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0001487428 Horizon Technology Finance Corp false --12-31 Q2 2023 723,633 721,248 0 0 723,633 721,248 0.001 0.001 1,000,000 1,000,000 0 0 0 0 0.001 0.001 100,000,000 100,000,000 32,263,724 27,920,838 32,096,259 27,753,373 201.1 192.3 82.9 23.4 75.9 10.1 7.2 1.8 0.2 4.6 0.6 0.4 1.2 0.3 0.3 201.4 226.1 215.5 99.7 26.3 81.4 8.1 9.4 3.1 0.6 5.1 0.6 0.4 0.8 226.1 0 0 0 0 0 2019 2020 2021 0 0 0 0 1.1 0.4 0 0 4.60 3.50 176.8 100.0 100.0 23 August 17, 2023 September 15, 2023 July 18, 2023 August 15, 2023 June 16, 2023 July 14, 2023 May 18, 2023 June 14, 2023 April 18, 2023 May 16, 2023 March 17, 2023 April 14, 2023 February 17, 2023 March 15, 2023 January 18, 2023 February 15, 2023 December 19, 2022 January 13, 2023 November 17, 2022 December 15, 2022 November 17, 2022 December 15, 2022 October 18, 2022 November 15, 2022 September 19, 2022 October 14, 2022 August 18, 2022 September 15, 2022 July 19, 2022 August 16, 2022 June 17, 2022 July 15, 2022 May 18, 2022 June 15, 2022 April 19, 2022 May 16, 2022 March 18, 2022 April 14, 2022 Weighted average is calculated by multiplying (a) the unobservable input for each investment in the investment type by (b) (1) the fair value of the related investment in the investment type divided by (2) the total fair value of the investment type. Annualized. Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year. Includes the impact of the different share amounts as a result of calculating per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. The issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of common stock in the Company’s continuous public offering and pursuant to the Company’s distribution reinvestment plan. The issuance of common stock at an offering price, net of sales commissions and dealer manager fees, that is greater than the net asset value per share results in an increase in net asset value per share. The total return equals the change in the ending market value over the beginning of period price per share plus distributions paid per share during the period, divided by the beginning price. 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Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


Form 10-Q


 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  

FOR THE QUARTERLY PERIOD ENDED June 30, 2023

  

OR

  

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM _____TO

 

COMMISSION FILE NUMBER: 814-00802

 


HORIZON TECHNOLOGY FINANCE CORPORATION

(Exact name of registrant as specified in its charter)


 

Delaware

 

27-2114934

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

312 Farmington Avenue

  

Farmington, CT

 

06032

(Address of principal executive offices)

 

(Zip Code)

 

(860) 6768654

(Registrants telephone number, including area code)

 


 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

   

 

  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes No ☒

 

The number of shares of the registrant’s common stock traded under the symbol “HRZN” on the Nasdaq Global Select Market, $0.001 par value per share, outstanding as of August 1, 2023 was 32,103,683.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Ticker symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

HRZN

 

The Nasdaq Stock Market LLC

4.875% Notes due 2026

 

HTFB

 

The New York Stock Exchange

6.25% Notes due 2027

 

HTFC

 

The New York Stock Exchange

 



 

 

 

HORIZON TECHNOLOGY FINANCE CORPORATION

 

FORM 10Q

TABLE OF CONTENTS

   

Page

PART I

Item 1

Consolidated Financial Statements.

3

     
 

Consolidated Statements of Assets and Liabilities as of June 30, 2023 (unaudited) and December 31, 2022

3

 

Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)

4

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022 (unaudited)

5

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)

6

 

Consolidated Schedules of Investments as of June 30, 2023 (unaudited) and December 31, 2022

7

 

Notes to the Consolidated Financial Statements (unaudited)

21

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

45

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

62

     
PART II

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3.

Defaults Upon Senior Securities

63

Item 4.

Mine Safety Disclosures

63

Item 5.

Other Information

63

Item 6.

Exhibits

63

 

Signatures

64

EX‑31.1         

   

EX‑31.2         

   

EX‑32.1         

   

EX‑32.2         

   
 

 

 

 

PART I: FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Horizon Technology Finance Corporation and Subsidiaries

 

Consolidated Statements of Assets and Liabilities

(Dollars in thousands, except share and per share data)

 

  

June 30,

  

December 31,

 
  

2023

  

2022

 
  

(Unaudited)

     

Assets

        

Non-affiliate investments at fair value (cost of $723,633 and $721,248, respectively)

 $714,485  $720,026 

Non-controlled affiliate investments at fair value (cost of $0 and $0, respectively) (Note 5)

  906    

Total investments at fair value (cost of $723,633 and $721,248, respectively) (Note 4)

  715,391   720,026 

Cash

  24,395   20,612 

Investments in money market funds

  25,865   7,066 

Restricted investments in money market funds

  2,904   2,788 

Interest receivable

  14,893   13,573 

Other assets

  3,960   2,761 

Total assets

 $787,408  $766,826 
         

Liabilities

        

Borrowings (Note 7)

 $418,016  $434,078 

Distributions payable

  10,592   9,159 

Base management fee payable (Note 3)

  1,063   1,065 

Incentive fee payable (Note 3)

  118   1,392 

Other accrued expenses

  2,200   2,684 

Total liabilities

  431,989   448,378 
         

Commitments and contingencies (Notes 3 and 8)

          
         

Net assets

        

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2023 and December 31, 2022

      

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 32,263,724 and 27,920,838 shares issued and 32,096,259 and 27,753,373 shares outstanding as of June 30, 2023 and December 31, 2022, respectively

  34   29 

Paid-in capital in excess of par

  437,561   385,921 

Distributable loss

  (82,176)  (67,502)

Total net assets

  355,419   318,448 

Total liabilities and net assets

 $787,408  $766,826 

Net asset value per common share

 $11.07  $11.47 

 

See Notes to Consolidated Financial Statements

 

 

3

Horizon Technology Finance Corporation and Subsidiaries
 

 

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except share and per share data)

 

  

For the Three Months Ended

  

For The Six Months Ended

 
  

June 30,

  

June 30,

 
  

2023

  

2022

  

2023

  

2022

 
                 

Investment income

                

Interest income on non-affiliate investments

 $26,624  $17,720  $54,023  $31,573 

Fee income on non-affiliate investments

  1,493   868   2,131   1,219 

Total investment income

  28,117   18,588   56,154   32,792 

Expenses

                

Interest expense

  7,179   4,225   14,299   7,649 

Base management fee (Note 3)

  3,207   2,523   6,408   4,767 

Performance based incentive fee (Note 3)

  118   2,145   3,094   3,570 

Administrative fee (Note 3)

  368   374   808   735 

Professional fees

  447   271   1,106   848 

General and administrative

  546   362   992   706 

Total expenses

  11,865   9,900   26,707   18,275 

Net investment income before excise tax

  16,252   8,688   29,447   14,517 

Provision for excise tax

  179   106   363   206 

Net investment income

  16,073   8,582   29,084   14,311 

Net realized and unrealized loss

                

Net realized (loss) gain on non-affiliate investments

  (16,529)  271   (16,697)  301 

Net realized loss on controlled affiliate investments

     (1,200)     (1,200)

Net realized loss on investments

  (16,529)  (929)  (16,697)  (899)

Net unrealized appreciation (depreciation) on non-affiliate investments

  548   (1,436)  (7,835)  (3,723)

Net unrealized appreciation on non-controlled affiliate investments

  60      906    

Net unrealized appreciation on controlled affiliate investments

     1,400      1,450 

Net unrealized appreciation (depreciation) on investments

  608   (36)  (6,929)  (2,273)

Net realized and unrealized loss

  (15,921)  (