hrzn20250331

0001437749-25-013547.txt : 20250429 0001437749-25-013547.hdr.sgml : 20250429 20250429163300 ACCESSION NUMBER: 0001437749-25-013547 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250429 DATE AS OF CHANGE: 20250429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Horizon Technology Finance Corp CENTRAL INDEX KEY: 0001487428 ORGANIZATION NAME: EIN: 272114934 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00802 FILM NUMBER: 25888325 BUSINESS ADDRESS: STREET 1: 312 FARMINGTON AVENUE CITY: FARMINGTON STATE: CT ZIP: 06032 BUSINESS PHONE: 860-676-8654 MAIL ADDRESS: STREET 1: 312 FARMINGTON AVENUE CITY: FARMINGTON STATE: CT ZIP: 06032 10-Q 1 hrzn20250331_10q.htm FORM 10-Q hrzn20250331_10q.htm

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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, 2025

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) 676‑8654

(Registrant’s 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 April 29, 2025 was 40,354,963.

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

Table of Contents

HORIZON TECHNOLOGY FINANCE CORPORATION

FORM 10‑Q

TABLE OF CONTENTS

		Page
PART I
Item 1	Consolidated Financial Statements.	3

	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	7
	Notes to the Consolidated Financial Statements (unaudited)	28
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	70
Item 4.	Controls and Procedures	71

PART II
Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72
Item 3.	Defaults Upon Senior Securities	72
Item 4.	Mine Safety Disclosures	72
Item 5.	Other Information	72
Item 6.	Exhibits	72
	Signatures	73
EX‑31.1
EX‑31.2
EX‑32.1
EX‑32.2

Table of Contents

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,*
	*2025*			*2024*
	(Unaudited)
Assets
Non-affiliate investments at fair value (cost of $715,151 and $694,503, respectively)	$	666,377		$	657,765
Non-controlled affiliate investments at fair value (cost of $27,493 and $27,491, respectively) (Note 5)		8,307			8,307
Controlled affiliate investments at fair value (cost of $47,948 and $44,780, respectively) (Note 5)		14,869			31,819
Total investments at fair value (cost of $790,592 and $766,774, respectively) (Note 4)		689,553			697,891
Cash		33,033			70,264
Investments in money market funds		40,968			27,266
Restricted investments in money market funds		3,463			3,338
Interest receivable		16,379			16,559
Other assets		6,196			6,515
Total assets	$	789,592		$	821,833

Liabilities
Borrowings (Note 7)	$	467,283		$	467,904
Distributions payable		13,310			13,159
Base management fee payable (Note 3)		1,033			1,045
Other accrued expenses		2,509			3,542
Total liabilities		484,135			485,650

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, 2025 and December 31, 2024		—			—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 40,499,427 and 40,043,312 shares issued and 40,331,962 and 39,875,847 shares outstanding as of March 31, 2025 and December 31, 2024, respectively		45			44
Paid-in capital in excess of par		522,285			518,200
Distributable loss		(216,873	)		(182,061	)
Total net assets		305,457			336,183
Total liabilities and net assets	$	789,592		$	821,833
Net asset value per common share	$	7.57		$	8.43

See Notes to Consolidated Financial Statements

Table of Contents

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,*
	*2025*			*2024*
Investment income
From non-affiliate investments:
Interest income	$	23,438		$	24,468
Payment-in-kind (“PIK”) interest income		77			1,216
Fee income		1,062			268
From controlled affiliate investments:
PIK interest income		208			166
Interest (reversal) income		(269	)		11
Total investment income		24,516			26,129
Expenses
Interest expense		8,681			8,161
Base management fee (Note 3)		3,180			3,162
Performance based incentive fee (Note 3)		—			295
Administrative fee (Note 3)		406			433
Professional fees		725			665
General and administrative		427			429
Total expenses		13,419			13,145
Net investment income before excise tax		11,097			12,984
Provision for excise tax		378			379
Net investment income		10,719			12,605
Net realized and unrealized loss
Net realized gain on non-affiliate investments		1			11
Net realized loss on non-controlled affiliate investments		—			(3	)
Net realized gain on investments		1			8
Net unrealized depreciation on non-affiliate investments		(12,037	)		(14,214	)
Net unrealized (depreciation) appreciation on non-controlled affiliate investments		(2	)		11,433
Net unrealized depreciation on controlled affiliate investments		(20,117	)		(1,179	)
Net unrealized depreciation on investments		(32,156	)		(3,960	)
Net realized and unrealized loss		(32,155	)		(3,952	)
Net (decrease) increase in net assets resulting from operations	$	(21,436	)	$	8,653
Net investment income per common share - basic	$	0.27		$	0.38
Net investment income per common share - diluted	$	0.27		$	0.38
Net (decrease) increase in net assets resulting from operations per common share - basic	$	(0.53	)	$	0.26
Net (decrease) increase in net assets resulting from operations per common share - diluted (1)	$	(0.53	)	$	0.26
Weighted average shares outstanding - basic		40,223,393			33,579,743
Weighted average shares outstanding - diluted		40,223,393			33,579,743
Distributions declared per share	$	0.33		$	0.38

(1)	For the three months ended March 31, 2025, the impact of the hypothetical conversion of 2031 Convertible Notes would have been antidilutive to net (decrease) increase in net assets resulting from operations per common share (Note 11).

See Notes to Consolidated Financial Statements

Table of Contents

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*		*Loss*			*Assets*
Balance at December 31, 2023		33,367,389	$	36	$	450,949		(127,004	)	$	323,981
Issuance of common stock, net of offering costs		1,053,796		1		11,971		—			11,972
Net increase in net assets resulting from operations, net of excise tax:
Net investment income, net of excise tax		—		—		—		12,605			12,605
Net realized gain on investments		—		—		—		8			8
Net unrealized depreciation on investments		—		—		—		(3,960	)		(3,960	)
Issuance of common stock under dividend reinvestment plan		48,693		—		619		—			619
Distributions declared		—		—		—		(13,104	)		(13,104	)
Balance at March 31, 2024		34,469,878		37		463,539		(131,455	)		332,121

Balance at December 31, 2024		39,875,847		44		518,200		(182,061	)		336,183
Issuance of common stock, net of offering costs		404,305		1		3,601		—			3,602
Net increase in net assets resulting from operations, net of excise tax:
Net investment income, net of excise tax		—		—		—		10,719			10,719
Net realized gain on investments		—		—		—		1			1
Net unrealized depreciation on investments		—		—		—		(32,156	)		(32,156	)
Issuance of common stock under dividend reinvestment plan		51,810		—		484		—			484
Distributions declared		—		—		—		(13,376	)		(13,376	)
Balance at March 31, 2025		40,331,962	$	45	$	522,285	$	(216,873	)	$	305,457

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

	*For the three months ended March 31,*
	*2025*			*2024*
Cash flows from operating activities:
Net (decrease) increase in net assets resulting from operations	$	(21,436	)	$	8,653
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Amortization of debt issuance costs		653			393
Net realized gain on investments		(1	)		(8	)
Net unrealized depreciation on investments		32,156			3,960
Purchase of investments		(73,689	)		(23,319	)
Principal payments received on investments		50,745			19,643
PIK interest on investments		(285	)		(1,382	)
Proceeds from sale of investments		1			41
Warrants received in settlement of fee income		(5	)		—
Changes in assets and liabilities:
Increase in interest receivable		(931	)		(1,695	)
Decrease (increase) in end-of-term payments		1,111			(958	)
Decrease in unearned income		(584	)		(952	)
Decrease in other assets		125			216
Decrease in other accrued expenses		(1,033	)		(852	)
(Decrease) increase in base management fee payable		(12	)		6
Increase in incentive fee payable		—			295
Net cash (used in) provided by operating activities		(13,185	)		4,041
Cash flows from financing activities:
Repayment of 2022 Asset-Backed Notes		(16,070	)		—
Proceeds from issuance of common stock, net of offering costs		3,602			11,972
Advances on Credit Facilities		15,000			—
Repayment of Credit Facilities		—			(10,000	)
Debt issuance costs		(10	)		(5	)
Distributions paid		(12,741	)		(10,397	)
Net cash used in financing activities		(10,219	)		(8,430	)
Net decrease in cash, cash equivalents and restricted cash		(23,404	)		(4,389	)
Cash, cash equivalents and restricted cash:
Beginning of period		100,868			75,722
End of period	$	77,464		$	71,333

Supplemental disclosure of cash flow information:
Cash paid for interest	$	7,962		$	7,565
Supplemental non-cash investing and financing activities:
Refinanced debt investment balances	$	28,750		$	11,250
Warrant investments received and recorded as unearned income	$	160		$	128
Distributions payable	$	13,310		$	13,099
End-of-term payments receivable	$	12,417		$	12,774
Non-cash income	$	2,009		$	4,103

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated statements of assets and liabilities to the total amount shown at the end of the applicable period in the consolidated statements of cash flows:

	*March 31,*
	*2025*		*2024*
Cash	$	33,033	$	46,921
Investments in money market funds		40,968		21,879
Restricted investments in money market funds		3,463		2,533
Total cash, cash equivalents and restricted cash	$	77,464	$	71,333

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
*Non-Affiliate Investments — 218.2% (8)*
*Non-Affiliate Debt Investments — 210.2% (8)*
*Non-Affiliate Debt Investments — Life Science — 93.1% (8)*
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		10,000		9,927		9,927
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		5,500		5,460		5,460
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		5,000		4,963		4,963
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		5,000		4,963		4,963
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.22	%	Prime		4.72	%		9.75	%		—		5.00	%	November 1, 2025		2,917		2,901		2,901
		Term Loan		12.22	%	Prime		4.72	%		9.75	%		—		5.00	%	May 1, 2026		5,000		4,981		4,981
Greenlight Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		13.25	%	Prime		5.75	%		9.00	%		—		3.00	%	July 1, 2025		667		652		652
		Term Loan		13.25	%	Prime		5.75	%		9.00	%		—		3.00	%	July 1, 2025		333		326		326
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		11.25	%	Prime		4.75	%		10.75	%		—		5.00	%	April 1, 2030		5,000		4,983		4,983
		Term Loan		11.25	%	Prime		4.75	%		10.75	%		—		5.00	%	April 1, 2030		5,000		4,983		4,983
		Term Loan		11.25	%	Prime		4.75	%		10.75	%		—		5.00	%	April 1, 2030		5,000		4,983		4,983
		Term Loan		11.25	%	Prime		3.75	%		10.75	%		—		5.00	%	April 1, 2030		5,000		4,983		4,983
Long Grove Pharmaceuticals, LLC (2)(12)	Biotechnology	Term Loan		8.32	% (11)	SOFR		4.00	%		6.00	%		—		—		February 27, 2031		10,037		9,814		9,814
Native Microbials, Inc (2)(12)	Biotechnology	Term Loan		12.75	%	Prime		5.25	%		8.50	%		—		5.00	%	November 1, 2026		2,500		2,490		2,490
		Term Loan		12.75	%	Prime		5.25	%		8.50	%		—		5.00	%	November 1, 2026		1,667		1,659		1,659
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Term Loan		13.25	%	Prime		5.75	%		9.75	%		—		3.75	%	September 1, 2026		7,500		7,472		7,472
		Term Loan		13.25	%	Prime		5.75	%		9.75	%		—		3.75	%	September 1, 2026		2,813		2,802		2,802
		Term Loan		13.25	%	Prime		5.75	%		9.75	%		—		3.75	%	September 1, 2026		2,813		2,802		2,802
Provivi, Inc. (2)(12)	Biotechnology	Term Loan		12.86	%	Prime		5.36	%		9.50	%		—		4.30	%	January 1, 2027		3,482		3,426		2,965
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—		4.30	%	January 1, 2027		3,482		3,426		2,965
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		1,741		1,710		1,480
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		1,741		1,710		1,480
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		1,741		1,708		1,480
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		1,741		1,708		1,480
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Term Loan		13.00	%	Prime		5.50	%		8.75	%		—		6.00	%	October 1, 2025		1,417		1,400		1,400
		Term Loan		13.00	%	Prime		5.50	%		8.75	%		—		6.00	%	October 1, 2025		708		700		700
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		12.25	%	Prime		4.25	%		12.25	%		—		14.00	%	August 1, 2027		2,500		2,475		2,356
		Term Loan		12.25	%	Prime		4.25	%		12.25	%		—		14.00	%	August 1, 2027		2,500		2,475		2,356
Aerobiotix, LLC (2)(12)	Medical Device	Term Loan		9.00	%	Fixed		—			—			—		18.00	%	April 1, 2028		2,500		2,482		1,816
		Term Loan		9.00	%	Fixed		—			—			—		18.00	%	April 1, 2028		2,500		2,482		1,816
		Term Loan		9.00	%	Fixed		—			—			—		18.00	%	April 1, 2028		200		192		140

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Ceribell, Inc. (2)(5)(12)	Medical Device	Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		5,000		4,823		4,823
		Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		5,000		4,944		4,944
		Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		4,000		3,955		3,955
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Term Loan		12.32	%	Prime		4.82	%		9.25	%		—		10.36	%	July 1, 2025		2,897		2,888		2,888
		Term Loan		12.32	%	Prime		4.82	%		9.25	%		—		10.36	%	July 1, 2025		2,897		2,888		2,888
Infobionic, Inc. (2)(12)	Medical Device	Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,924		4,924
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,924		4,924
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,924		4,924
MicroTransponder, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		3.50	%	January 1, 2029		3,750		3,702		3,702
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		3.50	%	January 1, 2029		3,750		3,702		3,702
MML US, Inc. (2)(12)	Medical Device	Term Loan		10.50	% (11)	Prime		3.00	%		10.00	%		—		3.00	%	March 1, 2030		2,507		2,282		2,282
		Term Loan		10.50	% (11)	Prime		3.00	%		10.00	%		—		3.00	%	March 1, 2030		2,507		2,482		2,482
		Term Loan		10.50	% (11)	Prime		3.00	%		10.00	%		—		3.00	%	March 1, 2030		5,013		4,964		4,964
		Term Loan		10.50	% (11)	Prime		3.00	%		10.00	%		—		3.00	%	March 1, 2030		5,013		4,964		4,964
Onkos Surgical, Inc. (2)(12)	Medical Device	Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		10,000		9,825		9,825
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		10,000		9,852		9,852
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		5,000		4,926		4,926
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		5,000		4,926		4,926
Scientia Vascular, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,738		3,738
		Term Loan		12.25	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,738		3,738
		Term Loan		12.75	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,969		4,969
		Term Loan		12.75	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,947		4,947
Sonex Health, Inc. (2)(12)	Medical Device	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,482		2,482
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,482		2,482
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,965		4,965
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,965		4,965
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,716		3,716
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,716		3,716
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,716		3,716
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,716		3,716
Spineology, Inc. (2)(12)	Medical Device	Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		5,000		4,920		4,920
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,182		4,182
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,182		4,182
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		2,500		2,460		2,460

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Vero Biotech, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		15,000		14,752		14,752
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		10,000		9,834		9,834
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		5,000		4,916		4,916
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		2,500		2,458		2,458
Total Non-Affiliate Debt Investments — Life Science																						287,787		284,327
*Non-Affiliate Debt Investments — Sustainability — 21.3% (8)*
Pivot Bio, Inc.(2)(12)	Energy Efficiency	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		4.00	%	February 1, 2029		5,000		4,745		4,745
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		4.00	%	February 1, 2029		5,000		4,954		4,954
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(14)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,125		3,102		3,102
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,125		3,102		3,102
Soli Organic, Inc. (2)(12)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		5,000		4,941		4,528
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		2,500		2,471		2,264
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		5,000		4,941		4,528
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		2,500		2,470		2,264
		Term Loan		13.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		5,000		4,939		4,526
		Term Loan		13.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		2,500		2,469		2,263
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,710		3,710
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,710		3,710
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		7,500		7,415		7,415
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,708		3,708
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,708		3,708
		Term Loan		13.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1, 2029		4,500		4,457		4,457
		Term Loan		13.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1, 2029		2,000		1,981		1,981
Total Non-Affiliate Debt Investments — Sustainability																						66,823		64,965

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
*Non-Affiliate Debt Investments — Technology — 61.5% (8)*
Havenly, Inc. (2)(12)	Consumer-related Technologies	Term Loan		12.50	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		1,778		1,437		1,437
		Term Loan		12.50	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		2,667		2,277		2,277
		Term Loan		11.00	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
		Term Loan		11.00	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
Lyrical Foods, Inc. (2)(12)	Consumer-related Technologies	Term Loan		11.00	% (11)	Prime		3.50	%		9.00	%		—		5.00	%	July 1, 2028		2,679		2,769		2,418
NextCar Holding Company, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		6,204		5,375		1,258
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		2,482		2,687		630
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,102		2,150		504
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,722		2,687		630
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,102		3,225		756
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,102		2,687		630
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		6,204		5,375		1,259
		Term Loan		13.25	% (11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,102		2,686		629
Optoro, Inc. (2)(12)	Consumer-related Technologies	Term Loan		13.75	%	Prime		6.25	%		9.50	%		—		4.00	%	August 1, 2027		2,500		2,456		2,456
		Term Loan		13.75	%	Prime		6.25	%		9.50	%		—		4.00	%	July 1, 2028		1,875		1,811		1,811
Standvast Holdings, LLC (2)(12)(13)	Consumer-related Technologies	Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	June 1, 2028		2,500		2,343		—
		Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	June 1, 2028		2,500		2,430		—
		Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	November 1, 2028		2,500		2,421		—
Unagi, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		15.25	% (11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		1,470		1,086		—
		Term Loan		15.25	% (11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		735		543		—
		Term Loan		15.25	% (11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		735		543		—
Fictiv, Inc. (2)(12)	Networking	Term Loan		11.00	%	Prime		3.50	%		10.00	%		—		4.00	%	April 1, 2029		5,000		4,709		4,709
		Term Loan		11.00	%	Prime		3.50	%		10.00	%		—		4.00	%	April 1, 2029		5,000		4,944		4,944
BriteCore Holdings, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		5,000		4,948		4,948
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,474		2,474
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,474		2,474
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,474		2,474
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	April 1, 2029		2,500		2,471		2,471
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	February 1, 2030		2,500		2,465		2,465
Crafty Holdings, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,851		4,851
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,916		4,916
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,916		4,916
OneNetworks, Inc. (2)(12)	Software	Term Loan		11.250	%	Prime		3.750	%		11.00	%		—		3.75	%	January 1, 2030		2,500		2,449		2,449
		Term Loan		11.250	%	Prime		3.750	%		11.00	%		—		3.75	%	January 1, 2030		2,500		2,475		2,475
Dropoff, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,804		6,752		6,440
		Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,280		6,233		5,943
		Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		2,617		2,599		2,479
HappyCo, Inc. (2)(12)	Software	Term Loan		11.50	%	Prime		4.00	%		11.00	%		—		2.75	%	February 1, 2030		3,000		2,913		2,913
		Term Loan		11.50	%	Prime		4.00	%		11.00	%		—		2.75	%	February 1, 2030		3,000		2,965		2,965

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Kodiak Robotics, Inc. (2)(12)	Software	Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,968		9,968
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,968		9,968
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,984		4,984
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,984		4,984
Mirantis, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,939		4,939
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,939		4,939
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,939		4,939
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,939		4,939
Noodle Partners, Inc. (2)(12)	Software	Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		10,000		9,939		9,939
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,970		4,970
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,970		4,970
Supply Network Visibility Holdings LLC (2)(12)	Software	Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,415		2,415
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		3,500		3,492		3,492
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,494		2,494
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		1,500		1,497		1,497
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	July 1, 2029		5,000		4,985		4,985
Ursa Space Systems, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,369		2,369
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,445		2,445
Viken Detection Corporation (2)(12)	Software	Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		4,500		4,464		4,464
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,250		2,232		2,232
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,250		2,232		2,232
Total Non-Affiliate Debt Investments — Technology																						218,806		187,791
*Non-Affiliate Debt Investments — Healthcare information and services — 34.3% (8)*
Hound Labs Inc. (12)(13)	Diagnostics	Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,929		300		187
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,607		1,575		982
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,607		1,575		982
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		964		150		93
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		3,214		3,152		1,964
		Term Loan		14.00	%	Fixed		—			—			—		50.00	%	March 1, 2025		300		300		187
		Term Loan		14.00	%	Fixed		—			—			—		100.00	%	March 1, 2025		250		250		156
Parse Biosciences, Inc. (2)(12)	Diagnostics	Term Loan		11.50	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,750		4,750
		Term Loan		11.50	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,918		4,918

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
BrightInsight, Inc. (2)(12)	Software	Term Loan		13.00	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		7,000		6,962		6,962
		Term Loan		13.00	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,480		3,480
		Term Loan		13.00	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,480		3,480
		Term Loan		13.00	%	Prime		5.50	%		9.50	%		—		3.00	%	April 1, 2028		2,750		2,723		2,723
Elligo Health Research, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		10,000		9,901		9,901
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,950		4,950
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,950		4,950
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,950		4,950
SafelyYou, Inc. (2)(12)	Software	Term Loan		11.00	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,879		4,879
		Term Loan		11.00	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,953		4,953
GT Medical Technologies, Inc. (2)(12)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,597		3,597
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,697		3,697
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		7,500		7,394		7,394
Hometeam Technologies, Inc. (2)(12)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,856		4,856
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,956		4,956
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,956		4,956
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,956		4,956
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,956		4,956
Total Non-Affiliate Debt Investments — Healthcare information and services																						107,566		104,815
*Total Non- Affiliate Debt Investments*																					$	680,982	$	641,898

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
*Non-Affiliate Warrant Investments — 6.1% (8)*
*Non-Affiliate Warrants — Life Science — 2.0% (8)*
Avalo Therapeutics, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		117	$	311	$	—
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		9,775		279		258
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		110,402		176		453
Imunon, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		19,671		65		—
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		105,768		118		126
Mustang Bio, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		568		146		—
Native Microbials, Inc (2)(12)	Biotechnology	Preferred Stock Warrant		112,879		73		66
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Common Stock Warrant		299,848		160		2
Provivi, Inc. (2)(12)	Biotechnology	Common Stock Warrant		175,098		278		—
Provivi, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		709,980		312		32
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Common Stock Warrant		318,181		264		23
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		2,266,669		198		15
Xeris Pharmaceuticals, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		126,000		73		329
AccuVein Inc. (2)(12)	Medical Device	Common Stock Warrant		271		7		—
Aerin Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		1,818,183		65		1,350
Aerobiotix, LLC (2)(12)	Medical Device	Preferred Stock Warrant		8,800		48		—
Canary Medical Inc. (2)(12)	Medical Device	Preferred Stock Warrant		12,153		86		1
Candesant Biomedical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		93,336		152		76
Ceribell, Inc. (2)(5)(12)	Medical Device	Preferred Stock Warrant		89,903		147		972
Cognoa, Inc. (2)(12)	Medical Device	Common Stock Warrant		30,585		—		2
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,635,991		162		1
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		9,313,541		256		29
CSA Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,939,813		174		471
CVRx, Inc. (2)(5)(12)	Medical Device	Common Stock Warrant		47,410		76		140
Infobionic, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		5,361,130		231		170

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Magnolia Medical Technologies, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		900,043		194		550
Meditrina, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		233,993		83		33
MicroTransponder, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		103,172		47		50
Onkos Surgical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		443,674		192		187
Scientia Vascular, Inc (2)(12)	Medical Device	Preferred Stock Warrant		34,410		103		426
Sonex Health, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,637,133		275		260
VERO Biotech LLC (2)(12)	Medical Device	Preferred Stock Warrant		3,701		379		192
Spineology, Inc. (2)(12)	Medical Device	Common Stock Warrant		27,139		143		108
Spineology, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		22,551		17		29
Total Non-Affiliate Warrants — Life Science						5,290		6,351
*Non-Affiliate Warrants — Sustainability — 0.1% (8)*
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(14)	Other Sustainability	Preferred Stock Warrant		400,000		81		12
LiquiGlide, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		61,359		38		23
Soli Organic, Inc. (2)(12)	Other Sustainability	Common Stock Warrant		296		20		—
Soli Organic, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		1,075		382		9
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		49,693		178		99
Pivot Bio, Inc. (2)(12)	Energy Efficiency	Preferred Stock Warrant		210,418		14		10
Total Non-Affiliate Warrants — Sustainability						713		153
*Non-Affiliate Warrants — Technology — 3.5% (8)*
Axiom Space Holdings, Inc. (2)(12)	Communications	Common Stock Warrant		1,991		46		24
Intelepeer Holdings, Inc. (2)(12)	Communications	Preferred Stock Warrant		2,936,535		138		3,144
Alula Holdings, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		20,000		93		7
CAMP NYC, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		112,356		36		39
Clara Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		46,745		30		42
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		9,801		79		4
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		45,273		454		441
Havenly, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		1,446,429		3,178		3,107
MyForest Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		250		29		24
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		12,618		188		—
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		3,913,723		9		—
Optoro, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		11,550		182		100
Primary Kids, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		553,778		57		369
Quip NYC Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		6,191		325		—
Standvast Holdings, LLC (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		1,225,492		275		—
Unagi, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		171,081		32		—
Updater, Inc.(2)(12)	Consumer-related Technologies	Preferred Stock Warrant		108,333		34		26
CPG Beyond, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		500,000		242		226
Silk, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		394,110		175		96
Global Worldwide LLC (2)(12)	Internet and Media	Preferred Stock Warrant		245,810		75		—
Rocket Lawyer Incorporated (2)(12)	Internet and Media	Preferred Stock Warrant		261,721		92		314
Skillshare, Inc. (2)(12)	Internet and Media	Preferred Stock Warrant		139,074		162		597
Liqid, Inc. (2)(12)	Networking	Preferred Stock Warrant		344,102		364		100
Fictiv, Inc. (2)(12)	Networking	Common Stock Warrant		126,841		59		73
Avalanche Technology, Inc. (2)(12)	Semiconductors	Preferred Stock Warrant		5,938		45		—
BriteCore Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		161,215		98		238
Crafty Holdings, Inc. (2)(12)	Software	Common Stock Warrant		243,278		132		132
Dropoff, Inc. (2)(12)	Software	Common Stock Warrant		516,535		455		—
E La Carte, Inc. (2)(5)(12)	Software	Common Stock Warrant		147,361		60		—
HappyCo, Inc. (2)(12)	Software	Preferred Stock Warrant		96,228		26		23
Everstream Holdings, LLC (2)(12)	Software	Preferred Stock Warrant		525,000		82		26
Kodiak Robotics, Inc. (2)(12)	Software	Preferred Stock Warrant		639,918		273		128
Lemongrass Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		101,308		34		47
Mirantis, Inc. (2)(12)	Software	Common Stock Warrant		948,275		223		576

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Noodle Partners, Inc. (2)(12)	Software	Preferred Stock Warrant		84,037		116		—
OneNetworks, Inc. (2)(12)	Software	Preferred Stock Warrant		184,646		3		3
Revinate Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		682,034		44		88
SIGNiX, Inc. (12)	Software	Preferred Stock Warrant		186,235		225		—
Slingshot Aerospace, Inc. (2)(12)	Software	Preferred Stock Warrant		309,208		123		51
Supply Network Visibility Holdings LLC (2)(12)	Software	Preferred Stock Warrant		682		64		73
Topia Mobility, Inc. (2)(12)	Software	Common Stock Warrant		30,496		138		—
Ursa Space Systems, Inc. (2)(12)	Software	Preferred Stock Warrant		1,075,072		151		144
Viken Detection Corporation (2)(12)	Software	Preferred Stock Warrant		345,443		120		375
xAd, Inc. (2)(12)	Software	Preferred Stock Warrant		4,343,348		177		6
Total Non-Affiliate Warrants — Technology						8,943		10,643
Non-Affiliate Warrants — Healthcare information and services — 0.5% (8)
Hound Labs, Inc (12)	Diagnostics	Preferred Stock Warrant		451,796		45		—
Parse Biosciences, Inc. (2)(12)	Diagnostics	Common Stock Warrant		32,244		71		96
Parse Biosciences, Inc. (2)(12)	Diagnostics	Preferred Stock Warrant		184,253		166		346
Kate Farms, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		82,965		101		705
GT Medical Technologies, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		195,984		83		93
BrightInsight, Inc. (2)(12)	Software	Preferred Stock Warrant		85,066		167		—
Elligo Health Research, Inc. (2)(12)	Software	Preferred Stock Warrant		652,250		191		72
Medsphere Systems Corporation (2)(12)	Software	Preferred Stock Warrant		7,097,792		60		—
SafelyYou, Inc. (2)(12)	Software	Preferred Stock Warrant		206,983		163		144
*Total Non-Affiliate Warrants — Healthcare information and services*						1,047		1,456
*Total Non-Affiliate Warrants*						15,993		18,603
Non-Affiliate Other Investments — Life Science — 0.0% (8)
Lumithera, Inc. (12)	Medical Device	Royalty Agreement				1,146		100
Robin Healthcare, Inc. (2)(12)	Medical Device	Royalty Agreement				7,331		—
*Total Non-Affiliate Other Investments*						8,477		100
Non-Affiliate Equity — 1.9% (8)
Cadrenal Therapeutics, Inc. (5)	Biotechnology	Common Stock		40,000		—		705
Castle Creek Biosciences, Inc. (12)	Biotechnology	Common Stock		1,162		250		250
Emalex Biosciences, Inc. (12)	Biotechnology	Preferred Stock		37,017		402		512
Axiom Space, Inc. (12)	Communications	Preferred Stock		1,810		261		306
PebblePost, Inc. (2)(12)	Communications	Preferred Stock		56,212		73		73
Caastle, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock		242,180		2,681		—
Getaround, Inc. (2)(5)	Consumer-related Technologies	Common Stock		87,082		253		3
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock		2,688,971		89		—
SnagAJob.com, Inc. (12)	Consumer-related Technologies	Common Stock		82,974		9		—
Cognoa, Inc. (2)(12)	Medical Device	Common Stock		8,123,877		487		487
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock		1,059,636		250		250
Lumithera, Inc. (12)	Medical Device	Common Stock		392,651		2,000		1,700
Tigo Energy, Inc. (5)	Other Sustainability	Common Stock		5,205		111		4
Decisyon, Inc. (12)	Software	Preferred Stock		280,000		2,800		1,281
Lotame, Inc. (12)	Software	Preferred Stock		66,127		4		179
Lotame, Inc. (12)	Software	Preferred Stock		9,381		29		26
*Total Non-Affiliate Equity*						9,699		5,776
*Total Non-Affiliate Portfolio Investment Assets*					$	715,151	$	666,377

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cost of Investments (6)(9)*		*Fair Value (9)*
*Non-Controlled Affiliate Investments — 2.7% (8)*
*Non-Controlled Affiliate Other Investments — 2.7% (8)*
Evelo Holdings, Inc. (2)(5)(12)(16)	Biotechnology	Other Investment	$	4,910	$	1,825
		Other Investment		7,636		2,832
		Other Investment		2,946		1,095
		Other Investment		2,946		1,095
		Other Investment		1,964		730
		Other Investment		1,964		730
Total Non-Controlled Affiliate Other Investments				22,366		8,307

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Non-controlled Affiliate Equity — 0.0% (8)
Aulea Medical, Inc. (12)	Medical Device	Common Stock		660,537	$	—	$	—
Evelo Holdings, Inc. (2)(5)(12)	Biotechnology	Common Stock		2,164,502		5,000		—
Total Non-Controlled Affiliate Equity						5,000		—
Non-controlled Affiliate Warrants — 0.0% (8)
Evelo Holdings, Inc. (2)(5)(12)	Biotechnology	Common Stock		23,196		127		—
Total Non-Controlled Affiliate Warrants						127		—
*Total Non-Controlled Affiliate Portfolio Investment Assets*					$	27,493	$	8,307

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Controlled Affiliate Investments — 4.8% (8)
Controlled Affiliate Debt Investments — 0.5% (8)
Better Place Forests Co. (12)(13)	Consumer-related Technologies	Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		2.78	%	August 1, 2029	$	4,133	$	4,160	$	381
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		2.78	%	August 1, 2029		2,067		1,989		182
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		554		538		49
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		548		532		49
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		537		521		48
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		528		513		47
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		520		505		46
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		100.00	%	August 1, 2025		848		839		77
Nexii, Inc. (12)	Other Sustainability	Term Loan		10.00	%	Fixed		—			—			—		—		July 1, 2027		790		790		790
Swift Health Systems Inc. (2)(12)(13)	Medical Device	Term Loan		10.00%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,997		1,986		—
		Term Loan		10.00%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,997		1,977		—
		Term Loan		10.00%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,997		1,973		—
		Term Loan		10.00%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,997		1,973		—
		Term Loan		10.00%	(11)	Prime		2.50	%		2.50	%		—		100.00	%	June 1, 2028		323		323		—
		Term Loan		10.00%	(11)	Prime		2.50	%		2.50	%		—		100.00	%	June 1, 2028		160		160		—
Total Controlled Affiliate Debt Investments																						18,779		1,669

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Controlled Affiliate Equity — 2.6% (8)
Better Place Forests Co. (12)	Consumer-related Technologies	Common Stock		2,278,272		639		—
Better Place Forests Co. (12)	Consumer-related Technologies	Preferred Stock		5,350,142		3,922		—
Nexii, Inc. (2)(12)	Other Sustainability	Common Stock		108,320		3,297		—
Nexii, Inc. (2)(12)	Other Sustainability	Preferred Stock		542		3,419		7,910
Swift Health Systems Inc. (2)(12)	Medical Device	Preferred Stock		4,233,666		12,012		—
Total Controlled Affiliate Equity						23,289		7,910
Controlled Affiliate Other Investments — 1.7% (8)
HIMV LLC (12)(15)	Biotechnology	Other Investment				5,880		5,290
Total Controlled Affiliate Other						5,880		5,290
*Total Controlled Affiliate Portfolio Investment Assets*						47,948	$	14,869
*Total Portfolio Investment Assets — 225.7% (8)*					$	790,592	$	689,553

Short Term Investments - Unrestricted Investments - 13.4% (8)
US Bank Money Market Deposit Account		40,968		40,968
Total Short Term Investments - Unrestricted Investments	$	40,968	$	40,968

Short Term Investments - Restricted Investments - 1.1% (8)
US Bank Money Market Deposit Account		3,463		3,463
Total Short Term Investments - Restricted Investments	$	3,463	$	3,463

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(Dollars in thousands)

(1)	All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(2)

Has been pledged as collateral under the revolving credit facility (the “Key Facility”) with KeyBank National Association (“Key”), a credit facility (the “NYL Facility”) led by New York Life Insurance Company, a credit facility (the “Nuveen Facility”, together with the Key Facility and the NYL Facility, the “Credit Facilities”) led by Nuveen Alternatives Advisors LLC, and/or the term debt securitization in connection with which an affiliate of the Company made an offering of $100.0 million in aggregate principal amount of fixed rate asset-backed notes that were issued in conjunction with the $157.8 million securitization of secured loans the Company completed on November 9, 2022 (the “2022 Asset-Backed Notes”).

(3)

All non-affiliate investments are investments in which the Company owns less than 5% of the voting securities of the portfolio company. All non-controlled affiliate investments are investments in which the Company owns 5% or more of the voting securities of the portfolio company but not more than 25% of the voting securities of the portfolio company. All controlled affiliate investments are investments in which the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement).

(4)

All interest is payable in cash due monthly in arrears, unless otherwise indicated, and applies only to the Company’s debt investments. Interest rate is the annual interest rate on the debt investment and does not include end-of-term payments (“ETPs”), and any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees. Debt investments are at variable rates for the term of the debt investment, unless otherwise indicated. For each debt investment, the current interest rate in effect as of March 31, 2025 is provided.

(5)	Portfolio company is a public company.

(6)	For debt investments, represents principal balance less unearned income.

(7)	Warrants, Equity and Other Investments are non-income producing.

(8)	Value as a percent of net assets.

(9)

The Company did not have any non-qualifying assets under Section 55(a) of the 1940 Act as of March 31, 2025. Under the 1940 Act, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(10)

ETPs are contractual fixed-interest payments due in cash at the maturity date of the applicable debt investment, including upon any prepayment, and are a fixed percentage of the original principal balance of the debt investments unless otherwise noted. Interest will accrue during the life of the debt investment on each ETP and will be recognized as non-cash income until it is actually paid. Therefore, a portion of the incentive fee the Company may pay its Advisor will be based on income that the Company has not yet received in cash.

(11)	Investment has a PIK feature in which the accrued interest or a portion of the accrued interest is added to the then-outstanding principal amount of the investment.

(12)	The fair value of the investment was valued using significant unobservable inputs.

(13)	Debt investment is on non-accrual status as of March 31, 2025.

(14)	On or about September 13, 2023, in connection with New Aerofarms, Inc. purchase of substantially all of the assets of Aerofarms, Inc. in a bankruptcy process, New Aerofarms, Inc. assumed all of the debt investments of Horizon in Aerofarms, Inc.

(15)

By an Order of the Supreme Court of Nova Scotia made May 1, 2023, as amended and restated by an Order of the CCAA Court made May 5, IMV, Inc. (“IMV”) commenced proceedings (the “CCAA Proceedings”) under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended to seek creditor protection for IMV and on June 2, 2023, IMV obtained recognition of the CCAA Proceedings under Chapter 15 of the United States Bankruptcy Code in proceedings before the United States Bankruptcy Court for the District of Delaware. In September 2023, the Company, with its co-lender to IMV, credit-bid and acquired substantially all of the assets of IMV through HIMV LLC, an entity formed to acquire the assets of IMV. HIMV LLC is 70% owned by the Company and 30% owned by such co-lender.

(16)

The investment originally consisted of debt investments in Evelo Biosciences Inc. (“Evelo”). Evelo was a clinical stage life science company that was unable to raise additional capital to continue as a going concern and, through a series of transactions, Evelo became a subsidiary of Evelo Holdings, Inc. (“Evelo Holdings”) and Evelo Holdings assumed the indebtedness of Evelo to the Company. Evelo Holdings is not an operating company but holds certain contractual rights to contingent payments and owns equity in Evelo, as well as certain assets it seeks to sell. The Company has a first priority security interest in the assets of Evelo Holdings, so if any payments are received by Evelo Holdings or any of its equity holdings or other assets are sold, the Company will receive substantially all of the proceeds from the same, until such time, if ever, that all of the indebtedness is repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment”.

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*			*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
*Non-Affiliate Investments — 195.6% (8)*
*Non-Affiliate Debt Investments — 187.7% (8)*
*Non-Affiliate Debt Investments — Life Science — 77.8% (8)*
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026	$	3,333	$	3,326	$	3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,333		3,326		3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		2,000		1,996		1,996
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,333		3,326		3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,333		3,326		3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		2,000		1,996		1,996
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.22	%	Prime		4.72	%		9.75	%		—			5.00	%	November 1, 2025		4,167		4,144		4,144
		Term Loan		12.22	%	Prime		4.72	%		9.75	%		—			5.00	%	May 1, 2026		5,000		4,982		4,982
Greenlight Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		13.25	%	Prime		5.75	%		9.00	%		—			3.00	%	July 1, 2025		1,000		971		971
		Term Loan		13.25	%	Prime		5.75	%		9.00	%		—			3.00	%	July 1, 2025		500		486		486
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		12.25	%	Prime		4.75	%		8.50	%		—			5.50	%	May 1, 2027		6,250		6,220		6,220
		Term Loan		12.25	%	Prime		4.75	%		8.50	%		—			5.50	%	May 1, 2027		6,250		6,220		6,220
Native Microbials, Inc (2)(12)	Biotechnology	Term Loan		12.75	%	Prime		5.25	%		8.50	%		—			5.00	%	November 1, 2026		2,875		2,862		2,862
		Term Loan		12.75	%	Prime		5.25	%		8.50	%		—			5.00	%	November 1, 2026		1,917		1,906		1,906
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Term Loan		13.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		8,750		8,712		8,712
		Term Loan		13.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		3,281		3,267		3,267
		Term Loan		13.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		3,281		3,267		3,267
Provivi, Inc. (2)(12)	Biotechnology	Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.30	%	January 1, 2027		3,482		3,418		3,182
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.30	%	January 1, 2027		3,482		3,418		3,182
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,705		1,588
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,705		1,588
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,704		1,587
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,704		1,587
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Term Loan		13.00	%	Prime		5.50	%		8.75	%		—			6.00	%	October 1, 2025		2,024		1,999		1,999
		Term Loan		13.00	%	Prime		5.50	%		8.75	%		—			6.00	%	October 1, 2025		1,012		1,000		1,000
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		12.25	%	Prime		4.25	%		12.25	%		—			4.00	%	August 1, 2027		2,500		2,471		2,471
		Term Loan		12.25	%	Prime		4.25	%		12.25	%		—			4.00	%	August 1, 2027		2,500		2,471		2,471
Aerobiotix, LLC (2)(12)	Medical Device	Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		2,500		2,480		2,085
		Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		2,500		2,480		2,085
		Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		200		190		160

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Candesant Biomedical, Inc. (2)(12)	Medical Device	Term Loan		11.50	%	Prime		3.50	%		11.50	%		—		5.00	%	September 1, 2027		5,000		4,785		4,785
		Term Loan		11.50	%	Prime		3.50	%		11.50	%		—		5.00	%	September 1, 2027		2,500		2,468		2,468
		Term Loan		11.50	%	Prime		3.50	%		11.50	%		—		5.00	%	September 1, 2027		2,500		2,468		2,468
Ceribell, Inc. (2)(5)(12)	Medical Device	Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		5,000		4,820		4,820
		Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		5,000		4,941		4,941
		Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		4,000		3,952		3,952
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Term Loan		12.32	%	Prime		4.82	%		9.25	%		—		10.36	%	July 1, 2025		3,187		3,168		3,168
		Term Loan		12.32	%	Prime		4.82	%		9.25	%		—		10.36	%	July 1, 2025		3,187		3,168		3,168
Infobionic, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,920		4,920
		Term Loan		12.25	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,920		4,920
		Term Loan		12.25	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,920		4,920
MicroTransponder, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		3.50	%	January 1, 2029		3,750		3,699		3,699
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		3.50	%	January 1, 2029		3,750		3,699		3,699
Onkos Surgical, Inc. (2)(12)	Medical Device	Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		10,000		9,818		9,818
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		10,000		9,845		9,845
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		5,000		4,923		4,923
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		5,000		4,923		4,923
Scientia Vascular, Inc. (2)(12)	Medical Device	Term Loan		12.50	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,735		3,735
		Term Loan		12.50	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,735		3,735
		Term Loan		13.00	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,964		4,964
		Term Loan		13.00	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,937		4,937
Sonex Health, Inc. (2)(12)	Medical Device	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,480		2,480
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,480		2,480
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,961		4,961
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,961		4,961
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
Spineology, Inc. (2)(12)	Medical Device	Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		5,000		4,916		4,916
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,178		4,178
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,178		4,178
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		2,500		2,458		2,458

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Vero Biotech, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		15,000		14,735		14,735
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		10,000		9,823		9,823
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		5,000		4,912		4,912
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		2,500		2,456		2,456
Total Non-Affiliate Debt Investments — Life Science																						263,280		261,520
Non-Affiliate Debt Investments — Sustainability — 19.9% (8)
Pivot Bio, Inc.(2)(12)	Energy Efficiency	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		4.00	%	February 1, 2029		5,000		4,742		4,742
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		4.00	%	February 1, 2029		5,000		4,951		4,951
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(14)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,594		3,564		3,564
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,594		3,564		3,564
Soli Organic, Inc. (2)(12)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		5,000		4,922		4,792
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		2,500		2,461		2,396
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		5,000		4,922		4,792
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		2,500		2,461		2,396
		Term Loan		13.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		5,000		4,925		4,795
		Term Loan		13.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		2,500		2,462		2,397
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,707		3,707
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,707		3,707
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		7,500		7,407		7,407
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,704		3,704
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,704		3,704
		Term Loan		13.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1, 2029		4,500		4,454		4,454
		Term Loan		13.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1, 2029		2,000		1,980		1,980
Total Non-Affiliate Debt Investments — Sustainability																						67,637		67,052
Non-Affiliate Debt Investments — Technology — 59.0% (8)
Axiom Space, Inc. (2)(12)	Communications	Term Loan		13.75	%	Prime		6.00	%		9.25	%		—		2.50	%	June 1, 2026		3,750		3,731		3,731
		Term Loan		13.75	%	Prime		6.00	%		9.25	%		—		2.50	%	June 1, 2026		3,750		3,731		3,731
		Term Loan		13.75	%	Prime		6.00	%		9.25	%		—		2.50	%	June 1, 2026		3,750		3,731		3,731

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Havenly, Inc. (2)(12)	Consumer-related Technologies	Term Loan		12.50	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		2,000		1,568		1,568
		Term Loan		12.50	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		3,000		2,529		2,529
		Term Loan		11.00	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
		Term Loan		11.00	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
Lyrical Foods, Inc. (2)(12)	Consumer-related Technologies	Term Loan		11.00%	(11)	Prime		3.50	%		9.00	%		—		5.00	%	July 1, 2028		2,679		2,768		2,405
NextCar Holding Company, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		6,042		5,415		1,271
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		2,417		2,166		508
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,625		3,249		762
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		6,042		5,415		1,271
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
Optoro, Inc. (2)(12)	Consumer-related Technologies	Term Loan		14.00	%	Prime		6.25	%		9.50	%		—		4.00	%	August 1, 2027		2,500		2,448		2,448
		Term Loan		14.00	%	Prime		6.25	%		9.50	%		—		4.00	%	July 1, 2028		1,875		1,805		1,805
Standvast Holdings, LLC (2)(12)	Consumer-related Technologies	Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	June 1, 2028		2,500		2,339		2,267
		Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	June 1, 2028		2,500		2,426		2,352
		Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	November 1, 2028		2,500		2,417		2,343
Unagi, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		15.25%	(11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		1,415		1,086		—
		Term Loan		15.25%	(11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		708		543		—
		Term Loan		15.25%	(11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		708		543		—
Fictiv, Inc. (2)(12)	Networking	Term Loan		10.88	%	Prime		3.375	%		10.00	%		—		4.00	%	April 1, 2029		5,000		4,706		4,706
		Term Loan		10.88	%	Prime		3.375	%		10.00	%		—		4.00	%	April 1, 2029		5,000		4,941		4,941
BriteCore Holdings, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		5,000		4,909		4,909
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,472		2,472
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,472		2,472
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,472		2,472
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	April 1, 2029		2,500		2,469		2,469
Crafty Holdings, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,846		4,846
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,911		4,911
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,911		4,911
OneNetworks, Inc. (2)(12)	Software	Term Loan		11.125	%	Prime		3.625	%		11.00	%		—		3.75	%	January 1, 2030		2,500		2,448		2,448
		Term Loan		11.125	%	Prime		3.625	%		11.00	%		—		3.75	%	January 1, 2030		2,500		2,474		2,474
Dropoff, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,804		6,740		6,362
		Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,280		6,221		5,872
		Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		2,617		2,595		2,449

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Kodiak Robotics, Inc. (2)(12)	Software	Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,977		9,977
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,955		9,955
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,978		4,978
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,978		4,978
Mirantis, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
Noodle Partners, Inc. (2)(12)	Software	Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		10,000		9,928		9,928
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,964		4,964
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,964		4,964
Supply Network Visibility Holdings LLC (2)(12)	Software	Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,414		2,414
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		3,500		3,492		3,492
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,494		2,494
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		1,500		1,496		1,496
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	July 1, 2029		5,000		4,984		4,984
Ursa Space Systems, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,365		2,365
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,440		2,440
Viken Detection Corporation (2)(12)	Software	Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		4,833		4,791		4,791
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,417		2,396		2,396
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,417		2,396		2,396
Total Non-Affiliate Debt Investments — Technology																						222,699		198,350
Non-Affiliate Debt Investments — Healthcare information and services — 31.0% (8)
Hound Labs Inc. (12)(13)	Diagnostics	Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,607		1,576		943
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,607		1,576		943
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		3,214		3,151		1,886
		Term Loan		14.00	%	Fixed		—			—			—		50.00	%	March 1, 2025		300		300		180
		Term Loan		14.00	%	Fixed		—			—			—		100.00	%	March 1, 2025		250		250		150
Parse Biosciences, Inc. (2)(12)	Diagnostics	Term Loan		11.50	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,659		4,659
		Term Loan		11.50	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,910		4,910

See Notes to Consolidated Financial Statements

Table of Contents

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
BrightInsight, Inc. (2)(12)	Software	Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		7,000		6,954		6,954
		Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,477		3,477
		Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,477		3,477
		Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	April 1, 2028