~ ' B' ' '~ ''$(on non-affiliate investments2)*Net unrealized appreciation (depreciation)))~ )R))) )-)) ) ~ ) ^) ) ) )-)/*'on non-controlled affiliate investments2+*Net unrealized (depreciation) appreciation++~ ++++~ +++ + ~ + + + +~ ++,on investments7-/Net realized and unrealized loss on investments--~ -b---~ -n-- - ~ - - - -~ --.......... . . . . ...1/)Net increase in net assets resulting from/~ /-//~ /v // ~ / vV/ / ~ /D/0 operations.1&Net investment income per common share11(\?111Q?11 1 Q?1 1 1(\?132+Net increase in net assets per common share22?222Q?22 2 Q?2 2 2RQ?2(3 Distributions declared per share33333333?333333333?33 3 333333?3 3 3333333?3+4#Weighted average shares outstanding44~ 4{444~ 4^44 4 ~ 4 ^4 4 4~ 4 Ӿ456$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8 7kps\ac;? %XBh~=PF0*8X> @998877333333 33222222 22111111 11////// //          l  !:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 1} $ } } $ } $}  $ } $} $ }  } $ }  } $ }  } $ }  } $ !     'Horizon Technology Finance Corp 10-Q 07/31/2018D<Consolidated Statements of Changes in Net Assets (Unaudited) Common Stock  Paid-In   DistributionsNet Unrealized Net Realized Total Net            Capital in    in Excess of    Depreciation   Loss on            Excess of   Net   on                Investment   Shares   Amount   Par   Income    Investments    Investments   Assets $ Balance at December 31, 2016  ~ b  ~ 2  ~ ~   ~   ~   ~   ~ ~ 1)Net increase in net assets resulting from - -    -  ~ _~ ~ JY~ D operations/'Issuance of common stock under dividend~ ҈ -  ~     - - -~ reinvestment planDistributions declared - -    -  ~  - -~  Balance at June 30, 2017~ 2~ 2 ~     ~ v~ ~[~ ~ X     $Balance at December 31, 2017~ Z&~ 2 ~     ~ Z~ ~ jt~ >1)Net increase in net assets resulting from - -    -  ~ e~ ~ J~ vV operations/'Issuance of common stock under dividend~ r -  ~  >   - - -~ >reinvestment planDistributions declared - -    -  ~  - -~  Balance at June 30, 2018~ R~ 2 ~  "   ~ ~ V~ o~ .*$____________________________1)Created by Morningstar Document Research.Dl[OC7_&XBI~D8, 0 (http://documentresearch.morningstar.com/H=PF0*8X> @0                       l  <  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } I;} $ } U} $ } U} $ <                                 'Horizon Technology Finance Corp 10-Q 07/31/2018 Cash Flows For the Six Months Ended   June 30,   ~   ~  - %Cash flows from operating activities:        1 )Net increase in net assets resulting from ~ vV  ~ D   operations-%Adjustments to reconcile net increase/'in net assets resulting from operations5-to net cash provided by operating activities:+#Amortization of debt issuance costs~ v~ ( Net realized loss on investments~ ~ 2*Net unrealized depreciation (appreciation)~ f ~ jton investmentsPurchase of investments~ ~ *2*Principal payments received on investments~ ~ 6.Investment in controlled affiliate investments~ n -)!Proceeds from sale of investments~ /~ 3+Equity received in settlement of fee income~ ~ -*"Changes in assets and liabilities:'Decrease in interest receivable~ R~ 3+(Increase) decrease in end-of-term payments~ ~ #Decrease in unearned income~ V~ "+#(Increase) decrease in other assets~ z~ 5-Increase (decrease) in other accrued expenses~ ~ :DGlui!ilItFi ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; . &Increase (decrease) in base management  ~ "   ~  ! fee payable)"!Increase in incentive fee payable""~ "j"""~ "V"1#)Net cash provided by operating activities##~ #r###~ #V#-$%Cash flows from financing activities:$$$$$$$$#%Advances on credit facility%%~ %8%%%~ %b%$&Repayment of credit facility&&~ &c&&&~ &&'Distributions paid''~ '6'''~ ''(Debt issuance costs((~ (v((( (-(0)(Net cash provided by (used in) financing))~ )()))~ )$)* activities'+Net increase (decrease) in cash++~ +ZB+++~ +{+ ,Cash:,,,,,,,,-Beginning of period--~ - g---~ ->D-. End of period.~ .b..~ .ƿ.9/1Supplemental disclosure of cash flow information:////////0Cash paid for interest0~ 0(00~ 0R#051-Supplemental non-cash investing and financing111111112 activities:13)Warrant investments received and recorded3~ 333~ 334as unearned income5Distributions payable5~ 5 655~ 565'6End-of-term payments receivable6~ 6>266~ 69678$9____________________________1:)Created by Morningstar Document Research.0;(http://documentresearch.morningstar.com/<0 jS) }@LJC, i=PF0*8X> @;;::996666555533330000....      l  X +X?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash FlowsJune 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } m)} $ } a} $ } U5} $ }  }  $ } } $ }  } $ X     'Horizon Technology Finance Corp 10-Q 07/31/2018 June 30, 2018 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (12) * "Non-Affiliate Investments - 160.8%              ~ / 'Non-Affiliate Debt Investments - 147.2%              ~ -%Non-Affiliate Debt Investments - Life     Science - 44.8% (8)"Celsion Corporation (2)(5) Biotechnology3+Term Loan (9.72% cash (Libor + 7.63%; Floor~ ' ~  *&  ~ *&&9.63%), 4.00% ETP, Due 7/1/22)     3+Term Loan (9.72% cash (Libor + 7.63%; Floor~ '  ~  *&  ~ *&&9.63%), 4.00% ETP, Due 7/1/22)     3+Term Loan (9.72% cash (Libor + 7.63%; Floor~ '  ~  *&  ~ *&&9.63%), 4.00% ETP, Due 7/1/22)     3+Term Loan (9.72% cash (Libor + 7.63%; Floor~ '  ~  *&  ~ *&&9.63%), 4.00% ETP, Due 7/1/22)     )!Palatin Technologies, Inc. (2)(5) Biotechnology4,Term Loan (10.50% cash (Libor + 8.50%; Floor~   ~  z  ~ z&9.00%), 5.00% ETP, Due 1/1/19)     4,Term Loan (10.50% cash (Libor + 8.50%; Floor~   ~    ~ &9.00%), 3.44% ETP, Due 1/1/19)     4,Term Loan (10.50% cash (Libor + 8.50%; Floor~ !  ~  !  ~ !&9.00%), 5.00% ETP, Due 8/1/19)     4,Term Loan (10.50% cash (Libor + 8.50%; Floor~ !  ~  !  ~ !&9.00%), 3.27% ETP, Due 8/1/19)     D l~rf(+A+-CE[ !"#$%&'()*+,-./0123456789:;<=>?$ vTv Therapeutics Inc. (2)(5)   Biotechnology / 'Term Loan (12.00% cash (Libor + 10.00%;  ~ Y   ~ X   ~ X !!!! !Floor""""'"10.50%), 6.00% ETP, Due 5/1/20)""""" " " " " """####/#'Term Loan (12.00% cash (Libor + 10.00%;##~ #:## # ~ # 9# # #~ #9#$$$$ $Floor%%%%(% 10.50%), 6.00% ETP, Due 10/1/20)%%%%% % % % % %%%*&"Titan Pharmaceuticals, Inc. (2)(5)&& Drug Delivery&4&,Term Loan (10.40% cash (Libor + 8.40%; Floor&&~ &&& & ~ & & & &~ &&''''&'9.50%), 5.00% ETP, Due 6/1/21)''''' ' ' ' ' '''(Aerin Medical, Inc. (2)((Medical Device(3(+Term Loan (9.45% cash (Libor + 7.45%; Floor((~ (>(( ( ~ ( <( ( (~ (<())))&)8.75%), 4.00% ETP, Due 1/1/22)))))) ) ) ) ) )))****3*+Term Loan (9.45% cash (Libor + 7.45%; Floor**~ *.** * ~ * B.* * *~ *B.*++++&+8.75%), 4.00% ETP, Due 1/1/22)+++++ + + + + +++,,,,3,+Term Loan (9.45% cash (Libor + 7.45%; Floor,,~ ,.,, , ~ , B., , ,~ ,B.,----&-8.75%), 4.00% ETP, Due 1/1/22)----- - - - - ---(. Conventus Orthopaedics, Inc. (2)..Medical Device.4.,Term Loan (10.00% cash (Libor + 8.00%; Floor..~ .>.. . ~ . =. . .~ .=.////&/9.25%), 6.00% ETP, Due 6/1/21)///// / / / / ///000040,Term Loan (10.00% cash (Libor + 8.00%; Floor00~ 0>00 0 ~ 0 =0 0 0~ 0=01111&19.25%), 6.00% ETP, Due 6/1/21)11111 1 1 1 1 111222242,Term Loan (10.00% cash (Libor + 8.00%; Floor22~ 2>22 2 ~ 2 =2 2 2~ 2=23333&39.25%), 6.00% ETP, Due 6/1/21)33333 3 3 3 3 333%4Lantos Technologies, Inc. (2)44Medical Device444,Term Loan (10.43% cash (Libor + 8.43%; Floor44~ 4>44 4 ~ 4 f64 4 4~ 4f645555'510.00%), 6.00% ETP, Due 9/1/21)55555 5 5 5 5 5556VERO Biotech LLC (2)66Medical Device646,Term Loan (10.00% cash (Libor + 8.00%; Floor66~ 6>66 6 ~ 6 =6 6 6~ 6=67777&79.25%), 5.00% ETP, Due 1/1/22)77777 7 7 7 7 777888848,Term Loan (10.00% cash (Libor + 8.00%; Floor88~ 8>88 8 ~ 8 =8 8 8~ 8=89999&99.25%), 5.00% ETP, Due 1/1/22)99999 9 9 9 9 999.:&Total Non-Affiliate Debt Investments -::::::: : ~ : ^: : :~ : :; Life Science3<+Non-Affiliate Debt Investments - Technology<<<<<<< < < < < <<<= - 89.7% (8)>Audacy Corporation (2)>>Communications>3>+Term Loan (9.90% cash (Libor + 7.90%; Floor>>~ >>>> > ~ > b=> > >~ >b=>????&?9.50%), 5.00% ETP, Due 7/1/22)????? ? ? ? ? ???Dlx_uSilo@ABCDEFGHIJKLMNOPQRSTUVW%@Intelepeer Holdings, Inc. (2)@@Communications@4@,Term Loan (11.95% cash (Libor + 9.95%; Floor@@~ @>@@ @ ~ @ <@ @ @~ @<@AAAA'A11.25%), 2.50% ETP, Due 7/1/21)AAAAA A A A A AAABBBB4B,Term Loan (11.95% cash (Libor + 9.95%; FloorBB~ B>BB B ~ B =B B B~ B=BCCCC'C11.25%), 2.50% ETP, Due 7/1/21)CCCCC C C C C CCCDDDD4D,Term Loan (11.95% cash (Libor + 9.95%; FloorDD~ D>DD D ~ D =D D D~ D=DEEEE'E11.25%), 2.50% ETP, Due 7/1/21)EEEEE E E E E EEEFPebblePost, Inc. (2)FFCommunicationsF4F,Term Loan (11.26% cash (Libor + 9.26%; FloorFF~ F>FF F ~ F =F F F~ F=FGGGG'G10.25%), 4.00% ETP, Due 7/1/21)GGGGG G G G G GGGHHHH4H,Term Loan (11.26% cash (Libor + 9.26%; FloorHH~ H>HH H ~ H =H H H~ H=HIIII'I10.25%), 4.00% ETP, Due 7/1/21)IIIII I I I I IIIJSavingStar, Inc. (2)JJConsumer-relatedJ/J'Term Loan (12.40% cash (Libor + 10.40%;JJ~ JJJ J ~ J J J J~ JJKKKK KFloorLLL TechnologiesL'L10.90%), 4.25% ETP, Due 6/1/20)LLLLL L L L L LLLMMMM/M'Term Loan (12.40% cash (Libor + 10.40%;MM~ MMM M ~ M M M M~ MMNNNN NFloorOOOO(O 10.90%), 3.80% ETP, Due 11/1/20)OOOOO O O O O OOOPIgnitionOne, Inc. (2)PPInternet and MediaP/P'Term Loan (12.23% cash (Libor + 10.23%;PP~ P.PP P ~ P ,P P P~ P,PQQQQ QFloorRRRR'R10.23%), 2.00% ETP, Due 4/1/22)RRRRR R R R R RRRST$U____________________________1V)Created by Morningstar Document Research.0W(http://documentresearch.morningstar.com/4*& J_SG=PF0*8X> @WWVVUU==<<;;::         l  W|a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } %} $ } a} $ } U5} $ }  }  $ } } $ }  } $ W     'Horizon Technology Finance Corp 10-Q 07/31/2018 June 30, 2018 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (12)     / 'Term Loan (12.23% cash (Libor + 10.23%;  ~ .   ~ ,   ~ ,      Floor    ' 10.23%), 2.00% ETP, Due 4/1/22)                / 'Term Loan (12.23% cash (Libor + 10.23%;  ~ .   ~ ,   ~ ,  Floor'10.23%), 2.00% ETP, Due 4/1/22)     /'Term Loan (12.23% cash (Libor + 10.23%;~ .  ~  ,  ~ , Floor'10.23%), 2.00% ETP, Due 4/1/22)     !Jump Ramp Games, Inc. (2)Internet and Media/'Term Loan (11.73% cash (Libor + 9.73%),~ >  ~  =  ~ =3.00% ETP, Due 4/1/21)     Kixeye, Inc. (2)Internet and Media4,Term Loan (11.60% cash (Libor + 9.60%; Floor~ &,  ~  *  ~ *'10.75%), 2.00% ETP, Due 5/1/21)     4,Term Loan (11.60% cash (Libor + 9.60%; Floor~ &,  ~  j+  ~ j+'10.75%), 2.00% ETP, Due 5/1/21)     &Rocket Lawyer Incorporated (2)Internet and Media4,Term Loan (11.40% cash (Libor + 9.40%; Floor~ >  ~  =  ~ ='10.50%), 3.00% ETP, Due 7/1/21)     4,Term Loan (11.40% cash (Libor + 9.40%; Floor~ >  ~  =  ~ ='10.50%), 3.00% ETP, Due 7/1/21)     4,Term Loan (11.40% cash (Libor + 9.40%; Floor~ B  ~    ~ ( 10.50%), 3.00% ETP, Due 11/1/21)      Verve Wireless, Inc. (2)Internet and Media4,Term Loan (10.80% cash (Libor + 8.80%; Floor~ B8  ~  5  ~ 5DXl~rfkF[b!60%'<#%:< !"#$%&'()*+,-./0123456789:;<=>?    ' 10.80%), 3.33% ETP, Due 9/1/21)            !Zinio Holdings, LLC (2)!!Internet and Media!/!'Term Loan (13.25% cash (Libor + 11.25%;!!~ !>!! ! ~ ! >>! ! !~ !>>!"""" "Floor####'#11.75%), 6.00% ETP, Due 2/1/20)##### # # # # ###'$The NanoSteel Company, Inc. (2)$$ Materials$4$,Term Loan (11.50% cash (Libor + 9.50%; Floor$$~ $6B$$ $ ~ $ @$ $ $~ $@$%%%%'%10.00%), 7.20% ETP, Due 5/1/20)%%%%% % % % % %%%&&&&4&,Term Loan (11.50% cash (Libor + 9.50%; Floor&&~ &!&& & ~ &  & & &~ & &''''''10.00%), 6.45% ETP, Due 5/1/20)''''' ' ' ' ' '''((((4(,Term Loan (11.50% cash (Libor + 9.50%; Floor((~ (^$(( ( ~ ( #( ( (~ (#())))')10.00%), 5.85% ETP, Due 7/1/20)))))) ) ) ) ) )))%*Powerhouse Dynamics, Inc. (2)**Power Management*/*'Term Loan (12.70% cash (Libor + 10.70%;**~ * ** * ~ * V * * *~ *V *++++ +Floor,,,,',11.20%), 3.32% ETP, Due 9/1/19),,,,, , , , , ,,,- Luxtera, Inc.--Semiconductors-/-'Term Loan (11.75% cash (Prime + 6.75%),--~ -B-- - ~ - - - -~ --..... Due 3/28/20)..... . . . . ...//////'Term Loan (11.75% cash (Prime + 6.75%),//~ /r// / ~ / / / /~ //00000 Due 3/28/20)00000 0 0 0 0 000#1Bridge2 Solutions, LLC. (2)11Software141,Term Loan (11.25% cash (Libor + 9.25%; Floor11~ 1"N11 1 ~ 1 K1 1 1~ 1K12222(2 10.50%), 2.00% ETP, Due 11/1/21)22222 2 2 2 2 222333343,Term Loan (11.25% cash (Libor + 9.25%; Floor33~ 3"N33 3 ~ 3 J3 3 3~ 3J34444(4 10.50%), 2.00% ETP, Due 11/1/21)44444 4 4 4 4 444$5Education Elements, Inc. (2)55Software5/5'Term Loan (12.00% cash (Libor + 10.00%;55~ 5B55 5 ~ 5 .5 5 5~ 5.56666 6Floor7777'710.50%), 4.00% ETP, Due 1/1/19)77777 7 7 7 7 7778888/8'Term Loan (12.00% cash (Libor + 10.00%;88~ 8* 88 8 ~ 8  8 8 8~ 8 89999 9Floor::::':10.50%), 4.00% ETP, Due 8/1/19)::::: : : : : :::;Metricly, Inc.;;Software;/;'Term Loan (14.25% cash (Libor + 12.25%;;;~ ;b;; ; ~ ; b; ; ;~ ;b;<<<< <Floor===='=12.50%), 3.33% ETP, Due 9/1/18)===== = = = = ===&>New Signature US, Inc. (2)(13)>>Software>4>,Term Loan (10.59% cash (Libor + 8.50%; Floor>>~ >*>> > ~ > *> > >~ >*>????'?10.50%), 3.50% ETP, Due 7/1/22)????? ? ? ? ? ???DZl}~[pa 5@ABCDEFGHIJKLMNOPQRSTUV@ShopKeep.com, Inc. (2)@@Software@4@,Term Loan (11.95% cash (Libor + 9.95%; Floor@@~ @bT@@ @ ~ @ S@ @ @~ @S@AAAA(A 10.45%), 4.08% ETP, Due 10/1/20)AAAAA A A A A AAABBBB4B,Term Loan (11.95% cash (Libor + 9.95%; FloorBB~ Bb;BB B ~ B b:B B B~ Bb:BCCCC'C10.45%), 3.55% ETP, Due 2/1/21)CCCCC C C C C CCCD SIGNiX, Inc.DDSoftwareD/D'Term Loan (13.00% cash (Libor + 11.00%;DD~ D DD D ~ D fD D D~ DDEEEE EFloorFFFF'F11.50%), 6.17% ETP, Due 2/1/20)FFFFF F F F F FFFGWeblinc Corporation (2)GGSoftwareG/G'Term Loan (12.25% cash (Libor + 10.25%;GG~ G.GG G ~ G :.G G G~ G:.GHHHH HFloorIIII'I11.25%), 3.00% ETP, Due 3/1/21)IIIII I I I I IIIJ xAd, Inc. (2)JJSoftwareJ4J,Term Loan (10.70% cash (Libor + 8.70%; FloorJJ~ J"NJJ J ~ J LJ J J~ JLJKKKK(K 10.00%), 4.75% ETP, Due 11/1/21)KKKKK K K K K KKKLLLL4L,Term Loan (10.70% cash (Libor + 8.70%; FloorLL~ L"NLL L ~ L LL L L~ LLLMMMM(M 10.00%), 4.75% ETP, Due 11/1/21)MMMMM M M M M MMMNNNN4N,Term Loan (10.70% cash (Libor + 8.70%; FloorNN~ N.NN N ~ N .N N N~ N.NOOOO(O 10.00%), 4.75% ETP, Due 11/1/21)OOOOO O O O O OOOPPPP4P,Term Loan (10.70% cash (Libor + 8.70%; FloorPP~ PBPP P ~ P P P P~ PPQQQQ(Q 10.00%), 4.75% ETP, Due 11/1/21)QQQQQ Q Q Q Q QQQRS$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2}=PF0*8X> @J VVUUTT    l  S\  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 0.} $ } y#} $ } 0.} $ }  }  $ }  } $ }  } $ S     'Horizon Technology Finance Corp 10-Q 07/31/2018 June 30, 2018 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (12) . &Total Non-Affiliate Debt Investments -          ~ BW   ~ Q   Technology3 +Non-Affiliate Debt Investments - Healthcare            , $information and services - 12.7% (8)Catasys, Inc. (2)(5)Software-%Term Loan (9.80% cash (Libor + 7.75%;~ '  ~  &  ~ &,$Floor 9.75%), 6.00% ETP, Due 3/1/22)     -%Term Loan (9.80% cash (Libor + 7.75%;~ '  ~  &  ~ &,$Floor 9.75%), 6.00% ETP, Due 3/1/22)     %HealthEdge Software, Inc. (2)Software.&Term Loan (10.25% cash (Libor + 8.25%;~ "N  ~  L  ~ L,$Floor 9.25%), 3.00% ETP, Due 7/1/22)     .&Term Loan (10.25% cash (Libor + 8.25%;~ :  ~  9  ~ 9,$Floor 9.25%), 3.00% ETP, Due 1/1/23)     .&Term Loan (10.25% cash (Libor + 8.25%;~ :  ~  9  ~ 9,$Floor 9.25%), 3.00% ETP, Due 4/1/23)     .&Total Non-Affiliate Debt Investments -  ~     ~  +#Healthcare information and services-%Total Non- Affiliate Debt Investments  ~  ~   ~       +#Non-Affiliate Warrant Investments -     6.8% (8)-%Non-Affiliate Warrants - Life Science      - 1.4% (8)Dl~rf =fR !"#$%&'()*+,-./0123456789:;<=>? ACT Biotech Corporation   Biotechnology (  431,201 Preferred Stock Warrants      ~ f    - (! Alpine Immune Sciences, Inc. (5)!! Biotechnology!#!4,634 Common Stock Warrants!!!!! ! ~ ! ! ! ! !-!'"Argos Therapeutics, Inc. (2)(5)"" Biotechnology"#"3,656 Common Stock Warrants""""" " ~ " " " " "-""#Celsion Corporation (2)(5)## Biotechnology#%#190,522 Common Stock Warrants##### # ~ # F# # #~ ##.$&Rocket Pharmaceuticals Corporation (5)$$ Biotechnology$#$1,763 Common Stock Warrants$$$$$ $ ~ $ F$ $ $ $-$)%!Palatin Technologies, Inc. (2)(5)%% Biotechnology%%%608,058 Common Stock Warrants%%%%% % ~ % % % %~ %"%&&Revance Therapeutics, Inc. (5)&& Biotechnology&$&34,113 Common Stock Warrants&&&&& & ~ & & & &~ &&'Sample6, Inc. (2)'' Biotechnology'(' 661,956 Preferred Stock Warrants''''' ' ~ ' ' ' '~ 'j'%(Strongbridge U.S. Inc. (2)(5)(( Biotechnology(%(160,714 Common Stock Warrants((((( ( ~ ( "( ( (~ (f ())!Sunesis Pharmaceuticals, Inc. (5))) Biotechnology)#)2,050 Common Stock Warrants))))) ) ~ ) ) ) ) )-)$*vTv Therapeutics Inc. (2)(5)** Biotechnology*$*95,293 Common Stock Warrants***** * ~ * * * * *-**+"Titan Pharmaceuticals, Inc. (2)(5)++ Drug Delivery+%+320,612 Common Stock Warrants+++++ + ~ + ~+ + +~ +Z+,AccuVein Inc. (2),,Medical Device,*,"1,174,881 Preferred Stock Warrants,,,,, , ~ , b, , ,~ ,r,-Aerin Medical, Inc. (2)--Medical Device-*-"1,818,182 Preferred Stock Warrants----- - ~ -  - - -~ --(. Conventus Orthopaedics, Inc. (2)..Medical Device.(. 720,000 Preferred Stock Warrants..... . ~ . ~. . .~ ..%/Lantos Technologies, Inc. (2)//Medical Device/'/1,715,926 Common Stock Warrants///// / ~ / / / /~ /v/0Mitralign, Inc. (2)00Medical Device0$064,190 Common Stock Warrants00000 0 ~ 0 0 0 0~ 00#1NinePoint Medical, Inc. (2)11Medical Device1'129,102 Preferred Stock Warrants11111 1 ~ 1 1 1 1 1-1%2ReShape Lifesciences Inc. (5)22Medical Device2!2134 Common Stock Warrants22222 2 ~ 2 n2 2 2 2-2 3Tryton Medical, Inc. (2)33Medical Device3(3 122,362 Preferred Stock Warrants33333 3 ~ 3 >3 3 3~ 3634VERO Biotech LLC (2)44Medical Device4!4800 Common Stock Warrants44444 4 ~ 4 4 4 4~ 445 ViOptix, Inc.55Medical Device5(5 375,763 Preferred Stock Warrants55555 5 ~ 5 65 5 5 5-5+6#Total Non-Affiliate Warrants - Life6666666 6 ~ 6 F6 6 6~ 667Science+8#Non-Affiliate Warrants - Technology8888888 8 8 8 8 8889 - 4.8% (8):Audacy Corporation (2)::Communications:(: 176,134 Preferred Stock Warrants::::: : ~ : : : :~ ::;Ekahau, Inc. (2);;Communications;(; 978,261 Preferred Stock Warrants;;;;; ; ~ ; ; ; ;~ ;b;%<Intelepeer Holdings, Inc. (2)<<Communications<*<"2,256,549 Preferred Stock Warrants<<<<< < ~ < V< < <~ <<=PebblePost, Inc. (2)==Communications=(= 598,850 Preferred Stock Warrants===== = ~ = r= = =~ ==>Additech, Inc. (2)>%>Consumer-related Technologies>(> 150,000 Preferred Stock Warrants>>>>> > ~ > > > >~ >>?Gwynnie Bee, Inc. (2)?%?Consumer-related Technologies?(? 268,591 Preferred Stock Warrants????? ? ~ ? ? ? ?~ ? ?D"lt]O8 lYC8.S@iS?1@ABCDEFGHIJKLMNOPQR@Le Tote, Inc. (2)@%@Consumer-related Technologies@(@ 202,974 Preferred Stock Warrants@@@@@ @ ~ @ @ @ @~ @@'ARhapsody International Inc. (2)A%AConsumer-related TechnologiesA%A852,273 Common Stock WarrantsAAAAA A ~ A A A A A-ABSavingStar, Inc. (2)B%BConsumer-related TechnologiesB(B 850,439 Preferred Stock WarrantsBBBBB B ~ B B B B B-BCIgnitionOne, Inc. (2)CCInternet and MediaC(C 262,910 Preferred Stock WarrantsCCCCC C ~ C ~ C C C~ Cf C!DJump Ramp Games, Inc. (2)DDInternet and MediaD(D 159,766 Preferred Stock WarrantsDDDDD D ~ D D D D~ DDEKixeye, Inc. (2)EEInternet and MediaE(E 791,251 Preferred Stock WarrantsEEEEE E ~ E .E E E~ E:E&FRocket Lawyer Incorporated (2)FFInternet and MediaF(F 261,721 Preferred Stock WarrantsFFFFF F ~ F rF F F~ F2F GVerve Wireless, Inc. (2)GGInternet and MediaG%G112,805 Common Stock WarrantsGGGGG G ~ G G G G~ GG'HThe NanoSteel Company, Inc. (2)HH MaterialsH(H 379,360 Preferred Stock WarrantsHHHHH H ~ H H H H~ H.H%IPowerhouse Dynamics, Inc. (2)IIPower ManagementI(I 348,838 Preferred Stock WarrantsIIIII I ~ I I I I~ IZI&JAvalanche Technology, Inc. (2)JJSemiconductorsJ(J 202,602 Preferred Stock WarrantsJJJJJ J ~ J J J J~ JJKeASIC Corporation (2)KKSemiconductorsK'K40,445 Preferred Stock WarrantsKKKKK K ~ K fK K K~ KvKLKaminario, Inc.LLSemiconductorsL*L"4,800,000 Preferred Stock WarrantsLLLLL L ~ L L L L~ LLMLuxtera, Inc.(2)MMSemiconductorsM*M"3,546,553 Preferred Stock WarrantsMMMMM M ~ M VM M M~ MMNO$P____________________________1Q)Created by Morningstar Document Research.0R(http://documentresearch.morningstar.com/*hhV6]=PF0*8X> @RRQQPP99887766      l  T )6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 1} $ } y#} $ } 1} $ } U}  $ } $} $ } U} $ T     'Horizon Technology Finance Corp 10-Q 07/31/2018 June 30, 2018 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (12)  Soraa, Inc. (2)  Semiconductors (  203,616 Preferred Stock Warrants      ~ B   ~    Bolt Solutions Inc. (2)  Software (  202,892 Preferred Stock Warrants      ~    ~  # Bridge2 Solutions, Inc. (2)  Software % 125,458 Common Stock Warrants      ~    ~   * "BSI Platform Holdings, LLC (2)(13)  Software (  137,500 Preferred Stock Warrants      ~ N   ~ N Clarabridge, Inc.Software'53,486 Preferred Stock Warrants  ~  :  ~ $Education Elements, Inc. (2)Software( 238,121 Preferred Stock Warrants  ~  r  ~ v"Lotame Solutions, Inc. (2)Software( 288,115 Preferred Stock Warrants  ~  Z  ~ zMetricly, Inc.Software$41,569 Common Stock Warrants  ~     -Riv Data Corp. (2)Software( 321,428 Preferred Stock Warrants  ~  2  ~ ShopKeep.com, Inc. (2)Software( 193,962 Preferred Stock Warrants  ~    ~  SIGNiX, Inc.Software( 133,560 Preferred Stock Warrants  ~    ~  Skyword, Inc.Software( 301,056 Preferred Stock Warrants  ~    ~ SpringCM, Inc. (2)Software*"2,385,686 Preferred Stock Warrants  ~    ~ *$Sys-Tech Solutions, Inc. (2)Software( 375,000 Preferred Stock Warrants  ~    ~ BWeblinc Corporation (2)Software( 195,122 Preferred Stock Warrants  ~     - xAd, Inc. (2)Software*"4,343,350 Preferred Stock Warrants  ~    ~ 1)Total Non-Affiliate Warrants - Technology  ~  >  ~ c*"Non-Affiliate Warrants - Cleantech      - 0.1% (8)Renmatix, Inc. (2)Alternative Energy'53,022 Preferred Stock Warrants  ~     -Tigo Energy, Inc. (2)Energy Efficiency( 804,604 Preferred Stock Warrants  ~    ~ 0(Total Non-Affiliate Warrants - Cleantech  ~    ~ Dl~rfy_WC10&  !"#$%&'()*+,-./0123456789:;<=>?+ #Non-Affiliate Warrants - Healthcare              +!#information and services - 0.5% (8)!"LifePrint Group, Inc. (2)"" Diagnostics"'"49,000 Preferred Stock Warrants""""" " ~ " v" " "~ " "#ProterixBio, Inc. (2)## Diagnostics###3,156 Common Stock Warrants##### # ~ # # # # #-#$Singulex, Inc.$$Other Healthcare$($ 294,231 Preferred Stock Warrants$$$$$ $ ~ $ $ $ $~ $$$%Verity Solutions Group, Inc.%%Other Healthcare%(% 300,360 Preferred Stock Warrants%%%%% % ~ % % % %~ %%#&Watermark Medical, Inc. (2)&&Other Healthcare&'&27,373 Preferred Stock Warrants&&&&& & ~ & *& & &~ &&%'HealthEdge Software, Inc. (2)''Software'(' 158,063 Preferred Stock Warrants''''' ' ~ ' ' ' '~ '')(!Medsphere Systems Corporation (2)((Software(*("7,097,792 Preferred Stock Warrants((((( ( ~ ( ( ( (~ (Z($)Recondo Technology, Inc. (2)))Software)() 556,796 Preferred Stock Warrants))))) ) ~ ) ~) ) )~ )R)1*)Total Non-Affiliate Warrants - Healthcare********* * ~ * .* * *~ *: * +information and services$,Total Non-Affiliate Warrants,,,,,,,,, , ~ , c, , ,~ ,,---------- - - - - ---..&Non-Affiliate Other Investments - 5.8%....... . . . . ...~ /$0Espero Pharmaceuticals, Inc.00 Biotechnology00Royalty Agreement00000 0 ~ 0 R0 0 0~ 0rI01 ZetrOZ, Inc.11Medical Device11Royalty Agreement11111 1 ~ 1 61 1 1~ 1 12Vette Technology, LLC22 Data Storage2'2Royalty Agreement Due 4/18/201922222 2 ~ 2 zA2 2 2~ 22#3Triple Double Holdings, LLC33Software33License Agreement33333 3 ~ 3 b"3 3 3~ 3b"3-4%Total Non-Affiliate Other Investments4444444 4 ~ 4 ޹4 4 4~ 4Rx45555555555 5 5 5 5 555'6Non-Affiliate Equity - 1.0% (8)666666666 6 6 6 6 6667Insmed Incorporated (5)77 Biotechnology7733,208 Common Stock77777 7 ~ 7 7 7 7~ 7F 7%8Revance Therapeutics, Inc.(5)88 Biotechnology885,125 Common Stock88888 8 ~ 8 &8 8 8~ 868)9!Sunesis Pharmaceuticals, Inc. (5)99 Biotechnology9913,082 Common Stock99999 9 ~ 9 N9 9 9~ 9r9:SnagAJob.com, Inc.:%:Consumer-related Technologies::82,974 Common Stock::::: : ~ : &: : :~ :N: ;Verve Wireless, Inc. (2);;Internet and Media;;100,598 Preferred Stock;;;;; ; ~ ; ; ; ;~ ;;<TruSignal, Inc.<<Software<<32,637 Common Stock<<<<< < ~ < < < <~ <<"=Total Non-Affiliate Equity========= = ~ = v = = =~ =^=0>(Total Non-Affiliate Portfolio Investment>>>>>>> ~ > 4 > > ~ > >?AssetsDl)iU\8L@ABCDEFGHIJKLMNOPQRS@@@@@@@@@@ @ @ @ @ @@@,A$Non-controlled Affiliate InvestmentsAAAAAAA A A A A AAAB - 5.5% (8)3C+Non-controlled Affiliate Debt Investments -CCCCC C C C C CCCDTechnology - 4.8% (8)EDecisyon, Inc.EESoftwareE1E)Term Loan (14.308% cash (Libor + 12.308%;E~ EEE ~ E E E ~ EEFFFF FFloorGGGG(G 12.50%), 8.00% ETP, Due 12/1/20)GGGGG G G G G GGGHHHH1H)Term Loan (14.308% cash (Libor + 12.308%;HH~ H HH H ~ H F H H H~ H HIIII IFloorJJJJ(J 12.50%), 8.00% ETP, Due 12/1/20)JJJJJ J J J J JJJKKKK-K%Term Loan (12.02% cash, Due 12/31/19)KK~ KKK K ~ K K K K~ KKLLLL-L%Term Loan (12.03% cash, Due 12/31/19)LL~ LLL L ~ L L L L~ LLMMMM-M%Term Loan (12.24% cash, Due 12/31/19)MM~ M MM M ~ M  M M M~ M MNNNN-N%Term Loan (13.08% cash, Due 12/31/19)NN~ NNN N ~ N N N N~ NrNOP$Q____________________________1R)Created by Morningstar Document Research.0S(http://documentresearch.morningstar.com/, |4\F^q0DI%.7@4(=PF0*8X> @SSRRQQEEEE EEDDCCBBAA??>>>> >>44//..!!     l  ,xTZ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 1} $ } } $ } 2} $ }  }  $ } } $ }  } $ ,     'Horizon Technology Finance Corp 10-Q 07/31/2018 June 30, 2018 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (12) " StereoVision Imaging, Inc.  Software 2 *Term Loan (9.03% PIK (Libor + 7.03%; Floor  ~ 2   ~ +   ~ Z+     + #8.50%), 8.50% ETP, Due 9/1/21) (11)            9 1Total Non-controlled Affiliate Debt Investments -      ~ g   ~ zd   Technology     +#Non-controlled Affiliate Warrants -     Technology - 0.0% (8)Decisyon, Inc.Software$82,967 Common Stock Warrants  ~     -1)Total Non-controlled Affiliate Warrants -  ~     - Technology     4,Non-controlled Affiliate Equity - Technology      - 0.7% (8)Decisyon, Inc.Software45,365,936 Common Stock  ~    ~ ."StereoVision Imaging, Inc.Software1,943,572 Common Stock  ~  ^   ~ ^ -%Total Non-controlled Affiliate Equity  ~  B  ~  0(Total Non-controlled Affiliate Portfolio ~  w  ~ rInvestment Assets     *"Controlled Affiliate Investments -     3.0% (8)/'Controlled Affiliate Equity - Financial     Dl~rf& *J47/Rm !"#$%&'()*+  - 3.0% (8),!$Horizon Secured Loan Fund I LLC (14)!!Investment funds!!!!!!! ~ ! ?! ! ~ !?!)"!Total Controlled Affiliate Equity""""""" " ~ " ?" " "~ "?",#$Total Controlled Affiliate Portfolio####### ~ # ?# # ~ #?#$Investment Assets%%%%%%%%%% % % % % %%%+&#Total Portfolio Investment Assets -&&&&&&& ~ & : & & ~ & &' 169.3%(8)($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/%aDxl=PF0*8X> @#++**))''&&&& &&$$#### ##""!! !!        l  Zzzh  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } m)} $ } y#} $ } U5} $ }  }  $ } } $ }  } $ Z     'Horizon Technology Finance Corp 10-Q 07/31/2018December 31, 2017 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (14) * "Non-Affiliate Investments - 161.8%           ~ / 'Non-Affiliate Debt Investments - 148.4%           ~ -%Non-Affiliate Debt Investments - Life     Science - 43.0% (8))!Palatin Technologies, Inc. (2)(5) Biotechnology3+Term Loan (9.87% cash (Libor + 8.50%; Floor~ B ~    ~ &9.00%), 5.00% ETP, Due 1/1/19)     3+Term Loan (9.87% cash (Libor + 8.50%; Floor~ ~1  ~  1  ~ 1&9.00%), 5.00% ETP, Due 8/1/19)     $vTv Therapeutics Inc. (2)(5) Biotechnology/'Term Loan (11.37% cash (Libor + 10.00%;~ a  ~  `  ~ ` Floor'10.50%), 6.00% ETP, Due 5/1/20)     /'Term Loan (11.37% cash (Libor + 10.00%;~ :  ~  9  ~ 9 Floor( 10.50%), 6.00% ETP, Due 10/1/20)     *"Titan Pharmaceuticals, Inc. (2)(5) Drug Delivery3+Term Loan (9.77% cash (Libor + 8.40%; Floor~ 6  ~  "5  ~ "5&9.50%), 5.00% ETP, Due 6/1/21)     3+Term Loan (9.77% cash (Libor + 8.40%; Floor~ 6  ~  5  ~ 5&9.50%), 5.00% ETP, Due 6/1/21)     Aerin Medical, Inc. (2)Medical Device3+Term Loan (8.85% cash (Libor + 7.45%; Floor~ >  ~  <  ~ <&8.75%), 4.00% ETP, Due 1/1/22)     Dlznb*C$36L* !"#$%&'()*+,-./0123456789:;<=>?    3 +Term Loan (8.85% cash (Libor + 7.45%; Floor  ~ .   ~ *.   ~ *. !!!!&!8.75%), 4.00% ETP, Due 1/1/22)!!!!! ! ! ! ! !!!""""3"+Term Loan (8.85% cash (Libor + 7.45%; Floor""~ "."" " ~ " *." " "~ "*."####&#8.75%), 4.00% ETP, Due 1/1/22)##### # # # # ###($ Conventus Orthopaedics, Inc. (2)$$Medical Device$3$+Term Loan (9.49% cash (Libor + 8.00%; Floor$$~ $>$$ $ ~ $ b=$ $ $~ $b=$%%%%&%9.25%), 6.00% ETP, Due 6/1/21)%%%%% % % % % %%%&&&&3&+Term Loan (9.49% cash (Libor + 8.00%; Floor&&~ &>&& & ~ & b=& & &~ &b=&''''&'9.25%), 6.00% ETP, Due 6/1/21)''''' ' ' ' ' '''((((3(+Term Loan (9.49% cash (Libor + 8.00%; Floor((~ (>(( ( ~ ( b=( ( (~ (b=())))&)9.25%), 6.00% ETP, Due 6/1/21)))))) ) ) ) ) )))%*Lantos Technologies, Inc. (2)**Medical Device*4*,Term Loan (11.87% PIK (Libor + 10.50%; Floor**~ *&** * ~ * &* * *~ *&*++++,+$11.50%), 8.91% ETP, Due 5/1/19) (13)+++++ + + + + +++%,Mederi Therapeutics, Inc. (2),,Medical Device,/,'Term Loan (13.01% cash (Libor + 11.82%;,,~ ,,, , ~ , , , ,~ ,,---- -Floor....(. 12.00%), 6.00% ETP, Due 12/1/17)..... . . . . ...//////'Term Loan (13.01% cash (Libor + 11.82%;//~ /// / ~ / / / /~ //0000 0Floor1111(1 12.00%), 6.00% ETP, Due 12/1/17)11111 1 1 1 1 111#2NinePoint Medical, Inc. (2)22Medical Device242,Term Loan (10.12% cash (Libor + 8.75%; Floor22~ 2)22 2 ~ 2 V)2 2 2~ 2V)23333&39.25%), 4.50% ETP, Due 3/1/19)33333 3 3 3 3 333444444,Term Loan (10.12% cash (Libor + 8.75%; Floor44~ 444 4 ~ 4 4 4 4~ 445555&59.25%), 4.50% ETP, Due 3/1/19)55555 5 5 5 5 5556VERO Biotech LLC (2)66Medical Device636+Term Loan (9.33% cash (Libor + 8.00%; Floor66~ 6>66 6 ~ 6 *=6 6 6~ 6*=67777&79.25%), 5.00% ETP, Due 1/1/22)77777 7 7 7 7 777888838+Term Loan (9.33% cash (Libor + 8.00%; Floor88~ 8>88 8 ~ 8 z=8 8 8~ 8z=89999&99.25%), 5.00% ETP, Due 1/1/22)99999 9 9 9 9 999.:&Total Non-Affiliate Debt Investments -::::::: : ~ : ڊ: : :~ ::; Life Science3<+Non-Affiliate Debt Investments - Technology<<<<<<< < < < < <<<= - 99.1% (8)!>Intelepeer Holdings, Inc.>>Communications>4>,Term Loan (11.39% cash (Libor + 9.95%; Floor>>~ >>>> > ~ > <> > >~ ><>????'?11.25%), 2.50% ETP, Due 7/1/21)????? ? ? ? ? ???Dl2 69O&6@ABCDEFGHIJKLMNOPQRSTUVWXY@@@@4@,Term Loan (11.39% cash (Libor + 9.95%; Floor@@~ @>@@ @ ~ @ ^=@ @ @~ @^=@AAAA'A11.25%), 2.50% ETP, Due 7/1/21)AAAAA A A A A AAABBBB4B,Term Loan (11.39% cash (Libor + 9.95%; FloorBB~ B>BB B ~ B ^=B B B~ B^=BCCCC'C11.25%), 2.50% ETP, Due 7/1/21)CCCCC C C C C CCCDPebblePost, Inc. (2)DDCommunicationsD4D,Term Loan (10.63% cash (Libor + 9.26%; FloorDD~ D>DD D ~ D <D D D~ D<DEEEE'E10.25%), 4.00% ETP, Due 7/1/21)EEEEE E E E E EEEFFFF4F,Term Loan (10.63% cash (Libor + 9.26%; FloorFF~ F>FF F ~ F v=F F F~ Fv=FGGGG'G10.25%), 4.00% ETP, Due 7/1/21)GGGGG G G G G GGGHLe Tote, Inc. (2)H%HConsumer-related TechnologiesH4H,Term Loan (11.02% cash (Libor + 9.65%; FloorHH~ H>HH H ~ H =H H H~ H=HIIII'I10.15%), 5.00% ETP, Due 3/1/20)IIIII I I I I IIIJJJJ4J,Term Loan (11.02% cash (Libor + 9.65%; FloorJJ~ J.JJ J ~ J f.J J J~ Jf.JKKKK'K10.15%), 5.00% ETP, Due 3/1/20)KKKKK K K K K KKKLSavingStar, Inc. (2)L%LConsumer-related TechnologiesL/L'Term Loan (11.77% cash (Libor + 10.40%;LL~ L!LL L ~ L r!L L L~ Lr!LMMMM MFloorNNNN'N10.90%), 4.25% ETP, Due 6/1/20)NNNNN N N N N NNNOOOO/O'Term Loan (11.77% cash (Libor + 10.40%;OO~ OOO O ~ O O O O~ OOPPPP PFloorQQQQ(Q 10.90%), 3.80% ETP, Due 11/1/20)QQQQQ Q Q Q Q QQQRIgnitionOne, Inc. (2)RRInternet and MediaR/R'Term Loan (11.60% cash (Libor + 10.23%;RR~ R.RR R ~ R B,R R R~ RB,RSSSS SFloorTTTT'T10.23%), 2.00% ETP, Due 4/1/22)TTTTT T T T T TTTUV$W____________________________1X)Created by Morningstar Document Research.0Y(http://documentresearch.morningstar.com/8?.#%:#%:]rfZ2=PF0*8X> @YYXXWW==<<;;::         l  [O\  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } *} $ } a} $ } U5} $ }  }  $ } } $ }  } $ [     'Horizon Technology Finance Corp 10-Q 07/31/2018December 31, 2017 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (14)     / 'Term Loan (11.60% cash (Libor + 10.23%;  ~ .   ~ B,   ~ B,      Floor    ' 10.23%), 2.00% ETP, Due 4/1/22)                / 'Term Loan (11.60% cash (Libor + 10.23%;  ~ .   ~ B,   ~ B,  Floor'10.23%), 2.00% ETP, Due 4/1/22)     /'Term Loan (11.60% cash (Libor + 10.23%;~ .  ~  B,  ~ B, Floor'10.23%), 2.00% ETP, Due 4/1/22)     !Jump Ramp Games, Inc. (2)Internet and Media/'Term Loan (11.10% cash (Libor + 9.73%),~ >  ~  =  ~ =3.00% ETP, Due 4/1/21)     Kixeye, Inc. (2)Internet and Media4,Term Loan (10.97% cash (Libor + 9.60%; Floor~ .  ~  R-  ~ R-'10.75%), 2.00% ETP, Due 9/1/21)     4,Term Loan (10.97% cash (Libor + 9.60%; Floor~ .  ~  .  ~ .'10.75%), 2.00% ETP, Due 9/1/21)     MediaBrix, Inc. (2)Internet and Media/'Term Loan (12.37% cash (Libor + 11.00%;~ >  ~  &>  ~ &> Floor'11.50%), 3.00% ETP, Due 1/1/20)     &Rocket Lawyer Incorporated (2)Internet and Media4,Term Loan (10.77% cash (Libor + 9.40%; Floor~ >  ~  v=  ~ v='10.50%), 3.00% ETP, Due 7/1/21)     4,Term Loan (10.77% cash (Libor + 9.40%; Floor~ >  ~  v=  ~ v='10.50%), 3.00% ETP, Due 7/1/21)     Dlznbg|BW^2, !#8 !"#$%&'()*+,-./0123456789:;<=>?    4 ,Term Loan (10.77% cash (Libor + 9.40%; Floor  ~ B   ~    ~  !!!!(! 10.50%), 3.00% ETP, Due 11/1/21)!!!!! ! ! ! ! !!!"Zinio Holdings, LLC (2)""Internet and Media"/"'Term Loan (12.62% cash (Libor + 11.25%;""~ ">"" " ~ " *>" " "~ "*>"#### #Floor$$$$'$11.75%), 6.00% ETP, Due 2/1/20)$$$$$ $ $ $ $ $$$'%The NanoSteel Company, Inc. (2)%% Materials%4%,Term Loan (10.87% cash (Libor + 9.50%; Floor%%~ %H%% % ~ % G% % %~ %G%&&&&'&10.00%), 7.20% ETP, Due 1/1/20)&&&&& & & & & &&&''''4',Term Loan (10.87% cash (Libor + 9.50%; Floor''~ '^$'' ' ~ ' #' ' '~ '#'(((('(10.00%), 6.45% ETP, Due 1/1/20)((((( ( ( ( ( ((())))4),Term Loan (10.87% cash (Libor + 9.50%; Floor))~ )')) ) ~ ) f&) ) )~ )f&)****'*10.00%), 5.85% ETP, Due 3/1/20)***** * * * * ***%+Powerhouse Dynamics, Inc. (2)++Power Management+/+'Term Loan (12.07% cash (Libor + 10.70%;++~ +++ + ~ + J+ + +~ +J+,,,, ,Floor----'-11.20%), 3.00% ETP, Due 3/1/19)----- - - - - ---. Luxtera, Inc...Semiconductors./.'Term Loan (11.25% cash (Prime + 6.75%),..~ .B.. . ~ . . . .~ ..///// Due 3/28/20)///// / / / / ///0000/0'Term Loan (11.25% cash (Prime + 6.75%),00~ 0r00 0 ~ 0 0 0 0~ 0011111 Due 3/28/20)11111 1 1 1 1 111#2Bridge2 Solutions, LLC. (2)22Software242,Term Loan (10.62% cash (Libor + 9.25%; Floor22~ 2"N22 2 ~ 2 J2 2 2~ 2J23333(3 10.50%), 2.00% ETP, Due 11/1/21)33333 3 3 3 3 333444444,Term Loan (10.62% cash (Libor + 9.25%; Floor44~ 4"N44 4 ~ 4 J4 4 4~ 4J45555(5 10.50%), 2.00% ETP, Due 11/1/21)55555 5 5 5 5 555+6#Digital Signal Corporation (11)(12)66Software6/6'Term Loan (11.62% cash (Libor + 10.25%;66~ 6*66 6 ~ 6 6 6 6~ 667777 7Floor8888'810.43%), 5.00% ETP, Due 7/1/19)88888 8 8 8 8 8889999/9'Term Loan (11.62% cash (Libor + 10.25%;99~ 9*99 9 ~ 9 9 9 9~ 99:::: :Floor;;;;';10.43%), 5.00% ETP, Due 7/1/19);;;;; ; ; ; ; ;;;<<<<-<%Term Loan (10.00% cash, Due 12/31/17)<<~ <<< < ~ < < < <~ <<$=Education Elements, Inc. (2)==Software=/='Term Loan (11.37% cash (Libor + 10.00%;==~ = == = ~ = V = = =~ =V =>>>> >Floor????'?10.50%), 4.00% ETP, Due 1/1/19)????? ? ? ? ? ???DVl~zUjsV@ABCDEFGHIJKLMNOPQRSTUVWXYZ@@@@/@'Term Loan (11.37% cash (Libor + 10.00%;@@~ @@@ @ ~ @ @ @ @~ @@AAAA AFloorBBBB'B10.50%), 4.00% ETP, Due 8/1/19)BBBBB B B B B BBBCMetricly, Inc.CCSoftwareC/C'Term Loan (13.62% cash (Libor + 12.25%;CC~ CCC C ~ C C C C~ CCDDDD DFloorEEEE'E12.50%), 3.33% ETP, Due 9/1/18)EEEEE E E E E EEEFShopKeep.com, Inc. (2)FFSoftwareF4F,Term Loan (11.32% cash (Libor + 9.95%; FloorFF~ F]FF F ~ F &\F F F~ F&\FGGGG(G 10.45%), 4.08% ETP, Due 10/1/20)GGGGG G G G G GGGHHHH4H,Term Loan (11.32% cash (Libor + 9.95%; FloorHH~ H>HH H ~ H R=H H H~ HR=HIIII'I10.45%), 3.55% ETP, Due 2/1/21)IIIII I I I I IIIJ SIGNiX, Inc.JJSoftwareJ/J'Term Loan (12.37% cash (Libor + 11.00%;JJ~ J"JJ J ~ J f J J J~ J*JKKKK KFloorLLLL'L11.50%), 5.33% ETP, Due 2/1/20)LLLLL L L L L LLL%MSilkRoad Technology, Inc. (2)MMSoftwareM/M'Term Loan (11.72% cash (Libor + 10.35%;MM~ MbmMM M ~ M kM M M~ MkMNNNN NFloorOOOO/O'10.85%; Ceiling 12.85%), 5.00% ETP, DueOOOOO O O O O OOOPPPPP6/1/20)QWeblinc Corporation (2)QQSoftwareQ/Q'Term Loan (11.62% cash (Libor + 10.25%;QQ~ Q.QQ Q ~ Q -Q Q Q~ Q-QRRRR RFloorSSSS'S11.25%), 3.00% ETP, Due 3/1/21)SSSSS S S S S SSST xAd, Inc. (2)TTSoftwareT4T,Term Loan (10.07% cash (Libor + 8.70%; FloorTT~ T"NTT T ~ T ~LT T T~ T~LTUUUU(U 10.00%), 4.75% ETP, Due 11/1/21)UUUUU U U U U UUUVW$X____________________________1Y)Created by Morningstar Document Research.0Z(http://documentresearch.morningstar.com/:'avX$^=PF0*8X> @J ZZYYXX    l  T!DW  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 0.} $ } y#} $ } U5} $ }  }  $ } } $ }  } $ T     'Horizon Technology Finance Corp 10-Q 07/31/2018December 31, 2017 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (14)     4 ,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~ "N   ~ ~L   ~ ~L     (  10.00%), 4.75% ETP, Due 11/1/21)                4 ,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~ .   ~ -   ~ -     (  10.00%), 4.75% ETP, Due 11/1/21)            4,Term Loan (10.07% cash (Libor + 8.70%; Floor~ B  ~    ~ ( 10.00%), 4.75% ETP, Due 11/1/21)     .&Total Non-Affiliate Debt Investments -  ~  /  ~ , Technology3+Non-Affiliate Debt Investments - Healthcare     +#information and services - 6.3% (8)%HealthEdge Software, Inc. (2)Software-%Term Loan (9.62% cash (Libor + 8.25%;~ "N  ~  NK  ~ NK,$Floor 9.25%), 3.00% ETP, Due 7/1/22)     -%Term Loan (9.68% cash (Libor + 8.25%;~ :  ~  9  ~ 9,$Floor 9.25%), 3.00% ETP, Due 1/1/23)     .&Total Non-Affiliate Debt Investments -  ~    ~ +#Healthcare information and services-%Total Non- Affiliate Debt Investments  ~  ?   ~ ; +#Non-Affiliate Warrant Investments -     6.7% (8)-%Non-Affiliate Warrants - Life Science      - 1.6% (8)ACT Biotech Corporation Biotechnology( 604,038 Preferred Stock Warrants  ~     -D9lznb(@4]Ip !"#$%&'()*+,-./0123456789:;<=>?(  Alpine Immune Sciences, Inc. (5)   Biotechnology # 4,634 Common Stock Warrants      ~     - '!Argos Therapeutics, Inc. (2)(5)!! Biotechnology!$!73,112 Common Stock Warrants!!!!! ! ~ ! ! ! ! !-!"Celsion Corporation (5)"" Biotechnology"!"408 Common Stock Warrants""""" " ~ " >" " " "-".#&Rocket Pharmaceuticals Corporation (5)## Biotechnology###7,051 Common Stock Warrants##### # ~ # F# # # #-#)$!Palatin Technologies, Inc. (2)(5)$$ Biotechnology$%$608,058 Common Stock Warrants$$$$$ $ ~ $ $ $ $~ $J$&%Revance Therapeutics, Inc. (5)%% Biotechnology%$%34,113 Common Stock Warrants%%%%% % ~ % % % %~ %f %&Sample6, Inc. (2)&& Biotechnology&(& 661,956 Preferred Stock Warrants&&&&& & ~ & & & &~ &f&"'Strongbridge U.S. Inc. (5)'' Biotechnology'%'160,714 Common Stock Warrants''''' ' ~ ' "' ' '~ 'j ')(!Sunesis Pharmaceuticals, Inc. (5)(( Biotechnology(#(2,050 Common Stock Warrants((((( ( ~ ( ( ( ( (-($)vTv Therapeutics Inc. (2)(5))) Biotechnology)$)95,293 Common Stock Warrants))))) ) ~ ) ) ) )~ )J)**"Titan Pharmaceuticals, Inc. (2)(5)** Drug Delivery*%*280,612 Common Stock Warrants***** * ~ * b* * *~ *z*+AccuVein Inc. (2)++Medical Device+'+75,769 Preferred Stock Warrants+++++ + ~ + b+ + +~ +n+,Aerin Medical, Inc. (2),,Medical Device,*,"1,818,182 Preferred Stock Warrants,,,,, , ~ ,  , , ,~ , ,(- Conventus Orthopaedics, Inc. (2)--Medical Device-(- 720,000 Preferred Stock Warrants----- - ~ - ~- - -~ -~-.IntegenX, Inc. (2)..Medical Device.(. 170,646 Preferred Stock Warrants..... . ~ . . . .~ ..%/Lantos Technologies, Inc. (2)//Medical Device/%/471,979 Common Stock Warrants///// / ~ / / / /~ /F/%0Mederi Therapeutics, Inc. (2)00Medical Device0(0 248,736 Preferred Stock Warrants00000 0 ~ 0 j0 0 0 0-01Mitralign, Inc. (2)11Medical Device1$164,190 Common Stock Warrants11111 1 ~ 1 1 1 1~ 11#2NinePoint Medical, Inc. (2)22Medical Device2'229,102 Preferred Stock Warrants22222 2 ~ 2 2 2 2~ 2 23OraMetrix, Inc. (2)33Medical Device3(3 812,348 Preferred Stock Warrants33333 3 ~ 3 :3 3 3 3-3%4ReShape Lifesciences Inc. (5)44Medical Device4!4134 Common Stock Warrants44444 4 ~ 4 n4 4 4 4-4 5Tryton Medical, Inc. (2)55Medical Device5(5 122,362 Preferred Stock Warrants55555 5 ~ 5 >5 5 5~ 5256VERO Biotech LLC (2)66Medical Device6%6800,000 Common Stock Warrants66666 6 ~ 6 6 6 6~ 667 ViOptix, Inc.77Medical Device7(7 375,763 Preferred Stock Warrants77777 7 ~ 7 67 7 7 7-7+8#Total Non-Affiliate Warrants - Life8888888 8 ~ 8 8 8 8~ 8!89Science+:#Non-Affiliate Warrants - Technology::::::: : : : : :::; - 4.6% (8)<Ekahau, Inc. (2)<<Communications<(< 978,261 Preferred Stock Warrants<<<<< < ~ < < < <~ <Z<!=Intelepeer Holdings, Inc.==Communications=*="2,256,549 Preferred Stock Warrants===== = ~ = V= = =~ ==>PebblePost, Inc. (2)>>Communications>(> 598,850 Preferred Stock Warrants>>>>> > ~ > r> > >~ >r>?Additech, Inc. (2)?%?Consumer-related Technologies?(? 150,000 Preferred Stock Warrants????? ? ~ ? ? ? ?~ ?~?D"lwiU=( zbR?)5"K5'@ABCDEFGHIJKLMNOPQRS@Gwynnie Bee, Inc. (2)@%@Consumer-related Technologies@(@ 268,591 Preferred Stock Warrants@@@@@ @ ~ @ @ @ @~ @ @ALe Tote, Inc. (2)A%AConsumer-related TechnologiesA(A 202,974 Preferred Stock WarrantsAAAAA A ~ A A A A~ AA'BRhapsody International Inc. (2)B%BConsumer-related TechnologiesB%B852,273 Common Stock WarrantsBBBBB B ~ B B B B B-BCSavingStar, Inc. (2)C%CConsumer-related TechnologiesC(C 850,439 Preferred Stock WarrantsCCCCC C ~ C C C C~ CCDIgnitionOne, Inc. (2)DDInternet and MediaD(D 262,910 Preferred Stock WarrantsDDDDD D ~ D  D D D~ Dr D!EJump Ramp Games, Inc. (2)EEInternet and MediaE(E 159,766 Preferred Stock WarrantsEEEEE E ~ E ~E E E~ E~EFKixeye, Inc. (2)FFInternet and MediaF(F 791,251 Preferred Stock WarrantsFFFFF F ~ F .F F F~ F*F&GRocket Lawyer Incorporated (2)GGInternet and MediaG(G 261,721 Preferred Stock WarrantsGGGGG G ~ G nG G G~ GnG'HThe NanoSteel Company, Inc. (2)HH MaterialsH(H 379,360 Preferred Stock WarrantsHHHHH H ~ H H H H~ HH'INanocomp Technologies, Inc. (2)II NetworkingI*I"1,440,489 Preferred Stock WarrantsIIIII I ~ I I I I I-I%JPowerhouse Dynamics, Inc. (2)JJPower ManagementJ(J 290,698 Preferred Stock WarrantsJJJJJ J ~ J rJ J J~ JjJ&KAvalanche Technology, Inc. (2)KKSemiconductorsK(K 202,602 Preferred Stock WarrantsKKKKK K ~ K K K K~ KKLeASIC Corporation (2)LLSemiconductorsL'L40,445 Preferred Stock WarrantsLLLLL L ~ L fL L L~ LrLMKaminario, Inc.MMSemiconductorsM*M"1,087,203 Preferred Stock WarrantsMMMMM M ~ M M M M~ MMNLuxtera, Inc.(2)NNSemiconductorsN*N"3,546,553 Preferred Stock WarrantsNNNNN N ~ N VN N N~ NNOP$Q____________________________1R)Created by Morningstar Document Research.0S(http://documentresearch.morningstar.com/,|w`E3wk_7=PF0*8X> @SSRRQQ;;::9988    l  SM|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } <(} $ } y#} $ } 1} $ } U}  $ } $} $ } U} $ S     'Horizon Technology Finance Corp 10-Q 07/31/2018December 31, 2017 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (14)  Soraa, Inc. (2)  Semiconductors (  203,616 Preferred Stock Warrants      ~ B   ~   Bolt Solutions Inc. (2)  Software (  202,892 Preferred Stock Warrants      ~    ~  # Bridge2 Solutions, Inc. (2)  Software % 125,458 Common Stock Warrants      ~    ~    Clarabridge, Inc.  Software ' 53,486 Preferred Stock Warrants      ~ :   ~ J "Digital Signal CorporationSoftware%125,116 Common Stock Warrants  ~     -$Education Elements, Inc. (2)Software( 238,121 Preferred Stock Warrants  ~  r  ~ r"Lotame Solutions, Inc. (2)Software( 288,115 Preferred Stock Warrants  ~  Z  ~ fMetricly, Inc.Software$41,569 Common Stock Warrants  ~     -Riv Data Corp. (2)Software( 321,428 Preferred Stock Warrants  ~  2  ~ ShopKeep.com, Inc. (2)Software( 193,962 Preferred Stock Warrants  ~    ~ * SIGNiX, Inc.Software( 133,560 Preferred Stock Warrants  ~    ~  Skyword, Inc.Software( 301,056 Preferred Stock Warrants  ~    ~ SpringCM, Inc. (2)Software*"2,385,686 Preferred Stock Warrants  ~    ~  Sys-Tech Solutions, Inc.Software( 375,000 Preferred Stock Warrants  ~    ~ BVisage Mobile, Inc.Software*"1,692,047 Preferred Stock Warrants  ~  N  ~  Weblinc Corporation (2)Software( 195,122 Preferred Stock Warrants  ~    ~  xAd, Inc. (2)Software*"4,343,350 Preferred Stock Warrants  ~    ~ 1)Total Non-Affiliate Warrants - Technology  ~  =  ~ j`*"Non-Affiliate Warrants - Cleantech      - 0.1% (8)Renmatix, Inc.Alternative Energy'53,022 Preferred Stock Warrants  ~     -Tigo Energy, Inc. (2)Energy Efficiency( 804,604 Preferred Stock Warrants  ~    ~ Dlznbum_K98.  - !"#$%&'()*+,-./0123456789:;<=>?0 (Total Non-Affiliate Warrants - Cleantech        ~    ~  +!#Non-Affiliate Warrants - Healthcare!!!!! ! ! ! ! !!!+"#information and services - 0.4% (8)!#LifePrint Group, Inc. (2)## Diagnostics#'#49,000 Preferred Stock Warrants##### # ~ # v# # #~ # #$ProterixBio, Inc. (2)$$ Diagnostics$#$3,156 Common Stock Warrants$$$$$ $ ~ $ $ $ $ $-$%Singulex, Inc.%%Other Healthcare%(% 294,231 Preferred Stock Warrants%%%%% % ~ % % % %~ %%$&Verity Solutions Group, Inc.&&Other Healthcare&(& 300,360 Preferred Stock Warrants&&&&& & ~ & & & &~ &&#'Watermark Medical, Inc. (2)''Other Healthcare'''27,373 Preferred Stock Warrants''''' ' ~ ' *' ' '~ ''%(HealthEdge Software, Inc. (2)((Software((( 110,644 Preferred Stock Warrants((((( ( ~ ( ( ( (~ (())!Medsphere Systems Corporation (2)))Software)*)"7,097,792 Preferred Stock Warrants))))) ) ~ ) ) ) )~ )B)$*Recondo Technology, Inc. (2)**Software*(* 556,796 Preferred Stock Warrants***** * ~ * ~* * *~ *>*1+)Total Non-Affiliate Warrants - Healthcare+++++++ + ~ + + + +~ + + ,information and services$-Total Non-Affiliate Warrants------- - ~ - _- - -~ - -.......... . . . . ..../&Non-Affiliate Other Investments - 5.7%/////// / / / / ///~ 0$1Espero Pharmaceuticals, Inc.11 Biotechnology11Royalty Agreement11111 1 ~ 1 R1 1 1~ 1rI12 ZetrOZ, Inc.22Medical Device22Royalty Agreement22222 2 ~ 2 2 2 2~ 2 23Vette Technology, LLC33 Data Storage3'3Royalty Agreement Due 4/18/201933333 3 ~ 3  B3 3 3~ 33#4Triple Double Holdings, LLC44Software44License Agreement44444 4 ~ 4 b"4 4 4~ 4b"4-5%Total Non-Affiliate Other Investments5555555 5 ~ 5 5 5 5~ 5Rx56666666666 6 6 6 6 666'7Non-Affiliate Equity - 1.0% (8)7777777 7 7 7 7 7778Insmed Incorporated (5)88 Biotechnology8833,208 Common Stock88888 8 ~ 8 8 8 8~ 8.8%9Revance Therapeutics, Inc.(5)99 Biotechnology995,125 Common Stock99999 9 ~ 9 &9 9 9~ 99):!Sunesis Pharmaceuticals, Inc. (5):: Biotechnology::13,082 Common Stock::::: : ~ : N: : :~ ::;SnagAJob.com, Inc.;%;Consumer-related Technologies;;82,974 Common Stock;;;;; ; ~ ; &; ; ;~ ;N;<TruSignal, Inc.<<Software<<32,637 Common Stock<<<<< < ~ < < < <~ <<"=Total Non-Affiliate Equity========= = ~ = = = =~ ==0>(Total Non-Affiliate Portfolio Investment>>>>>>> ~ > b > > ~ >W >?AssetsD l a2 >kdXG5;Q@ABCDEFGHIJKLMNOPQR@@@@@@@@@@ @ @ @ @ @@@(A Affiliate Investments - 2.6% (8)AAAAAAA A A A A AAA/B'Affiliate Debt Investments - TechnologyBBBBBBB B B B B BBBC - 2.5% (8)DDecisyon, Inc.DDSoftwareD1D)Term Loan (13.678% cash (Libor + 12.308%;D~ DDD ~ D D D ~ DDEEEE EFloorFFFF'F12.50%), 8.00% ETP, Due 1/1/20)FFFFF F F F F FFFGGGG1G)Term Loan (13.678% cash (Libor + 12.308%;GG~ G GG G ~ G  G G G~ G~ GHHHH HFloorIIII'I12.50%), 8.00% ETP, Due 1/1/20)IIIII I I I I IIIJJJJ0J(Term Loan (12.02% PIK, Due 4/15/19) (13)JJ~ JJJ J ~ J J J J~ JJKKKK0K(Term Loan (12.03% PIK, Due 4/15/19) (13)KK~ KKK K ~ K K K K~ KKLLLL0L(Term Loan (12.24% PIK, Due 4/15/19) (13)LL~ L LL L ~ L  L L L~ L* L5M-Total Affiliate Debt Investments - TechnologyMMMMMMM M ~ M ^7M M M~ M4MNO$P____________________________1Q)Created by Morningstar Document Research.0R(http://documentresearch.morningstar.com/* h4`oAV[/5;A\PD=PF0*8X> @ !RRQQPPMMDDDD DDCCBBAA??>>>> >>775500//--,,++""!!     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } -} $ } y } $ }  '}  $ } $} $ } U} $      'Horizon Technology Finance Corp 10-Q 07/31/2018December 31, 2017 Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (14) ) !Affiliate Warrants - Technology -               0.0% (8) Decisyon, Inc.  Software $ 82,967 Common Stock Warrants      ~     - - %Total Affiliate Warrants - Technology          ~     -      ,$Affiliate Equity - Technology - 0.1%     ~ Decisyon, Inc.Software45,365,936 Common Stock  ~    ~ Total Affiliate Equity  ~    ~ ,$Total Affiliate Portfolio Investment ~  :  ~ 6Assets     +#Total Portfolio Investment Assets - ~     ~ N  164.4%(8)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<znb.jX=PF0*8X> @        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/2018Note 4. Investments June 30, 2018  December 31, 2017   Cost    Fair Value   Cost    Fair Value       (In thousands)      Investments                 Debt ~ zt   ~ k   ~ .w   ~ Fp   Warrants  ~ d   ~    ~ `   ~    Other~ ޹~ Rx  ~    ~ RxEquity~ ~ !  ~     ~  Equity interest in HSLFI~ ?~ ?    -   -Total investments~ : ~   ~     ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2r xl`61U|=PF0*8X> @          l  (QJ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } *} $ }  } $ }  }  $ } } $ }  } $ (     'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements June 30, 2018  December 31, 2017   Cost    Fair Value   Cost    Fair Value       (In thousands)      Life Science                  Biotechnology ~   ~   ~ L  ~ b   Drug Delivery  ~    ~ ^   ~ l   ~ 2k Medical Device~ v~   ~  G  ~ F Technology     Communications~ Ju~ t  ~  5  ~ 4Consumer-Related~ ~?~ M  ~  ~  ~ j Data Storage~ zA~   ~   B  ~ Internet and Media~ f~ f  ~  bm  ~ Nm Materials~ b~   ~    ~  Networking - -  ~      -Power Management~  ~    ~    ~ Semiconductors~ F<~ D  ~  ;  ~ BSoftware~ ~F~ ~G  ~  R  ~  Cleantech     Alternative Energy~  -  ~     -Energy Efficiency~ ~   ~    ~ +#Healthcare Information and Services      Diagnostics~ N~    ~  N  ~   Other~ j~   ~  j  ~ Software~ Z~ b  ~  &  ~ 6DlmaUI/Mw3Om% !"#$%&' Investment funds                 !HSLFI!!~ !?!!!~ !?!! !  ! -! ! ! !-!"Total investments"~ ": ""~ " "" ~ "  " " ~ "N "#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/$MX=PF0*8X> @''&&%%"""""" ""         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $} $ } y } $ } U5}  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements Principal  Cost of   Fair Portfolio Company (1)  Sector $ Type of Investment (2)(3)(4)  Amount   Investments (5)    Value (6)        (In thousands) % Debt Investments - Technology              " New Signature US, Inc. (7)  Software 4 ,Term Loan (10.59% cash (Libor + 8.50%; Floor ~   ~ B~  ~ B~     ' 10.50%), 3.50% ETP, Due 7/1/21)            +#Total Debt Investments - Technology  ~  B~  ~ B~     ( Warrant Investments - Technology     &BSI Platform Holdings, LLC (7)Software( 412,500 Preferred Stock Warrants  ~    ~ .&Total Warrant Investments - Technology  ~    ~      )!Total Portfolio Investment Assets ~  &  ~ &$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8CmaUI"QUj/nbV.=PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $} $                       'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements June 30, 2018    Principal    Fair Value of    Balance   Unfunded        Commitment        Liability   (In thousands) New Signature US, Inc.~ .~ z Total~ .~ z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.maUI KR{oG=PF0*8X> @z        l  '/  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U5} $ } $} $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements June 30, 2018   (In thousands) 4 ,Selected Statement of Assets and Liabilities      Information0 (Total investments at fair value (cost of ~ & ~ &!Cash and cash equivalents~  Other assets~  Total assets~ Other liabilities~ Total liabilities~ Members? equity~ ~-%Total liabilities and members? equity~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<maUI fOF:ZNB=PF0*8X> @J    l  N=  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U5} $      'Horizon Technology Finance Corp 10-Q 07/31/2018Statement of OperationsFor the period    June 1, 2018   through    June 30, 2018   (In thousands) 4 ,Selected Statement of Operations Information    &Interest income on investments~ Total expenses~ Z1)Net decrease in net assets resulting from~  operations$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0jth\T\=PF0*8X> @Z      l  T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } %} $ } $} $ }  }  $ } $} $ } $} $ } $} $ } U} $ }  } $ } $} "$ } ##$} $$$ %%%%%%%%%% % % % % %%%%%%%%'Horizon Technology Finance Corp 10-Q 07/31/20186.Note 5. Transactions with affiliated companies & Six months ended June 30, 2018 !"$  Portfolio   Fair value at    Purchases   Sales    Transfers   Discount   Net    Fair value at    Net realized  ! "Interest $ Company   December 31,            in/(out) at    accretion    unrealized    June 30, 2018    gain/(loss)  ! "income  ~             fair value        gain/(loss)   (In thousands) $ Decisyon, Inc. ~ 6  ~    $-   $-  ~ 6  ~   ~ R:   $-  !~ " $StereoVision, Inc. -~ 8    -   - -~ ~ 7 - !"~ #2$'Total Non-controlled Affiliates~ 6~ <   $-   $-~ 6~ ^~ r $- !~ "B$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.{ i]QEC.S=PF0*8X> @R*$$$ "#        "# #          "#        "#  l  i  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } %} $$ %%%%%%%%%% % % % % %%%%%%%'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements $ Year ended December 31, 2017 !"$  Portfolio   Fair value at    Purchases   Sales    Transfers   Discount   Net    Fair value at    Net realized  ! "Interest $ Company   December 31,            in at fair    accretion    unrealized    December 31,    gain (loss)  ! "income  ~            value       loss  ~    (In thousands) $ Decisyon, Inc. (1)  $-  ~     $-  ~  +  ~ B  ~   ~ 6   $-  !~ " $'Total Non-controlled Affiliates $-~     $-  ~  +~ B~ ~ 6 $- !~ "$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/, |maUIIW=PF0*8X> @Z+$$$ "#        "# #           "#        "#  l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } !} $$ %%%%%%%%%% % % % % %%%%%%%'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements & Six months ended June 30, 2018 !"$  Portfolio   Fair value at    Purchases   Sales    Transfers   Discount   Net    Fair value at    Net realized  ! "Interest $ Company   December 31,            in/(out) at    accretion    unrealized    June 30, 2018    gain/(loss)  ! "income  ~             fair value        gain/(loss)   (In thousands) $  HSLFI (1)  $-  ~ ?   $-   $-   $-   $-  ~ ?   $-  ! "$- $#Total Controlled Affiliates $-~ ?   $-   $- $- $-~ ? $- ! "$-$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/, |maUIG7z=PF0*8X> @R*$$$ "#        "# #          "#        "#  l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ } a/} $ } !} $ } } $ } y                                'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements June 30, 2018   Fair   Valuation Techniques/   Unobservable    Weighted Investment Type  Value    Methodologies  Input  Range  Average/ '(Dollars in thousands, except per share data) Debt investments ~ k   - %Discounted Expected Future Cash Flows ! Hypothetical Market Yield   10% - 25%  13%    Warrant investments~ x%Black-Scholes Valuation ModelPrice Per Share  $0.00 - $500.00  (\@#Average Industry Volatility   20%   20%Marketability Discount   20%   20%Estimated Time to Exit   1 to 5 years  3 years    Other investments~ Rx/'Multiple Probability Weighted Cash Flow Discount Rate   18% - 25%   19% ModelProbability Weighting   0% - 100%   36%    Equity investments~ Last Equity FinancingPrice Per Share   $0.00 - $2.24  HzG?!Total Level 3 investments~ o     $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DmaUI0s~m6~.l>2&=PF0*8X> @R        l  %b  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ } a/} $ } !} $ } } $ } y %                                 'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial StatementsDecember 31, 2017   Fair   Valuation Techniques/   Unobservable    Weighted Investment Type  Value    Methodologies  Input  Range  Average/ '(Dollars in thousands, except per share data) Debt investments ~ B   - %Discounted Expected Future Cash Flows ! Hypothetical Market Yield   10% - 25%  13%    ~ R-Liquidation Scenario Discount Rate   18%   18%Marketability Discount   20%   20%Uncertainty Discount   20%   20%    Warrant investments~ .s%Black-Scholes Valuation ModelPrice Per Share  $0.00 - $22.38  Q @#Average Industry Volatility   20%   20%Marketability Discount   20%   20%Estimated Time to Exit   1 to 5 years  3 years~  Expected ProceedsPrice Per Share  MbP?  MbP?        Other investments~ Rx/'Multiple Probability Weighted Cash Flow Discount Rate   18% - 25%   19% ModelProbability Weighting   0% - 100%   36%    Equity investments~ Last Equity FinancingPrice Per Share   $0.00 - $1.26  HzG?!Total Level 3 investments~ _     DlmaUI,ozi}d!dy, ! " # $  !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @R $$ ## ""     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } I"} $ } U} $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements June 30, 2018   Level 1   Level 2   Level 3   Total    (In thousands)  Debt investments  $-   $-  ~ k   ~ k   Warrant investments   -   ~    ~ x   ~   Other investments   -    -   ~ Rx   ~ Rx Equity investments~  -  ~    ~ !$Equity interest in HSLFI (1) - -    -  ~ ?Total investments~ ~  ~  o   ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0M maUI Vd~=PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial StatementsDecember 31, 2017   Level 1   Level 2   Level 3   Total    (In thousands)  Debt investments  $-   $-  ~ Fp   ~ Fp   Warrant investments   -   ~    ~ 6s   ~    Other investments   -    -   ~ Rx   ~ Rx Equity investments~  -  ~    ~ Total investments~ ~  ~  _   ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.PmaUIR`z=PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U5} $ }  } $ } U}  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements( Three Months Ended June 30, 2018   Debt   Warrant   Equity   Other   Total     Investments    Investments    Investments    Investments   (In thousands) + #Level 3 assets, beginning of period ~ *   ~ t  ~ z  ~ Rx  ~ z   Purchase of investments  ~     -    -    -   ~  3+Warrants and equity received and classified -~   ~     -~ 6 as Level 32*Principal payments received on investments~  -    -  ~ B~ )!Proceeds from sale of investments~ ~     -   -~ ( Net realized loss on investments -~     -   -~ 4,Unrealized appreciation included in earnings~ ~     -  ~ ~ ~ Other~ N -    -   -~ N%Level 3 assets, end of period~ k ~ x ~    ~ Rx~ o $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:maUIb$7b1)B6*=PF0*8X> @              l  Y   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $4} $ }  } $ } U}  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements( Three Months Ended June 30, 2017   Debt   Warrant   Equity   Other   Total     Investments    Investments    Investments    Investments   (In thousands) + #Level 3 assets, beginning of period ~ "   ~ a  ~ 2  ~ 2\  ~    Purchase of investments  ~ X    -    -    -   ~ X 3+Warrants and equity received and classified -~ N    -   -~ N as Level 32*Principal payments received on investments~  -    -  ~ "~ λ)!Proceeds from sale of investments -~     -   -~ /'Net realized (loss) gain on investments~ ~ V    -   -~ &.&Unrealized (depreciation) appreciation~ .~ 2  ~    ~ ~ Nincluded in earnings Other~ & -    -   -~ &%Level 3 assets, end of period~ ~ ~ n_ ~  B  ~ 2\~ Z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<maUIb$7\0! =PF0*8X> @              l  %  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $4} $ }  } $ } U}  $ } } $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements&Six Months Ended June 30, 2018   Debt   Warrant   Equity   Other   Total     Investments    Investments    Investments    Investments   (In thousands) + #Level 3 assets, beginning of period ~ Fp   ~ 6s  ~   ~ Rx  ~ _   Purchase of investments  ~ zR    -    -    -   ~ zR 3+Warrants and equity received and classified -~ r  ~     -~ R as Level 32*Principal payments received on investments~ * -    -  ~ ~  )!Proceeds from sale of investments~ .~     -   -~ ( Net realized loss on investments~ ~     -   -~ J.&Unrealized (depreciation) appreciation~ ~   ~  :  ~ "~ included in earnings Other~  -    -   -~ %Level 3 assets, end of period~ k ~ x ~    ~ Rx~ o $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<maUI d&9c7(=PF0*8X> @              l  @  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $4} $ }  } $ }  }  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements&Six Months Ended June 30, 2017   Debt   Warrant   Equity   Other   Total     Investments    Investments    Investments    Investments   (In thousands) + #Level 3 assets, beginning of period ~ *]   ~ [  ~ 2  ~ b   ~ >   Purchase of investments  ~     -    -    -   ~  3+Warrants and equity received and classified -~     -   -~  as Level 32*Principal payments received on investments~ S -    -  ~ ~ rR)!Proceeds from sale of investments -~     -   -~ /'Net realized (loss) gain on investments~ Q~     -   -~ *b.&Unrealized appreciation (depreciation)~ ~   ~    ~ 6~ zincluded in earnings/'Transfer from debt investments to other~ 2 -    -  ~ R - investments Other~ " -    -   -~ "%Level 3 assets, end of period~ ~ ~ n_ ~  B  ~ 2\~ Z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DmaUI d&9^2=PF0*8X> @              l  WW  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/2018Note 7. Borrowings June 30, 2018  December 31, 2017   Total   Balance   Unused   Total   Balance   Unused     Commitment    Outstanding    Commitment    Commitment    Outstanding    Commitment         (In thousands)         Key Facility ~   ~ &  ~   ~ b  ~ B  ~ "B   2022 Notes  ~ G   ~ G    -   ~ G   ~ G    - ( Total before debt issuance costs~ ~b~ ~n  ~    ~ ^~ >~ "B4,Unamortized debt issuance costs attributable -~     -   -~  -to term borrowings)!Total borrowings outstanding, net~ ~b~ Z\ ~    ~ ^~ ~ "B$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 ymao=PF0*8X> @                   l  @j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 BorrowingsNote 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ } $} $                             'Horizon Technology Finance Corp 10-Q 07/31/20182*Notes to Consolidated Financial Statements June 30, 2018    Principal    Fair Value of    Balance   Unfunded        Commitment        Liability   (In thousands) Aerin Medical, Inc.~ "N~  Catasys, Inc.~ '~ fDecisyon, Inc.~ " -!HealthEdge Software, Inc.~ 2u~ .!Intelepeer Holdings, Inc.~ .~ New Signature US, Inc.~ ~ *"StereoVision Imaging, Inc.~  - Total~ ;~ V$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:V maUI KRjdUocW/=PF0*8X> @z        l  6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } y } $ }  } $ } <} $ }  }  $ } } $ }  } $ } $} $ 6     'Horizon Technology Finance Corp 10-Q 07/31/2018Note 10. Distributions Date Record Date Payment DateAmount   Cash   DRIP DRIP Declared       Per Share    Distribution   Shares   Share               Issued   Value  1 )(In thousands, except share and per share        data)& Six Months Ended June 30, 2018                 4/27/188/17/189/14/18?   $-   - $-4/27/187/19/188/15/18?    -   - -4/27/186/19/187/17/18?  ~    ~ ~ 63/1/185/17/186/15/18?  ~    ~ ~ 63/1/184/19/185/15/18?  ~    ~ ~ 63/1/183/19/184/17/18?  ~    ~ ~ 6333333? ~  >G  ~ N~ $Year Ended December 31, 2017     10/27/172/21/183/15/18? ~    ~ f~ :10/27/171/22/182/15/18?  ~    ~ ~ 610/27/1712/20/171/17/18?  ~    ~ ~~ 67/28/1711/20/1712/15/17?  ~    ~ .~ 67/28/1710/19/1711/15/17?  ~    ~ ~ 67/28/179/20/1710/16/17?  ~    ~ ~ :4/27/178/18/179/15/17?  ~    ~ ~ 64/27/177/20/178/15/17?  ~    ~ ~ 24/27/176/20/177/14/17?  ~    ~ 2~ 63/3/175/19/176/15/17?  ~    ~ ~ :Dlui]d|@nrS4 !"#$%&'()*+,-./012345 3/3/17  4/21/17  5/16/17   ?   ~    ~    ~ > !3/3/17!!3/20/17!!4/18/17!!!?!! ! ~ ! ! ! !~ !!!!~ !J!"""""""333333?"" ~ " j" " "~ """~ ""$#Year Ended December 31, 2016##### # # # # #######$10/28/16$$2/22/17$$3/15/17$$?$$ ~ $ $ $ $~ $$$~ $B$%10/28/16%%1/19/17%%2/15/17%%%?%% % ~ % % % %~ %%%%~ %F%&10/28/16&&12/20/16&&1/13/17&&&?&& & ~ & & & &~ &:&&&~ &B&'7/29/16''11/18/16''12/15/16'''q= ףp?'' ' ~ ' r' ' '~ ''''~ 'N'(7/29/16((10/20/16((11/15/16(((q= ףp?(( ( ~ ( r( ( (~ ((((~ (V()7/29/16))9/20/16))10/17/16)))q= ףp?)) ) ~ ) f) ) )~ ))))~ )Z)*4/28/16**8/19/16**9/15/16***q= ףp?** * ~ * n* * *~ ****~ *V*+4/28/16++7/20/16++8/15/16+++q= ףp?++ + ~ + Z+ + +~ ++++~ +f+,4/28/16,,6/20/16,,7/15/16,,,q= ףp?,, , ~ , f, , ,~ ,,,,~ ,^,-3/3/16--5/19/16--6/15/16---q= ףp?-- - ~ - f- - -~ ----~ -^-.3/3/16..4/20/16..5/16/16...q= ףp?.. . ~ . . . .~ .;...~ ../3/3/16//3/18/16//4/15/16///q= ףp?// / ~ / j/ / /~ ////~ /V/0000000\(\?00 ~ 0 v0 0 0~ 0~c00~ 02012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0iL/=PF0*8X> @"$5544330000 00$$$$ $$##"""" ""             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } a} $ } a} $ } 0} $                   'Horizon Technology Finance Corp 10-Q 07/31/2018Note 10. DistributionsEx-Dividend Date Record Date Payment DateDistributions Declared November 16, 2018  November 19, 2018  December 14, 2018  ?  October 17, 2018  October 18, 2018  November 15, 2018  ?  September 17, 2018  September 18, 2018  October 16, 2018  ?   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@ui]'=PF0*8X> @:    l  1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 6} $ } } } $ } }  1                                 'Horizon Technology Finance Corp 10-Q 07/31/2018%Note 11. Financial highlights!Six Months Ended June 30,  ~   ~    1 )(In thousands, except share and per share    data) Per share data:        . &Net asset value at beginning of period  q= ףp'@   Gz.(@ Net investment incomeQ?(\?$Realized loss on investmentsQ(\.&Unrealized (depreciation) appreciation(\?on investments1)Net increase in net assets resulting fromQ?RQ? operations"Distributions declared (1)333333333333"From net investment income333333333333-%From net realized gain on investments - -Return of capital - -( Net asset value at end of period333333'@= ףp'@3+Per share market value, beginning of periodq= ףp&@(\%@-%Per share market value, end of period)\($@)\&@0(Total return based on a market value (2)333333 %$@ %+#Shares outstanding at end of period~ R~ 25-Ratios, net of waiver, to average net assets:'Expenses without incentive fees#@ % (3)!@ % (3)Incentive fees~   % (3)333333? % (3)DlznbV \32sY~la: ! " # $ % & ' ( ) * + , - . / 0   Net expenses   '@ % (3)   ffffff#@ % (3)1!)Net investment income with incentive fees!!!ffffff#@ !% (3)!!!!@ !% (3)."&Ratios, without waiver, to average net""""""""#assets:+$#Expenses without incentive fees (4)$$$#@ $% (3)$$$!@ $% (3)%Incentive fees (4)%%%ffffff@ %% (3)%%%333333? %% (3)&Net expenses (4)&&&ffffff(@ &% (3)&&&ffffff#@ &% (3)5'-Net investment income with incentive fees (4)'''"@ '% (3)'''!@ '% (3)+(#Net assets at the end of the period(~ (.*((~ (X()Average net asset value)~ )3))~ )s)*Average debt per share**Q@***@* +Portfolio turnover ratio+++ffffff3@ +%+++333333<@ +%,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&G@r5"}W-Hv=PF0*8X> @00//..****))))((((       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ }  } $ } } $} $ } $} $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20185-Portfolio composition and investment activity June 30, 2018  December 31, 2017    Number of  Fair    Percentage    Number of   Fair    Percentage     Investments  Value   of Total    Investments   Value   of Total          Portfolio            Portfolio        (Dollars in thousands)        Debt investments ~  ~ k     33333sV@ %  ~   ~ Fp     33333V@ %Warrants~ ~ ~     ~  "~  ~ Other investments~ ~ Rx 333333 @   ~  ~ Rx @Equity~ "~ !~     ~  ~ ffffff? Equity interest in HSLFI~ ~ ? ?     - - Total~  ~    %   ~ N ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4gj^RFe-" =PF0*8X> @                l   1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 7} $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/20185-Portfolio composition and investment activity"For the Three Months Ended   For the Six Months Ended   June 30,   June 30,  ~   ~   ~   ~        (In thousands)     Beginning portfolio ~    ~ J   ~ N   ~ N   New debt investments  ~    ~ X   ~ 6y   ~  ( Less refinanced debt investments - -  ~  F   - Net new debt investments~ ~ X  ~  zR  ~ 6.Investment in controlled affiliate investments~ ? -  ~  ?   -2*Principal payments received on investments~ ~ |  ~  %  ~ REarly pay-offs~ +~ ?  ~  n  ~ )!Accretion of debt investment fees~ ~   ~    ~  New debt investment fees~ ~ r  ~  n  ~ : New equity~  -  ~     -)!Proceeds from sale of investments~ ~   ~    ~ r/'Net realized (loss) gain on investments~ ~   ~  J  ~ JY2*Net unrealized (depreciation) appreciation~ ~   ~    ~ on investmentsEnding portfolio~  ~ 2  ~     ~ 2 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlj^RFh>%057i]Q)=PF0*8X> @            l  !%%  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } *} $ }  } $ }  } $} $ } } $ } U} $ !     'Horizon Technology Finance Corp 10-Q 07/31/20185-Portfolio composition and investment activity June 30, 2018  December 31, 2017   Debt    Percentage   Debt    Percentage    Investments at   of Total   Investments at   of Total    Fair Value    Portfolio    Fair Value    Portfolio      (Dollars in thousands)      Life Science                 Biotechnology~ )@ % ~    @ % Drug Delivery~ ffffff?  ~  j  333333 @Medical Device~ f3333330@  ~  65  333331@ Technology     Communications~ ~p333333'@  ~  v1  333333#@Consumer-Related~ 8?  ~    333333@Internet and Media~ T2@  ~  _  3@ Materials~ v@  ~    ffffff@Power Management~ V ?  ~  J  333333?Semiconductors~ 4333333?  ~  F4  ?Software~ ~333337@  ~  K  :@+#Healthcare Information and Services     Software~   @  ~    @ Total~ k ~  % ~  Fp   ~  %$____________________________1)Created by Morningstar Document Research.D&lj^RF`Dq3Iev 0 (http://documentresearch.morningstar.com/H=PF0*8X> @              l  S>  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } m} $ } } $ }  }  $ } U} $} $ } } $ }  } $ } U} $      'Horizon Technology Finance Corp 10-Q 07/31/2018%Debt investment asset quality June 30, 2018  December 31, 2017    Number of   Debt    Percentage    Number of   Debt    Percentage     Investments    Investments   of Debt    Investments    Investments   of Debt        at Fair Value    Investments        at Fair Value    Investments         (Dollars in thousands)         Credit Rating                        ~ ~ ~ 3   ffffff#@  % ~ ~ 6$ffffff"@ %~ ~ f~ &    lT@  ~ f~  fffffU@~  ~ ~    333333!@  ~ ~ Xffffff@~  - -    -  ~ ~ R-ffffff? Total~ ~ k   ~    % ~ ~ Fp ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 znbVe#sg?=PF0*8X> @                l  1M  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $4} $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/2018'Horizon Secured Loan Fund I LLCFor the period    June 1, 2018   through    June 30, 2018 ' Total investments at fair value ~ & 3 +Dollar-weighted annualized yield on average  ~ . %debt investments (1)2*Number of portfolio companies in the HSLFI~ ,$Largest portfolio company investment~ & at fair value$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0xl`T~-;=PF0*8X> @J      l  d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $} $ } y } $ } U5}  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/2018'Horizon Secured Loan Fund I LLC Principal  Cost of   Fair Portfolio Company (1)  Sector $ Type of Investment (2)(3)(4)  Amount   Investments (5)    Value (6)        (In thousands) % Debt Investments - Technology              " New Signature US, Inc. (7)  Software 4 ,Term Loan (10.59% cash (Libor + 8.50%; Floor ~   ~ B~  ~ B~     ' 10.50%), 3.50% ETP, Due 7/1/21)            +#Total Debt Investments - Technology  ~  B~  ~ B~     ( Warrant Investments - Technology     &BSI Platform Holdings, LLC (7)Software( 412,500 Preferred Stock Warrants  ~    ~ .&Total Warrant Investments - Technology  ~    ~      )!Total Portfolio Investment Assets ~  &  ~ &$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/88xl`T-\`u:yma9=PF0*8X> @         l  Vs  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } $} $                       'Horizon Technology Finance Corp 10-Q 07/31/2018'Horizon Secured Loan Fund I LLC June 30, 2018    Principal    Fair Value of    Balance   Unfunded        Commitment        Liability   (In thousands) New Signature US, Inc.~ .~ z Total~ .~ z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.xl`TV]zR=PF0*8X> @z        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U5} $ } $} $      'Horizon Technology Finance Corp 10-Q 07/31/2018'Horizon Secured Loan Fund I LLC June 30, 2018   (In thousands) 4 ,Selected Statement of Assets and Liabilities      Information0 (Total investments at fair value (cost of ~ & ~ &!Cash and cash equivalents~  Other assets~  Total assets~ Other liabilities~ Total liabilities~ Members? equity~ ~-%Total liabilities and members? equity~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<txl`TqZQE eYM%=PF0*8X> @J    l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 6} $      'Horizon Technology Finance Corp 10-Q 07/31/2018'Horizon Secured Loan Fund I LLCFor the period    June 1, 2018   through    June 30, 2018    (In thousands) 5 -Selected Statements of Operations Information    &Interest income on investments~ Total expenses~ Z1)Net decrease in net assets resulting from~  operations$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0xl`T~@G=PF0*8X> @Z      l  Τ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 2} $ }  } $ }  } $                              'Horizon Technology Finance Corp 10-Q 07/31/2018*"Consolidated results of operations"For the Three Months Ended   June 30,   ~   ~     (In thousands)  Total investment income ~ Fr  ~ [  Total expenses  ~ ZA   ~ 0 .&Performance based incentive fee waived~  - Net expenses~ >~ 0Net investment income~ j3~  +/'Net realized (loss) gain on investments~ ~ 2*Net unrealized depreciation on investments~ ~ 1)Net increase in net assets resulting from~ -~ v  operations/'Average debt investments, at fair value~ V ~  &Average borrowings outstanding~ i~ vz$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< ui]Qw9L;o=PF0*8X> @       l  ,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } 2} $ }  } $ }  } $                               'Horizon Technology Finance Corp 10-Q 07/31/2018VNNet realized gains and losses and net unrealized appreciation and depreciation For the Six Months Ended   June 30,   ~   ~     (In thousands)  Total investment income ~ b  ~   Total expenses  ~ N   ~ i .&Performance based incentive fee waived~  - Net expenses~ |~ iNet investment income~ e~ _( Net realized loss on investments~ J~ JY2*Net unrealized (depreciation) appreciation~ ~ on investments1)Net increase in net assets resulting from~ vV~ D operations/'Average debt investments, at fair value~  ~ c &Average borrowings outstanding~ ~ J\$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>1 0I=1%M"bH2|=PF0*8X> @       l  }  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses a!Contractual obligations and off!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/2018Current borrowings June 30, 2018  December 31, 2017   Total   Balance   Unused   Total   Balance   Unused     Commitment    Outstanding    Commitment    Commitment    Outstanding    Commitment         (In thousands)         Key Facility ~   ~ &  ~   ~ b  ~ B  ~ "B   2022 Notes  ~ G   ~ G    -   ~ G   ~ G    - ( Total before debt issuance costs~ ~b~ ~n  ~    ~ ^~ >~ "B4,Unamortized debt issuance costs attributable -~     -   -~  -to term borrowings)!Total borrowings outstanding, net~ ~b~ Z\ ~    ~ ^~ ~ "B$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 ymao=PF0*8X> @                   l  c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Item 3 Quantitative and Qualita!We borrow money which magnifiesU } } $ }  } $ }  }  $ } } $ } $} $ } $} $      'Horizon Technology Finance Corp 10-Q 07/31/2018B:Contractual obligations and off-balance sheet arrangementsPayments due by period   Total    Less than   1 - 3   3 - 5   After 5        1 year   Years   Years   years   (In thousands)   Borrowings ~ ~n   $-  ~ >  ~ B   $-  Unfunded commitments  ~ ;   ~    ~ ]    -    -  Total~ ~  ~    ~ B $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|]QE9?-F:.=PF0*8X> @              l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!We borrow money which magnifiesU } $}  $                        'Horizon Technology Finance Corp 10-Q 07/31/2018JBItem 3. Quantitative and Qualitative Disclosures About Market RiskInterestInterest   Change in    Income   Expense   Net Assets (1) Change in basis points  (In thousands)  Up 300 basis points ~ r\  ~ R   ~ "<  Up 200 basis points ~ b<  ~   ~ &  Up 100 basis points ~ V  ~    ~  Down 300 basis points~ N~  ~   Down 200 basis points~ N~  ~   Down 100 basis points~  ~ > ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0UI=14YMA=PF0*8X> @                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??6 Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Consolidated Statements of AsseIncome Statement!Consolidated Statements of Chan Cash Flows June 30 2018June 30 2018 (1)June 30 2018 (2)June 30 2018 (3)June 30 2018 (4)December 31 2017December 31 2017 (1)December 31 2017 (2)December 31 2017 (3)December 31 2017 (4)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)Statement of Operations!Note 5 Transactions with affili!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)!Notes to Consolidated Finan (8)!Notes to Consolidated Finan (9)!Notes to Consolidated Fina (10)!Notes to Consolidated Fina (11)!Notes to Consolidated Fina (12)!Notes to Consolidated Fina (13)Note 7 Borrowings!Notes to Consolidated Fina (14)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Consolidated results of operati!Net realized gains and losses aCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and QualitaU } 2} $ }  } $} $ }  } $} $ } } $} $ }  } $} $ }  } $      'Horizon Technology Finance Corp 10-Q 07/31/2018kcWe borrow money, which magnifies the potential for gain or loss on amounts invested and may increas#Assumed Return on Portfolio   (Net of Expenses)   -10%   -5%   0%   5%   10% 2 *Corresponding return to common stockholder   Q6 %   + %   Q %   RQ@ %   L+@ %1 )assuming actual asset coverage as of June  30, 2018 (1)2*Corresponding return to common stockholderQD %ףp= : %   fffff&  %  @ %2@ %( assuming 150% asset coverage (2)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,v|4(yD,=PF0*8X> @R       Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~