0001487428 Horizon Technology Finance Corp false --12-31 Q1 2023 724,162 721,248 0 0 724,162 721,248 0.001 0.001 1,000,000 1,000,000 0 0 0 0 0.001 0.001 100,000,000 100,000,000 28,544,822 27,920,838 28,377,357 27,753,373 221.1 212.8 95.7 25.8 83.2 8.1 8.0 2.1 0.2 5.1 0.6 0.4 0.9 0.3 0.3 222.4 226.1 215.5 99.7 26.3 81.4 8.1 9.4 3.1 0.6 5.1 0.6 0.4 0.8 226.1 0 0 0 2019 2020 2021 0 0 1.1 0.4 176.8 5.57 23.2 100.0 23 May 18, 2023 June 14, 2023 April 18, 2023 May 16, 2023 March 17, 2023 April 14, 2023 February 17, 2023 March 15, 2023 January 18, 2023 February 15, 2023 December 19, 2022 January 13, 2023 November 17, 2022 December 15, 2022 November 17, 2022 December 15, 2022 October 18, 2022 November 15, 2022 September 19, 2022 October 14, 2022 August 18, 2022 September 15, 2022 July 19, 2022 August 16, 2022 June 17, 2022 July 15, 2022 May 18, 2022 June 15, 2022 April 19, 2022 May 16, 2022 March 18, 2022 April 14, 2022 Weighted average is calculated by multiplying (a) the unobservable input for each investment in the investment type by (b) (1) the fair value of the related investment in the investment type divided by (2) the total fair value of the investment type. Annualized. Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year. Includes the impact of the different share amounts as a result of calculating per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. The issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of common stock in the Company’s continuous public offering and pursuant to the Company’s distribution reinvestment plan. The issuance of common stock at an offering price, net of sales commissions and dealer manager fees, that is greater than the net asset value per share results in an increase in net asset value per share. The total return equals the change in the ending market value over the beginning of period price per share plus distributions paid per share during the period, divided by the beginning price. 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Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


Form 10-Q


 

(Mark One)

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

  

FOR THE QUARTERLY PERIOD ENDED March 31, 2023

  

OR

  

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

 

FOR THE TRANSITION PERIOD FROM _____TO

 

COMMISSION FILE NUMBER: 814-00802

 


HORIZON TECHNOLOGY FINANCE CORPORATION

(Exact name of registrant as specified in its charter)


 

Delaware

 

27-2114934

(State or other jurisdiction of incorporation or organization)

 

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

312 Farmington Avenue

  

Farmington, CT

 

06032

(Address of principal executive offices)

 

(Zip Code)

 

(860) 6768654

(Registrants telephone number, including area code)

 


 

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

 

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

 

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

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

   

 

  

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

 

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

 

The number of shares of the registrant’s common stock traded under the symbol “HRZN” on the Nasdaq Global Select Market, $0.001 par value per share, outstanding as of May 2, 2023 was 28,656,554.

 

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

 

Title of each class

 

Ticker symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

HRZN

 

The Nasdaq Stock Market LLC

4.875% Notes due 2026

 

HTFB

 

The New York Stock Exchange

6.25% Notes due 2027

 

HTFC

 

The New York Stock Exchange

 



 

 

 

 

HORIZON TECHNOLOGY FINANCE CORPORATION

 

FORM 10Q

TABLE OF CONTENTS

   

Page

PART I

Item 1

Consolidated Financial Statements.

3

     
 

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

3

 

Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (unaudited)

4

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2023 and 2022 (unaudited)

5

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)

6

 

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

7

 

Notes to the Consolidated Financial Statements (unaudited)

21

Item 2.

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

44

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

59

Item 4.

Controls and Procedures

60

     
PART II

Item 1.

Legal Proceedings

60

Item 1A.

Risk Factors

60

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3.

Defaults Upon Senior Securities

61

Item 4.

Mine Safety Disclosures

61

Item 5.

Other Information

61

Item 6.

Exhibits

61

 

Signatures

62

EX‑31.1         

   

EX‑31.2         

   

EX‑32.1         

   

EX‑32.2         

   
 

 

2

 

 

PART I: FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Horizon Technology Finance Corporation and Subsidiaries

 

Consolidated Statements of Assets and Liabilities

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

 

  

March 31,

  

December 31,

 
  

2023

  

2022

 
  

(Unaudited)

     

Assets

        

Non-affiliate investments at fair value (cost of $724,162 and $721,248, respectively)

 $714,466  $720,026 

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

  846    

Total investments at fair value (cost of $724,162 and $721,248, respectively) (Note 4)

  715,312   720,026 

Cash

  19,844   20,612 

Investments in money market funds

  23,698   7,066 

Restricted investments in money market funds

  2,987   2,788 

Interest receivable

  13,843   13,573 

Other assets

  2,554   2,761 

Total assets

 $778,238  $766,826 
         

Liabilities

        

Borrowings (Note 7)

 $439,645  $434,078 

Distributions payable

  9,365   9,159 

Base management fee payable (Note 3)

  1,059   1,065 

Incentive fee payable (Note 3)

  2,978   1,392 

Other accrued expenses

  3,508   2,684 

Total liabilities

  456,555   448,378 
         

Commitments and contingencies (Notes 3 and 8)

          
         

Net assets

        

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

      

Common stock, par value $0.001 per share, 100,000,000 shares authorized, 28,544,822 and 27,920,838 shares issued and 28,377,357 and 27,753,373 shares outstanding as of March 31, 2023 and December 31, 2022, respectively

  30   29 

Paid-in capital in excess of par

  393,312   385,921 

Distributable earnings (loss)

  (71,659)  (67,502)

Total net assets

  321,683   318,448 

Total liabilities and net assets

 $778,238  $766,826 

Net asset value per common share

 $11.34  $11.47 

 

See Notes to Consolidated Financial Statements

 

 

3

Horizon Technology Finance Corporation and Subsidiaries
 

 

Consolidated Statements of Operations (Unaudited)

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

 

  

For the Three Months Ended

 
  

March 31,

 
  

2023

  

2022

 

Investment income

        

Interest income on non-affiliate investments

 $27,399  $13,853 

Fee income on non-affiliate investments

  638   351 

Total investment income

  28,037   14,204 

Expenses

        

Interest expense

  7,120   3,424 

Base management fee (Note 3)

  3,201   2,244 

Performance based incentive fee (Note 3)

  2,978   1,424 

Administrative fee (Note 3)

  440   362 

Professional fees

  658   577 

General and administrative

  445   344 

Total expenses

  14,842   8,375 

Net investment income before excise tax

  13,195   5,829 

Provision for excise tax

  184   100 

Net investment income

  13,011   5,729 

Net realized and unrealized loss

        

Net realized (loss) gain on non-affiliate investments

  (168)  30 

Net realized (loss) gain on investments

  (168)  30 

Net unrealized depreciation on non-affiliate investments

  (8,383)  (2,287)

Net unrealized appreciation on non-controlled affiliate investments

  846    

Net unrealized appreciation on controlled affiliate investments

     50 

Net unrealized depreciation on investments

  (7,537)  (2,237)

Net realized and unrealized loss

  (7,705)  (2,207)

Net increase in net assets resulting from operations

 $5,306  $3,522 

Net investment income per common share

 $0.46  $0.26 

Net increase in net assets resulting from operations per common share

 $0.19  $0.16 

Distributions declared per share

 $0.33  $0.30 

Weighted average shares outstanding

  28,227,100   21,904,160 

 

See Notes to Consolidated Financial Statements

 

4

Horizon Technology Finance Corporation and Subsidiaries
 

 

Consolidated Statements of Changes in Net Assets (Unaudited)

(Dollars in thousands, except share data)

 

          

Paid-In Capital

         
  

Common Stock

  

in Excess of

  

Distributable

  

Total Net

 
  

Shares

  

Amount

  

Par

  

Earnings

  

Assets

 

Balance at December 31, 2021

  21,217,460  $22  $301,359   (56,046) $245,335 

Issuance of common stock, net of offering costs

  2,750,171   3   38,184      38,187 

Net increase in net assets resulting from operations, net of excise tax:

                    

Net investment income, net of excise tax

           5,729   5,729 

Net realized gain on investments

           30   30 

Net unrealized depreciation on investments

           (2,237)  (2,237)

Issuance of common stock under dividend reinvestment plan

  9,506      145      145 

Distributions declared

           (7,200)  (7,200)

Balance at March 31, 2022

  23,977,137   25   339,688   (59,724)  279,989 
                     

Balance at December 31, 2022

  27,753,373   29   385,921   (67,502)  318,448 

Issuance of common stock, net of offering costs

  605,848   1   7,173      7,174 

Net increase in net assets resulting from operations, net of excise tax:

                    

Net investment income, net of excise tax

           13,011   13,011 

Net realized loss on investments

           (168)  (168)

Net unrealized depreciation on investments

           (7,537)  (7,537)

Issuance of common stock under dividend reinvestment plan

  18,136      218      218 

Distributions declared

           (9,463)  (9,463)

Balance at March 31, 2023

  28,377,357  $30  $393,312  $(71,659) $321,683 

 

See Notes to Consolidated Financial Statements

 

5

Horizon Technology Finance Corporation and Subsidiaries
 

 

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

 

  

For the three months ended March 31,

 
  

2023

  

2022

 

Cash flows from operating activities:

        

Net increase in net assets resulting from operations

 $5,306  $3,522 

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:

        

Amortization of debt issuance costs

  478   336 

Net realized loss (gain) on investments

  168   (30)

Net unrealized depreciation on investments

  7,537   2,237 

Purchase of investments

  (47,008)  (94,485)

Principal payments received on investments

  39,756   14,145 

Payment-in-kind interest on investments

  (1,204)   

Proceeds from sale of investments

  6,520