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 ~~ ؈ ~~#؈ ~~ ؈ ~~<#܈ ~~8#܈ ~~4#܈ ~~3#܈ ~~"؈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33t Form 10Q&HORIZON TECHNOLOGY FINANCE CORP&%HORIZON TECHNOLOGY FINANCE (1)&51Statements of Changes in Net As&HDollars in thousands except shahIncome Statement&Dollars in thousands except (1)x Cash FlowsDollars in thousandsG"Dollars in thousands (1)xDollars in thousands (2)Dollars in thousands (3)x Dollars in thousands (4)[Dollars in thousands (5)Dollars in thousands (6)aDollars in thousands (7)e\Note 4 Investments&nNotes to Consolidated Financial&.Note 5 Transactions with affili&wNotes to Consolidated Finan (1)&Notes to Consolidated Finan (2)&Notes to Consolidated Finan (3)&GNotes to Consolidated Finan (4)&Notes to Consolidated Finan (5)&9Notes to Consolidated Finan (6)-Note 7 Borrowings&CNotes to Consolidated Finan (7)SNote 10 Distributions Note 10 Distributions (1)#dNote 11 Financial highlights&Portfolio composition and inves&gPortfolio composition and i (1)&Portfolio composition and i (2)$Debt investment asset quality&vConsolidated results of operati!Current borrowings&x6Contractual obligations and off&FItem 3 Quantitative and QualitaV EXHIBIT INDEX&oias of Amendment No 2 Effective %tas of Amendment No 2 Effec (1)% as of Amendment No 2 Effec (2)%as of Amendment No 2 Effec (3)%as of Amendment No 2 Effec (4) l  L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $} 2      'Horizon Technology Finance Corp 10-Q 05/01/2018 Form 10-Q x/'QUARTERLY REPORT PURSUANT TO SECTION 13 / 'OR 15(d) OF THE SECURITIES EXCHANGE ACT  OF 1934   0 (FOR THE QUARTERLY PERIOD ENDED MARCH 31, ~  OR ?-%TRANSITION REPORT PURSUANT TO SECTION2*13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6,vj*tZB(qeY1=PF0*8X> @ l  %  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 6} $ } +      'Horizon Technology Finance Corp 10-Q 05/01/2018.&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  0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } U} 8} } $      'Horizon Technology Finance Corp 10-Q 05/01/2018.&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/(TTqeYM5}=PF0*8X> @ l  6jAMH  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } y } :} $ }  6     'Horizon Technology Finance Corp 10-Q 05/01/2018+#Statements of Changes in Net Assets Page PART I   Item 1.) !Consolidated Financial Statements ~      - %Consolidated Statements of Assets and ~  5 -Liabilities as of March 31, 2018 and December31, 2017 (unaudited)-%Consolidated Statements of Operations~ 1)for the three months ended March 31, 2018and 2017 (unaudited)-%Consolidated Statements of Changes in~ 3+Net Assets for the three months ended March%31, 2018 and 2017 (unaudited)-%Consolidated Statements of Cash Flows~ 1)for the three months ended March 31, 2018and 2017 (unaudited)-%Consolidated Schedules of Investments~ 2*as of March 31, 2018 and December 31, 2017 (unaudited)6.Notes to the Consolidated Financial Statements~ F (unaudited)Item 2.,$Management?s Discussion and Analysis~ 80of Financial Condition and Results of OperationsItem 3.0(Quantitative and Qualitative Disclosures~ D| lth\PhIB uI-  !"#$%&'()*+,-./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-32.200012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0W,<ik4=PF0*8X> @*554433##  l  9&]g  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net AsIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } y<} $ }  } $ }  } $ 9                                 'Horizon Technology Finance Corp 10-Q 05/01/2018?7(Dollars in thousands, except share and per share data) March 31, December 31,  ~   ~         Assets        / 'Non-affiliate investments at fair value ~ "   ~ W  5 -(cost of $205,970 and $219,303, respectively)1)Affiliate investments at fair value (cost~ l~ 64,of $7,371 and $3,774, respectively) (Note 5)0(Total investments at fair value (cost of~  ~ N ,$$213,341 and $223,077, respectively)(Note 4) Cash~ ~  gInterest receivable~ B~ J> Other assets~ ~  Total assets~ D~ J LiabilitiesBorrowings (Note 7)~ ~ Distributions payable~ 6~ 6,$Base management fee payable (Note 3)~ ~ &Incentive fee payable (Note 3)~ ~ vOther accrued expenses~ >~  Total liabilities~ ~  Dc l`TH<3B p8p\e7  ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 . &Commitments and Contingencies (Note 8)        !!!!!!!!!" Net assets""""""""4#,Preferred stock, par value $0.001 per share,## #?### #?#0$(1,000,000 shares authorized, zero shares3%+issued and outstanding as of March 31, 2018&and December 31, 20171')Common stock, par value $0.001 per share,''~ '2'''~ '2'1()100,000,000 shares authorized, 11,691,4163)+and 11,687,871 shares issued and 11,523,951/*'and 11,520,406 shares outstanding as of:+2March 31, 2018 and December 31, 2017, respectively(, Paid-in capital in excess of par,,~ , ,,,~ , ,1-)Distributions in excess of net investment--~ -~---~ -Z-.income2/*Net unrealized depreciation on investments//~ ////~ //(0 Net realized loss on investments00~ 0r000~ 0jt01Total net assets11~ 11111~ 1>1(2 Total liabilities and net assets2~ 2D22~ 2J2(3 Net asset value per common share33L'@333q= ףp'@345$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6 nfa.` =PF0*8X> @88776633332222     l  8~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except sha!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 7} $ } } $ } } $ 8                                 'Horizon Technology Finance Corp 10-Q 05/01/2018Income Statement"For the Three Months Ended    March 31,   ~   ~   Investment income        & Interest income on investments        4 ,Interest income on non-affiliate investments ~ zg  ~ b 0(Interest income on affiliate investments~  ?,$Total interest income on investments~ i~ b Fee income.&Prepayment fee income on non-affiliate~ v~ 2 investments/'Fee income on non-affiliate investments~ &~ ~Total investment income~ p~ lExpensesInterest expense~ 2~ $Base management fee (Note 3)~ j~ :0(Performance based incentive fee (Note 3)~ ~ #Administrative fee (Note 3)~ ~  Professional fees~ ~ "General and administrative~ ~ Total expenses~ =~ .8Net investment income~ *2~ 4/'Net realized and unrealized (loss) gainDl{oc f\yme ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7  on investments6!.Net realized loss on non-affiliate investments!!~ !!!!~ !V!(" Net realized loss on investments""~ """"~ "V"#########2$*Net unrealized (depreciation) appreciation$$~ $$$$~ $$$%on non-affiliate investments0&(Net unrealized depreciation on affiliate&&~ & &&& &?&' investments2(*Net unrealized (depreciation) appreciation((~ ((((~ (()on investments/*'Net realized and unrealized (loss) gain**~ ****~ *z*+on investments,,,,,,,,,1-)Net increase in net assets resulting from-~ -(--~ -9-. operations./&Net investment income per common share//Q?///(\?/30+Net increase in net assets per common share00q= ףp?000{Gz?0(1 Distributions declared per share11333333?111333333?1+2#Weighted average shares outstanding22~ 2A222~ 2V234$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/49 HLB(w tcPD8=PF0*8X> @77665511110000////----      l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 1} $ } } $ } $}  $ } $} $ }  } $ }  } $ }  } $ }  } $ !     'Horizon Technology Finance Corp 10-Q 05/01/20181)(Dollars in thousands, except share data) 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 ? ?    ?  ~ 4~ ~ V~ 9 operations/'Issuance of common stock under dividend~ VJ ?  ~     ? ? ?~ reinvestment planDistributions declared ? ?    ?  ~  ? ?~ !Balance at March 31, 2017~ Ծ~ 2 ~  B   ~ n~ }~ ~      $Balance at December 31, 2017~ Z&~ 2 ~     ~ Z~ ~ jt~ >1)Net increase in net assets resulting from ? ?    ?  ~ *2~ ~ ~ ( operations/'Issuance of common stock under dividend~ f7 ?  ~     ? ? ?~ reinvestment planDistributions declared ? ?    ?  ~  ? ?~ !Balance at March 31, 2018~ ]~ 2 ~     ~ ~~ ~ r~ 1$____________________________1)Created by Morningstar Document Research.DlnbVJ# 0r9kU0[( UI= 0 (http://documentresearch.morningstar.com/H=PF0*8X> @0                       l  :  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1)Dollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } I;} $ } U} $ } U} $ :                                 'Horizon Technology Finance Corp 10-Q 05/01/2018 Cash Flows"For the Three Months Ended    March 31,   ~   ~  - %Cash flows from operating activities:        1 )Net increase in net assets resulting from ~ (  ~ 9   operations-%Adjustments to reconcile net increase/'in net assets resulting from operations5-to net cash provided by operating activities:+#Amortization of debt issuance costs~ Z~ ( Net realized loss on investments~ V~ v2*Net unrealized depreciation (appreciation)~ *~ Ron investmentsPurchase of investments~ :z~ k2*Principal payments received on investments~ ~ ^i)!Proceeds from sale of investments~ n*~ **"Changes in assets and liabilities:'Decrease in interest receivable~ ~ 3+(Increase) decrease in end-of-term payments~ :~ ~#Decrease in unearned income~ Z~ V+#(Increase) decrease in other assets~ ~ *"Increase in other accrued expenses~ ~ .&Increase (decrease) in base management~ ~  fee payableD lui|fiF qR( x ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 ) !Increase in incentive fee payable  ~    ~  1!)Net cash provided by operating activities!!~ !V!!!~ !&7!"""""""""-#%Cash flows from financing activities:#########$Advances on credit facility$$ $?$$$~ $b$$%Repayment of credit facility%% %?%%%~ %by%&Distributions paid&&~ &&&&~ &&-'%Net cash used in financing activities''~ ''''~ '.'(Net increase in cash((~ ((((~ (e())))))))) *Cash:********+Beginning of period++~ + g+++~ +>D+, End of period,~ ,,,~ ,,9-1Supplemental disclosure of cash flow information:--------.Cash paid for interest.~ ...~ ..5/-Supplemental non-cash investing and financing////////0 activities:11)Warrant investments received and recorded1~ 111~ 1 12as unearned income3Distributions payable3~ 3633~ 353'4End-of-term payments receivable4~ 4144~ 4b:456$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8 ojOB)LdY( &=PF0*8X> @998877444433331111....,,,,      l  \' !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } m)} $ } y#} $ } U5} $ }  }  $ } } $ }  } $ \     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (13) . &Non-Affiliate Investments ? 152.5% (8)              / 'Non-Affiliate Debt Investments ? 139.1%              ~ - %Non-Affiliate Debt Investments ? Life            Science ? 39.2% (8))!Palatin Technologies, Inc. (2)(5) Biotechnology4,Term Loan (10.17% cash (Libor + 8.50%; Floor~ r ~  6  ~ 6&9.00%), 5.00% ETP, Due 1/1/19)     4,Term Loan (10.17% cash (Libor + 8.50%; Floor~ )  ~  N)  ~ N)&9.00%), 5.00% ETP, Due 8/1/19)     $vTv Therapeutics Inc. (2)(5) Biotechnology/'Term Loan (11.67% cash (Libor + 10.00%;~ a  ~  `  ~ j` Floor'10.50%), 6.00% ETP, Due 5/1/20)     /'Term Loan (11.67% cash (Libor + 10.00%;~ :  ~  9  ~ 9 Floor( 10.50%), 6.00% ETP, Due 10/1/20)     *"Titan Pharmaceuticals, Inc. (2)(5) Drug Delivery4,Term Loan (10.18% cash (Libor + 8.40%; Floor~   ~    ~ &9.50%), 5.00% ETP, Due 6/1/21)     Aerin Medical, Inc. (2)Medical Device3+Term Loan (9.12% cash (Libor + 7.45%; Floor~ >  ~  <  ~ <&8.75%), 4.00% ETP, Due 1/1/22)     3+Term Loan (9.12% cash (Libor + 7.45%; Floor~ .  ~  6.  ~ 6.&8.75%), 4.00% ETP, Due 1/1/22)     3+Term Loan (9.12% cash (Libor + 7.45%; Floor~ .  ~  6.  ~ 6.Dlui] ~r !"#$%&'()*+,-./0123456789:;<=>?    & 8.75%), 4.00% ETP, Due 1/1/22)            (! Conventus Orthopaedics, Inc. (2)!!Medical Device!3!+Term Loan (9.67% cash (Libor + 8.00%; Floor!!~ !>!! ! ~ ! z=! ! !~ !z=!""""&"9.25%), 6.00% ETP, Due 6/1/21)""""" " " " " """####3#+Term Loan (9.67% cash (Libor + 8.00%; Floor##~ #>## # ~ # z=# # #~ #z=#$$$$&$9.25%), 6.00% ETP, Due 6/1/21)$$$$$ $ $ $ $ $$$%%%%3%+Term Loan (9.67% cash (Libor + 8.00%; Floor%%~ %>%% % ~ % z=% % %~ %z=%&&&&&&9.25%), 6.00% ETP, Due 6/1/21)&&&&& & & & & &&&%'Lantos Technologies, Inc. (2)''Medical Device'4',Term Loan (10.21% cash (Libor + 8.43%; Floor''~ '>'' ' ~ ' 5' ' '~ '5'(((('(10.00%), 6.00% ETP, Due 9/1/21)((((( ( ( ( ( ((())!Mederi Therapeutics, Inc. (2)(11)))Medical Device)/)'Term Loan (13.31% cash (Libor + 11.82%;))~ ))) ) ~ ) ) ) )~ ))**** *Floor++++(+ 12.00%), 6.00% ETP, Due 12/1/17)+++++ + + + + +++,,,,/,'Term Loan (13.31% cash (Libor + 11.82%;,,~ ,,, , ~ , , , ,~ ,,---- -Floor....(. 12.00%), 6.00% ETP, Due 12/1/17)..... . . . . ...#/NinePoint Medical, Inc. (2)//Medical Device/4/,Term Loan (10.42% cash (Libor + 8.75%; Floor//~ /)// / ~ / j)/ / /~ /j)/0000&09.25%), 4.50% ETP, Due 3/1/19)00000 0 0 0 0 000111141,Term Loan (10.42% cash (Libor + 8.75%; Floor11~ 111 1 ~ 1 1 1 1~ 112222&29.25%), 4.50% ETP, Due 3/1/19)22222 2 2 2 2 2223VERO Biotech LLC (2)33Medical Device333+Term Loan (9.67% cash (Libor + 8.00%; Floor33~ 3>33 3 ~ 3 :=3 3 3~ 3:=34444&49.25%), 5.00% ETP, Due 1/1/22)44444 4 4 4 4 444555535+Term Loan (9.67% cash (Libor + 8.00%; Floor55~ 5>55 5 ~ 5 =5 5 5~ 5=56666&69.25%), 5.00% ETP, Due 1/1/22)66666 6 6 6 6 666.7&Total Non-Affiliate Debt Investments ?77777 7 ~ 7 77 7 7~ 7678 Life Science39+Non-Affiliate Debt Investments ? Technology99999 9 9 9 9 999: ? 90.8% (8)!;Intelepeer Holdings, Inc.;;Communications;4;,Term Loan (11.62% cash (Libor + 9.95%; Floor;;~ ;>;; ; ~ ; <; ; ;~ ;<;<<<<'<11.25%), 2.50% ETP, Due 7/1/21)<<<<< < < < < <<<====4=,Term Loan (11.62% cash (Libor + 9.95%; Floor==~ =>== = ~ = r== = =~ =r==>>>>'>11.25%), 2.50% ETP, Due 7/1/21)>>>>> > > > > >>>????4?,Term Loan (11.62% cash (Libor + 9.95%; Floor??~ ?>?? ? ~ ? r=? ? ?~ ?r=?Dxl3 }@ABCDEFGHIJKLMNOPQRSTUVWXYZ[@@@@'@11.25%), 2.50% ETP, Due 7/1/21)@@@@@ @ @ @ @ @@@APebblePost, Inc. (2)AACommunicationsA4A,Term Loan (10.93% cash (Libor + 9.26%; FloorAA~ A>AA A ~ A <A A A~ A<ABBBB'B10.25%), 4.00% ETP, Due 7/1/21)BBBBB B B B B BBBCCCC4C,Term Loan (10.93% cash (Libor + 9.26%; FloorCC~ C>CC C ~ C =C C C~ C=CDDDD'D10.25%), 4.00% ETP, Due 7/1/21)DDDDD D D D D DDDESavingStar, Inc. (2)E%EConsumer-related TechnologiesE/E'Term Loan (12.07% cash (Libor + 10.40%;EE~ EN EE E ~ E E E E~ EEFFFF FFloorGGGG'G10.90%), 4.25% ETP, Due 6/1/20)GGGGG G G G G GGGHHHH/H'Term Loan (12.07% cash (Libor + 10.40%;HH~ HHH H ~ H H H H~ HHIIII IFloorJJJJ(J 10.90%), 3.80% ETP, Due 11/1/20)JJJJJ J J J J JJJKIgnitionOne, Inc. (2)KKInternet and MediaK/K'Term Loan (11.90% cash (Libor + 10.23%;KK~ K.KK K ~ K j,K K K~ Kj,KLLLL LFloorMMMM'M10.23%), 2.00% ETP, Due 4/1/22)MMMMM M M M M MMMNNNN/N'Term Loan (11.90% cash (Libor + 10.23%;NN~ N.NN N ~ N j,N N N~ Nj,NOOOO OFloorPPPP'P10.23%), 2.00% ETP, Due 4/1/22)PPPPP P P P P PPPQQQQ/Q'Term Loan (11.90% cash (Libor + 10.23%;QQ~ Q.QQ Q ~ Q j,Q Q Q~ Qj,QRRRR RFloorSSSS'S10.23%), 2.00% ETP, Due 4/1/22)SSSSS S S S S SSSTTTT/T'Term Loan (11.90% cash (Libor + 10.23%;TT~ T.TT T ~ T j,T T T~ Tj,TUUUU UFloorVVVV'V10.23%), 2.00% ETP, Due 4/1/22)VVVVV V V V V VVVWX$Y____________________________1Z)Created by Morningstar Document Research.0[(http://documentresearch.morningstar.com/< !DY`4;=PF0*8X> @[[ZZYY::998877         l  ^B`w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } %} $ } a} $ } U5} $ }  }  $ } } $ }  } $ ^     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (13) ! Jump Ramp Games, Inc. (2)  Internet and Media / 'Term Loan (11.40% cash (Libor + 9.73%),  ~ >   ~ =   ~ =      3.00% ETP, Due 4/1/21)             Kixeye, Inc. (2)  Internet and Media 4 ,Term Loan (11.27% cash (Libor + 9.60%; Floor  ~ .   ~ .-   ~ .-     ' 10.75%), 2.00% ETP, Due 5/1/21)            4,Term Loan (11.27% cash (Libor + 9.60%; Floor~ .  ~  .  ~ .'10.75%), 2.00% ETP, Due 5/1/21)     MediaBrix, Inc. (2)Internet and Media/'Term Loan (12.67% cash (Libor + 11.00%;~ N9  ~  8  ~ 8 Floor'11.50%), 3.00% ETP, Due 1/1/20)     &Rocket Lawyer Incorporated (2)Internet and Media4,Term Loan (11.07% cash (Libor + 9.40%; Floor~ >  ~  =  ~ ='10.50%), 3.00% ETP, Due 7/1/21)     4,Term Loan (11.07% cash (Libor + 9.40%; Floor~ >  ~  =  ~ ='10.50%), 3.00% ETP, Due 7/1/21)     4,Term Loan (11.07% cash (Libor + 9.40%; Floor~ B  ~    ~ ( 10.50%), 3.00% ETP, Due 11/1/21)     Zinio Holdings, LLC (2)Internet and Media/'Term Loan (12.92% cash (Libor + 11.25%;~ >  ~  2>  ~ 2> Floor'11.75%), 6.00% ETP, Due 2/1/20)     'The NanoSteel Company, Inc. (2) Materials4,Term Loan (11.17% cash (Libor + 9.50%; Floor~ vE  ~  nD  ~ nD'10.00%), 7.20% ETP, Due 1/1/20)     4,Term Loan (11.17% cash (Libor + 9.50%; Floor~ "  ~  :"  ~ :"'10.00%), 6.45% ETP, Due 1/1/20)     D\lui]xvCX*?AVXlJ   !"#$%&'()*+,-./0123456789:;<=>?    4 ,Term Loan (11.17% cash (Libor + 9.50%; Floor  ~ %   ~ f%   ~ f% !!!!'!10.00%), 5.85% ETP, Due 3/1/20)!!!!! ! ! ! ! !!!%"Powerhouse Dynamics, Inc. (2)""Power Management"/"'Term Loan (12.37% cash (Libor + 10.70%;""~ "j"" " ~ " " " "~ ""#### #Floor$$$$'$11.20%), 3.32% ETP, Due 9/1/19)$$$$$ $ $ $ $ $$$% Luxtera, Inc.%%Semiconductors%/%'Term Loan (11.25% cash (Prime + 6.75%),%%~ %B%% % ~ % % % %~ %%&&&&& Due 3/28/20)&&&&& & & & & &&&''''/''Term Loan (11.25% cash (Prime + 6.75%),''~ 'r'' ' ~ ' ' ' '~ ''((((( Due 3/28/20)((((( ( ( ( ( (((#)Bridge2 Solutions, LLC. (2)))Software)4),Term Loan (10.92% cash (Libor + 9.25%; Floor))~ )"N)) ) ~ ) J) ) )~ )J)****(* 10.50%), 2.00% ETP, Due 11/1/21)***** * * * * ***++++4+,Term Loan (10.92% cash (Libor + 9.25%; Floor++~ +"N++ + ~ + J+ + +~ +J+,,,,(, 10.50%), 2.00% ETP, Due 11/1/21),,,,, , , , , ,,,$-Education Elements, Inc. (2)--Software-/-'Term Loan (11.67% cash (Libor + 10.00%;--~ -b -- - ~ - B - - -~ -B -.... .Floor////'/10.50%), 4.00% ETP, Due 1/1/19)///// / / / / ///0000/0'Term Loan (11.67% cash (Libor + 10.00%;00~ 0 00 0 ~ 0 V 0 0 0~ 0V 01111 1Floor2222'210.50%), 4.00% ETP, Due 8/1/19)22222 2 2 2 2 2223Metricly, Inc.33Software3/3'Term Loan (13.92% cash (Libor + 12.25%;33~ 3z33 3 ~ 3 z3 3 3~ 3z34444 4Floor5555'512.50%), 3.33% ETP, Due 9/1/18)55555 5 5 5 5 5556ShopKeep.com, Inc. (2)66Software646,Term Loan (11.62% cash (Libor + 9.95%; Floor66~ 6Y66 6 ~ 6 W6 6 6~ 6W67777(7 10.45%), 4.08% ETP, Due 10/1/20)77777 7 7 7 7 777888848,Term Loan (11.62% cash (Libor + 9.95%; Floor88~ 8>88 8 ~ 8 j=8 8 8~ 8j=89999'910.45%), 3.55% ETP, Due 2/1/21)99999 9 9 9 9 999: SIGNiX, Inc.::Software:/:'Term Loan (12.67% cash (Libor + 11.00%;::~ :"!:: : ~ : : : :~ ::;;;; ;Floor<<<<'<11.50%), 5.33% ETP, Due 2/1/20)<<<<< < < < < <<<%=SilkRoad Technology, Inc. (2)==Software=/='Term Loan (12.02% cash (Libor + 10.35%;==~ =zi== = ~ = "h= = =~ ="h=>>>> >Floor????/?'10.85%; Ceiling 12.85%), 5.00% ETP, Due????? ? ? ? ? ???DlShL`bwj)> @ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]@@@@@6/1/20)AWeblinc Corporation (2)AASoftwareA/A'Term Loan (11.92% cash (Libor + 10.25%;AA~ A.AA A ~ A *.A A A~ A*.ABBBB BFloorCCCC'C11.25%), 3.00% ETP, Due 3/1/21)CCCCC C C C C CCCD xAd, Inc. (2)DDSoftwareD4D,Term Loan (10.37% cash (Libor + 8.70%; FloorDD~ D"NDD D ~ D LD D D~ DLDEEEE(E 10.00%), 4.75% ETP, Due 11/1/21)EEEEE E E E E EEEFFFF4F,Term Loan (10.37% cash (Libor + 8.70%; FloorFF~ F"NFF F ~ F LF F F~ FLFGGGG(G 10.00%), 4.75% ETP, Due 11/1/21)GGGGG G G G G GGGHHHH4H,Term Loan (10.37% cash (Libor + 8.70%; FloorHH~ H.HH H ~ H -H H H~ H-HIIII(I 10.00%), 4.75% ETP, Due 11/1/21)IIIII I I I I IIIJJJJ4J,Term Loan (10.37% cash (Libor + 8.70%; FloorJJ~ JBJJ J ~ J J J J~ JJKKKK(K 10.00%), 4.75% ETP, Due 11/1/21)KKKKK K K K K KKK.L&Total Non-Affiliate Debt Investments ?LLLLL L ~ L .xL L L~ LqLM Technology3N+Non-Affiliate Debt Investments ? HealthcareNN N N N N NNN+O#information and services ? 9.1% (8)%PHealthEdge Software, Inc. (2)PPSoftwareP-P%Term Loan (9.92% cash (Libor + 8.25%;PP~ P"NPP P ~ P KP P P~ PKPQQQQ,Q$Floor 9.25%), 3.00% ETP, Due 7/1/22)QQQQQ Q Q Q Q QQQRRRR-R%Term Loan (9.92% cash (Libor + 8.25%;RR~ R:RR R ~ R 9R R R~ R9RSSSS,S$Floor 9.25%), 3.00% ETP, Due 1/1/23)SSSSS S S S S SSSTTTT-T%Term Loan (9.99% cash (Libor + 8.25%;TT~ T:TT T ~ T 9T T T~ T9TUUUU,U$Floor 9.25%), 3.00% ETP, Due 4/1/23)UUUUU U U U U UUU.V&Total Non-Affiliate Debt Investments ?VVVV V ~ V bV V V~ VbV+W#Healthcare information and services-X%Total Non- Affiliate Debt InvestmentsXXXXXXX X ~ X o X X X~ Xg XYZ$[____________________________1\)Created by Morningstar Document Research.0](http://documentresearch.morningstar.com/@Ddyfz|= $4zKnbV.=PF0*8X> @]]\\[[XXWWVVOONNMMLL    l  KʕԺ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 0.} $ } y#} $ } m)} $ } $}  $ } U} $ K                                 'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands)Cost of   Fair  Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Investments (6)    Value (13) 0 (Non-Affiliate Warrant Investments ? 6.9%        ~ - %Non-Affiliate Warrants ? Life Science          ? 1.8% (8)ACT Biotech Corporation Biotechnology( 604,038 Preferred Stock Warrants~     ? ( Alpine Immune Sciences, Inc. (5) Biotechnology#4,634 Common Stock Warrants~     ? 'Argos Therapeutics, Inc. (2)(5) Biotechnology#3,656 Common Stock Warrants~     ? Celsion Corporation (5) Biotechnology!408 Common Stock Warrants~ >    ? .&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~   ~  f "Strongbridge U.S. Inc. (5) Biotechnology%160,714 Common Stock Warrants~ "  ~   )!Sunesis Pharmaceuticals, Inc. (5) Biotechnology#2,050 Common Stock Warrants~     ? $vTv Therapeutics Inc. (2)(5) Biotechnology$95,293 Common Stock Warrants~   ~  2 *"Titan Pharmaceuticals, Inc. (2)(5) Drug Delivery%320,612 Common Stock Warrants~ ~  ~  N 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 %Mederi Therapeutics, Inc. (2)Medical Device( 248,736 Preferred Stock Warrants~ j    ? Mitralign, Inc. (2)Medical Device$64,190 Common Stock Warrants~   ~   Dlui]_Q1F_.D ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? # NinePoint Medical, Inc. (2)  Medical Device ' 29,102 Preferred Stock Warrants  ~    ~   !OraMetrix, Inc. (2)!!Medical Device!(! 812,348 Preferred Stock Warrants!!~ !:!! !  ! ?! %"ReShape Lifesciences Inc. (5)""Medical Device"!"134 Common Stock Warrants""~ "n"" "  " ?"  #Tryton Medical, Inc. (2)##Medical Device#(# 122,362 Preferred Stock Warrants##~ #>## # ~ # 6# $VERO Biotech LLC (2)$$Medical Device$%$800,000 Common Stock Warrants$$~ $$$ $ ~ $ $ % ViOptix, Inc.%%Medical Device%(% 375,763 Preferred Stock Warrants%%~ %6%% %  % ?% 3&+Total Non-Affiliate Warrants ? Life Science&&&&~ &j&& & ~ & %& -'%Non-Affiliate Warrants ? Technology ?''''' ' ' ' (4.5% (8))Ekahau, Inc. (2)))Communications)() 978,261 Preferred Stock Warrants))~ ))) ) ~ ) b) !*Intelepeer Holdings, Inc.**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--~ --- - ~ -  - .Le Tote, Inc. (2).%.Consumer-related Technologies.(. 202,974 Preferred Stock Warrants..~ ... . ~ . . '/Rhapsody International Inc. (2)/%/Consumer-related Technologies/%/852,273 Common Stock Warrants//~ /// /  / ?/ 0SavingStar, Inc. (2)0%0Consumer-related Technologies0(0 850,439 Preferred Stock Warrants00~ 000 0 ~ 0 0 1IgnitionOne, Inc. (2)11Internet and Media1(1 262,910 Preferred Stock Warrants11~ 1~ 11 1 ~ 1 b 1 !2Jump Ramp Games, Inc. (2)22Internet and Media2(2 159,766 Preferred Stock Warrants22~ 222 2 ~ 2 2 3Kixeye, Inc. (2)33Internet and Media3(3 791,251 Preferred Stock Warrants33~ 3.33 3 ~ 3 63 &4Rocket Lawyer Incorporated (2)44Internet and Media4(4 261,721 Preferred Stock Warrants44~ 4r44 4 ~ 4 ~4 '5The NanoSteel Company, Inc. (2)55 Materials5(5 379,360 Preferred Stock Warrants55~ 555 5 ~ 5 "5 %6Powerhouse Dynamics, Inc. (2)66Power Management6(6 348,838 Preferred Stock Warrants66~ 666 6 ~ 6 6 &7Avalanche Technology, Inc. (2)77Semiconductors7(7 202,602 Preferred Stock Warrants77~ 777 7 ~ 7 7 8eASIC Corporation (2)88Semiconductors8'840,445 Preferred Stock Warrants88~ 8f88 8 ~ 8 v8 9Kaminario, Inc.99Semiconductors9*9"1,087,203 Preferred Stock Warrants99~ 999 9 ~ 9 9 :Luxtera, Inc.(2)::Semiconductors:*:"3,546,553 Preferred Stock Warrants::~ :V:: : ~ : : ;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>>~ >:>> > ~ > > $?Education Elements, Inc. (2)??Software?(? 238,121 Preferred Stock Warrants??~ ?r?? ? ~ ? v? Dl8Uor^+IYq;[@ A B C D E F G H I J "@Lotame Solutions, Inc. (2)@@Software@(@ 288,115 Preferred Stock Warrants@@~ @Z@@ @ ~ @ r@ AMetricly, Inc.AASoftwareA$A41,569 Common Stock WarrantsAA~ AAA A  A ?A BRiv Data Corp. (2)BBSoftwareB(B 321,428 Preferred Stock WarrantsBB~ B2BB B ~ B B CShopKeep.com, Inc. (2)CCSoftwareC(C 193,962 Preferred Stock WarrantsCC~ CCC C ~ C C D SIGNiX, Inc.DDSoftwareD(D 133,560 Preferred Stock WarrantsDD~ DDD D ~ D D E Skyword, Inc.EESoftwareE(E 301,056 Preferred Stock WarrantsEE~ EEE E ~ E E FG$H____________________________1I)Created by Morningstar Document Research.0J(http://documentresearch.morningstar.com/Ms=PF0*8X> @rJJ II HH ((''&&       l  V  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } <(} $ } y#} $ } 2} $ } U}  $ } $} $ } U} $ V     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (13)  SpringCM, Inc. (2)  Software * "2,385,686 Preferred Stock Warrants      ~    ~ "  Sys-Tech Solutions, Inc.  Software (  375,000 Preferred Stock Warrants      ~    ~   Visage 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  ~  v<  ~ Z_1)Non-Affiliate Warrants ? Cleantech ? 0.1%     ~ Renmatix, Inc.Alternative Energy'53,022 Preferred Stock Warrants  ~     ?Tigo Energy, Inc. (2)Energy Efficiency( 804,604 Preferred Stock Warrants  ~    ~ 0(Total Non-Affiliate Warrants ? Cleantech  ~    ~ 7/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  ~    ~ R$Recondo Technology, Inc. (2)Software( 556,796 Preferred Stock Warrants  ~  ~  ~ N1)Total Non-Affiliate Warrants ? Healthcare  ~  .  ~ V D+lui]sd]||bM2 !"#$%&'()*+,-./0123456789:;<=>? information and services$!Total Non-Affiliate Warrants!!!!!!! ! ~ ! a! ! !~ !b!"""""""""" " " " " """.#&Non-Affiliate Other Investments ? 5.7%####### # # # # ###~ $$%Espero Pharmaceuticals, Inc.%% Biotechnology%%Royalty Agreement%%%%% % ~ % R% % %~ %rI%& ZetrOZ, Inc.&&Medical Device&&Royalty Agreement&&&&& & ~ & & & &~ & &'Vette Technology, LLC'' Data Storage'''Royalty Agreement Due 4/18/2019''''' ' ~ ' A' ' '~ ''#(Triple Double Holdings, LLC((Software((License Agreement((((( ( ~ ( b"( ( (~ (b"(-)%Total Non-Affiliate Other Investments))))))) ) ~ ) ) ) )~ )Rx)********** * * * * ***'+Non-Affiliate Equity ? 0.8% (8)+++++++ + + + + +++,Insmed Incorporated (5),, Biotechnology,,33,208 Common Stock,,,,, , ~ , , , ,~ , ,%-Revance Therapeutics, Inc.(5)-- Biotechnology--5,125 Common Stock----- - ~ - &- - -~ -z-).!Sunesis Pharmaceuticals, Inc. (5).. Biotechnology..13,082 Common Stock..... . ~ . N. . .~ ../SnagAJob.com, Inc./%/Consumer-related Technologies//82,974 Common Stock///// / ~ / &/ / /~ /N/0TruSignal, Inc.00Software0032,637 Common Stock00000 0 ~ 0 0 0 0~ 00"1Total Non-Affiliate Equity111111111 1 ~ 1 1 1 1~ 1102(Total Non-Affiliate Portfolio Investment2222222 ~ 2 J 2 2 ~ 2" 23Assets4444444444 4 4 4 4 444(5 Affiliate Investments ? 5.3% (8)5555555 5 5 5 5 555/6'Affiliate Debt Investments ? Technology66666 6 6 6 6 6667 ? 4.6% (8)8Decisyon, Inc.88Software818)Term Loan (13.978% cash (Libor + 12.308%;8~ 888 ~ 8 8 8 ~ 889999 9Floor::::':12.50%), 8.00% ETP, Due 4/1/20)::::: : : : : :::;;;;1;)Term Loan (13.978% cash (Libor + 12.308%;;;~ ; ;; ; ~ ; . ; ; ;~ ; ;<<<< <Floor===='=12.50%), 8.00% ETP, Due 4/1/20)===== = = = = ===>>>>->%Term Loan (12.02% cash , Due 4/15/19)>>~ >>> > ~ > > > >~ >>????-?%Term Loan (12.03% cash , Due 4/15/19)??~ ??? ? ~ ? ? ? ?~ ??D\l@ABCDEFGHIJKLMNOPQRSTU@@@@-@%Term Loan (12.24% cash , Due 4/15/19)@@~ @ @@ @ ~ @  @ @ @~ @F @"AStereoVision Imaging, Inc.AASoftwareA2A*Term Loan (8.61% PIK (Libor + 7.03%; FloorAA~ A2AA A ~ A +A A A~ A*ABBBB+B#8.50%), 8.50% ETP, Due 9/1/21) (12)BBBBB B B B B BBB5C-Total Affiliate Debt Investments ? TechnologyCCCCC C ~ C 6cC C C~ C^_CDDDDDDDDDD D D D D DDD.E&Affiliate Warrants ? Technology ? 0.0%EEEEE E E E E EEE~ FGDecisyon, Inc.GGSoftwareG$G82,967 Common Stock WarrantsGGGGG G ~ G G G G G?G-H%Total Affiliate Warrants ? TechnologyHHHHHH H ~ H H H H H?HIIIIIIIIII I I I I III0J(Affiliate Equity ? Technology ? 0.7% (8)JJJJJJJ J J J J JJJKDecisyon, Inc.KKSoftwareKK45,365,936 Common StockKKKKK K ~ K K K K~ K.K"LStereoVision Imaging, Inc.LLSoftwareLL1,943,572 Common StockLLLLL L ~ L ^ L L L~ L^ LMTotal Affiliate EquityMMMMMMMMM M ~ M BM M M~ M M,N$Total Affiliate Portfolio InvestmentNNNNN ~ N .sN N ~ NlNOAssets5P-Total Portfolio Investment Assets ? 157.8%(8)PPPPP ~ P v P P ~ P PQR$S____________________________1T)Created by Morningstar Document Research.0U(http://documentresearch.morningstar.com/0 /c/q|=PF0*8X> @b,UUTTSSPPPP PPOONNNN NNJJHHFFEECC8888 88776655332222 22++))$$##!!     l  Y'TFZ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } m)} $ } y#} $ } U5} $ }  }  $ } } $ }  } $ Y     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) 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% (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)     3+Term Loan (8.85% cash (Libor + 7.45%; Floor~ .  ~  *.  ~ *.Dlui] ! !"#$%&'()*+,-./0123456789:;<=>?    & 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%;..~ ... . ~ . . . .~ ..//// /Floor0000(0 12.00%), 6.00% ETP, Due 12/1/17)00000 0 0 0 0 000#1NinePoint Medical, Inc. (2)11Medical Device141,Term Loan (10.12% cash (Libor + 8.75%; Floor11~ 1)11 1 ~ 1 V)1 1 1~ 1V)12222&29.25%), 4.50% ETP, Due 3/1/19)22222 2 2 2 2 222333343,Term Loan (10.12% cash (Libor + 8.75%; Floor33~ 333 3 ~ 3 3 3 3~ 334444&49.25%), 4.50% ETP, Due 3/1/19)44444 4 4 4 4 4445VERO Biotech LLC (2)55Medical Device535+Term Loan (9.33% cash (Libor + 8.00%; Floor55~ 5>55 5 ~ 5 *=5 5 5~ 5*=56666&69.25%), 5.00% ETP, Due 1/1/22)66666 6 6 6 6 666777737+Term Loan (9.33% cash (Libor + 8.00%; Floor77~ 7>77 7 ~ 7 z=7 7 7~ 7z=78888&89.25%), 5.00% ETP, Due 1/1/22)88888 8 8 8 8 888.9&Total Non-Affiliate Debt Investments ?99999 9 ~ 9 ڊ9 9 9~ 99: 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)>>>>> > > > > >>>????4?,Term Loan (11.39% cash (Libor + 9.95%; Floor??~ ?>?? ? ~ ? ^=? ? ?~ ?^=?Dwl/36L#3 .@ABCDEFGHIJKLMNOPQRSTUVWX@@@@'@11.25%), 2.50% ETP, Due 7/1/21)@@@@@ @ @ @ @ @@@AAAA4A,Term Loan (11.39% cash (Libor + 9.95%; FloorAA~ A>AA A ~ A ^=A A A~ A^=ABBBB'B11.25%), 2.50% ETP, Due 7/1/21)BBBBB B B B B BBBCPebblePost, Inc. (2)CCCommunicationsC4C,Term Loan (10.63% cash (Libor + 9.26%; FloorCC~ C>CC C ~ C <C C C~ C<CDDDD'D10.25%), 4.00% ETP, Due 7/1/21)DDDDD D D D D DDDEEEE4E,Term Loan (10.63% cash (Libor + 9.26%; FloorEE~ E>EE E ~ E v=E E E~ Ev=EFFFF'F10.25%), 4.00% ETP, Due 7/1/21)FFFFF F F F F FFFGLe Tote, Inc. (2)G%GConsumer-related TechnologiesG4G,Term Loan (11.02% cash (Libor + 9.65%; FloorGG~ G>GG G ~ G =G G G~ G=GHHHH'H10.15%), 5.00% ETP, Due 3/1/20)HHHHH H H H H HHHIIII4I,Term Loan (11.02% cash (Libor + 9.65%; FloorII~ I.II I ~ I f.I I I~ If.IJJJJ'J10.15%), 5.00% ETP, Due 3/1/20)JJJJJ J J J J JJJKSavingStar, Inc. (2)K%KConsumer-related TechnologiesK/K'Term Loan (11.77% cash (Libor + 10.40%;KK~ K!KK K ~ K r!K K K~ Kr!KLLLL LFloorMMMM'M10.90%), 4.25% ETP, Due 6/1/20)MMMMM M M M M MMMNNNN/N'Term Loan (11.77% cash (Libor + 10.40%;NN~ NNN N ~ N N N N~ NNOOOO OFloorPPPP(P 10.90%), 3.80% ETP, Due 11/1/20)PPPPP P P P P PPPQIgnitionOne, Inc. (2)QQInternet and MediaQ/Q'Term Loan (11.60% cash (Libor + 10.23%;QQ~ Q.QQ Q ~ Q B,Q Q Q~ QB,QRRRR RFloorSSSS'S10.23%), 2.00% ETP, Due 4/1/22)SSSSS S S S S SSSTU$V____________________________1W)Created by Morningstar Document Research.0X(http://documentresearch.morningstar.com/6-, !#8 !#8[pdX0=PF0*8X> @XXWWVV<<;;::99         l  \zg  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } *} $ } a} $ } U5} $ }  }  $ } } $ }  } $ \     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) 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)     Dlui]bw~=RY- '3 !"#$%&'()*+,-./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 UUUVVVV4V,Term Loan (10.07% cash (Libor + 8.70%; FloorVV~ V"NVV V ~ V ~LV V V~ V~LVWX$Y____________________________1Z)Created by Morningstar Document Research.0[(http://documentresearch.morningstar.com/<9avX$`=PF0*8X> @J [[ZZYY    l  Sf:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 0.} $ } y#} $ } U5} $ }  }  $ } } $ }  } $ S     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) Principal  Cost of   Fair Portfolio Company (1)(3)  Sector (  Type of Investment (4)(7)(9)(10)  Amount   Investments (6)    Value (14)     (  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  ~  ?   ~ ;      0(Non-Affiliate Warrant Investments ? 6.7%     ~ -%Non-Affiliate Warrants ? Life Science      ? 1.6% (8)ACT Biotech Corporation Biotechnology( 604,038 Preferred Stock Warrants  ~     ?Dlui]]."+;Ru !"#$%&'()*+,-./0123456789:;<=>?(  Alpine Immune Sciences, Inc. (5)   Biotechnology # 4,634 Common Stock Warrants      ~     ? '!Argos Therapeutics, Inc. (2)(5)!! Biotechnology!$!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?738+Total Non-Affiliate Warrants ? Life Science888888 8 ~ 8 8 8 8~ 8!8-9%Non-Affiliate Warrants ? Technology ?99999 9 9 9 9 999:4.6% (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>>>>> > ~ > > > >~ >~>?Gwynnie Bee, Inc. (2)?%?Consumer-related Technologies?(? 268,591 Preferred Stock Warrants????? ? ~ ? ? ? ?~ ? ?D#lwiU=( zbR?)9xdV=+@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~ BBCIgnitionOne, Inc. (2)CCInternet and MediaC(C 262,910 Preferred Stock WarrantsCCCCC C ~ C  C C C~ Cr C!DJump Ramp Games, Inc. (2)DDInternet and MediaD(D 159,766 Preferred Stock WarrantsDDDDD D ~ D ~D D D~ D~DEKixeye, 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 nF F F~ FnF'GThe NanoSteel Company, Inc. (2)GG MaterialsG(G 379,360 Preferred Stock WarrantsGGGGG G ~ G G G G~ GG'HNanocomp Technologies, Inc. (2)HH NetworkingH*H"1,440,489 Preferred Stock WarrantsHHHHH H ~ H H H H H?H%IPowerhouse Dynamics, Inc. (2)IIPower ManagementI(I 290,698 Preferred Stock WarrantsIIIII I ~ I rI I I~ IjI&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~ KrKLKaminario, Inc.LLSemiconductorsL*L"1,087,203 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/*hgU5Y=PF0*8X> @RRQQPP::9988    l  a"$[B*ZZ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } <(} $ } y#} $ } 1} $ } U}  $ } $} $ } U} $ a     'Horizon Technology Finance Corp 10-Q 05/01/2018(Dollars in thousands) 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`1)Non-Affiliate Warrants ? Cleantech ? 0.1%     ~ Renmatix, Inc.Alternative Energy'53,022 Preferred Stock Warrants  ~     ?Tigo Energy, Inc. (2)Energy Efficiency( 804,604 Preferred Stock Warrants  ~    ~ Dylui]phZF43)9+ !"#$%&'()*+,-./0123456789:;<=>?0 (Total Non-Affiliate Warrants ? Cleantech        ~    ~  7!/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 >?AssetsDl U2&"V|p_MSi@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@@@@@@@@@ @ @ @ @ @@@(A Affiliate Investments ? 2.6% (8)AAAAAAA A A A A AAA/B'Affiliate Debt Investments ? TechnologyBBBBB 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 IIIJJJJ1J)Term Loan (12.02% PIK , Due 4/15/19) (13)JJ~ JJJ J ~ J J J J~ JJKKKK1K)Term Loan (12.03% PIK , Due 4/15/19) (13)KK~ KKK K ~ K K K K~ KKLLLL1L)Term Loan (12.24% PIK , Due 4/15/19) (13)LL~ L LL L ~ L  L L L~ L* L5M-Total Affiliate Debt Investments ? TechnologyMMMMM M ~ M ^7M M M~ M4MNNNNNNNNNN N N N N NNNOOOOOOOOOO O O O O OOO.P&Affiliate Warrants ? Technology ? 0.0%PPPPPP P P P P PPP~ QRDecisyon, Inc.RRSoftwareR$R82,967 Common Stock WarrantsRRRRR R ~ R R R R R?R-S%Total Affiliate Warrants ? TechnologySSSSSSS S ~ S S S S S?STTTTTTTTTT T T T T TTT0U(Affiliate Equity ? Technology ? 0.1% (8)UUUUUUU U U U U UUUVDecisyon, Inc.VVSoftwareVV45,365,936 Common StockVVVVV V ~ V V V V~ VVWTotal Affiliate EquityWWWWWWWWW W ~ W W W W~ WW,X$Total Affiliate Portfolio InvestmentXXXXXX ~ X :X X ~ X6XYAssetsZZZZZZZZZZ Z Z Z Z ZZZ5[-Total Portfolio Investment Assets ? 164.4%(8)[[[[ ~ [  [ [ ~ [N [\]$^____________________________1_)Created by Morningstar Document Research.Dl4`Yns2GLQV#8lnbV`0`(http://documentresearch.morningstar.com/H=PF0*8X> @b,``__^^[[[[ [[YYXXXX XXUUSSQQPPMMDDDD DDCCBBAA??>>>> >>775500//--,,++""!!     l  l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 0} $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp 10-Q 05/01/2018Note 4. InvestmentsMarch 31, 2018  December 31, 2017   Cost    Fair Value   Cost    Fair Value       (In thousands)      Investments                 Debt ~ J   ~ *   ~ .w   ~ Fp   Warrants  ~ bb   ~ b   ~ `   ~    Other~ ~ Rx  ~    ~ RxEquity~ 2~ .  ~     ~ Total investments~ v ~   ~     ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0u xl`50T{=PF0*8X> @          l  &+I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } *} $ }  } $ }  }  $ } } $ }  } $ &     'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial StatementsMarch 31, 2018  December 31, 2017   Cost    Fair Value   Cost    Fair Value       (In thousands)      Life Science                  Biotechnology ~ <  ~ O  ~ L  ~ b   Drug Delivery  ~ V   ~ &   ~ l   ~ 2k Medical Device~ Y~ X  ~  G  ~ F Technology     Communications~ 6~ r5  ~  5  ~ 4Consumer-Related~ B~ O  ~  ~  ~ j Data Storage~ A~   ~   B  ~ Internet and Media~ i~  i  ~  bm  ~ Nm Materials~ ~ *  ~    ~  Networking ? ?  ~      ?Power Management~ ~ ~  ~    ~ Semiconductors~ <~ B  ~  ;  ~ BSoftware~ ~ r  ~  R  ~  Cleantech     Alternative Energy~  ?  ~     ?Energy Efficiency~ ~   ~    ~ +#Healthcare Information and Services      Diagnostics~ N~    ~  N  ~   Other~ j~   ~  j  ~ Software~ ~    ~  &  ~ 6DlmaUI.Lv 2Nl$ !"#$% Total investments ~ v   ~    ~    ~ N  !"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/dK?3 =PF0*8X> @%%$$##            l  ʣ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } a} $ } $} $ }  }  $ } } $ } $} $ }  } $ }  } $ }  } $ } $} $ } $} $ !!!!!!!!!! ! ! ! ! !!!!!!!!!'Horizon Technology Finance Corp 10-Q 05/01/20186.Note 5. Transactions with affiliated companies)!Three months ended March 31, 2018                            Portfolio   Fair value at    Purchases   Sales   Transfers   Discount  Net    Fair value at    Net realized   Interest  Company   December 31,          in/(out) at    accretion   unrealized   March 31, 2018    gain/(loss)   income  ~           fair value      gain/(loss)   (In thousands) Decisyon, Inc.~ 6 $?  $?   $?~ ~ ~ z6 $?~  StereoVision, Inc. ?~ 8   ?    ? ?~ Z~ n6 ? ? Total Affiliates~ 6~ 8  $?   $?~ ~  ~ l $?~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0 i]QEOfznb:=PF0*8X> @:'                      l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $ } U} $ } a/} $ } !} $ } } $ } I } $ #     'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial StatementsMarch 31, 2018   Fair   Valuation Techniques/   Unobservable    Weighted  Investment Type  Value    Methodologies  Input  Range  Average / '(Dollars in thousands, except per share data) Debt investments ~    - %Discounted Expected Future Cash Flows ! Hypothetical Market Yield   10% ? 25%  ~ 6 %     ~ jLiquidation ScenarioProbability Weighting   100%  ~   %     Warrant investments~ t%Black-Scholes Valuation ModelPrice Per Share  $0.00 ? $22.38   ףp= @#Average Industry Volatility   20%  ~  R %Marketability Discount   20%  ~  R %Estimated Time to Exit   1 to 5 years   3 years     ~  Expected SettlementPrice Per Share  MbP?  MbP?     Other investments~ Rx/'Multiple Probability Weighted Cash Flow Discount Rate   18% ? 25%  ~  N % ModelProbability Weighting   0% ? 100%  ~   %     Equity investments~ zLast Equity FinancingPrice Per Share   $0.00 ? $1.26  q= ףp?!Total Level 3 investments~ z      DlmaUI/feTP0`C<Zg !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @z""!!          l  $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $ }  } $ } a/} $ } !} $ } } $ } I } $ $     'Horizon Technology Finance Corp 10-Q 05/01/20182*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%  ~ 6 %     ~ R-Liquidation Scenario Discount Rate   18%  ~  J %Marketability Discount   20%  ~  R %Uncertainty Discount   20%  ~  R %     Warrant investments~ .s%Black-Scholes Valuation ModelPrice Per Share  $0.00 ? $22.38  Q @#Average Industry Volatility   20%  ~  R %Marketability Discount   20%  ~  R %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%  ~  N % ModelProbability Weighting   0% ? 100%  ~   %     Equity investments~ Last Equity FinancingPrice Per Share   $0.00 ? $1.26  HzG?!Total Level 3 investments~ _      DlmaUI,cbQMjmaZ,x !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/ <=PF0*8X> @z##""!!         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $      'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial StatementsMarch 31, 2018   Total   Level 1   Level 2   Level 3    (In thousands)  Debt investments ~ *    $?   $?  ~ *   Warrant investments ~ b   $?  ~   ~ t  Other investments ~ Rx   $?   $?  ~ Rx Equity investments~ .~    $?  ~ z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|maUI UcA5)=PF0*8X> @               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $      'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial StatementsDecember 31, 2017   Total   Level 1   Level 2   Level 3    (In thousands)  Debt investments ~ Fp    $?   $?  ~ Fp   Warrant investments ~     $?  ~   ~ 6s  Other investments ~ Rx   $?   $?  ~ Rx Equity investments~ ~    $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|maUIR`>2&=PF0*8X> @               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $4} $ }  } $ } U}  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial Statements)!Three Months Ended March 31, 2018   Debt   Warrant   Equity   Other   Total     Investments    Investments    Investments    Investments   (In thousands) + #Level 3 assets, beginning of period ~ Fp   ~ 6s  ~   ~ Rx  ~ _   Purchase of investments  ~ ʅ    ?    ?    ?   ~ ʅ 3+Warrants and equity received and classified ?~   ~  ^    ?~  as Level 32*Principal payments received on investments~  ?    ?  ~ ~ 2 )!Proceeds from sale of investments~  ?    ?   ?~ ( Net realized loss on investments~ ~     ?   ?~ .&Unrealized (depreciation) appreciation~ ~   ~  :  ~ b~ included in earnings Other~ n ?    ?   ?~ n%Level 3 assets, end of period~ * ~ t ~  z  ~ Rx~ z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<maUIa#6a5 &=PF0*8X> @              l  d,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $4} $ }  } $ } U}  $ } $} $ } U} $ }  } $      'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial Statements)!Three Months Ended March 31, 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 ?~ b     ?   ?~ b  as Level 32*Principal payments received on investments~  ?    ?  ~ ~ )!Proceeds from sale of investments ?~     ?   ?~ /'Net realized (loss) gain on investments~ S~ 2     ?   ?~ `.&Unrealized appreciation (depreciation)~ ~     ?  ~ V~ included in earnings/'Transfer from debt to other investments~ 2 ?    ?  ~ R ? Other~  ?    ?   ?~ %Level 3 assets, end of period~ " ~ a ~  2  ~ 2\~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0maUIa#6[0=PF0*8X> @              l  A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 05/01/2018Note 7. BorrowingsMarch 31, 2018  December 31, 2017   Total   Balance   Unused   Total   Balance   Unused     Commitment    Outstanding    Commitment    Commitment    Outstanding    Commitment         (In thousands)         Key Facility ~ b  ~ B  ~ "B  ~ b  ~ B  ~ "B   2022 Notes  ~ G   ~ G    ?   ~ G   ~ G    ? ( Total before debt issuance costs~ ^~ >  ~  "B  ~ ^~ >~ "B4,Unamortized debt issuance costs attributable ?~     ?   ?~  ?to term borrowings)!Total borrowings outstanding, net~ ^~  ~  "B  ~ ^~ ~ "B$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 yman=PF0*8X> @                   l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $ }  } $ } $} $                            'Horizon Technology Finance Corp 10-Q 05/01/20182*Notes to Consolidated Financial StatementsMarch 31, 2018    Principal    Fair Value of    Balance   Unfunded        Commitment        Liability   (In thousands) Aerin Medical, Inc.~ "N~ VERO Biotech LLC~ B~ R!HealthEdge Software, Inc.~ 2u~ .!Intelepeer Holdings, Inc.~ .~ PebblePost, Inc.~ >~ "StereoVision Imaging, Inc.~  ? Total~ _~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8maUI JQfTK=PF0*8X> @z        l  4uf  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } y } $ }  } $ } <} $ }  }  $ } } $ }  } $ } $} $ 4     'Horizon Technology Finance Corp 10-Q 05/01/2018Note 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)) !Three Months Ended March 31, 2018                  3/1/185/17/186/15/18?   $?   ? $?3/1/184/19/185/15/18?    ?   ? ?3/1/183/19/184/17/18?  ~    ~ ~ 6333333? ~    ~ ~ 6     $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?  ~    ~ ~ :3/3/174/21/175/16/17?  ~    ~ ~ >3/3/173/20/174/18/17?  ~    ~ ~ JDlui]d|@aC&  !"#$%&'()*+,-./0123       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-.......\(\?.. ~ . v. . .~ .~c..~ .2./0$1____________________________12)Created by Morningstar Document Research.03(http://documentresearch.morningstar.com/,?|"lO2=PF0*8X> @"$332211.... .."""" ""!!               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)Note 10 DistributionsNote 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $ } } $ } a} $                   'Horizon Technology Finance Corp 10-Q 05/01/2018Note 10. DistributionsEx-Dividend Date Record Date Payment DateDistributions Declared August 16, 2018  August 17, 2018  September 14, 2018  ?   July 18, 2018   July 19, 2018  August 15, 2018  ?   June 18, 2018   June 19, 2018   July 17, 2018  ?   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@ui]*=PF0*8X> @:    l  +ް  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)Note 10 DistributionsNote 10 Distributions (1)!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $4} $ } } } $ } }  +                                 'Horizon Technology Finance Corp 10-Q 05/01/2018%Note 11. Financial highlights$Three Months Ended March 31,  ~   ~    1 )(In thousands, except share and per share    data) Per share data:        . &Net asset value at beginning of period  q= ףp'@   Gz.(@ Net investment incomeQ?(\?$Realized loss on investments{GzGz.&Unrealized (depreciation) appreciation{Gz ףp= ?on investments1)Net increase in net assets resulting fromq= ףp?{Gz? operations"Distributions declared (1)333333ӿ333333ӿ"From net investment income333333ӿ333333ӿ-%From net realized gain on investments ? ?Return of capital ? ?( Net asset value at end of periodL'@Q8(@3+Per share market value, beginning of periodq= ףp&@(\%@-%Per share market value, end of periodHz$@(\B&@0(Total return based on a market value (2) %!@ %+#Shares outstanding at end of period~ ]~ Ծ%Ratios to average net assets:'Expenses without incentive feesffffff$@ % (3)333333"@ % (3)Incentive fees? % (3)333333? % (3)DlznbV Y0/pV {i^7 ! " # $ % & ' ( ) *   Net expenses   '@ % (3)   $@ % (3)1!)Net investment income with incentive fees!!!#@ !% (3)!!!ffffff#@ !% (3)+"#Net assets at the end of the period"~ "1""~ ""#Average net asset value#~ #28##~ #Ҁ#$Average debt per share$$(\ @$$$zG@$ %Portfolio turnover ratio%%%333333@ %%%%%,@ %%&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/rLg=PF0*8X> @**))(($$$$####""""       l  0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 0} $ } $} $ }  }  $ } } $} $ } $} $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 05/01/20185-Portfolio composition and investment activityMarch 31, 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)         Term loans  ~   ~ *     fffffV@ %  ~   ~ Fp     33333V@ %Warrants~ ~ b   @  ~ "~  ~ Other investments~ ~ Rx    @  ~ ~ Rx @Equity~ ~ .   ?  ~ ~ ffffff? Total~    ~    % ~ N ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 j^RFQW=PF0*8X> @                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 2} $ }  } $ }  } $                                 'Horizon Technology Finance Corp 10-Q 05/01/20185-Portfolio composition and investment activity"For the Three Months Ended    March 31,  ~   ~     (In thousands)  Beginning portfolio ~ N   ~ N   New debt investments  ~    ~  ( Less refinanced debt investments~ F ? Net new debt investments~ ʅ~ 2*Principal payments received on investments~ v~ 6FEarly pay-offs~ ~ V)!Accretion of debt investment fees~ ~  New debt investment fees~ V~  New equity~ ^  ?)!Proceeds from sale of investments~ ~ ( Net realized loss on investments~ ~ V2*Net unrealized (depreciation) appreciation~ ~ on investmentsEnding portfolio~  ~ J $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B Xj^RFw9J3hL@4 =PF0*8X> @b        l  !4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)Debt investment asset quality!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } *} $ }  } $ } U} $} $ } } $ } U} $ !     'Horizon Technology Finance Corp 10-Q 05/01/20185-Portfolio composition and investment activityMarch 31, 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~ 333333@ % ~    @ % Drug Delivery~ ?  ~  j  333333 @Medical Device~ fEL3@  ~  65  333331@ Technology     Communications~ 1333333$@  ~  v1  333333#@Consumer-Related~ b;~    ~    333333@Internet and Media~ v[~ R  ~  _  3@ Materials~  ffffff@  ~    ffffff@Power Management~ ?  ~  J  333333?Semiconductors~ 4333333?  ~  F4  ?Software~ 7L;@  ~  K  :@+#Healthcare Information and Services     Software~ b@  ~    @ Total~ * ~  % ~  Fp   ~  %$____________________________1)Created by Morningstar Document Research.Dlj^RF_Cp &:Pl} 0 (http://documentresearch.morningstar.com/H=PF0*8X> @              l  -  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)Note 10 DistributionsNote 10 Distributions (1)Note 11 Financial highlights!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } m} $ } } $ }  }  $ } } $} $ } } $ }  } $ } U} $      'Horizon Technology Finance Corp 10-Q 05/01/2018%Debt investment asset qualityMarch 31, 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                        ~ ~ ~ I   %@  % ~ ~ 6$ffffff"@ %~ ~ ^~ .   ~  :  ~ f~  fffffU@~  ~ ~ ^N   333333&@  ~ ~ Xffffff@~  ? ?    ?  ~ ~ R-ffffff? Total~ ~ *   ~    % ~ ~ Fp ~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4znbVd&vjB=PF0*8X> @                l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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 qualityCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } 2} $ }  } $ }  } $                             'Horizon Technology Finance Corp 10-Q 05/01/2018*"Consolidated results of operations"For the Three Months Ended    March 31,   ~   ~     (In thousands)  Total investment income ~ p  ~ l  Total expenses  ~ =   ~ .8 Net investment income~ *2~ 4( Net realized loss on investments~ ~ V2*Net unrealized (depreciation) appreciation~ ~ on investments1)Net increase in net assets resulting from~ (~ 9 operations/'Average debt investments, at fair value~ 0 ~ * &Average borrowings outstanding~ >~ @$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:ui]Qv8K6l=PF0*8X> @       l  5  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operati!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $      'Horizon Technology Finance Corp 10-Q 05/01/2018Current borrowingsMarch 31, 2018  December 31, 2017   Total   Balance   Unused   Total   Balance   Unused     Commitment    Outstanding    Commitment    Commitment    Outstanding    Commitment         (In thousands)         Key Facility ~ b  ~ B  ~ "B  ~ b  ~ B  ~ "B   2022 Notes  ~ G   ~ G    ?   ~ G   ~ G    ? ( Total before debt issuance costs~ ^~ >  ~  "B  ~ ^~ >~ "B4,Unamortized debt issuance costs attributable ?~     ?   ?~  ?to term borrowings)!Total borrowings outstanding, net~ ^~  ~  "B  ~ ^~ ~ "B$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 yman=PF0*8X> @                   l  E  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $ }  } $ }  }  $ } } $ } $} $ } $} $      'Horizon Technology Finance Corp 10-Q 05/01/2018B: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 ~ >   $?  ~ Z  ~    $?  Unfunded commitments  ~ _   ~    ~ ]    ?    ?  Total~ 1~  ~  +  ~  $?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|]QE9?-F:.=PF0*8X> @              l  nU  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $}  $                        'Horizon Technology Finance Corp 10-Q 05/01/2018JBItem 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 ~ bZ  ~   ~ >  Up 200 basis points ~ <  ~ b  ~ 6*  Up 100 basis points ~   ~ 2   ~  Down 300 basis points~ ~  ~   Down 200 basis points~ ~  ~   Down 100 basis points~ ~  ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0UI=14YMA=PF0*8X> @                l  %gi  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } } $ } : %     'Horizon Technology Finance Corp 10-Q 05/01/2018 EXHIBIT INDEX Exhibit No. Description 10.1* / 'Amendment No. 2 to Amended and Restated  2 *Loan Agreement, dated as of April 6, 2018,  8 0by and among Horizon Credit II LLC, as borrower,  0 (State Bank and Trust Company, as lender,  3 +MUFG Union Bank N.A., as lender and KeyBank.&National Association, as lender and asarranger and agent 31.1*1)Certifications by Chief Executive Officer0(pursuant to Exchange Act Rule 13a-14(a),1)as adopted pursuant to Section 302 of the.&Sarbanes-Oxley Act of 2002, as amended 31.2*1)Certifications by Chief Financial Officer0(pursuant to Exchange Act Rule 13a-14(a),1)as adopted pursuant to Section 302 of the.&Sarbanes-Oxley Act of 2002, as amended 32.1*4,Certification of the Chief Executive Officer6.pursuant to 18 U.S.C. Section 1350, as adopted5-pursuant to Section 906 of the Sarbanes-OxleyAct of 2002, as amended 32.2*4,Certification of the Chief Financial Officer6.pursuant to 18 U.S.C. Section 1350, as adopted5-pursuant to Section 906 of the Sarbanes-OxleyAct of 2002, as amendedD1 l~rf,:U4L`- !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##"" l  -t  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } a/}       'Horizon Technology Finance Corp 10-Q 05/01/2018.&(as of Amendment No. 2 Effective Date)Lender Commitment$ KeyBank National Association~  / 'State Bank and Trust Company (successor~ . &by merger to AloStar Bank of Commerce) MUFG Union Bank, N.A.~ '   All Lenders~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,)|qeYM%|M5=PF0*8X> @ l  {  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $ } } } $      'Horizon Technology Finance Corp 10-Q 05/01/2018.&(as of Amendment No. 2 Effective Date)HORIZON CREDIT II LLC          By:     Name:    Title: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hqeYML =PF0*8X> @" l  o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (3) as of Amendment No 2 Effec (4)U } $ } } } $      'Horizon Technology Finance Corp 10-Q 05/01/2018.&(as of Amendment No. 2 Effective Date).&KEYBANK NATIONAL ASSOCIATION, as Agent          By:     Name:    Title: 1)KEYBANK NATIONAL ASSOCIATION, as a Lender By: Name:Title:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<qeYMp;u(`*=PF0*8X> @* l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (4)U } $ } } } $      'Horizon Technology Finance Corp 10-Q 05/01/2018.&(as of Amendment No. 2 Effective Date)2*State Bank and Trust Company , as a Lender          By:     Name:    Title: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*$hqeYMl7=PF0*8X> @" l  S  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??+ Form 10Q!HORIZON TECHNOLOGY FINANCE CORP!HORIZON TECHNOLOGY FINANCE (1)!Statements of Changes in Net As!Dollars in thousands except shaIncome Statement!Dollars in thousands except (1) Cash FlowsDollars in thousandsDollars in thousands (1)Dollars in thousands (2)Dollars in thousands (3)Dollars in thousands (4)Dollars in thousands (5)Dollars in thousands (6)Dollars in thousands (7)Note 4 Investments!Notes to Consolidated Financial!Note 5 Transactions with affili!Notes to Consolidated Finan (1)!Notes to Consolidated Finan (2)!Notes to Consolidated Finan (3)!Notes to Consolidated Finan (4)!Notes to Consolidated Finan (5)!Notes to Consolidated Finan (6)Note 7 Borrowings!Notes to Consolidated Finan (7)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!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Item 3 Quantitative and Qualita EXHIBIT INDEX!as of Amendment No 2 Effective  as of Amendment No 2 Effec (1) as of Amendment No 2 Effec (2) as of Amendment No 2 Effec (3)U } $ } } } $      'Horizon Technology Finance Corp 10-Q 05/01/2018.&(as of Amendment No. 2 Effective Date)*"MUFG UNION BANK, N.A., as a Lender          By:     Name:    Title: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hqeYMt? =PF0*8X> @" Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~