XML 27 R9.htm IDEA: XBRL DOCUMENT

Consolidated Schedule of Investments (Unaudited)

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Schedule of Investments [Text Block]

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

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

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

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

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

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		2,750		2,719		2,719
Elligo Health Research, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		10,000		9,890		9,890
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,945		4,945
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,945		4,945
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,945		4,945
SafelyYou, Inc. (2)(12)	Software	Term Loan		11.00	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,872		4,872
		Term Loan		11.00	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,945		4,945
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		3,595		3,595
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,695		3,695
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		7,500		7,389		7,389
Hometeam Technologies, Inc. (2)(12)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,854		4,854
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
Total Non-Affiliate Debt Investments — Healthcare information and services																					$	106,940	$	104,189
*Total Non- Affiliate Debt Investments*																					$	660,556	$	631,111

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Non-Affiliate Warrant Investments — 5.4% (8)
Non-Affiliate Warrants — Life Science — 1.9% (8)
Avalo Therapeutics, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		117	$	311	$	—
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		7,404		214		270
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		110,402		176		129
Imunon, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		19,671		65		—
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		48,076		50		53
Mustang Bio, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		16,611		146		—
Native Microbials, Inc (2)(12)	Biotechnology	Preferred Stock Warrant		112,879		73		68
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Common Stock Warrant		299,848		160		14
Provivi, Inc. (2)(12)	Biotechnology	Common Stock Warrant		175,098		278		—
Provivi, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		709,980		312		59
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Common Stock Warrant		318,181		264		—
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		1,600,002		194		167
Xeris Pharmaceuticals, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		126,000		73		91
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		1,418
Aerobiotix, LLC (2)(12)	Medical Device	Preferred Stock Warrant		8,800		48		16
Canary Medical Inc. (2)(12)	Medical Device	Preferred Stock Warrant		12,153		86		2
Candesant Biomedical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		93,336		152		78
Ceribell, Inc. (2)(5)(12)	Medical Device	Preferred Stock Warrant		89,903		147		1,573
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		102
CSA Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,917,794		174		479
CVRx, Inc. (2)(5)(12)	Medical Device	Common Stock Warrant		47,410		76		160
Infobionic, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		5,361,130		231		175

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(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		809,931		194		368
Meditrina, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		233,993		83		34
MicroTransponder, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		103,172		47		66
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		262
Sonex Health, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,637,133		275		266
VERO Biotech LLC (2)(12)	Medical Device	Preferred Stock Warrant		3,701		376		198
Spineology, Inc. (2)(12)	Medical Device	Common Stock Warrant		2,714,033		143		108
Spineology, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,255,155		16		28
Total Non-Affiliate Warrants — Life Science						5,149		6,374
Non-Affiliate Warrants — Sustainability — 0.1% (8)
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(14)	Other Sustainability	Preferred Stock Warrant		400,000		82		17
LiquiGlide, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		61,359		39		25
Soli Organic, Inc. (2)(12)	Other Sustainability	Common Stock Warrant		296		20		19
Soli Organic, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		1,075		382		10
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		49,693		178		102
Pivot Bio, Inc. (2)(12)	Energy Efficiency	Preferred Stock Warrant		210,418		14		14
Total Non-Affiliate Warrants — Sustainability						715		187
Non-Affiliate Warrants — Technology — 3.1% (8)
Axiom Space Holdings, Inc. (2)(12)	Communications	Common Stock Warrant		1,991		46		35
Intelepeer Holdings, Inc. (2)(12)	Communications	Preferred Stock Warrant		2,936,535		138		3,156
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		40
Clara Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		46,745		30		43
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		9,801		79		7
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		45,273		454		440
Havenly, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		1,446,429		3,178		3,106
MyForest Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		250		29		25
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		99
Primary Kids, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		553,778		57		412
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		231
Silk, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		394,110		175		119
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		319
Skillshare, Inc. (2)(12)	Internet and Media	Preferred Stock Warrant		139,074		162		680
Liqid, Inc. (2)(12)	Networking	Preferred Stock Warrant		344,102		364		103
Fictiv, Inc. (2)(12)	Networking	Common Stock Warrant		126,841		59		77
Avalanche Technology, Inc. (2)(12)	Semiconductors	Preferred Stock Warrant		5,938		45		—
BriteCore Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		161,215		98		289
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		—
Everstream Holdings, LLC (2)(12)	Software	Preferred Stock Warrant		525,000		82		34
Kodiak Robotics, Inc. (2)(12)	Software	Preferred Stock Warrant		639,918		273		15
Lemongrass Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		101,308		34		48
Mirantis, Inc. (2)(12)	Software	Common Stock Warrant		948,275		223		585

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(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		90
SIGNiX, Inc. (12)	Software	Preferred Stock Warrant		186,235		225		—
Slingshot Aerospace, Inc. (2)(12)	Software	Preferred Stock Warrant		309,208		123		66
Supply Network Visibility Holdings LLC (2)(12)	Software	Preferred Stock Warrant		682		65		75
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		148
Viken Detection Corporation (2)(12)	Software	Preferred Stock Warrant		345,443		120		234
xAd, Inc. (2)(12)	Software	Preferred Stock Warrant		4,343,348		177		6
Total Non-Affiliate Warrants — Technology						8,918		10,650
Non-Affiliate Warrants — Healthcare information and services — 0.3% (8)
Hound Labs, Inc (12)	Diagnostics	Preferred Stock Warrant		451,796		45		—
Parse Biosciences, Inc. (2)(12)	Diagnostics	Common Stock Warrant		32,244		71		15
Parse Biosciences, Inc. (2)(12)	Diagnostics	Preferred Stock Warrant		184,253		166		15
Kate Farms, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		82,965		101		700
GT Medical Technologies, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		195,984		83		95
BrightInsight, Inc. (2)(12)	Software	Preferred Stock Warrant		85,066		167		—
Elligo Health Research, Inc. (2)(12)	Software	Preferred Stock Warrant		652,250		191		92
Medsphere Systems Corporation (2)(12)	Software	Preferred Stock Warrant		7,097,792		60		—
SafelyYou, Inc. (2)(12)	Software	Preferred Stock Warrant		150,353		163		149
Total Non-Affiliate Warrants — Healthcare information and services						1,047		1,066
*Total Non-Affiliate Warrants*						15,829		18,277
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				7,319		—
*Total Non-Affiliate Other Investments*						8,465		100
Non-Affiliate Equity — 2.5% (8)
Cadrenal Therapeutics, Inc. (5)	Biotechnology	Common Stock		40,000		—		580
Castle Creek Biosciences, Inc. (12)	Biotechnology	Common Stock		1,162		250		250
Emalex Biosciences, Inc. (12)	Biotechnology	Preferred Stock		32,831		356		356
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		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		83
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		5
Decisyon, Inc. (12)	Software	Preferred Stock		280,000		2,800		1,281
Lotame, Inc. (12)	Software	Preferred Stock		66,127		4		193
Lotame, Inc. (12)	Software	Preferred Stock		9,381		29		29
*Total Non-Affiliate Equity*						9,653		8,277
*Total Non-Affiliate Portfolio Investment Assets*					$	694,503	$	657,765

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cost of Investments (6)(9)*		*Fair Value (9)*
Non-Controlled Affiliate Investments — 2.5% (8)
Non-Controlled Affiliate Other Investments — 2.5% (8)
Evelo Holdings, Inc. (2)(5)(12)(16)	Biotechnology	Other Investment	$	4,910	$	1,825
		Other Investment		7,634		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				22,364		8,307

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

					*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*					$	27,491	$	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 — 9.5% (8)
Controlled Affiliate Debt Investments — 2.3% (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	$	4,012	$	4,058	$	—
		Term Loan		12.00% (11)		Prime		3.75	%		12.00	%		—		2.78	%	August 1, 2029		2,006		1,989		—
		Term Loan		12.00% (11)		Prime		3.75	%		12.00	%		—		—		August 1, 2025		538		538		—
		Term Loan		12.00% (11)		Prime		3.75	%		12.00	%		—		—		August 1, 2025		532		532		—
		Term Loan		12.00% (11)		Prime		3.75	%		12.00	%		—		—		August 1, 2025		521		521		—
		Term Loan		12.00% (11)		Prime		3.75	%		12.00	%		—		—		August 1, 2025		513		513		—
		Term Loan		12.00% (11)		Prime		3.75	%		12.00	%		—		—		August 1, 2025		505		505		—
Nexii, Inc. (12)	Other Sustainability	Term Loan		10.00	%	Fixed		—			—			—		—		July 1, 2027		790		790		638
Swift Health Systems Inc. (2)(12)	Medical Device	Term Loan		10.25	% (11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,925		1,658
		Term Loan		10.25% (11)		Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,925		1,658
		Term Loan		10.25% (11)		Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,922		1,654
		Term Loan		10.25% (11)		Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,922		1,654
		Term Loan		10.25% (11)		Prime		2.50	%		2.50	%		—		100.00	%	June 1, 2028		315		315		271
		Term Loan		10.25% (11)		Prime		2.50	%		2.50	%		—		100.00	%	June 1, 2028		156		156		135
Total Controlled Affiliate Debt Investments																						17,611		7,668

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Controlled Affiliate Equity — 5.3% (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		7,909
Swift Health Systems Inc. (2)(12)	Medical Device	Preferred Stock		3,588,505		10,012		10,012
Total Controlled Affiliate Equity						21,289		17,921
Controlled Affiliate Other Investments — 1.9% (8)
HIMV LLC (12)(15)	Biotechnology	Other Investment				5,880		6,230
Total Controlled Affiliate Other						5,880		6,230
*Total Controlled Affiliate Portfolio Investment Assets*					$	44,780	$	31,819
*Total Portfolio Investment Assets — 207.6% (8)*					$	766,774	$	697,891

Short Term Investments - Unrestricted Investments - 8.1% (8)
US Bank Money Market Deposit Account		27,266		27,266
Total Short Term Investments - Unrestricted Investments	$	27,266	$	27,266

Short Term Investments - Restricted Investments - 1.0% (8)
US Bank Money Market Deposit Account		3,338		3,338
Total Short Term Investments - Restricted Investments	$	3,338	$	3,338

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(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 December 31, 2024 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 December 31, 2024. 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)	Debt investment has a payment-in-kind (“PIK”) feature in which the accrued interest is added to the then-outstanding principal amount of the debt investment.

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

(13)	Debt investment is on non-accrual status as of December 31, 2024.

(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 the 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

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(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 — 214.2% (8)
Non-Affiliate Debt Investments — 205.0% (8)
Non-Affiliate Debt Investments — Life Science — 75.6% (8)
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		13.25	%	Prime		4.75	%		9.55	%		13.50	%		5.50	%	May 1, 2026	$	5,000	$	4,979	$	4,979
		Term Loan		13.25	%	Prime		4.75	%		9.55	%		13.50	%		5.50	%	May 1, 2026		5,000		4,979		4,979
		Term Loan		13.25	%	Prime		4.75	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,000		2,987		2,987
		Term Loan		13.25	%	Prime		4.75	%		9.55	%		13.50	%		5.50	%	May 1, 2026		5,000		4,979		4,979
		Term Loan		13.25	%	Prime		4.75	%		9.55	%		13.50	%		5.50	%	May 1, 2026		5,000		4,979		4,979
		Term Loan		13.25	%	Prime		4.75	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,000		2,987		2,987
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		13.22	%	Prime		4.72	%		9.75	%		—			5.00	%	June 1, 2024		1,414		1,410		1,410
		Term Loan		13.22	%	Prime		4.72	%		9.75	%		—			5.00	%	June 1, 2024		1,414		1,410		1,410
		Term Loan		13.22	%	Prime		4.72	%		9.75	%		—			5.00	%	November 1, 2025		5,000		4,950		4,950
		Term Loan		13.22	%	Prime		4.72	%		9.75	%		—			5.00	%	May 1, 2026		5,000		4,949		4,949
Greenlight Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		14.25	%	Prime		5.75	%		9.00	%		—			3.00	%	July 1, 2025		3,000		2,914		2,870
		Term Loan		14.25	%	Prime		5.75	%		9.00	%		—			3.00	%	July 1, 2025		1,500		1,458		1,436
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		13.25	%	Prime		4.75	%		8.50	%		—			5.50	%	May 1, 2027		6,250		6,199		6,199
		Term Loan		13.25	%	Prime		4.75	%		8.50	%		—			5.50	%	May 1, 2027		6,250		6,199		6,199
Native Microbials, Inc (2)(12)	Biotechnology	Term Loan		13.75	%	Prime		5.25	%		8.50	%		—			5.00	%	November 1, 2026		3,750		3,716		3,716
		Term Loan		13.75	%	Prime		5.25	%		8.50	%		—			5.00	%	November 1, 2026		2,500		2,478		2,478
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Term Loan		14.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		10,000		9,911		9,911
		Term Loan		14.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		3,750		3,717		3,717
		Term Loan		14.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		3,750		3,717		3,717
Provivi, Inc. (2)(12)	Biotechnology	Term Loan		13.86	%	Prime		5.36	%		9.50	%		—			5.50	%	December 1, 2024		4,666		4,579		4,414
		Term Loan		13.86	%	Prime		5.36	%		9.50	%		—			5.50	%	December 1, 2024		4,666		4,579		4,414
		Term Loan		13.86	%	Prime		5.36	%		9.50	%		—			5.50	%	December 1, 2024		2,333		2,281		2,199
		Term Loan		13.86	%	Prime		5.36	%		9.50	%		—			5.50	%	December 1, 2024		2,333		2,281		2,199
		Term Loan		13.86	%	Prime		5.36	%		9.50	%		—			5.50	%	December 1, 2024		2,333		2,278		2,196
		Term Loan		13.86	%	Prime		5.36	%		9.50	%		—			5.50	%	December 1, 2024		2,333		2,278		2,196
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Term Loan		14.00	%	Prime		5.50	%		8.75	%		—			6.00	%	October 1, 2025		4,250		4,193		4,193
		Term Loan		14.00	%	Prime		5.50	%		8.75	%		—			6.00	%	October 1, 2025				2,096		2,096
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		12.75	%	Prime		4.25	%		12.25	%		—			4.00	%	August 1, 2027		2,500		2,230		2,230
		Term Loan		12.75	%	Prime		4.25	%		12.25	%		—			4.00	%	August 1, 2027		2,500		2,459		2,459
Aerobiotix, LLC (2)(12)	Medical Device	Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		2,500		2,468		2,342
		Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		2,500		2,468		2,342
		Term Loan		9.00	%	Fixed		—			—			—			18.00	%	June 30, 2024		200		200		190
Candesant Biomedical, Inc. (2)(12)	Medical Device	Term Loan		12.00	%	Prime		3.50	%		11.50	%		—			5.00	%	September 1, 2027		5,000		4,757		4,757
		Term Loan		12.00	%	Prime		3.50	%		11.50	%		—			5.00	%	September 1, 2027		2,500		2,454		2,454
		Term Loan		12.00	%	Prime		3.50	%		11.50	%		—			5.00	%	September 1, 2027		2,500		2,454		2,454
Ceribell, Inc. (2)(12)	Medical Device	Term Loan		12.00	%	Prime		3.50	%		8.25	%		—			5.50	%	October 1, 2024		3,750		3,738		3,738
		Term Loan		12.00	%	Prime		3.50	%		8.25	%		—			5.50	%	October 1, 2024		3,750		3,738		3,738
		Term Loan		12.00	%	Prime		3.50	%		8.25	%		—			5.50	%	October 1, 2024		1,875		1,866		1,866
		Term Loan		12.00	%	Prime		3.50	%		8.25	%		—			5.50	%	October 1, 2024		1,875		1,866		1,866
Cognoa, Inc. (2)(12)	Medical Device	Term Loan		14.00	%	Prime		5.50	%		8.75	%		—			6.00	%	August 1, 2026		4,583		4,546		4,546
		Term Loan		14.00	%	Prime		5.50	%		8.75	%		—			6.00	%	August 1, 2026		2,292		2,273		2,273
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Term Loan		13.32	%	Prime		4.82	%		9.25	%		—			10.36	%	July 1, 2025		3,960		3,923		3,923
		Term Loan		13.32	%	Prime		4.82	%		9.25	%		—			10.36	%	July 1, 2025		3,960		3,923		3,923
CSA Medical, Inc. (2)(12)	Medical Device	Term Loan		13.59	%	Prime		5.09	%		10.00	%		—			5.00	%	January 1, 2024		500		500		500
		Term Loan		13.59	%	Prime		5.09	%		10.00	%		—			5.00	%	January 1, 2024		33		33		33
		Term Loan		13.59	%	Prime		5.09	%		10.00	%		—			5.00	%	March 1, 2024		800		794		794
MicroTransponder, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—			3.50	%	January 1, 2029		3,750		3,689		3,689
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—			3.50	%	January 1, 2029		3,750		3,689		3,689

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(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)*
Robin Healthcare, Inc. (2)(12)(13)	Medical Device	Term Loan		14.00	%	Prime		5.50	%		10.25	%		—		4.00	%	November 1, 2026		3,500		3,469		1,574
		Term Loan		14.00	%	Prime		5.50	%		10.25	%		—		4.00	%	November 1, 2026		3,500		3,563		1,617
Scientia Vascular, Inc. (2)(12)	Medical Device	Term Loan		13.25	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,722		3,722
		Term Loan		13.25	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,722		3,722
		Term Loan		13.75	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,943		4,943
		Term Loan		13.75	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,900		4,900
Sonex Health, Inc. (2)(12)	Medical Device	Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,297		2,297
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,473		2,473
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,946		4,946
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,946		4,946
Spineology, Inc. (2)(12)	Medical Device	Term Loan		15.50	%	Prime		7.00	%		10.25	%		—		1.00	%	October 1, 2025		5,000		4,978		4,978
		Term Loan		15.50	%	Prime		7.00	%		10.25	%		—		1.00	%	April 1, 2026		2,500		2,489		2,489
Swift Health Systems Inc. (2)(12)	Medical Device	Term Loan		13.75	%	Prime		5.25	%		9.00	%		—		5.00	%	July 1, 2027		3,500		3,467		3,467
		Term Loan		13.75	%	Prime		5.25	%		9.00	%		—		5.00	%	July 1, 2027		3,500		3,467		3,467
		Term Loan		13.75	%	Prime		5.25	%		9.00	%		—		5.00	%	July 1, 2027		3,500		3,456		3,456
		Term Loan		13.75	%	Prime		5.25	%		9.00	%		—		5.00	%	July 1, 2027		3,500		3,456		3,456
Vero Biotech, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		15,000		14,675		14,675
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		10,000		9,784		9,784
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		5,000		4,892		4,892
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		2,500		2,446		2,446
Total Non-Affiliate Debt Investments — Life Science																						249,642		244,815
Non-Affiliate Debt Investments — Sustainability — 24.6% (8)
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(15)	Other Sustainability	Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,750		3,685		3,685
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,750		3,685		3,685
Nexii Building Solutions, Inc. (2)(12)(13)(14)(18)	Other Sustainability	Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		2.50	%	March 31, 2024		8,425		8,353		4,549
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		2.50	%	March 31, 2024		8,425		8,229		4,481
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		2.50	%	March 31, 2024		8,425		8,229		4,481
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		2.50	%	March 31, 2024		5,617		5,480		2,984
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		2.50	%	March 31, 2024		5,617		5,480		2,984
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		735		726		395
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		586		578		315
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		292		288		157
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		290		286		156
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		174		172		93
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		802		791		431
		Term Loan		15.50	% (11)	Prime		7.00	%		10.25	%		—		—		March 31, 2024		1,091		1,083		590
Soli Organic, Inc. (2)(12)	Other Sustainability	Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		5,000		4,959		4,959
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		2,500		2,479		2,479
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		5,000		4,956		4,956
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		2,500		2,478		2,478
		Term Loan		14.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		5,000		4,934		4,934
		Term Loan		14.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		2,500		2,467		2,467
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,694		3,694
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,694		3,694
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		7,500		7,379		7,379
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,690		3,690
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,690		3,690
		Term Loan		14.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1,2029		4,500		4,446		4,446
		Term Loan		14.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1,2029		2,000		1,976		1,976
Total Non-Affiliate Debt Investments — Sustainability																						97,907		79,828

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(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 — 83.3% (8)
Axiom Space, Inc. (2)(12)	Communications	Term Loan		14.50	%	Prime		6.00	%		9.25	%		—			2.50	%	June 1, 2026		6,250		6,218		6,218
		Term Loan		14.50	%	Prime		6.00	%		9.25	%		—			2.50	%	June 1, 2026		6,250		6,218		6,218
		Term Loan		14.50	%	Prime		6.00	%		9.25	%		—			2.50	%	June 1, 2026		6,250		6,218		6,218
CAMP NYC, Inc. (2)(12)	Consumer-related Technologies	Term Loan		15.75	%	Prime		7.25	%		10.50	%		—			3.00	%	May 1, 2026		3,383		3,356		3,356
Clara Foods Co. (2)(12)	Consumer-related Technologies	Term Loan		14.25	%	Prime		5.75	%		9.00	%		—			5.50	%	August 1, 2025		1,667		1,656		1,656
		Term Loan		14.25	%	Prime		5.75	%		9.00	%		—			5.50	%	August 1, 2025		1,583		1,573		1,573
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2027		3,750		3,608		3,608
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2027		1,250		1,242		1,242
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2027		3,750		3,726		3,726
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2027		1,250		1,242		1,242
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2027		3,750		3,726		3,726
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2027		1,250		1,242		1,242
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	January 1, 2028		3,750		3,712		3,712
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	January 1, 2028		3,750		3,712		3,712
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	April 1, 2028		3,750		3,706		3,706
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2028		3,750		3,707		3,707
		Term Loan		11.25	%	Prime		6.00	%		9.50	%		11.25	%		3.00	%	July 1, 2028		3,750		3,707		3,707
Havenly, Inc. (2)(12)	Consumer-related Technologies	Term Loan		13.50	%	Prime		5.00	%		5.00	%		—			4.00	%	March 1, 2027		2,000		1,421		1,421
		Term Loan		13.50	%	Prime		5.00	%		5.00	%		—			4.00	%	March 1, 2027		3,000		2,131		2,131
		Term Loan		12.00	%	Prime		3.50	%		10.50	%		—			7.78	%	February 1, 2028		2,813		2,813		2,813
		Term Loan		12.00	%	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		12.00	%	Prime		3.50	%		9.00	%		—			1.00	%	September 1, 2027		2,500		2,591		2,429
MyForest Foods Co. (2)(12)	Consumer-related Technologies	Term Loan		15.25	%	Prime		6.75	%		10.00	%		—			3.00	%	October 1, 2025		3,667		3,647		3,647
		Term Loan		15.25	%	Prime		6.75	%		10.00	%		—			3.00	%	October 1, 2025		1,833		1,824		1,824
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		5,752		5,752		5,018
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		2,301		2,301		2,007
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		2,876		2,876		2,509
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		3,451		3,451		3,011
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		2,876		2,876		2,510
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		2,876		2,876		2,510
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		5,752		5,752		5,018
		Term Loan		14.25	% (11)	Prime		5.75	%		9.00	%		—			5.25	%	October 31, 2023		2,876		2,876		2,510
Optoro, Inc. (2)(12)	Consumer-related Technologies	Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	August 1, 2027		2,500		2,416		2,416
		Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	July 1, 2028		1,875		1,787		1,787
Unagi, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		16.25	% (11)	Prime		7.75	%		11.00	%		—			—		May 1, 2027		1,204		1,086		872
		Term Loan		16.25	% (11)	Prime		7.75	%		11.00	%		—			—		May 1, 2027		602		543		436
		Term Loan		16.25	% (11)	Prime		7.75	%		11.00	%		—			—		May 1, 2027		602		543		436
Liqid, Inc. (2)(12)	Networking	Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	September 1, 2024		1,500		1,481		1,481
		Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	September 1, 2024		1,500		1,481		1,481
		Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	September 1, 2024		750		740		740
		Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	September 1, 2024		667		656		656
		Term Loan		14.75	%	Prime		6.25	%		9.50	%		—			4.00	%	September 1, 2024		750		729		729
BriteCore Holdings, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		5.50	%		14.00	%		—			3.00	%	October 1, 2028		5,000		4,860		4,860
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—			3.00	%	October 1, 2028		2,500		2,466		2,466
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—			3.00	%	October 1, 2028		2,500		2,466		2,466
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—			3.00	%	October 1, 2028		2,500		2,466		2,466

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(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)
Dropoff, Inc. (2)(12)	Software	Term Loan		15.00%	(19)	Prime		6.50	%		9.75	%		—		3.50	%	April 1, 2026		6,625		6,519		6,176
		Term Loan		15.00%	(19)	Prime		6.50	%		9.75	%		—		3.50	%	April 1, 2026		6,116		6,018		5,701
		Term Loan		15.00%	(19)	Prime		6.50	%		9.75	%		—		3.50	%	August 1, 2026		2,548		2,507		2,375
Engage3, LLC (2)(12)	Software	Term Loan		14.75	%	Prime		6.25	%		9.75	%		—		4.50	%	July 1, 2027		3,750		3,728		3,728
		Term Loan		14.75	%	Prime		6.25	%		9.75	%		—		4.50	%	July 1, 2027		3,750		3,728		3,728
Kodiak Robotics, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,895		9,895
		Term Loan		14.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,895		9,895
		Term Loan		14.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,947		4,947
		Term Loan		14.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,947		4,947
Lemongrass Holdings, Inc. (2)(12)	Software	Term Loan		15.00	%	Prime		6.50	%		9.75	%		—		2.50	%	March 1, 2026		5,000		4,971		4,971
		Term Loan		15.00	%	Prime		6.50	%		9.75	%		—		2.50	%	March 1, 2026		2,500		2,486		2,486
Lytics, Inc. (2)(12)	Software	Term Loan		14.50	%	Prime		6.00	%		14.25	%		—		4.00	%	November 1, 2026		2,500		2,471		2,373
		Term Loan		14.50	%	Prime		6.00	%		14.25	%		—		4.00	%	December 1, 2026		1,250		1,237		1,188
		Term Loan		14.50	%	Prime		6.00	%		14.25	%		—		4.00	%	April 1, 2027		1,000		994		954
Mirantis, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,779		4,779
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,915		4,915
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,915		4,915
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,915		4,915
Noodle Partners, Inc. (2)(12)	Software	Term Loan		13.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		10,000		9,885		9,885
		Term Loan		13.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,942		4,942
		Term Loan		13.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,942		4,942
Reputation Institute, Inc. (2)(12)	Software	Term Loan		15.75	%	Prime		7.25	%		10.50	%		—		3.00	%	August 1, 2025		3,667		3,625		3,625
Slingshot Aerospace, Inc. (2)(12)	Software	Term Loan		14.25	%	Prime		5.75	%		9.75	%		—		5.00	%	August 1, 2026		5,000		4,959		4,959
		Term Loan		14.25	%	Prime		5.75	%		9.75	%		—		5.00	%	August 1, 2026		5,000		4,959		4,959
		Term Loan		14.25	%	Prime		5.75	%		9.75	%		—		5.00	%	August 1, 2026		5,000		4,959		4,959
		Term Loan		14.25	%	Prime		5.75	%		9.75	%		—		5.00	%	August 1, 2026		5,000		4,959		4,959
Supply Network Visibility Holdings LLC (2)(12)	Software	Term Loan		12.75	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,457		2,457
		Term Loan		12.75	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		3,500		3,489		3,489
		Term Loan		12.75	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,492		2,492
		Term Loan		12.75	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		1,500		1,495		1,495
Viken Detection Corporation (2)(12)	Software	Term Loan		12.50	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		5,000		4,773		4,773
		Term Loan		12.50	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,500		2,467		2,467
		Term Loan		12.50	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,500		2,467		2,467
Total Non-Affiliate Debt Investments — Technology																						275,026		269,790
Non-Affiliate Debt Investments — Healthcare information and services — 21.5% (8)
Hound Labs inc. (2) (12)	Diagnostics	Term Loan		14.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		2,500		2,484		2,484
		Term Loan		14.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		2,500		2,484		2,484
		Term Loan		14.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		5,000		4,968		4,968
Parse Biosciences, Inc. (2)(12)	Diagnostics	Term Loan		11.75	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,633		4,633
		Term Loan		11.75	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,884		4,884
BrightInsight, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		7,000		6,684		6,684
		Term Loan		14.00	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,463		3,463
		Term Loan		14.00	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,463		3,463
		Term Loan		14.00	%	Prime		5.50	%		9.50	%		—		3.00	%	April 1, 2028		2,750		2,710		2,710
Elligo Health Research, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		10,000		9,656		9,656
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,925		4,925
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,925		4,925
		Term Loan		12.00	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,925		4,925
SafelyYou, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,648		4,648
		Term Loan		11.75	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,918		4,918
Total Non-Affiliate Debt Investments — Healthcare information and services																						69,770		69,770
*Total Non- Affiliate Debt Investments*																						692,345		664,203

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Non-Affiliate Warrant Investments — 7.6% (8)
Non-Affiliate Warrants — Life Science — 2.3% (8)
Avalo Therapeutics, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		117		311		—
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		7,404		214		318
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		110,402		178		246
Imunon, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		19,671		65		—
KSQ Therapeutics, Inc. (2) (12)	Biotechnology	Preferred Stock Warrant		48,076		50		53
Mustang Bio, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		16,611		146		—
Native Microbials, Inc (2)(12)	Biotechnology	Preferred Stock Warrant		103,679		64		157
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Common Stock Warrant		299,848		160		606
Provivi, Inc. (2)(12)	Biotechnology	Common Stock Warrant		175,098		278		—
Provivi, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		691,895		312		225
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Common Stock Warrant		318,181		264		113
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		1,600,002		194		172
Xeris Pharmaceuticals, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		126,000		72		33
AccuVein Inc. (2)(12)	Medical Device	Common Stock Warrant		1,175		24		—
Aerin Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		1,818,183		66		1,199
Aerobiotix, LLC (2)(12)	Medical Device	Preferred Stock Warrant		8,800		48		9
Canary Medical Inc. (2)(12)	Medical Device	Preferred Stock Warrant		12,153		86		1,305
Candesant Biomedical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		93,336		152		135
Ceribell, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		145,483		69		229
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,106,174		149		167
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		7,972,222		221		206
CSA Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		3,341,376		174		124
CVRx, Inc. (2)(5)(12)	Medical Device	Common Stock Warrant		47,410		76		980
Infobionic, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,010,424		124		26
Magnolia Medical Technologies, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		809,931		194		368
Meditrina, Inc. (12)	Medical Device	Preferred Stock Warrant		233,993		83		93
MicroTransponder, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		103,172		47		47
Scientia Vascular, Inc (2)(12)	Medical Device	Preferred Stock Warrant		34,410		103		215
Sonex Health, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,637,043		275		269
VERO Biotech LLC (2)(12)	Medical Device	Preferred Stock Warrant		4,109		432		379
Swift Health Systems Inc. (2)(12)	Medical Device	Preferred Stock Warrant		135,484		71		1
Total Non-Affiliate Warrants — Life Science						4,702		7,675

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
*Non-Affiliate Warrants — Sustainability — 0.2% (8)*
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(15)	Other Sustainability	Preferred Stock Warrant		400,000		81		72
LiquiGlide, Inc. (2)(12)	Other Sustainability	Common Stock Warrant		61,359		39		50
Nexii Building Solutions, Inc. (2)(12)(14)(18)	Other Sustainability	Common Stock Warrant		215,171		490		—
Soli Organic, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		681		214		340
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		46,311		175		80
*Total Non-Affiliate Warrants — Sustainability*						999		542
Non-Affiliate Warrants — Technology — 4.5% (8)
Axiom Space, Inc. (2)(12)	Communications	Common Stock Warrant		1,991		47		61
Intelepeer Holdings, Inc. (2)(12)	Communications	Preferred Stock Warrant		2,936,535		138		3,036
PebblePost, Inc. (2)(12)	Communications	Preferred Stock Warrant		598,850		92		131
Alula Holdings, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		20,000		93		—
Aterian, Inc. (2)(5)(12)	Consumer-related Technologies	Common Stock Warrant		76,923		195		—
Caastle, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		268,591		65		1,055
CAMP NYC, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		75,997		22		27
Clara Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		46,745		29		122
CZV, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		65,569		81		71
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		37,282		94		250
Havenly, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		1,312,500		2,947		2,259
MyForest Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		250		29		56
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		1,224,752		9		—
Optoro, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		11,550		182		145
Primary Kids, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		553,778		57		591
Quip NYC Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		6,191		325		533
Unagi, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		171,081		32		—
Updater, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		114,659		34		—
CPG Beyond, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		500,000		242		294
Silk, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		394,110		175		124
Global Worldwide LLC (2)(12)	Internet and Media	Preferred Stock Warrant		245,810		75		63
Rocket Lawyer Incorporated (2)(12)	Internet and Media	Preferred Stock Warrant		261,721		92		318
Skillshare, Inc. (2)(12)	Internet and Media	Preferred Stock Warrant		139,074		162		1,201
Liqid, Inc. (2)(12)	Networking	Preferred Stock Warrant		344,102		364		210
Halio, Inc. (2)(12)	Power Management	Common Stock Warrant		38,241,466		1,585		2,700
Avalanche Technology, Inc. (2)(12)	Semiconductors	Preferred Stock Warrant		5,938		45		—
BriteCore Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		161,215		98		174
Dropoff, Inc. (2)(12)	Software	Common Stock Warrant		516,732		455		46
E La Carte, Inc. (2)(5)(12)	Software	Common Stock Warrant		147,361		60		—
Everstream Holdings, LLC (2)(12)	Software	Preferred Stock Warrant		350,000		70		63
Kodiak Robotics, Inc. (2)(12)	Software	Preferred Stock Warrant		639,918		273		13
Lemongrass Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		101,308		32		120
Lotame Solutions, Inc. (2)(12)	Software	Preferred Stock Warrant		71,305		18		42
Lytics, Inc. (2)(12)	Software	Preferred Stock Warrant		85,543		43		1
Mirantis, Inc. (2)(12)	Software	Common Stock Warrant		948,275		223		247
Noodle Partners, Inc. (2)(12)	Software	Preferred Stock Warrant		84,037		115		2
Reputation Institute, Inc. (2)(12)	Software	Preferred Stock Warrant		3,731		56		80
Revinate Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		682,034		44		91
SIGNiX, Inc. (12)	Software	Preferred Stock Warrant		186,235		225		—
Slingshot Aerospace, Inc. (2)(12)	Software	Preferred Stock Warrant		309,208		123		135
Supply Network Visibility Holdings LLC (2)(12)	Software	Preferred Stock Warrant		682		64		135
Topia Mobility, Inc. (2)(12)	Software	Preferred Stock Warrant		3,049,607		138		—
Viken Detection Corporation (2)(12)	Software	Preferred Stock Warrant		345,443		120		105
xAd, Inc. (2)(12)	Software	Preferred Stock Warrant		4,343,348		177		5
Total Non-Affiliate Warrants — Technology						9,733		14,506

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(Dollars in thousands)

					Cost of		Fair
Portfolio Company (1)(3)	Sector	Type of Investment (7)	Number of Shares		Investments (6)(9)		Value (9)
Non-Affiliate Warrants — Healthcare information and services — 0.6% (8)
Hound Labs, Inc (2) (12)	Diagnostics	Preferred Stock Warrant		171,370		46		12
Parse Biosciences, Inc. (2)(12)	Diagnostics	Common Stock Warrant		32,244		70		70
Parse Biosciences, Inc. (2)(12)	Diagnostics	Preferred Stock Warrant		184,253		166		166
Kate Farms, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		82,965		102		1,366
BrightInsight, Inc. (2)(12)	Software	Preferred Stock Warrant		85,066		167		—
Elligo Health Research, Inc. (2)(12)	Software	Preferred Stock Warrant		652,250		192		99
Medsphere Systems Corporation (2)(12)	Software	Preferred Stock Warrant		7,097,792		60		108
SafelyYou, Inc. (2)(12)	Software	Preferred Stock Warrant		150,353		163		50
Total Non-Affiliate Warrants — Healthcare information and services						966		1,871
*Total Non-Affiliate Warrants*						16,400		24,594
Non-Affiliate Other Investments — Life Science — 0.1% (8)
Lumithera, Inc. (12)	Medical Device	Royalty Agreement				1,200		200
ZetrOZ, Inc. (12)	Medical Device	Royalty Agreement				—		—
*Total Non-Affiliate Other Investments*						1,200		200
Non-Affiliate Equity — 1.5% (8)
Cadrenal Therapeutics, Inc. (5)	Biotechnology	Common Stock		600,000		—		443
Castle Creek Biosciences, Inc. (12)	Biotechnology	Common Stock		1,162		250		250
Emalex Biosciences, Inc. (12)	Biotechnology	Common Stock		32,831		355		355
Axiom Space, Inc. (12)	Communication	Preferred Stock		1,810		261		306
Getaround, Inc. (2)(5)	Consumer-related Technologies	Common Stock		87,082		253		20
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock		2,688,971		89		89
SnagAJob.com, Inc. (12)	Consumer-related Technologies	Common Stock		82,974		9		83
Lumithera, Inc. (12)	Medical Device	Common Stock		392,651		2,000		1,700
Tigo Energy, Inc. (5)	Other Sustainability	Common Stock		5,205		111		13
Decisyon, Inc. (12)	Software	Preferred Stock		280,000		2,800		1,281
Lotame, Inc. (12)	Software	Preferred Stock		66,127		4		193
*Total Non-Affiliate Equity*						6,132		4,733
*Total Non-Affiliate Portfolio Investment Assets*					$	716,077	$	693,730

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(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-Controlled Affiliate Investments — 0.3% (8)
Non-Controlled Affiliate Debt Investments — Life Sciences — 0.3% (8)
Evelo Biosciences, Inc. (2)(5)(12)(13)	Biotechnology	Term Loan		12.75%	(11)	Prime		4.25	%		11.00	%		—		2.27	%	January 1, 2028		5,532		5,228		222
		Term Loan		12.75%	(11)	Prime		4.25	%		11.00	%		—		2.27	%	January 1, 2028		8,298		7,867		336
		Term Loan		12.75%	(11)	Prime		4.25	%		11.00	%		—		2.27	%	January 1, 2028		3,319		3,137		133
		Term Loan		12.75%	(11)	Prime		4.25	%		11.00	%		—		2.27	%	January 1, 2028		3,319		3,137		133
		Term Loan		12.75%	(11)	Prime		4.25	%		11.00	%		—		2.27	%	January 1, 2028		2,213		2,091		88
		Term Loan		12.75%	(11)	Prime		4.25	%		11.00	%		—		2.27	%	January 1, 2028		2,213		2,091		88
Total Non-Controlled Affiliate Debt Investments																						23,551		1,000

					Cost of		Fair
Portfolio Company (1)(3)	Sector	Type of Investment (7)	Number of Shares		Investments (6)(9)		Value (9)
Non-controlled Affiliate Equity — Life Sciences — 0.0% (8)
Aulea Medical, Inc. (12)(16)	Medical Device	Common Stock		660,537		—		—
Evelo Biosciences, Inc. (5)	Biotechnology	Common Stock		2,164,502		5,000		132
Total Non-Controlled Affiliate Equity						5,000		132
Non-controlled Affiliate Warrants — Life Sciences — 0.0% (8)
Evelo Biosciences, Inc. (2)(5)(12)	Biotechnology	Common Stock		23,196		126		—
Total Non-Controlled Affiliate Warrants						126		—
*Total Non-Controlled Affiliate Portfolio Investment Assets*					$	28,677	$	1,132

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 — 4.4% (8)
Controlled Affiliate Debt Investments — Technology — 1.6% (8)
Better Place Forests Co. (12)	Consumer-related Technologies	Term Loan		12.25%	(11)	Prime		3.75	%		12.00	%		—		1.85	%	August 1, 2029		3,547		3,585		3,339
		Term Loan		12.25%	(11)	Prime		3.75	%		12.00	%		—		1.85	%	August 1, 2029		1,773		1,750		1,630
Total Controlled Affiliate Debt Investments																						5,335		4,969

					Cost of		Fair
Portfolio Company (1)(3)	Sector	Type of Investment (7)	Number of Shares		Investments (6)(9)		Value (9)
Controlled Affiliate Equity — Technology — 0.9% (8)
Better Place Forests Co. (12)	Consumer-related Technologies	Common Stock		2,278,272		2,061		2,165
Better Place Forests Co. (12)	Consumer-related Technologies	Preferred Stock		3,124,448		1,250		859
Total Controlled Affiliate Equity						3,311		3,024
Controlled Affiliate Other Investments — Life Sciences — 1.9% (8)
HIMV LLC (12)(17)	Biotechnology	Other Investment				5,782		6,230
Total Controlled Affiliate Other						5,782		6,230
*Total Controlled Affiliate Portfolio Investment Assets*					$	14,428	$	14,223
Total Portfolio Investment Assets — 218.9% (8)					$	759,182	$	709,085

Short Term Investments - Unrestricted Investments - 1.0% (8)
US Bank Money Market Deposit Account		26,450		26,450
Total Short Term Investments - Unrestricted Investments	$	26,450	$	26,450

Short Term Investments - Restricted Investments - 0.8% (8)
US Bank Money Market Deposit Account		2,642		2,642
Total Short Term Investments - Restricted Investments	$	2,642	$	2,642

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2023

(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 Key Facility, the NYL Facility and/or the 2022 Asset-Backed Notes.

(3)

(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 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 December 31, 2023 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)

As of December 31, 2023, 4.7% and 2.7% of the Company's total assets on a cost and fair value basis, respectively, are in non-qualifying assets. 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)

(11)	Debt investment has a PIK feature.

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

(13)	Debt investment is on non-accrual status as of December 31, 2023.

(14)	Entity is organized under the laws of Canada and has a principal place of business in Canada.
(15)	On or about September 13, 2023, in connection with New Aerofarms, Inc.’s purchase of substantially all of the assets of Aerofarms, Inc. in a bankruptcy process, New Aerofarms, Inc. assumed all of the debt investments of the Company in Aerofarms, Inc.
(16)	On July 31, 2023, pursuant to a certain Secured Party Bill of Sale and Transfer Agreement, the Company sold substantially all of the assets of Corinth MedTech, Inc., a borrower of the Company, to Aulea Medical Inc. (“Aulea”) in consideration of 660,537 shares of the common stock of Aulea.
(17)	By an Order of the Supreme Court of Nova Scotia made May 1, 2023, as amended and restated by an Order of the Court made May 5, 2023, IMV commenced 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 the co-lender.
(18)	On January 11, 2024, Nexii Building Solutions Inc., and its affiliates, obtained an Initial Order under the Companies’ Creditors Arrangement Act from the Supreme Court of British Columbia in Vancouver. The Initial Order provides for, among other things, a stay of proceedings in favour of Nexii, the approval of debtor-in-possession financing and the appointment of KSV Restructuring Inc. as monitor of Nexii.
(19)	Debt investment has a partial PIK feature in which (a) a portion of the accrued interest on the debt investment, in an amount equal to four and one half percent (4.5%) on the then-outstanding principal amount of the debt investment is added to the then-outstanding principal amount of the debt investment and (b) the remaining accrued interest on the debt investment is paid in cash.

See Notes to Consolidated Financial Statements

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details