0001487428 Horizon Technology Finance Corp false --12-31 FY 2022 721,248 452,387 0 1,450 721,248 453,837 0.001 0.001 1,000,000 1,000,000 0 0 0 0 0.001 0.001 100,000,000 100,000,000 27,920,838 21,384,925 27,753,373 21,217,460 226.1 215.5 99.7 26.3 81.4 8.1 9.4 3.1 0.6 5.1 0.6 0.4 0.8 226.1 2.2 0.9 186.7 178.3 77.3 October 1, 2024 April 1, 2022 April 1, 2022 January 1, 2024 18.8 77.2 5.0 8.2 8.2 1.0 0.4 6.2 0.6 0.1 0.1 0.0 0.0 186.7 3.2 0.6 5.8 0 0 2019 2020 2021 0 0 0 February 17, 2023 March 15, 2023 January 18, 2023 February 15, 2023 December 19, 2022 January 13, 2023 November 17, 2022 December 15, 2022 November 17, 2022 December 15, 2022 October 18, 2022 November 15, 2022 September 19, 2022 October 14, 2022 August 18, 2022 September 15, 2022 July 19, 2022 August 16, 2022 June 17, 2022 July 15, 2022 May 18, 2022 June 15, 2022 April 19, 2022 May 16, 2022 March 18, 2022 April 14, 2022 February 18, 2022 March 16, 2022 January 19, 2022 February 16, 2022 December 17, 2021 January 14, 2022 November 18, 2021 December 15, 2021 November 18, 2021 December 15, 2021 October 19, 2021 November 16, 2021 September 17, 2021 October 15, 2021 August 18, 2021 September 15, 2021 July 20, 2021 August 16, 2021 June 17, 2021 July 16, 2021 May 18, 2021 June 16, 2021 April 20, 2021 May 14, 2021 March 18, 2021 April 16, 2021 Total amount of senior securities outstanding at the end of the period presented. Weighted average is calculated by multiplying (a) the unobservable input for each investment in the investment type by (b) (1) the fair value of the related investment in the investment type divided by (2) the total fair value of the investment type. The amount which the holder of such class of senior security would be entitled upon the voluntary liquidation of the applicable issuer in preference to any security junior to it. The “ — ” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of securities. Calculated by dividing the lesser of purchases or the sum of (1) principal prepayments and (2) maturities by the monthly average debt investment balance Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year. Includes the impact of the different share amounts as a result of calculating per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. The issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of common stock in the Company’s continuous public offering and pursuant to the Company’s distribution reinvestment plan. The issuance of common stock at an offering price, net of sales commissions and dealer manager fees, that is greater than the net asset value per share results in an increase in net asset value per share. Asset coverage per unit is the ratio of the original cost less accumulated depreciation, amortization or impairment of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. As of December 31, 2021 the Company no longer owns 5% or more of the portfolio company. Calculated by dividing net debt investment purchases by the monthly average debt investment balance. The total return equals the change in the ending market value over the beginning of period price per share plus distributions paid per share during the period, divided by the beginning price. During the years ended December 31, 2019 and 2018, the Advisor waived $1.8 million and $1.2 million, respectively, of incentive fee. 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Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

 

(Mark One)

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

 

FOR THE FISCAL YEAR ENDED December 31, 2022

OR

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

 

FOR THE TRANSITION PERIOD FROM TO

 

COMMISSION FILE NUMBER: 814-00802

HORIZON TECHNOLOGY FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

 

  

Delaware

27-2114934

(State or other jurisdiction of
incorporation or organization)

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

312 Farmington Avenue,

 

Farmington, CT

06032

(Address of principal executive offices)

(Zip Code)

 

Registrants telephone number, including area code (860) 6768654

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

 

Title of each class

 

Ticker symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

HRZN

 

The Nasdaq Stock Market LLC

4.875% Notes due 2026

6.25% Notes due 2027

 

HTFB

HTFC

 

The New York Stock Exchange

The New York Stock Exchange

 

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

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒.

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

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

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

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer

Smaller Reporting Company

Emerging Growth Company

 

 

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of common stock held by non-affiliates of the Registrant on June 30, 2022 based on the closing price on that date of $11.54 on the Nasdaq Global Select Market was $282.3 million. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates. There were 28,320,399 shares of the Registrant’s common stock outstanding as of February 27, 2023.

Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10‑K are incorporated by reference into Part III of this Annual Report on Form 10‑K.



 

 

 

HORIZON TECHNOLOGY FINANCE CORPORATION

 

FORM 10K

FOR THE YEAR ENDED December 31, 2022

 

TABLE OF CONTENTS

 

   

Page

PART I

Item 1.

Business

4

Item 1A.

Risk Factors

26

Item 1B.

Unresolved Staff Comments

62

Item 2.

Properties

62

Item 3.

Legal Proceedings

62

Item 4.

Mine Safety Disclosures

62

     

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

63

Item 6.

[Reserved]

67

Item 7.

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

68

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

85

Item 8.

Consolidated Financial Statements and Supplementary Data

86

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

133

Item 9A.

Controls and Procedures

133

Item 9B.

Other Information

134

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

134

     

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

134

Item 11.

Executive Compensation

134

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

134

Item 13.

Certain Relationships and Related Transactions, and Director Independence

134

Item 14.

Principal Accounting Fees and Services

134

     

PART IV

Item 15.

Exhibits, Financial Statement Schedules

135

 

Signatures

139

 

 

2

 

 

PART I

 

In this annual report on Form 10K, except where the context suggests otherwise, the terms:

 

 

“we,” “us,” “our,” “the Company” and “Horizon Technology Finance” refer to Horizon Technology Finance Corporation, a Delaware corporation, and its consolidated subsidiaries;

 

 

The “Advisor” and the “Administrator” refer to Horizon Technology Finance Management LLC, a Delaware limited liability company;

 

 

“Credit II” refers to Horizon Credit II LLC, a Delaware limited liability company, which is a special purpose bankruptcy remote entity and our direct subsidiary;

 

 

“HSLFI” refers to Horizon Secured Loan Fund I, a joint venture formed with Arena Sunset SPV, LLC, or “Arena”. On April 21, 2020, the Company purchased all of the limited liability company interests of Arena in HSLFI, including, without limitation, undistributed amounts owed to Arena and interest accrued and unpaid on the debt investments of HSLFI through the date of purchase. As of April 21, 2020, HSLFI and its subsidiary are consolidated by the Company;

 

 

“HFI” refers to Horizon Funding I, LLC, a Delaware limited liability company, which is a special purpose bankruptcy remote entity and a wholly-owned subsidiary of HSLFI, our wholly-owned subsidiary;

 

 

“Key” refers to KeyBank National Association and “Key Facility” refers to the revolving credit facility with Key;

 

 

“NYL Noteholders” refers to several entities owned or affiliated with New York Life Insurance Company and “NYL Facility” refers to the credit facility where the notes are issued to the NYL Noteholders;

 

 

“Credit Facilities” refers to collectively the Key Facility and the NYL Facility;

 

 

“2022 Notes” refers to the $37.4 million aggregate principal amount of our 6.25% unsecured notes due 2022, which were issued by us in September and October 2017 and redeemed by us on April 24, 2021;

 

 

“2026 Notes” refers to the $57.5 million aggregate principal amount of our 4.875% unsecured notes due 2026, which were issued by us in March 2021;

 

 

“2027 Notes” (collectively with the 2026 Notes, "Debt Securities") refers to the $57.5 million aggregate principal amount of our 6.25% unsecured notes due 2027, which were issued by us on June 15, 2022 and July 11, 2022;

 

 

“2019‑1 Securitization” refers to the $160.0 million securitization of secured loans we completed on August 13, 2019;

 

 

“2019 Asset-Backed Notes” refers to $100.0 million in aggregate principal amount of fixed rate asset-backed notes that were issued in conjunction with the 2019‑1 Securitization;

 

 

The “2019‑1 Trust” refers to Horizon Funding Trust 2019‑1, a Delaware trust;

 

 

“2022‑1 Securitization” refers to the $157.8 million securitization of secured loans we completed on November 9, 2022; 

 

 

"2022 Asset-Backed Notes" (collectively with the 2019 Asset-Backed Notes, the “Asset-Backed Notes”) refers to $100.00 million in aggregate principal amount of fixed rate asset-backed notes that were issued in conjunction with the 2022-1 Securitization; and

 

 

The “2022‑1 Trust” refers to Horizon Funding Trust 2022‑1, a Delaware trust.

 

Some of the statements in this annual report on Form 10K constitute forward-looking statements which apply to both us and our consolidated subsidiaries and relate to future events, future performance or financial condition. The forward-looking statements involve risks and uncertainties for both us and our consolidated subsidiaries and actual results could differ materially from those projected in the forward-looking statements for any reason, including those factors described in Item 1A.Risk Factors and elsewhere in this annual report on Form 10K.

 

3

 

Item 1.         Business

 

General

 

We are a specialty finance company that lends to and invests in development-stage companies in the technology, life science, healthcare information and services and sustainability industries, which we refer to as our “Target Industries.” Our investment objective is to maximize our investment portfolio’s total return by generating current income from the debt investments we make and capital appreciation from the warrants we receive when making such debt investments. We are focused on making secured debt investments, which we refer to as “Venture Loans,” to venture capital and private equity backed companies and publicly traded companies in our Target Industries, which we refer to as “Venture Lending.” Our debt investments are typically secured by first liens or first liens behind a secured revolving line of credit, or collectively, “Senior Term Loans.” Some of our debt investments may also be subordinated to term debt provided by third parties. Venture Lending is typically characterized by (1) the making of a secured debt investment after a venture capital or equity investment in the portfolio company has been made, which investment provides a source of cash to fund the portfolio company’s debt service obligations under the Venture Loan, (2) the senior priority of the Venture Loan which requires repayment of the Venture Loan prior to the equity investors realizing a return on their capital, (3) the amortization of the Venture Loan and (4) the lender’s receipt of warrants or other success fees with the making of the Venture Loan.

 

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As a BDC, we are required to comply with regulatory requirements, including limitations on our use of debt. We are permitted to, and expect to, finance our investments through borrowings subject to a 150% asset coverage agreement. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets a BDC holds, it may raise up to $200 from borrowing and issuing senior securities. The amount of leverage that we may employ will depend on our assessment of market conditions and other factors at the time of any proposed borrowing. As a RIC, we generally are not subject to pay corporate-level income taxes on our investment company taxable income, determined without regard to any deductions for dividends paid, and our net capital gain that we distribute as dividends for U.S. federal income tax purposes to our stockholders as long as we meet certain source-of-income, distribution, asset diversification and other requirements.

 

Compass Horizon Funding Company LLC, or Compass Horizon, our predecessor company, commenced operations in March 2008. We are a Delaware corporation organized in March 2010 for the purpose of acquiring Compass Horizon and continuing its business as a public entity.

 

From the commencement of operations of Compass Horizon on March 4, 2008 through December 31, 2022, we funded 248 portfolio companies and invested $2.2 billion in debt investments. As of December 31, 2022, our debt investment portfolio consisted of 60 debt investments with an aggregate fair value of $686.5 million. As of December 31, 2022, 90.2%, or $619.5 million, of our debt investment portfolio at fair value consisted of Senior Term Loans. As of December 31, 2022, 11.0%, or $75.7 million, of our total debt investment portfolio at fair value was held through our 2019‑1 Securitization. As of December 31, 2022, 22.0%, or $150.6 million, of our total debt investment portfolio at fair value was held through our 2022-1 Securitization. As of December 31, 2022, our net assets were $318.4 million, and all of our debt investments were secured by all or a portion of the tangible and intangible assets of the applicable portfolio company. The debt investments in our portfolio are generally not rated by any rating agency. If the individual debt investments in our portfolio were rated, they would be rated below “investment grade”. Debt investments that are unrated or rated below investment grade are sometimes referred to as “junk bonds” and have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

 

For the year ended December 31, 2022, our dollar-weighted annualized yield on average debt investments was 14.4%. We calculate the dollar-weighted yield on average debt investments for any period as (1) total investment income during the period divided by (2) the average of the fair value of debt investments outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The dollar-weighted annualized yield on average debt investments is higher than what investors will realize because it does not reflect our expenses or any sales load paid by investors.

 

For the year ended December 31, 2022, our investment portfolio had an overall total yield of 13.8%. We calculate the overall total yield for any period as (1) total investment income during the period divided by (2) the average of the fair value of investments outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The overall total yield is higher than what investors will realize because it does not reflect our expenses or any sales load paid by investors.

 

As of December 31, 2022, our debt investments had a dollar-weighted average term of 48.0 months from inception and a dollar-weighted average remaining term of 38.0 months. As of December 31, 2022, substantially all of our debt investments had an original committed principal amount of between $3 million and $45 million, repayment terms of between 15 and 60 months and bore current pay interest at annual interest rates of between 10% and 17%.

 

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For the year ended December 31, 2022, our total return based on market value was (19.3)%. Total return based on market value is calculated as (x) the sum of (i) the closing sales price of our common stock on the last day of the period plus (ii) the aggregate amount of distributions paid per share during the period, less (iii) the closing sales price of our common stock on the first day of the period, divided by (y) the closing sales price of our common stock on the first day of the period.

 

In addition to our debt investments, as of December 31, 2022, we held warrants to purchase stock, predominantly preferred stock, in 90 portfolio companies, equity positions in eight portfolio companies and success fee arrangements in seven portfolio companies.

 

Our investment activities, and our day-to-day operations, are managed by our Advisor and supervised by our board of directors, or the Board, of which a majority of the members are independent of our Advisor. Under an investment management agreement dated March 7, 2019, or the Investment Management Agreement, we have agreed to pay our Advisor a base management fee and an incentive fee for its advisory services to us. The Investment Management Agreement was considered and reapproved by our Board, including a majority of our independent directors, on October 28, 2022. We have also entered into an administration agreement, or the Administration Agreement, with our Advisor under which we have agreed to reimburse our Advisor for our allocable portion of overhead and other expenses incurred by our Advisor in performing its obligations under the Administration Agreement.

 

Our common stock began trading October 29, 2010 and is currently traded on the Nasdaq Global Select Market, or Nasdaq, under the symbol “HRZN”.

 

Information available

 

Our principal executive office is located at 312 Farmington Avenue, Farmington, Connecticut 06032, our telephone number is (860) 676‑8654, and our internet address is www.horizontechfinance.com. We make available, free of charge, on our website our annual report on Form 10‑K, quarterly reports on Form 10‑Q, current reports on Form 8‑K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission, or the SEC. Information contained on our website is not incorporated by reference into this annual report on Form 10‑K and you should not consider information contained on our website to be part of this annual report on Form 10‑K or any other report we file with the SEC.

 

The SEC also maintains a website that contains reports, proxy and information statements and other information we file with the SEC at www.sec.gov. Copies of these reports, proxy and information statements and other information may also be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.

 

Our advisor

 

Our investment activities are managed by our Advisor, and we expect to continue to benefit from our Advisor’s ability to identify attractive investment opportunities, conduct diligence on and value prospective investments, negotiate investments and manage our portfolio of investments. In addition to the experience gained from the years that they have worked together both at our Advisor and prior to the formation of our Advisor, the members of our investment team have broad lending backgrounds, with substantial experience at a variety of commercial finance companies, technology banks and private debt funds, and have developed a broad networ