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Weighted average is calculated by multiplying (a) the unobservable input for each investment in the investment type by (b) (1) the fair value of the related investment in the investment type divided by (2) the total fair value of the investment type. Annualized. Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year. No adjustments for interest or incremental shares were included for the nine months ended September 30, 2025 because the effect would be antidilutive. The 2031 Convertible Notes and the 2030 Convertible Notes were not outstanding as of September 30, 2024. For the nine months ended September 30, 2025, the impact of the hypothetical conversion of 2031 Convertible Notes and the 2030 Convertible Notes would have been antidilutive to net decrease in net assets resulting from operations per common share (Note 11). Includes the impact of the different share amounts as a result of calculating per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. The issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of common stock in the Company’s continuous public offering pursuant to the Company’s distribution reinvestment plan and the conversion of a portion of the 2031 Convertible Notes and the 2030 Convertible Notes to common stock. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30, 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 October 28, 2025 was 44,383,292.

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 September 30, 2025 (unaudited) and December 31, 2024 | 3
| Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited) | 4
| Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited) | 5
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited) | 6
| Consolidated Schedules of Investments as of September 30, 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 | 56
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 73
Item 4. | Controls and Procedures | 73
PART II
Item 1. | Legal Proceedings | 74
Item 1A. | Risk Factors | 74
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 77
Item 3. | Defaults Upon Senior Securities | 77
Item 4. | Mine Safety Disclosures | 77
Item 5. | Other Information | 77
Item 6. | Exhibits | 77
| Signatures | 78
EX‑14 |  |
EX‑31.1 |  |
EX‑31.2 |  |
EX‑32.1 |  |
EX‑32.2 |  |

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)

|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
|  | (Unaudited) |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Non-affiliate investments at fair value (cost of $616,488 and $694,503, respectively) |  | $ | 557,582 |  |  | $ | 657,765 |
Non-controlled affiliate investments at fair value (cost of $58,970 and $27,491, respectively) (Note 5) |  |  | 44,816 |  |  |  | 8,307 |
Controlled affiliate investments at fair value (cost of $10,735 and $44,780, respectively) (Note 5) |  |  | 1,116 |  |  |  | 31,819 |
Total investments at fair value (cost of $686,193 and $766,774, respectively) (Note 4) |  |  | 603,514 |  |  |  | 697,891 |
Cash |  |  | 84,662 |  |  |  | 70,264 |
Investments in money market funds |  |  | 43,828 |  |  |  | 27,266 |
Restricted investments in money market funds |  |  | 2,417 |  |  |  | 3,338 |
Interest receivable |  |  | 15,867 |  |  |  | 16,559 |
Other assets |  |  | 8,924 |  |  |  | 6,515 |
Total assets |  | $ | 759,212 |  |  | $ | 821,833 |
Liabilities |  |  |  |  |  |  |  |
Borrowings (Note 7) |  | $ | 424,031 |  |  | $ | 467,904 |
Distributions payable |  |  | 14,624 |  |  |  | 13,159 |
Base management fee payable (Note 3) |  |  | 921 |  |  |  | 1,045 |
Other accrued expenses |  |  | 3,935 |  |  |  | 3,542 |
Total liabilities |  |  | 443,511 |  |  |  | 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 September 30, 2025 and December 31, 2024 |  |  | — |  |  |  | — |
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 44,482,470 and 40,043,312 shares issued and 44,315,005 and 39,875,847 shares outstanding as of September 30, 2025 and December 31, 2024, respectively |  |  | 49 |  |  |  | 44 |
Paid-in capital in excess of par |  |  | 551,358 |  |  |  | 518,200 |
Distributable loss |  |  | (235,706 | ) |  |  | (182,061 | )
Total net assets |  |  | 315,701 |  |  |  | 336,183 |
Total liabilities and net assets |  | $ | 759,212 |  |  | $ | 821,833 |
Net asset value per common share |  | $ | 7.12 |  |  | $ | 8.43 |

See Notes to Consolidated Financial Statements

3

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 |  |  | For The Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From non-affiliate investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 23,803 |  |  | $ | 22,940 |  |  | $ | 69,906 |  |  | $ | 73,103 |
Fee income |  |  | 2,028 |  |  |  | 1,382 |  |  |  | 5,002 |  |  |  | 2,661 |
From non-controlled affiliate investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 462 |  |  |  | — |  |  |  | 462 |  |  |  | — |
From controlled affiliate investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (reversal) |  |  | 25 |  |  |  | 241 |  |  |  | (16 | ) |  |  | 606 |
Total investment income |  |  | 26,318 |  |  |  | 24,563 |  |  |  | 75,354 |  |  |  | 76,370 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 7,897 |  |  |  | 7,945 |  |  |  | 24,780 |  |  |  | 24,046 |
Base management fee (Note 3) |  |  | 2,748 |  |  |  | 2,989 |  |  |  | 8,887 |  |  |  | 9,178 |
Performance based incentive fee (Note 3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 295 |
Administrative fee (Note 3) |  |  | 377 |  |  |  | 400 |  |  |  | 1,203 |  |  |  | 1,259 |
Professional fees |  |  | 493 |  |  |  | 587 |  |  |  | 1,722 |  |  |  | 1,707 |
General and administrative |  |  | 437 |  |  |  | 432 |  |  |  | 1,477 |  |  |  | 1,419 |
Total expenses |  |  | 11,952 |  |  |  | 12,353 |  |  |  | 38,069 |  |  |  | 37,904 |
Net investment income before excise tax |  |  | 14,366 |  |  |  | 12,210 |  |  |  | 37,285 |  |  |  | 38,466 |
Provision for excise tax |  |  | 373 |  |  |  | 373 |  |  |  | 1,123 |  |  |  | 1,109 |
Net investment income |  |  | 13,993 |  |  |  | 11,837 |  |  |  | 36,162 |  |  |  | 37,357 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) on non-affiliate investments |  |  | 2,590 |  |  |  | (33,894 | ) |  |  | (6,703 | ) |  |  | (31,459 | )
Net realized gain on non-controlled affiliate investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37 |
Net realized loss on controlled affiliate investments |  |  | (25,117 | ) |  |  | — |  |  |  | (25,117 | ) |  |  | — |
Net realized loss on investments |  |  | (22,527 | ) |  |  | (33,894 | ) |  |  | (31,820 | ) |  |  | (31,422 | )
Net realized loss on extinguishment of debt |  |  | (1,261 | ) |  |  | — |  |  |  | (2,037 | ) |  |  | — |
Net realized loss |  |  | (23,788 | ) |  |  | (33,894 | ) |  |  | (33,857 | ) |  |  | (31,422 | )
Net unrealized appreciation (depreciation) on non-affiliate investments |  |  | 25,659 |  |  |  | 35,407 |  |  |  | (1,266 | ) |  |  | (2,094 | )
Net unrealized appreciation (depreciation) on non-controlled affiliate investments |  |  | 1,812 |  |  |  | (6,237 | ) |  |  | 210 |  |  |  | 8,374 |
Net unrealized appreciation (depreciation) on controlled affiliate investments |  |  | 13,046 |  |  |  | 165 |  |  |  | (12,740 | ) |  |  | (5,416 | )
Net unrealized appreciation (depreciation) on investments |  |  | 40,517 |  |  |  | 29,335 |  |  |  | (13,796 | ) |  |  | 864 |
Net realized and unrealized gain (loss) |  |  | 16,729 |  |  |  | (4,559 | ) |  |  | (47,653 | ) |  |  | (30,558 | )
Net increase (decrease) in net assets resulting from operations |  | $ | 30,722 |  |  | $ | 7,278 |  |  | $ | (11,491 | ) |  | $ | 6,799 |
Net investment income per common share - basic |  | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 0.87 |  |  | $ | 1.06 |
Net investment income per common share - diluted |  | $ | 0.31 |  |  | $ | 0.32 |  |  | $ | 0.87 |  |  | $ | 1.06 |
Net increase (decrease) in net assets resulting from operations per common share - basic |  | $ | 0.71 |  |  | $ | 0.20 |  |  | $ | (0.28 | ) |  | $ | 0.19 |
Net increase (decrease) in net assets resulting from operations per common share - diluted (1) |  | $ | 0.68 |  |  | $ | 0.20 |  |  | $ | (0.28 | ) |  | $ | 0.19 |
Weighted average shares outstanding - basic |  |  | 43,101,307 |  |  |  | 36,571,000 |  |  |  | 41,525,869 |  |  |  | 35,200,189 |
Weighted average shares outstanding - diluted |  |  | 45,838,142 |  |  |  | 36,571,000 |  |  |  | 41,525,869 |  |  |  | 35,200,189 |
Distributions declared per share |  | $ | 0.33 |  |  | $ | 0.33 |  |  | $ | 0.99 |  |  | $ | 1.04 |

(1) | For the nine months ended September 30, 2025, the impact of the hypothetical conversion of 2031 Convertible Notes and the 2030 Convertible Notes would have been antidilutive to net decrease in net assets resulting from operations per common share (Note 11).

See Notes to Consolidated Financial Statements

4

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 June 30, 2024 |  |  | 36,043,815 |  |  |  | 40 |  |  |  | 481,349 |  |  |  | (152,611 | ) |  | $ | 328,778 |
Issuance of common stock, net of offering costs |  |  | 1,709,096 |  |  |  | 2 |  |  |  | 18,413 |  |  |  | — |  |  |  | 18,415 |
Net increase in net assets resulting from operations, net of excise tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income, net of excise tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,837 |  |  |  | 11,837 |
Net realized loss on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (33,894 | ) |  |  | (33,894 | )
Net unrealized appreciation on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,335 |  |  |  | 29,335 |
Issuance of common stock under dividend reinvestment plan |  |  | 50,153 |  |  |  | — |  |  |  | 583 |  |  |  | — |  |  |  | 583 |
Distributions declared |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,521 | ) |  |  | (12,521 | )
Balance at September 30, 2024 |  |  | 37,803,064 |  |  |  | 42 |  |  |  | 500,345 |  |  |  | (157,854 | ) |  |  | 342,533 |
Balance at June 30, 2025 |  |  | 42,027,567 |  |  | $ | 47 |  |  | $ | 535,423 |  |  | $ | (251,675 | ) |  |  | 283,795 |
Issuance of common stock, net of offering costs |  |  | 1,570,248 |  |  |  | 1 |  |  |  | 10,620 |  |  |  | — |  |  |  | 10,621 |
Net increase in net assets resulting from operations, net of excise tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income, net of excise tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,993 |  |  |  | 13,993 |
Net realized loss on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (22,527 | ) |  |  | (22,527 | )
Net realized loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,261 | ) |  |  | (1,261 | )
Net unrealized appreciation on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,517 |  |  |  | 40,517 |
Issuance of common stock under dividend reinvestment plan |  |  | 74,147 |  |  |  | — |  |  |  | 546 |  |  |  | — |  |  |  | 546 |
Issuance of common stock in extinguishment of debt |  |  | 643,043 |  |  |  | 1 |  |  |  | 4,769 |  |  |  | — |  |  |  | 4,770 |
Distributions declared |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,753 | ) |  |  | (14,753 | )
Balance at September 30, 2025 |  |  | 44,315,005 |  |  | $ | 49 |  |  | $ | 551,358 |  |  | $ | (235,706 | ) |  | $ | 315,701 |

|  |  |  |  |  |  |  |  |  | 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 |  |  | 4,279,141 |  |  |  | 6 |  |  |  | 47,521 |  |  |  | — |  |  |  | 47,527 |
Net increase in net assets resulting from operations, net of excise tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income, net of excise tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,357 |  |  |  | 37,357 |
Net realized loss on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31,422 | ) |  |  | (31,422 | )
Net unrealized appreciation on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 864 |  |  |  | 864 |
Issuance of common stock under dividend reinvestment plan |  |  | 156,534 |  |  |  | — |  |  |  | 1,875 |  |  |  | — |  |  |  | 1,875 |
Distributions declared |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (37,649 | ) |  |  | (37,649 | )
Balance at September 30, 2024 |  |  | 37,803,064 |  |  |  | 42 |  |  |  | 500,345 |  |  |  | (157,854 | ) |  |  | 342,533 |
Balance at December 31, 2024 |  |  | 39,875,847 |  |  |  | 44 |  |  |  | 518,200 |  |  |  | (182,061 | ) |  |  | 336,183 |
Issuance of common stock, net of offering costs |  |  | 1,974,553 |  |  |  | 2 |  |  |  | 14,180 |  |  |  | — |  |  |  | 14,182 |
Net decrease in net assets resulting from operations, net of excise tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income, net of excise tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,162 |  |  |  | 36,162 |
Net realized loss on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31,820 | ) |  |  | (31,820 | )
Net realized loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,037 | ) |  |  | (2,037 | )
Net unrealized depreciation on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13,796 | ) |  |  | (13,796 | )
Issuance of common stock under dividend reinvestment plan |  |  | 200,059 |  |  |  | — |  |  |  | 1,606 |  |  |  | — |  |  |  | 1,606 |
Issuance of common stock in extinguishment of debt |  |  | 2,264,546 |  |  |  | 3 |  |  |  | 17,372 |  |  |  | — |  |  |  | 17,375 |
Distributions declared |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (42,154 | ) |  |  | (42,154 | )
Balance at September 30, 2025 |  |  | 44,315,005 |  |  | $ | 49 |  |  | $ | 551,358 |  |  | $ | (235,706 | ) |  | $ | 315,701 |

See Notes to Consolidated Financial Statements

5

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

|  | For the nine months ended September 30, |
|  | 2025 |  |  | 2024 |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net (decrease) increase in net assets resulting from operations |  | $ | (11,491 | ) |  | $ | 6,799 |
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |
Amortization of debt issuance costs |  |  | 1,973 |  |  |  | 1,272 |
Net realized loss on investments |  |  | 31,820 |  |  |  | 31,422 |
Net realized loss on extinguishment of debt |  |  | 2,037 |  |  |  | — |
Net unrealized depreciation (appreciation) on investments |  |  | 13,796 |  |  |  | (864 | )
Purchase of investments |  |  | (153,805 | ) |  |  | (121,211 | )
Principal payments received on investments |  |  | 204,604 |  |  |  | 120,448 |
Payment-in-kind (“PIK”) interest on investments |  |  | (1,192 | ) |  |  | (2,114 | )
Proceeds from sale of investments |  |  | 5,317 |  |  |  | 157 |
Equity received in settlement of interest and fee income |  |  | (3,209 | ) |  |  | — |
Warrants received in settlement of fee income |  |  | (71 | ) |  |  | (359 | )
Accrued interest converted to common stock |  |  | 125 |  |  |  | — |
Changes in assets and liabilities: |  |  |  |  |  |  |  |
Increase in interest receivable |  |  | (1,803 | ) |  |  | (775 | )
Decrease (increase) in end-of-term payments |  |  | 2,495 |  |  |  | (1,088 | )
Decrease in unearned income |  |  | (2,883 | ) |  |  | (2,381 | )
Increase in other assets |  |  | (927 | ) |  |  | (201 | )
Increase (decrease) in other accrued expenses |  |  | 393 |  |  |  | (1,005 | )
Decrease in base management fee payable |  |  | (124 | ) |  |  | (27 | )
Net cash provided by operating activities |  |  | 87,055 |  |  |  | 30,073 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from issuance of 2030 Convertible Notes |  |  | 40,000 |  |  |  | — |
Repayment of 2022 Asset-Backed Notes |  |  | (81,078 | ) |  |  | (9,030 | )
Proceeds from issuance of common stock, net of offering costs |  |  | 14,182 |  |  |  | 47,527 |
Advances on Credit Facilities |  |  | 15,000 |  |  |  | 50,000 |
Repayment of Credit Facilities |  |  | — |  |  |  | (70,000 | )
Debt issuance costs |  |  | (6,037 | ) |  |  | (3,334 | )
Distributions paid |  |  | (39,083 | ) |  |  | (34,310 | )
Net cash used in financing activities |  |  | (57,016 | ) |  |  | (19,147 | )
Net increase in cash, cash equivalents and restricted cash |  |  | 30,039 |  |  |  | 10,926 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |  |
Beginning of period |  |  | 100,868 |  |  |  | 75,722 |
End of period |  | $ | 130,907 |  |  | $ | 86,648 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 22,828 |  |  | $ | 22,770 |
Supplemental non-cash operating and financing activities: |  |  |  |  |  |  |  |
Refinanced debt investment balances |  | $ | 46,250 |  |  | $ | 19,540 |
Warrant investments received and recorded as unearned income |  | $ | 278 |  |  | $ | 1,269 |
Debt converted to common stock |  | $ | 17,250 |  |  | $ | — |
Distributions payable |  | $ | 14,624 |  |  | $ | 12,475 |
End-of-term payments receivable |  | $ | 11,033 |  |  | $ | 12,905 |
Non-cash income |  | $ | 12,008 |  |  | $ | 9,448 |

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:

|  | September 30, |
|  | 2025 |  |  | 2024 |
Cash |  | $ | 84,662 |  |  | $ | 52,302 |
Investments in money market funds |  |  | 43,828 |  |  |  | 31,080 |
Restricted investments in money market funds |  |  | 2,417 |  |  |  | 3,266 |
Total cash, cash equivalents and restricted cash |  | $ | 130,907 |  |  | $ | 86,648 |

See Notes to Consolidated Financial Statements

6

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 — 176.6% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Affiliate Debt Investments — 169.1% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Affiliate Debt Investments — Life Science — 84.4% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Castle Creek Biosciences, Inc. (2)(12) |  | Biotechnology |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2028 |  |  | 10,000 |  |  |  | 9,940 |  |  |  | 9,940 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2028 |  |  | 5,500 |  |  |  | 5,467 |  |  |  | 5,467 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2028 |  |  | 5,000 |  |  |  | 4,970 |  |  |  | 4,970 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2028 |  |  | 5,000 |  |  |  | 4,970 |  |  |  | 4,970 |
Emalex Biosciences, Inc. (2)(12) |  | Biotechnology |  | Term Loan |  |  | 11.97 | % |  | Prime |  |  | 4.72 | % |  |  | 9.75 | % |  |  | — |  |  |  | 5.00 | % |  | November 1, 2025 |  |  | 417 |  |  |  | 414 |  |  |  | 414 |
|  |  |  | Term Loan |  |  | 11.97 | % |  | Prime |  |  | 4.72 | % |  |  | 9.75 | % |  |  | — |  |  |  | 5.00 | % |  | May 1, 2026 |  |  | 2,917 |  |  |  | 2,911 |  |  |  | 2,911 |
KSQ Therapeutics, Inc. (2)(12) |  | Biotechnology |  | Term Loan |  |  | 11.00 | % |  | Prime |  |  | 3.75 | % |  |  | 10.75 | % |  |  | — |  |  |  | 5.00 | % |  | April 1, 2030 |  |  | 4,500 |  |  |  | 4,485 |  |  |  | 4,485 |
|  |  |  | Term Loan |  |  | 11.00 | % |  | Prime |  |  | 3.75 | % |  |  | 10.75 | % |  |  | — |  |  |  | 5.00 | % |  | April 1, 2030 |  |  | 4,500 |  |  |  | 4,485 |  |  |  | 4,485 |
|  |  |  | Term Loan |  |  | 11.00 | % |  | Prime |  |  | 3.75 | % |  |  | 10.75 | % |  |  | — |  |  |  | 5.00 | % |  | April 1, 2030 |  |  | 4,500 |  |  |  | 4,485 |  |  |  | 4,485 |
|  |  |  | Term Loan |  |  | 11.00 | % |  | Prime |  |  | 3.75 | % |  |  | 10.75 | % |  |  | — |  |  |  | 5.00 | % |  | April 1, 2030 |  |  | 4,500 |  |  |  | 4,485 |  |  |  | 4,485 |
Long Grove Pharmaceuticals, LLC (2)(12) |  | Biotechnology |  | Term Loan |  |  | 8.28 | % (11) |  | 1-month SOFR |  |  | 4.00 | % |  |  | 6.00 | % |  |  | — |  |  |  | — |  |  | February 27, 2031 |  |  | 10,217 |  |  |  | 10,004 |  |  |  | 10,004 |
Provivi, Inc. (2)(12)(13) |  | Biotechnology |  | Term Loan |  |  | 12.61 | % (11) |  | Prime |  |  | 5.36 | % |  |  | 9.50 | % |  |  | — |  |  |  | 4.30 | % |  | January 1, 2027 |  |  | 2,092 |  |  |  | 1,934 |  |  |  | 1,010 |
|  |  |  | Term Loan |  |  | 12.61 | % (11) |  | Prime |  |  | 5.36 | % |  |  | 9.50 | % |  |  | — |  |  |  | 4.30 | % |  | January 1, 2027 |  |  | 2,092 |  |  |  | 1,934 |  |  |  | 1,010 |
|  |  |  | Term Loan |  |  | 12.61 | % (11) |  | Prime |  |  | 5.36 | % |  |  | 9.50 | % |  |  | — |  |  |  | 4.31 | % |  | January 1, 2027 |  |  | 1,046 |  |  |  | 964 |  |  |  | 503 |
|  |  |  | Term Loan |  |  | 12.61 | % (11) |  | Prime |  |  | 5.36 | % |  |  | 9.50 | % |  |  | — |  |  |  | 4.31 | % |  | January 1, 2027 |  |  | 1,046 |  |  |  | 964 |  |  |  | 503 |
|  |  |  | Term Loan |  |  | 12.61 | % (11) |  | Prime |  |  | 5.36 | % |  |  | 9.50 | % |  |  | — |  |  |  | 4.31 | % |  | January 1, 2027 |  |  | 1,046 |  |  |  | 963 |  |  |  | 503 |
|  |  |  | Term Loan |  |  | 12.61 | % (11) |  | Prime |  |  | 5.36 | % |  |  | 9.50 | % |  |  | — |  |  |  | 4.31 | % |  | January 1, 2027 |  |  | 1,046 |  |  |  | 963 |  |  |  | 503 |
Stealth Biotherapeutics Inc. (2)(12) |  | Biotechnology |  | Term Loan |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 8.75 | % |  |  | — |  |  |  | 6.00 | % |  | October 1, 2025 |  |  | 202 |  |  |  | 202 |  |  |  | 202 |
|  |  |  | Term Loan |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 8.75 | % |  |  |  |  |  |  | 6.00 | % |  | October 1, 2025 |  |  | 101 |  |  |  | 101 |  |  |  | 101 |
|  |  |  | Term Loan (18) |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 8.75 | % |  |  | — |  |  |  | 6.00 | % |  | October 1, 2025 |  |  | 304 |  |  |  | 41 |  |  |  | 304 |
Tallac Therapeutics, Inc. (2)(12)(13) |  | Biotechnology |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 4.25 | % |  |  | 12.25 | % |  |  | — |  |  |  | 14.00 | % |  | August 1, 2027 |  |  | 1,500 |  |  |  | 1,478 |  |  |  | 200 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 4.25 | % |  |  | 12.25 | % |  |  | — |  |  |  | 14.00 | % |  | August 1, 2027 |  |  | 1,500 |  |  |  | 1,478 |  |  |  | 200 |

See Notes to Consolidated Financial Statements

7

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 |  |  | 10.00 | % |  | Prime |  |  | 2.75 | % |  |  | 9.25 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2029 |  |  | 5,000 |  |  |  | 4,830 |  |  |  | 4,830 |
|  |  |  | Term Loan |  |  | 10.00 | % |  | Prime |  |  | 2.75 | % |  |  | 9.25 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2029 |  |  | 5,000 |  |  |  | 4,950 |  |  |  | 4,950 |
|  |  |  | Term Loan |  |  | 10.00 | % |  | Prime |  |  | 2.75 | % |  |  | 9.25 | % |  |  | — |  |  |  | 4.00 | % |  | March 1, 2029 |  |  | 4,000 |  |  |  | 3,960 |  |  |  | 3,960 |
Conventus Orthopaedics, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 13.57 | % |  | Prime |  |  | 6.32 | % |  |  | 10.75 | % |  |  | — |  |  |  | 10.88 | % |  | July 1, 2026 |  |  | 2,801 |  |  |  | 2,777 |  |  |  | 2,777 |
|  |  |  | Term Loan |  |  | 13.57 | % |  | Prime |  |  | 6.32 | % |  |  | 10.75 | % |  |  | — |  |  |  | 10.88 | % |  | July 1, 2026 |  |  | 2,801 |  |  |  | 2,777 |  |  |  | 2,777 |
Infobionic, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.50 | % |  |  | 12.00 | % |  |  | — |  |  |  | 2.00 | % |  | September 1, 2029 |  |  | 5,000 |  |  |  | 4,933 |  |  |  | 4,933 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.50 | % |  |  | 12.00 | % |  |  | — |  |  |  | 2.00 | % |  | September 1, 2029 |  |  | 5,000 |  |  |  | 4,933 |  |  |  | 4,933 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.50 | % |  |  | 12.00 | % |  |  | — |  |  |  | 2.00 | % |  | September 1, 2029 |  |  | 5,000 |  |  |  | 4,933 |  |  |  | 4,933 |
MicroTransponder, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 3.75 | % |  |  | 12.25 | % |  |  | — |  |  |  | 3.50 | % |  | January 1, 2029 |  |  | 3,750 |  |  |  | 3,707 |  |  |  | 3,707 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 3.75 | % |  |  | 12.25 | % |  |  | — |  |  |  | 3.50 | % |  | January 1, 2029 |  |  | 3,750 |  |  |  | 3,707 |  |  |  | 3,707 |
MML US, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 10.25 | % (11) |  | Prime |  |  | 3.00 | % |  |  | 10.00 | % |  |  | — |  |  |  | 3.00 | % |  | March 1, 2030 |  |  | 2,545 |  |  |  | 2,423 |  |  |  | 2,423 |
|  |  |  | Term Loan |  |  | 10.25 | % (11) |  | Prime |  |  | 3.00 | % |  |  | 10.00 | % |  |  | — |  |  |  | 3.00 | % |  | March 1, 2030 |  |  | 2,545 |  |  |  | 2,523 |  |  |  | 2,523 |
|  |  |  | Term Loan |  |  | 10.25 | % (11) |  | Prime |  |  | 3.00 | % |  |  | 10.00 | % |  |  | — |  |  |  | 3.00 | % |  | March 1, 2030 |  |  | 5,090 |  |  |  | 5,046 |  |  |  | 5,046 |
|  |  |  | Term Loan |  |  | 10.25 | % (11) |  | Prime |  |  | 3.00 | % |  |  | 10.00 | % |  |  | — |  |  |  | 3.00 | % |  | March 1, 2030 |  |  | 5,090 |  |  |  | 5,046 |  |  |  | 5,046 |
|  |  |  | Term Loan |  |  | 10.25 | % (11) |  | Prime |  |  | 3.00 | % |  |  | 10.00 | % |  |  | — |  |  |  | 3.00 | % |  | March 1, 2030 |  |  | 5,052 |  |  |  | 5,005 |  |  |  | 5,005 |
|  |  |  | Term Loan |  |  | 10.25 | % (11) |  | Prime |  |  | 3.00 | % |  |  | 10.00 | % |  |  | — |  |  |  | 3.00 | % |  | March 1, 2030 |  |  | 5,052 |  |  |  | 5,005 |  |  |  | 5,005 |
Onkos Surgical, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 10.75 | % |  | Prime |  |  | 3.25 | % |  |  | 10.75 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2030 |  |  | 10,000 |  |  |  | 9,867 |  |  |  | 9,867 |
|  |  |  | Term Loan |  |  | 10.75 | % |  | Prime |  |  | 3.25 | % |  |  | 10.75 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2030 |  |  | 10,000 |  |  |  | 9,867 |  |  |  | 9,867 |
|  |  |  | Term Loan |  |  | 10.75 | % |  | Prime |  |  | 3.25 | % |  |  | 10.75 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2030 |  |  | 5,000 |  |  |  | 4,933 |  |  |  | 4,933 |
|  |  |  | Term Loan |  |  | 10.75 | % |  | Prime |  |  | 3.25 | % |  |  | 10.75 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2030 |  |  | 5,000 |  |  |  | 4,933 |  |  |  | 4,933 |
|  |  |  | Term Loan |  |  | 10.75 | % |  | Prime |  |  | 3.25 | % |  |  | 10.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2030 |  |  | 5,000 |  |  |  | 4,923 |  |  |  | 4,923 |
Scientia Vascular, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 10.25 | % |  | Prime |  |  | 2.75 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | July 1, 2030 |  |  | 10,000 |  |  |  | 9,843 |  |  |  | 9,843 |
|  |  |  | Term Loan |  |  | 10.25 | % |  | Prime |  |  | 2.75 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | July 1, 2030 |  |  | 10,000 |  |  |  | 9,885 |  |  |  | 9,885 |
|  |  |  | Term Loan |  |  | 10.25 | % |  | Prime |  |  | 2.75 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | July 1, 2030 |  |  | 5,000 |  |  |  | 4,942 |  |  |  | 4,942 |
|  |  |  | Term Loan |  |  | 10.25 | % |  | Prime |  |  | 2.75 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | July 1, 2030 |  |  | 1,500 |  |  |  | 1,483 |  |  |  | 1,483 |
Sonex Health, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | September 1, 2027 |  |  | 2,500 |  |  |  | 2,486 |  |  |  | 2,486 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | September 1, 2027 |  |  | 2,500 |  |  |  | 2,486 |  |  |  | 2,486 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | September 1, 2027 |  |  | 5,000 |  |  |  | 4,973 |  |  |  | 4,973 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | September 1, 2027 |  |  | 5,000 |  |  |  | 4,973 |  |  |  | 4,973 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | April 1, 2028 |  |  | 3,750 |  |  |  | 3,722 |  |  |  | 3,722 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | April 1, 2028 |  |  | 3,750 |  |  |  | 3,722 |  |  |  | 3,722 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | April 1, 2028 |  |  | 3,750 |  |  |  | 3,722 |  |  |  | 3,722 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 8.00 | % |  | April 1, 2028 |  |  | 3,750 |  |  |  | 3,722 |  |  |  | 3,722 |

See Notes to Consolidated Financial Statements

8

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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) |
Spineology, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 5.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 1.00 | % |  | August 1, 2029 |  |  | 5,000 |  |  |  | 4,931 |  |  |  | 4,931 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 5.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 1.00 | % |  | August 1, 2029 |  |  | 4,250 |  |  |  | 4,191 |  |  |  | 4,191 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 5.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 1.00 | % |  | August 1, 2029 |  |  | 4,250 |  |  |  | 4,191 |  |  |  | 4,191 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 5.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 1.00 | % |  | August 1, 2029 |  |  | 2,500 |  |  |  | 2,465 |  |  |  | 2,465 |
Vero Biotech, Inc. (2)(12) |  | Medical Device |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 3.75 | % |  |  | 12.25 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 15,000 |  |  |  | 14,785 |  |  |  | 14,785 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 3.75 | % |  |  | 12.25 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 10,000 |  |  |  | 9,857 |  |  |  | 9,857 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 3.75 | % |  |  | 12.25 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 5,000 |  |  |  | 4,927 |  |  |  | 4,927 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 3.75 | % |  |  | 12.25 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 2,500 |  |  |  | 2,463 |  |  |  | 2,463 |
Total Non-Affiliate Debt Investments — Life Science |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 272,485 |  |  |  | 266,502 |
Non-Affiliate Debt Investments — Sustainability — 1.5% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SparkCharge, Inc. (2)(12) |  | Alternative Energy |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 5.00 | % |  | May 1, 2029 |  |  | 2,500 |  |  |  | 2,346 |  |  |  | 2,346 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 5.00 | % |  | May 1, 2029 |  |  | 2,500 |  |  |  | 2,468 |  |  |  | 2,468 |
Total Non-Affiliate Debt Investments — Sustainability |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,814 |  |  |  | 4,814 |

See Notes to Consolidated Financial Statements

9

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 — 50.7% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Havenly, Inc. (2)(12) |  | Consumer-related Technologies |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 5.00 | % |  |  | 5.00 | % |  |  | — |  |  |  | 10.40 | % |  | March 1, 2027 |  |  | 1,333 |  |  |  | 1,145 |  |  |  | 1,145 |
|  |  |  | Term Loan |  |  | 12.25 | % |  | Prime |  |  | 5.00 | % |  |  | 5.00 | % |  |  | — |  |  |  | 10.40 | % |  | March 1, 2027 |  |  | 2,000 |  |  |  | 1,753 |  |  |  | 1,753 |
|  |  |  | Term Loan (18) |  |  | 10.75 | % |  | Prime |  |  | 3.50 | % |  |  | 10.50 | % |  |  | — |  |  |  | 7.78 | % |  | February 1, 2028 |  |  | 3,375 |  |  |  | 1,915 |  |  |  | 3,375 |
|  |  |  | Term Loan |  |  | 10.75 | % |  | Prime |  |  | 3.50 | % |  |  | 10.50 | % |  |  | — |  |  |  | 7.78 | % |  | February 1, 2028 |  |  | 2,813 |  |  |  | 2,813 |  |  |  | 2,813 |
|  |  |  | Term Loan |  |  | 10.75 | % |  | 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 |  |  | 10.75 | % |  | Prime |  |  | 3.50 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.00 | % |  | July 1, 2028 |  |  | 2,679 |  |  |  | 2,770 |  |  |  | 2,383 |
|  |  |  | Term Loan (18) |  |  | 10.75 | % |  | Prime |  |  | 3.50 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.00 | % |  | July 1, 2028 |  |  | 2,679 |  |  |  | 1,286 |  |  |  | 2,304 |
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 |  |  | 6,441 |  |  |  | 5,187 |  |  |  | 879 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 2,576 |  |  |  | 2,075 |  |  |  | 352 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 3,220 |  |  |  | 2,594 |  |  |  | 439 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 3,865 |  |  |  | 3,112 |  |  |  | 527 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 3,220 |  |  |  | 2,594 |  |  |  | 439 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 3,220 |  |  |  | 2,594 |  |  |  | 439 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 6,441 |  |  |  | 5,187 |  |  |  | 879 |
|  |  |  | Term Loan |  |  | 13.25 | % (11) |  | Prime |  |  | 5.75 | % |  |  | 9.00 | % |  |  | — |  |  |  | 5.25 | % |  | October 31, 2023 |  |  | 3,220 |  |  |  | 2,594 |  |  |  | 439 |
BriteCore Holdings, Inc. (2)(12) |  | Software |  | Term Loan |  |  | 14.00 | % |  | Prime |  |  | 5.50 | % |  |  | 14.00 | % |  |  | — |  |  |  | 3.00 | % |  | October 1, 2028 |  |  | 5,000 |  |  |  | 4,956 |  |  |  | 4,956 |
|  |  |  | Term Loan |  |  | 14.00 | % |  | Prime |  |  | 5.50 | % |  |  | 14.00 | % |  |  | — |  |  |  | 3.00 | % |  | October 1, 2028 |  |  | 2,500 |  |  |  | 2,478 |  |  |  | 2,478 |
|  |  |  | 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 |  |  |  | 2,468 |  |  |  | 2,468 |
|  |  |  | Term Loan |  |  | 14.00 | % |  | Prime |  |  | 5.50 | % |  |  | 14.00 | % |  |  | — |  |  |  | 3.00 | % |  | April 1, 2029 |  |  | 2,500 |  |  |  | 2,478 |  |  |  | 2,478 |
|  |  |  | Term Loan |  |  | 14.00 | % |  | Prime |  |  | 5.50 | % |  |  | 14.00 | % |  |  | — |  |  |  | 3.00 | % |  | February 1, 2030 |  |  | 2,500 |  |  |  | 2,478 |  |  |  | 2,478 |
Crafty Holdings, Inc. (2)(12) |  | Software |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.50 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 5,000 |  |  |  | 4,862 |  |  |  | 4,862 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.50 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 5,000 |  |  |  | 4,927 |  |  |  | 4,927 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.50 | % |  |  | 12.00 | % |  |  | — |  |  |  | 4.00 | % |  | January 1, 2029 |  |  | 5,000 |  |  |  | 4,927 |  |  |  | 4,927 |
Dropoff, Inc. (2)(12) |  | Software |  | Term Loan (18) |  |  | 13.75 | % |  | Prime |  |  | 6.50 | % |  |  | 9.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 7,850 |  |  |  | 2,449 |  |  |  | 4,329 |
|  |  |  | Term Loan |  |  | 13.75 | % |  | Prime |  |  | 6.50 | % |  |  | 9.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 6,804 |  |  |  | 6,773 |  |  |  | 3,735 |
|  |  |  | Term Loan |  |  | 13.75 | % |  | Prime |  |  | 6.50 | % |  |  | 9.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 6,280 |  |  |  | 6,252 |  |  |  | 3,447 |
|  |  |  | Term Loan |  |  | 13.75 | % |  | Prime |  |  | 6.50 | % |  |  | 9.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 2,617 |  |  |  | 2,608 |  |  |  | 1,438 |
HappyCo, Inc. (2)(12) |  | Software |  | Term Loan |  |  | 11.38 | % |  | Prime |  |  | 3.75 | % |  |  | 11.00 | % |  |  | — |  |  |  | 2.75 | % |  | February 1, 2030 |  |  | 3,000 |  |  |  | 2,942 |  |  |  | 2,942 |
|  |  |  | Term Loan |  |  | 11.38 | % |  | Prime |  |  | 3.75 | % |  |  | 11.00 | % |  |  | — |  |  |  | 2.75 | % |  | February 1, 2030 |  |  | 3,000 |  |  |  | 2,967 |  |  |  | 2,967 |
|  |  |  | Term Loan |  |  | 11.38 | % |  | Prime |  |  | 3.75 | % |  |  | 11.00 | % |  |  | — |  |  |  | 2.75 | % |  | February 1, 2030 |  |  | 2,000 |  |  |  | 1,977 |  |  |  | 1,977 |

See Notes to Consolidated Financial Statements

10

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | April 1, 2026 |  |  | 6,667 |  |  |  | 6,656 |  |  |  | 6,656 |
|  |  |  | Term Loan |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | April 1, 2026 |  |  | 6,667 |  |  |  | 6,656 |  |  |  | 6,656 |
|  |  |  | Term Loan |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | April 1, 2026 |  |  | 3,333 |  |  |  | 3,328 |  |  |  | 3,328 |
|  |  |  | Term Loan |  |  | 12.75 | % |  | Prime |  |  | 5.50 | % |  |  | 10.25 | % |  |  | — |  |  |  | 4.00 | % |  | April 1, 2026 |  |  | 3,333 |  |  |  | 3,328 |  |  |  | 3,328 |
MasteryPrep, LLC (2)(12) |  | Software |  | Term Loan |  |  | 11.50 | % |  | Prime |  |  | 4.00 | % |  |  | 11.50 | % |  |  | — |  |  |  | 3.75 | % |  | July 1, 2029 |  |  | 7,500 |  |  |  | 7,379 |  |  |  | 7,379 |
|  |  |  | Term Loan |  |  | 11.50 | % |  | Prime |  |  | 4.00 | % |  |  | 11.50 | % |  |  | — |  |  |  | 3.75 | % |  | July 1, 2029 |  |  | 7,500 |  |  |  | 7,429 |  |  |  | 7,429 |
Mirantis, Inc. (2)(12) |  | Software |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2028 |  |  | 5,000 |  |  |  | 4,951 |  |  |  | 4,951 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2028 |  |  | 5,000 |  |  |  | 4,951 |  |  |  | 4,951 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2028 |  |  | 5,000 |  |  |  | 4,951 |  |  |  | 4,951 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2028 |  |  | 5,000 |  |  |  | 4,951 |  |  |  | 4,951 |
Supply Network Visibility Holdings LLC (2)(12) |  | Software |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 2.50 | % |  | June 1, 2028 |  |  | 2,500 |  |  |  | 2,433 |  |  |  | 2,433 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 2.50 | % |  | June 1, 2028 |  |  | 3,500 |  |  |  | 3,494 |  |  |  | 3,494 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.25 | % |  |  | 12.00 | % |  |  | — |  |  |  | 2.50 | % |  | June 1, 2028 |  |  | 2,500 |  |  |  | 2,495 |  |  |  | 2,495 |
|  |  |  | 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 |  |  |  | 4,987 |  |  |  | 4,987 |
Ursa Space Systems, Inc. (2)(12) |  | Software |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 3.00 | % |  | November 1, 2028 |  |  | 2,500 |  |  |  | 2,455 |  |  |  | 2,455 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 3.00 | % |  | November 1, 2028 |  |  | 2,500 |  |  |  | 2,455 |  |  |  | 2,455 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 3.00 | % |  | November 1, 2028 |  |  | 2,500 |  |  |  | 2,437 |  |  |  | 2,437 |
|  |  |  | Term Loan |  |  | 12.00 | % |  | Prime |  |  | 4.00 | % |  |  | 12.00 | % |  |  | — |  |  |  | 3.00 | % |  | November 1, 2028 |  |  | 2,500 |  |  |  | 2,437 |  |  |  | 2,437 |
Viken Detection Corporation (2)(12) |  | Software |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 4.00 | % |  |  | 11.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2027 |  |  | 3,500 |  |  |  | 3,476 |  |  |  | 3,476 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 4.00 | % |  |  | 11.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2027 |  |  | 1,750 |  |  |  | 1,738 |  |  |  | 1,738 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 4.00 | % |  |  | 11.75 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2027 |  |  | 1,750 |  |  |  | 1,738 |  |  |  | 1,738 |
Total Non-Affiliate Debt Investments — Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 184,670 |  |  |  | 160,084 |
Non-Affiliate Debt Investments — Healthcare information and services — 32.5% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hound Labs Inc. (12) |  | Diagnostics |  | Term Loan |  |  | 13.25 | % |  | Prime |  |  | 6.00 | % |  |  | 9.25 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 1,929 |  |  |  | 300 |  |  |  | 1,820 |
|  |  |  | Term Loan |  |  | 13.25 | % |  | Prime |  |  | 6.00 | % |  |  | 9.25 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 1,607 |  |  |  | 1,644 |  |  |  | 1,561 |
|  |  |  | Term Loan |  |  | 13.25 | % |  | Prime |  |  | 6.00 | % |  |  | 9.25 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 1,607 |  |  |  | 1,596 |  |  |  | 1,516 |
|  |  |  | Term Loan |  |  | 13.25 | % |  | Prime |  |  | 6.00 | % |  |  | 9.25 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 964 |  |  |  | 150 |  |  |  | 910 |
|  |  |  | Term Loan |  |  | 13.25 | % |  | Prime |  |  | 6.00 | % |  |  | 9.25 | % |  |  | — |  |  |  | 3.50 | % |  | June 1, 2026 |  |  | 3,214 |  |  |  | 3,194 |  |  |  | 3,033 |
|  |  |  | Term Loan |  |  | 14.00 | % |  | Fixed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50.00 | % |  | March 1, 2025 |  |  | 300 |  |  |  | 300 |  |  |  | 283 |
|  |  |  | Term Loan |  |  | 14.00 | % |  | Fixed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.00 | % |  | March 1, 2025 |  |  | 250 |  |  |  | 250 |  |  |  | 236 |
Parse Biosciences, Inc. (2)(12) |  | Diagnostics |  | Term Loan |  |  | 11.50 | % |  | Prime |  |  | 3.25 | % |  |  | 11.50 | % |  |  | — |  |  |  | 5.00 | % |  | January 1, 2028 |  |  | 5,000 |  |  |  | 4,932 |  |  |  | 4,932 |
|  |  |  | Term Loan |  |  | 11.50 | % |  | Prime |  |  | 3.25 | % |  |  | 11.50 | % |  |  | — |  |  |  | 5.00 | % |  | January 1, 2028 |  |  | 5,000 |  |  |  | 4,932 |  |  |  | 4,932 |

See Notes to Consolidated Financial Statements

11

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 (18) |  |  | 13.00 | % |  | Prime |  |  | 5.50 | % |  |  | 9.50 | % |  |  | — |  |  |  | 3.00 | % |  | August 1, 2027 |  |  | 5,750 |  |  |  | 3,155 |  |  |  | 5,566 |
|  |  |  | Term Loan |  |  | 13.00 | % |  | Prime |  |  | 5.50 | % |  |  | 9.50 | % |  |  | — |  |  |  | 3.00 | % |  | August 1, 2027 |  |  | 6,708 |  |  |  | 6,683 |  |  |  | 6,470 |
|  |  |  | Term Loan |  |  | 13.00 | % |  | Prime |  |  | 5.50 | % |  |  | 9.50 | % |  |  | — |  |  |  | 3.00 | % |  | August 1, 2027 |  |  | 3,354 |  |  |  | 3,342 |  |  |  | 3,235 |
|  |  |  | Term Loan |  |  | 13.00 | % |  | Prime |  |  | 5.50 | % |  |  | 9.50 | % |  |  | — |  |  |  | 3.00 | % |  | August 1, 2027 |  |  | 3,354 |  |  |  | 3,342 |  |  |  | 3,235 |
|  |  |  | Term Loan |  |  | 13.00 | % |  | Prime |  |  | 5.50 | % |  |  | 9.50 | % |  |  | — |  |  |  | 3.00 | % |  | April 1, 2028 |  |  | 2,750 |  |  |  | 2,727 |  |  |  | 2,639 |
|  |  |  | Term Loan (18) |  |  | 13.00 | % |  | Prime |  |  | 5.50 | % |  |  | 9.50 | % |  |  | — |  |  |  | 3.00 | % |  | April 1, 2028 |  |  | 2,250 |  |  |  | 1,277 |  |  |  | 2,178 |
Elligo Health Research, Inc. (2)(12) |  | Software |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2027 |  |  | 10,000 |  |  |  | 9,924 |  |  |  | 9,924 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2027 |  |  | 5,000 |  |  |  | 4,962 |  |  |  | 4,962 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2027 |  |  | 5,000 |  |  |  | 4,962 |  |  |  | 4,962 |
|  |  |  | Term Loan |  |  | 11.75 | % |  | Prime |  |  | 3.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2027 |  |  | 5,000 |  |  |  | 4,962 |  |  |  | 4,962 |
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 |  |  |  | 3,602 |  |  |  | 3,602 |
|  |  |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2029 |  |  | 3,750 |  |  |  | 3,702 |  |  |  | 3,702 |
|  |  |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 4.00 | % |  | October 1, 2029 |  |  | 7,500 |  |  |  | 7,404 |  |  |  | 7,404 |
Hometeam Technologies, Inc. (2)(12)(14) |  | Other Healthcare Services |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 3.50 | % |  | August 1, 2029 |  |  | 5,000 |  |  |  | 4,961 |  |  |  | 4,117 |
|  |  |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 3.50 | % |  | August 1, 2029 |  |  | 5,000 |  |  |  | 4,961 |  |  |  | 4,116 |
|  |  |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 3.50 | % |  | August 1, 2029 |  |  | 5,000 |  |  |  | 4,861 |  |  |  | 4,034 |
|  |  |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 3.50 | % |  | August 1, 2029 |  |  | 5,000 |  |  |  | 4,961 |  |  |  | 4,116 |
|  |  |  | Term Loan |  |  | 11.25 | % |  | Prime |  |  | 3.25 | % |  |  | 11.25 | % |  |  | — |  |  |  | 3.50 | % |  | August 1, 2029 |  |  | 5,000 |  |  |  | 4,961 |  |  |  | 4,116 |
Total Non-Affiliate Debt Investments — Healthcare information and services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 102,047 |  |  |  | 102,563 |
Total Non- Affiliate Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 564,016 |  |  | $ | 533,963 |

|  |  |  |  |  |  |  |  |  | Cost of |  |  | Fair |
Portfolio Company (1)(3) |  | Sector |  | Type of Investment (7) |  | Number of Shares |  |  | Investments (6)(9) |  |  | Value (9) |
Non-Affiliate Warrant Investments — 5.2% (8) |  |  |  |  |  |  |  |  |
Non-Affiliate Warrants — Life Science — 2.0% (8) |  |  |  |  |  |  |  |  |
Avalo Therapeutics, Inc. (2)(5)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 149 |  |  |  | 311 |  |  |  | — |
BioVaxys Technology Corp. (5)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 400,000 |  |  |  | 5 |  |  |  | 1 |
Castle Creek Biosciences, Inc. (2)(12) |  | Biotechnology |  | Preferred Stock Warrant |  |  | 13,821 |  |  |  | 372 |  |  |  | 413 |
Emalex Biosciences, Inc. (2)(12) |  | Biotechnology |  | Preferred Stock Warrant |  |  | 110,402 |  |  |  | 176 |  |  |  | 448 |
Imunon, Inc. (2)(5)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 19,671 |  |  |  | 65 |  |  |  | — |
KSQ Therapeutics, Inc. (2)(12) |  | Biotechnology |  | Preferred Stock Warrant |  |  | 134,614 |  |  |  | 139 |  |  |  | 12 |
Mustang Bio, Inc. (2)(5)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 568 |  |  |  | 146 |  |  |  | — |
Native Microbials, Inc (2)(12) |  | Biotechnology |  | Preferred Stock Warrant |  |  | 178,631 |  |  |  | 93 |  |  |  | 4 |
PDS Biotechnology Corporation (2)(5)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 381,625 |  |  |  | 161 |  |  |  | — |
Provivi, Inc. (2)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 175,098 |  |  |  | 278 |  |  |  | — |
Provivi, Inc. (2)(12) |  | Biotechnology |  | Preferred Stock Warrant |  |  | 709,980 |  |  |  | 312 |  |  |  | — |
Stealth Biotherapeutics Inc. (2)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 454,544 |  |  |  | 267 |  |  |  | 6 |
Xeris Pharmaceuticals, Inc. (2)(5)(12) |  | Biotechnology |  | Common Stock Warrant |  |  | 126,000 |  |  |  | 73 |  |  |  | 738 |
Tallac Therapeutics, Inc. (2)(12) |  | Biotechnology |  | Preferred Stock Warrant |  |  | 2,266,669 |  |  |  | 198 |  |  |  | — |
Aerin Medical, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 1,818,183 |  |  |  | 65 |  |  |  | 1,347 |
Canary Medical Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 12,153 |  |  |  | 86 |  |  |  | 1 |
Ceribell, Inc. (2)(5)(12) |  | Medical Device |  | Common Stock Warrant |  |  | 89,903 |  |  |  | 147 |  |  |  | 328 |
Cognoa, Inc. (2)(12) |  | Medical Device |  | Common Stock Warrant |  |  | 61,170 |  |  |  | — |  |  |  | 2 |
Cognoa, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 7,152,669 |  |  |  | 162 |  |  |  | 3 |
Conventus Orthopaedics, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 13,203,395 |  |  |  | 268 |  |  |  | 1 |
CSA Medical, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 4,939,813 |  |  |  | 174 |  |  |  | 464 |
CVRx, Inc. (2)(5)(12) |  | Medical Device |  | Common Stock Warrant |  |  | 47,410 |  |  |  | 76 |  |  |  | 33 |
Infobionic, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 7,371,554 |  |  |  | 267 |  |  |  | 324 |

See Notes to Consolidated Financial Statements

12

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 |  |  |  | 545 |
Meditrina, Inc. (12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 233,993 |  |  |  | 83 |  |  |  | 25 |
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 |  |  |  | 223 |
Scientia Vascular, Inc (2)(12) |  | Medical Device |  | Common Stock Warrant |  |  | 24,000 |  |  |  | 60 |  |  |  | 60 |
Scientia Vascular, Inc (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 49,157 |  |  |  | 206 |  |  |  | 604 |
Sonex Health, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 2,637,133 |  |  |  | 275 |  |  |  | 159 |
Spineology, Inc. (2)(12) |  | Medical Device |  | Common Stock Warrant |  |  | 27,139 |  |  |  | 137 |  |  |  | 108 |
Spineology, Inc. (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 45,101 |  |  |  | 37 |  |  |  | 53 |
VERO Biotech LLC (2)(12) |  | Medical Device |  | Preferred Stock Warrant |  |  | 3,701 |  |  |  | 379 |  |  |  | 195 |
Total Non-Affiliate Warrants — Life Science |  |  |  |  |  |  | 5,451 |  |  |  | 6,147 |
Non-Affiliate Warrants — Sustainability — 0.0% (8) |  |  |  |  |  |  |  |  |  |  |  |
SparkCharge, Inc. (2)(12) |  | Alternative Energy |  | Preferred Stock Warrant |  |  | 2,264,151 |  |  |  | 45 |  |  |  | 31 |
Pivot Bio, Inc. (2)(12) |  | Energy Efficiency |  | Preferred Stock Warrant |  |  | 210,418 |  |  |  | 14 |  |  |  | 12 |
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(15) |  | Other Sustainability |  | Preferred Stock Warrant |  |  | 800,000 |  |  |  | 88 |  |  |  | 2 |
LiquiGlide, Inc. (2)(12) |  | Other Sustainability |  | Preferred Stock Warrant |  |  | 122,717 |  |  |  | 53 |  |  |  | 46 |
Temperpack Technologies, Inc. (2)(12) |  | Other Sustainability |  | Preferred Stock Warrant |  |  | 66,605 |  |  |  | 185 |  |  |  | 29 |
Total Non-Affiliate Warrants — Sustainability |  |  |  |  |  |  | 385 |  |  |  | 120 |
Non-Affiliate Warrants — Technology — 3.1% (8) |  |  |  |  |  |  |  |  |  |  |  |
Axiom Space Holdings, Inc. (2)(12) |  | Communications |  | Common Stock Warrant |  |  | 2,654 |  |  |  | 50 |  |  |  | 31 |
Intelepeer Holdings, Inc. (2)(12) |  | Communications |  | Preferred Stock Warrant |  |  | 2,936,535 |  |  |  | 138 |  |  |  | 2,911 |
Alula Holdings, Inc. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 20,000 |  |  |  | 93 |  |  |  | 6 |
CAMP NYC, Inc. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 224,712 |  |  |  | 57 |  |  |  | 76 |
Clara Foods Co. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 46,745 |  |  |  | 30 |  |  |  | 41 |
Divergent Technologies, Inc. (2)(12) |  | Consumer-related Technologies |  | Common Stock Warrant |  |  | 13,068 |  |  |  | 80 |  |  |  | 64 |
Divergent Technologies, Inc. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 71,014 |  |  |  | 538 |  |  |  | 791 |
Havenly, Inc. (2)(12) |  | Consumer-related Technologies |  | Common Stock Warrant |  |  | 1,633,929 |  |  |  | 3,463 |  |  |  | 3,510 |
MyForest Foods Co. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 500 |  |  |  | 41 |  |  |  | 47 |
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 |  |  |  | — |
Primary Kids, Inc. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 553,778 |  |  |  | 57 |  |  |  | 135 |
Quip NYC Inc. (2)(12) |  | Consumer-related Technologies |  | Preferred Stock Warrant |  |  | 10,833 |  |  |  | 325 |  |  |  | — |
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 |  |  |  | 57 |
Silk, Inc. (2)(12) |  | Data Storage |  | Preferred Stock Warrant |  |  | 394,110 |  |  |  | 175 |  |  |  | 106 |
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 |  |  |  | 151 |
Skillshare, Inc. (2)(12) |  | Internet and Media |  | Preferred Stock Warrant |  |  | 139,316 |  |  |  | 162 |  |  |  | — |
Liqid, Inc. (2)(12) |  | Networking |  | Preferred Stock Warrant |  |  | 344,102 |  |  |  | 364 |  |  |  | 119 |
BriteCore Holdings, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 161,215 |  |  |  | 98 |  |  |  | 348 |
Crafty Holdings, Inc. (2)(12) |  | Software |  | Common Stock Warrant |  |  | 243,278 |  |  |  | 132 |  |  |  | 132 |
Dropoff, Inc. (2)(12) |  | Software |  | Common Stock Warrant |  |  | 723,228 |  |  |  | 455 |  |  |  | — |
E La Carte, Inc. (2)(5)(12) |  | Software |  | Common Stock Warrant |  |  | 294,723 |  |  |  | 60 |  |  |  | — |
HappyCo, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 96,228 |  |  |  | 26 |  |  |  | 24 |
Everstream Holdings, LLC (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 525,000 |  |  |  | 82 |  |  |  | 6 |
Lemongrass Holdings, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 202,616 |  |  |  | 57 |  |  |  | 96 |
Mirantis, Inc. (2)(12) |  | Software |  | Common Stock Warrant |  |  | 948,275 |  |  |  | 223 |  |  |  | 422 |

See Notes to Consolidated Financial Statements

13

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 |  |  |  | 2 |
Revinate Holdings, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 682,034 |  |  |  | 44 |  |  |  | 86 |
SIGNiX, Inc. (12) |  | Software |  | Preferred Stock Warrant |  |  | 186,235 |  |  |  | 177 |  |  |  | — |
Slingshot Aerospace, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 309,208 |  |  |  | 123 |  |  |  | 21 |
Supply Network Visibility Holdings LLC (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 682 |  |  |  | 64 |  |  |  | 71 |
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 |  |  |  | 140 |
Viken Detection Corporation (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 345,443 |  |  |  | 120 |  |  |  | 372 |
xAd, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 4,343,348 |  |  |  | 177 |  |  |  | 6 |
Total Non-Affiliate Warrants — Technology |  |  |  |  |  |  | 8,459 |  |  |  | 9,797 |
Non-Affiliate Warrants — Healthcare information and services — 0.1% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hound Labs, Inc (12) |  | Diagnostics |  | Preferred Stock Warrant |  |  | 451,796 |  |  |  | 46 |  |  |  | — |
Parse Biosciences, Inc. (2)(12) |  | Diagnostics |  | Common Stock Warrant |  |  | 32,244 |  |  |  | 71 |  |  |  | 22 |
Parse Biosciences, Inc. (2)(12) |  | Diagnostics |  | Preferred Stock Warrant |  |  | 184,253 |  |  |  | 166 |  |  |  | 64 |
GT Medical Technologies, Inc. (2)(12) |  | Other Healthcare |  | Preferred Stock Warrant |  |  | 326,640 |  |  |  | 144 |  |  |  | 152 |
BrightInsight, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 123,284 |  |  |  | 167 |  |  |  | — |
Elligo Health Research, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 652,250 |  |  |  | 191 |  |  |  | — |
SafelyYou, Inc. (2)(12) |  | Software |  | Preferred Stock Warrant |  |  | 206,983 |  |  |  | 163 |  |  |  | 142 |
Total Non-Affiliate Warrants — Healthcare information and services |  |  |  |  |  |  | 948 |  |  |  | 380 |
Total Non-Affiliate Warrants |  |  |  |  |  |  | 15,243 |  |  |  | 16,444 |
Non-Affiliate Other Investments — 0.6% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Affiliate Other Investments — Life Science — 0.6% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BioVaxys Technology Corp. (12) |  | Biotechnology |  | Royalty Agreement |  |  |  |  |  |  | 5,073 |  |  |  | — |
Aerobiotix, LLC (12) |  | Medical Device |  | Royalty Agreement |  |  |  |  |  |  | 1,538 |  |  |  | 1,448 |
Lumithera, Inc. (12) |  | Medical Device |  | Royalty Agreement |  |  |  |  |  |  | 1,116 |  |  |  | 383 |
Robin Healthcare, Inc. (2)(12) |  | Medical Device |  | Royalty Agreement |  |  |  |  |  |  | 7,330 |  |  |  | — |
Total Non-Affiliate Other Investments — Life Science |  |  |  |  |  |  | 15,057 |  |  |  | 1,831 |
Non-Affiliate Other Investments — Technology — 0.0% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Better Place Forests Co. (12)(17) |  | Consumer-related Technologies |  | Other Investment |  |  |  |  |  |  | 11,010 |  |  |  | — |
Total Non-Affiliate Other Investments — Technology |  |  |  |  |  |  | 11,010 |  |  |  | — |
Total Non-Affiliate Other Investments |  |  |  |  |  |  | 26,067 |  |  |  | 1,831 |
Non-Affiliate Equity — 1.7% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BioVaxys Technology Corp. (5)(12) |  | Biotechnology |  | Common Stock |  |  | 66,170 |  |  |  | 14 |  |  |  | 14 |
Cadrenal Therapeutics, Inc. (5) |  | Biotechnology |  | Common Stock |  |  | 40,000 |  |  |  | — |  |  |  | 553 |
Castle Creek Biosciences, Inc. (12) |  | Biotechnology |  | Common Stock |  |  | 1,162 |  |  |  | 250 |  |  |  | 250 |
Emalex Biosciences, Inc. (12) |  | Biotechnology |  | Preferred Stock |  |  | 47,461 |  |  |  | 545 |  |  |  | 656 |
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 |  |  |  | — |
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 |  |  | 16,247,754 |  |  |  | 976 |  |  |  | 975 |
Cognoa, Inc. (2)(12) |  | Medical Device |  | Preferred Stock |  |  | 2,119,272 |  |  |  | 500 |  |  |  | 500 |
Tigo Energy, Inc. (5) |  | Other Sustainability |  | Common Stock |  |  | 5,205 |  |  |  | 111 |  |  |  | 13 |
Decisyon, Inc. (12) |  | Software |  | Preferred Stock |  |  | 280,000 |  |  |  | 2,800 |  |  |  | — |
Kodiak Robotics, Inc. (2)(5)(12) |  | Software |  | Common Stock |  |  | 292,892 |  |  |  | 2,600 |  |  |  | 2,004 |
Total Non-Affiliate Equity |  |  |  |  |  |  | 11,162 |  |  |  | 5,344 |
Total Non-Affiliate Portfolio Investment Assets |  |  |  |  |  | $ | 616,488 |  |  | $ | 557,582 |

See Notes to Consolidated Financial Statements

14

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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-Controlled Affiliate Investments — 14.2% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Controlled Affiliate Debt Investments — 8.0% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shengrow, Inc. aka Soli Organic, Inc. (2)(12) |  | Other Sustainability |  | Term Loan (18) |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 5,092 |  |  |  | 273 |  |  |  | 5,092 |
|  |  |  | Term Loan |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 3,394 |  |  |  | 3,339 |  |  |  | 3,339 |
|  |  |  | Term Loan |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 1,697 |  |  |  | 1,669 |  |  |  | 1,669 |
|  |  |  | Term Loan |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 3,394 |  |  |  | 3,338 |  |  |  | 3,338 |
|  |  |  | Term Loan |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 1,697 |  |  |  | 1,669 |  |  |  | 1,669 |
|  |  |  | Term Loan |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 3,394 |  |  |  | 3,336 |  |  |  | 3,336 |
|  |  |  | Term Loan |  |  | 11.75% (11) |  | Prime |  |  | 4.50 | % |  |  | 11.75 | % |  |  | — |  |  |  | 2.75 | % | September 1, 2028 |  |  | 1,697 |  |  |  | 1,668 |  |  |  | 1,668 |
|  |  |  | Revolver |  |  | 9.75 | % | Prime |  |  | 2.50 | % |  |  | 9.75 | % |  |  | — |  |  |  | — |  | September 1, 2026 |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,292 |  |  |  | 25,111 |

|  |  |  |  |  |  |  |  |  | Cost of |  |  | Fair |
Portfolio Company (1)(3) |  | Sector |  | Type of Investment (7) |  | Number of Shares |  |  | Investments (6)(9) |  |  | Value (9) |
Non-Controlled Affiliate Other Investments — 0.4% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Evelo Holdings, Inc. (2)(5)(12)(16) |  | Biotechnology |  | Other Investment |  |  |  |  |  | $ | 20,342 |  |  | $ | 1,350 |
Total Non-Controlled Affiliate Other Investments |  |  |  |  |  |  | 20,342 |  |  |  | 1,350 |
Non-controlled Affiliate Equity — 5.8% (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 |  |  |  | — |
Shengrow, Inc. aka Soli Organic, Inc. (2)(12) |  | Other Sustainability |  | Preferred Stock |  |  | 1,835,534 |  |  |  | 13,209 |  |  |  | 18,355 |
Total Non-Controlled Affiliate Equity |  |  |  |  |  |  | 18,209 |  |  |  | 18,355 |
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 |  |  |  |  |  | $ | 58,970 |  |  | $ | 44,816 |

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 — 0.4% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Controlled Affiliate Debt Investments — 0.4% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nexii, Inc. (12) |  | Other Sustainability |  | Term Loan |  |  | 10.00 | % | Fixed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  | July 1, 2027 |  | $ | 790 |  |  | $ | 811 |  |  | $ | 812 |
|  |  |  | Term Loan (18) |  |  | 10.00 | % | Fixed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  | July 1, 2027 |  |  | 304 |  |  |  | 173 |  |  |  | 304 |
Total Controlled Affiliate Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 984 |  |  | $ | 1,116 |

|  |  |  |  |  |  |  |  |  | Cost of |  |  | Fair |
Portfolio Company (1)(3) |  | Sector |  | Type of Investment (7) |  | Number of Shares |  |  | Investments (6)(9) |  |  | Value (9) |
Controlled Affiliate Equity — 0.0% (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nexii, Inc. (2)(12) |  | Other Sustainability |  | Preferred Stock |  |  | 168,377 |  |  |  | 9,751 |  |  |  | — |
Total Controlled Affiliate Equity |  |  |  |  |  |  | 9,751 |  |  |  | — |
Total Controlled Affiliate Portfolio Investment Assets |  |  |  |  |  |  | 10,735 |  |  | $ | 1,116 |
Total Portfolio Investment Assets — 191.2% (8) |  |  |  |  |  | $ | 686,193 |  |  | $ | 603,514 |

Short Term Investments - Unrestricted Investments - 13.9% (8) |  |  |  |  |  |  |  |
US Bank Money Market Deposit Account |  |  | 43,828 |  |  |  | 43,828 |
Total Short Term Investments - Unrestricted Investments |  | $ | 43,828 |  |  | $ | 43,828 |
Short Term Investments - Restricted Investments - 0.8% (8) |  |  |  |  |  |  |  |
US Bank Money Market Deposit Account |  |  | 2,417 |  |  |  | 2,417 |
Total Short Term Investments - Restricted Investments |  | $ | 2,417 |  |  | $ | 2,417 |

See Notes to Consolidated Financial Statements

15

Table of Contents
Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments (Unaudited)

September 30, 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 and/or a credit facility (the “Nuveen Facility”, together with the Key Facility and the NYL Facility, the “Credit Facilities”) led by Nuveen Alternatives Advisors LLC.
(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 September 30, 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) | As of September 30, 2025, 0.0% of the Company's total assets on a cost and fair value basis are in non-qualifying assets under Section 55(a) of the 1940 Act. 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 September 30, 2025.

(14) | Debt investment is on non-accrual status as of September 30, 2025 and interest payments will be recognized as income on a cash basis.

(15) | 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.

(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”.

(17) | The investment originally consisted of debt investments in Better Place Forests Co. (“Better Place”). On April 30, 2025, Better Place transferred ownership of all of its right, title and interest in and to all of its tangible and intangible assets to Better Place ABC, LLC, a California limited liability company (“BP ABC”) and BP ABC sold a portion of such assets to Memorial Forests Foundation in consideration for, among other things, the assumption of certain liabilities of BP ABC. The Company has a first priority security interest in the remaining assets of BP ABC, including certain rights to employee retention tax credits, so if any payments are received by BP ABC, the Company will receive a portion of the proceeds from the same, until such time, if ever, that all of the obligations of BP ABC to the Company are repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment”.

(18) | On August 6, 2025, the Company purchased a portfolio of debt and related investments of Powerscourt XXV LP, a fund managed by Waterfall Asset Management (“WAM”), for a purchase price of $22.5 million, which assets at the purchase date had a fair value of $36.5 million and included debt investments on accrual status with a principal balance of $34.9 million. WAM and the Advisor (as defined in Note 1) had previously entered into Master Program Agreement in March 2023 whereby the Advisor offered WAM the opportunity to participate, as a co-lender with the Company, in debt investments originated by the Advisor. WAM retained all investment decisions. In 2023, WAM ceased making new investments under the program, as it no longer wished to pursue a venture debt strategy.

See Notes to Consolidated Financial Statements

16

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

17

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

18

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

19

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

20

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

21

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 |  |  | 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

22

Table of Contents
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

23

Table of Contents
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

24

Table of Contents
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

25

Table of Contents
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

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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 Key Facility, the NYL Facility, the Nuveen Facility 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 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 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 such co-lender.
(16) | The investment originally consisted of debt investments in 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 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

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Notes to Consolidated Financial Statements

Note 1. Organization

Horizon Technology Finance Corporation (the “Company”) was organized as a Delaware corporation on March 16, 2010 and is an externally managed, non-diversified, closed-end investment company. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company generally is not subject to corporate-level federal income tax on the portion of its taxable income (including net capital gains) the Company distributes to its stockholders. The Company primarily makes secured debt investments to development-stage companies in the technology, life science, healthcare information and services and sustainability industries. All of the Company’s debt investments consist of loans secured by all of, or a portion of, the applicable debtor company’s tangible and intangible assets.

On October 28, 2010, the Company completed an initial public offering (“IPO”) and its common stock trades on the Nasdaq Global Select Market under the symbol “HRZN”.

Horizon Credit II LLC (“Credit II”) was formed as a Delaware limited liability company on June 28, 2011, with the Company as its sole equity member. Credit II is a special purpose bankruptcy-remote entity and is a separate legal entity from the Company. Any assets conveyed to Credit II are not available to creditors of the Company or any other entity other than Credit II’s lenders. Credit II is consolidated in the financial statements of the Company.

Horizon Funding I, LLC (“HFI”) was formed as a Delaware limited liability company on May 9, 2018, with Horizon Secured Loan Fund I LLC, a Delaware limited liability company (“HSLFI”) as its sole member. HFI is a special purpose bankruptcy-remote entity and is a separate legal entity from HSLFI. Any assets conveyed to HFI are not available to creditors of HSLFI or any other entity other than HFI’s lenders. As of April 21, 2020, HSLFI and its subsidiary, HFI, are consolidated in the financial statements of the Company.

The Company formed Horizon Funding 2022‑1 LLC (“2022‑1 LLC”) as a Delaware limited liability company on September 30, 2022 and Horizon Funding Trust 2022‑1 as a Delaware statutory trust on October 18, 2022 (“2022‑1 Trust” and, together with the 2022‑1 LLC, the “2022‑1 Entities”). The 2022‑1 Entities are special purpose bankruptcy remote entities and are separate legal entities from the Company. The Company formed the 2022‑1 Entities for purposes of securitizing the 2022 Asset-Backed Notes. The 2022-1 Entities are consolidated in the financial statements of the Company.

Horizon Funding II, LLC (“HFII”) was formed as a Delaware limited liability company on May 13, 20 24, with the Company as its sole equity member. HFII is a special purpose bankruptcy-remote entity and is a separate legal entity from the Company. Any assets conveyed to HFII are not available to creditors of the Company or any other entity other than HFII’s lenders. HFII is consolidated in the financial statements of the Company.

The Company has established wholly owned subsidiaries, which are structured as Delaware limited liability companies, either to hold assets of portfolio companies acquired in connection with a foreclosure or bankruptcy or to hold equity in portfolio companies which the Company may control. Such wholly-owned subsidiaries are separate legal entities from the Company and are consolidated in the financial statements of the Company.

The Company, together with a former co-lender to IMV, established HIMV LLC, a Delaware limited liability company to purchase and sell the assets of IMV, a past borrower of the Company. The assets of IMV were sold for (i) the right to receive certain payments, if any, in connection with the potential future development and licensing of the assets sold and (ii) equity in the buyer of such assets. HIMV LLC was 70% owned by the Company and 30% owned by a third-party co-lender. On August 6, 2025, the Company purchased its co-lender’s interest in HIMV LLC. As of August 6, 2025, the Company owns 100% of HIMV LLC and HIMV LLC is consolidated in the financial statements of the Company.

The Company’s investment strategy is to maximize the investment portfolio’s return by generating current income from the debt investments the Company makes and capital appreciation from the warrants the Company receives when making such debt investments. The Company has entered into an investment management agreement (the “Investment Management Agreement”) with Horizon Technology Finance Management LLC (the “Advisor”) under which the Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company.

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Notes to Consolidated Financial Statements

Note 2. Basis of presentation and significant accounting policies

The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the requirements for reporting on Form 10‑Q and Articles 6 and 10 of Regulation S-X (“Regulation S-X”) under the Securities Act of 1933, as amended (the “Securities Act”). In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications, consisting solely of normal recurring accruals, that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2024.

Principles of consolidation

As required under GAAP and Regulation S-X, the Company will generally consolidate its investment in a company that is an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries in its consolidated financial statements.

Assets related to transactions that do not meet Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing requirements for accounting sale treatment are reflected in the Company’s Consolidated Statements of Assets and Liabilities as investments. Those assets are owned by special purpose entities, including the 2022-1 Entities, that are consolidated in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets, and such assets are not intended to be available to the creditors of the Company (or any affiliate of the Company).

Use of estimates

In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the balance sheet and income and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the valuation of investments.

Fair value

The Company records all of its investments at fair value in accordance with relevant GAAP, which establishes a framework used to measure fair value and requires disclosures for fair value measurements. The Company has categorized its investments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as more fully described in Note 6. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

See Note 6 for additional information regarding fair value.

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Notes to Consolidated Financial Statements

Segments

The Company has determined that it has a single reporting segment and operating unit structure. The Company lends to and invests in portfolio companies in various technology, life science, healthcare information and services and sustainability industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these debt investments and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment.

The chief operating decision maker (“CODM”) is comprised of the Company’s Chief Executive Officer, President, Chief Financial Officer and Chief Operating Officer. The CODM assesses the performance of and makes operating decisions on behalf of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in recommending to the Company's board of directors (the “Board”) the amount of dividends to be distributed to the Company’s stockholders and the Board makes the determination of the amount of dividends to be distributed to the Company's stockholders. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the Company’s Consolidated Statements of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Company’s Consolidated Statements of Operations.

Investments

Investments are recorded at fair value. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, on July 29, 2022, the Board designated the Advisor as the Company’s “valuation designee.” The valuation designee determines the fair value of the Company’s portfolio investments and the Company's Board oversees the valuation designee. The Company has the intent to hold its debt investments for the foreseeable future or until maturity or payoff.

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. Generally, when a debt investment becomes 90 days or more past due, or if the Company otherwise does not expect to receive interest and principal repayments, the debt investment is placed on non-accrual status and the recognition of interest income may be discontinued. Interest payments received on non-accrual debt investments may be recognized as income, on a cash basis, or applied to principal depending upon management’s judgment at the time the debt investment is placed on non-accrual status. As of September 30, 2025, there were four investments on nonaccrual status with a cost of $61.3 million and a fair value of $29.3 million. As of December 31, 2024, there were four investments on non-accrual status with a cost of $44.8 million and a fair value of $10.5 million. For the three and nine months ended September 30, 2025, the Company recognized $0.04 million and $0.3 million, respectively, from debt investments while on non-accrual status. For the three and nine months ended September 30, 2024, the Company recognized $0.2 million from debt investments while on non-accrual status.

From time to time, the Company may have debt investments that contain a PIK provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. As of September 30, 2025 and December 31, 2024, there were three and five investments, respectively, with PIK provisions. For the three months ended September 30, 2025 and 2024, PIK interest income totaled $0.7 million and $0.4 million, respectively. For the three months ended September 30, 2025 and 2024, 2.5% and 1.5%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest. For the nine months ended September 30, 2025 and 2024, PIK interest income totaled $1.2 million and $2.1 million, respectively. For the nine months ended September 30, 2025 and 2024, 1.6% and 2.8%, respectively, of the Company's total investment income was attributable to non-cash PIK interest. The Company will generally cease accruing PIK interest if management does not expect the portfolio company to be able to pay all principal and interest due. For the three months ended September 30, 2025 and 2024, there were no debt investments which had accrued PIK interest into income placed on nonaccrual status as of September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, one debt investment, which had accrued PIK interest into income of $0.2 million during the nine months ended September 30, 2025 was placed on nonaccrual status as of September 30, 2025. For the nine months ended September 30, 2024, one debt investment, which had accrued PIK interest into income of $1.0 million during the nine months ended September 30, 2024 was placed on nonaccrual status as of September 30, 2024.

The Company receives a variety of fees from borrowers in the ordinary course of conducting its business, including advisory fees, commitment fees, amendment fees, non-utilization fees, success fees and prepayment fees. In a limited number of cases, the Company may also receive a non-refundable deposit earned upon the termination of a transaction. Debt investment origination fees, net of certain direct origination costs, are deferred and, along with unearned income, are amortized as a level-yield adjustment over the respective term of the debt investment. All other income is recognized when earned. Fees for counterparty debt investment commitments with multiple debt investments are allocated to each debt investment based upon each debt investment’s relative fair value. When a debt investment is placed on non-accrual status, the amortization of the related fees and unearned income is discontinued until the debt investment is returned to accrual status.

Certain debt investment agreements also require the borrower to make an ETP, that is accrued into interest receivable and taken into income over the life of the debt investment to the extent such amounts are expected to be collected. The Company will generally cease accruing the income if there is insufficient value to support the accrual or the Company does not expect the borrower to be able to pay the ETP when due. The proportion of the Company’s total investment income that resulted from the portion of ETPs not received in cash for the three months ended September 30, 2025 and 2024 was 3.5% and 4.6%, respectively. The proportion of the Company’s total investment income that resulted from the portion of ETPs not received in cash for the nine months ended September 30, 2025 and 2024 was 3.6% and 6.0%, respectively.

In connection with substantially all lending arrangements, the Company receives warrants to purchase shares of stock from the borrower. The warrants are recorded as assets at estimated fair value on the grant date using the Black-Scholes valuation model. The warrants are considered loan fees and are recorded as unearned income on the grant date. The unearned income is recognized as interest income over the contractual life of the related debt investment in accordance with the Company’s income recognition policy. Subsequent to debt investment origination, the fair value of the warrants is determined using the Black-Scholes valuation model. Any adjustment to fair value is recorded through earnings as net unrealized appreciation or depreciation on investments. Gains and losses from the disposition of the warrants or stock acquired from the exercise of warrants are recognized as realized gains and losses on investments.

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Notes to Consolidated Financial Statements

Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. The Company measures realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of the Company’s portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Debt issuance costs

Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing from its lenders and issuing debt securities. The unamortized balance of debt issuance costs as of September 30, 2025 and December 31, 2024 was $10.9 million and $8.9 million, respectively. These amounts are capitalized and amortized and included in interest expense in the consolidated statements of operations over the life of the borrowings. The accumulated amortization balances as of September 30, 2025 and December 31, 2024 were $8.2 million and $7.2 million, respectively. The amortization expense for the three months ended September 30, 2025 and 2024 was $0.6 million and $0.5 million, respectively. The amortization expense for the nine months ended September 30, 2025 and 2024 was $2.0 million and $1.3 million, respectively.

Income taxes

As a BDC, the Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC and to avoid the imposition of corporate-level income tax on the portion of its taxable income distributed to stockholders, among other things, the Company is required to meet certain source of income and asset diversification requirements and to timely distribute dividends out of assets legally available for distribution to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company, among other things, has made and intends to continue to make the requisite distributions to its stockholders, which generally relieves the Company from corporate-level U.S. federal income taxes. Accordingly, no provision for federal income tax has been recorded in the financial statements. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with ASC Topic 946, Financial Services—Investment Companies, as amended, of the Financial Accounting Standards Board (“FASB”), permanent tax differences, such as non-deductible excise taxes paid, are reclassified from distributions in excess of net investment income and net realized loss on investments to paid-in-capital at the end of each fiscal year. These permanent book-to-tax differences are reclassified on the consolidated statements of changes in net assets to reflect their tax character but have no impact on total net assets.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and incur a 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended September 30, 2025 and 2024, $0.4 million was accrued for U.S. federal excise tax. For the nine months ended September 30, 2025 and 2024, $1.1 million was accrued for U.S. federal excise tax

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Notes to Consolidated Financial Statements

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes, as modified by ASC Topic 946. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company had no material uncertain tax positions at September 30, 2025 and December 31, 2024. The Company’s income tax returns for the 2025, 2024 and 2023 tax years remain subject to examination by U.S. federal and state tax authorities.

Distributions

Distributions to common stockholders are recorded on the declaration date. The Board continually monitors and reassesses the amount of cash to be paid out as distributions relative to the net investment income generated by the Company and other metrics. Net realized capital gains, if any, may be distributed, although the Company may decide to retain such net realized gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of cash distributions on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board declares a cash distribution, then stockholders who have not “opted out” of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company may issue new shares or purchase shares in the open market to fulfill its obligations under the plan.

Stockholders’ Equity

On September 22, 2023, the Company entered into an At-The-Market (“ATM”) sales agreement (the “2023 Equity Distribution Agreement”), with Goldman Sachs & Co. LLC and B. Riley FBR, Inc. (each a “Sales Agent” and, collectively, the “Sales Agents”). The 2023 Equity Distribution Agreement provides that the Company may offer and sell shares of its common stock from time to time through the Sales Agents up to $150.0 million worth of its common stock, in amounts and at times to be determined by the Company. Sales of the Company’s common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market,” as defined in Rule 415 under the Securities Act, including sales made directly on the Nasdaq or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.

During the three months ended September 30, 2025, the Company sold 1,570,248 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $10.6 million, including $0.3 million of offering expenses, from these sales.

During the three months ended September 30, 2024, the Company sold 1,709,096 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $18.4 million, including $0.4 million of offering expenses, from these sales.

During the nine months ended September 30, 2025, the Company sold 1,974,553 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $14.2 million, including $0.5 million of offering expenses, from these sales.

During the nine months ended September 30, 2024, the Company sold 4,279,141 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $47.5 million, including $1.0 million of offering expenses, from these sales.

The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2025, shares representing approximately $64.3 million of its common stock remain available for issuance and sale under the 2023 Equity Distribution Agreement.

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Notes to Consolidated Financial Statements

Stock Repurchase Program

On April 25, 2025, the Board extended a previously authorized stock repurchase program which allows the Company to repurchase up to $5.0 million of its common stock at prices below the Company’s net asset value per share as reported in its most recent consolidated financial statements. Under the repurchase program, the Company may, but is not obligated to, repurchase shares of its outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by the Company intends to comply with the requirements of Rule 10b‑18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any applicable requirements of the 1940 Act. Unless extended by the Board, the repurchase program will terminate on the earlier of June 30, 2026 or the repurchase of $5.0 million of the Company’s common stock. On August 5, 2025, the Board authorized an increase in the maximum amount of shares of the Company that can be repurchased on the open market or in privately negotiated purchases pursuant to Rule 10b-18 and other applicable provisions of the Securities Exchange Act of 1934, as amended from up to $5,000,000 of shares to up to $10,000,000 of shares, provided such purchases, in the aggregate, do not exceed two percent (2%) of the shares outstanding at the time of purchase and such shares are purchased only when the such shares are trading below 90% of the Company's most recently disclosed net asset value per share. During the three and nine months ended September 30, 2025 and 2024, the Company did not make any repurchases of its common stock. From the inception of the stock repurchase program through September 30, 2025, the Company repurchased 167,465 shares of its common stock at an average price of $11.22 on the open market at a total cost of $1.9 million. From time to time, the Board assesses the size and effectiveness of the stock repurchase program and could elect to increase or decrease the size of the program in the future.

Transfers of financial assets

Assets related to transactions that do not meet the requirements under ASC Topic 860, Transfers and Servicing for sale treatment under GAAP are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by special purpose entities that are consolidated in the Company’s financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or any other affiliate of the Company).

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company — put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

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Notes to Consolidated Financial Statements

Note 3. Related party transactions

Investment Management Agreement

At a meeting of the stockholders convened on May 25, 2023 and reconvened on June 28, 2023, the Company’s stockholders, upon the recommendation of the Board, approved an investment management agreement with the Advisor, which became effective on June 30, 2023 (the “Original Investment Management Agreement”). The Original Investment Management Agreement was effective for two years from the date of approval and then was required to be annually reapproved by the Board for a one-year period. The Original Investment Management Agreement was considered and reapproved by the Company’s Board, including a majority of the independent directors, on December 10, 2024 for a one-year period.

On March 31, 2025, the Company entered into a new investment management agreement with the Advisor (the “New Investment Management Agreement, collectively with the Original Investment Management Agreement, the “Investment Management Agreement”) in connection with the closing of a transaction pursuant to which Momentum US Bidco LLC, an affiliate of Wendel SE, acquired 75% of the outstanding equity interests of Monroe Capital Intermediate Holdings, LLC, the indirect parent company of the Advisor, and certain other affiliates of Monroe Capital LLC (the “Transaction”) (any such affiliate party to the Transaction, collectively, “Monroe”). The Transaction, if closed, would constitute a change of control in the Advisor and terminated the Original Investment Management Agreement. On December 10, 2024, the Company’s Board, including a majority of the independent directors, approved, and recommended for approval by the Company’s stockholders, the New Investment Management Agreement. The New Investment Management Agreement was approved, subject to the closing of the Transaction, by the Company’s stockholders at a special meeting of stockholders held on February 21, 2025. The terms of the New Investment Management Agreement, including the fee structure and services to be provided, are the same as the terms of the Original Investment Management Agreement, except for the date and term. Under the terms of the Investment Management Agreement, the Advisor determines the composition of the Company’s investment portfolio, the nature and timing of the changes to the investment portfolio and the manner of implementing such changes; identifies, evaluates and negotiates the structure of the investments the Company makes (including performing due diligence on the Company’s prospective portfolio companies); and closes, monitors and administers the investments the Company makes, including the exercise of any voting or consent rights.

The Advisor’s services under the Investment Management Agreement are not exclusive to the Company, and the Advisor is free to furnish similar services to other entities so long as its services to the Company are not impaired. The Advisor is a registered investment adviser with the SEC. The Advisor receives fees for providing services to the Company under the Investment Management Agreement, consisting of two components, a base management fee and an incentive fee.

The base management fee is calculated at an annual rate of 2.00% of the Company’s gross assets (less cash and cash equivalents) including any assets acquired with the proceeds of leverage; provided, that, to the extent the Company’s gross assets (less cash and cash equivalents) exceed $250 million, the base management fee on the amount of such excess over $250 million will be calculated at an annual rate of 1.60% of the Company’s gross assets (less cash and cash equivalents) including any assets acquired with the proceeds of leverage. The base management fee is payable monthly in arrears and is prorated for any partial month.

The base management fee payable at September 30, 2025 and December 31, 2024 was $0.9 million and $1.0 million, respectively. The base management fee expense was $2.7 million and $3.0 million for the three months ended September 30, 2025 and 2024, respectively. The base management fee expense was $8.9 million and $9.2 million for the nine months ended September 30, 2025 and 2024, respectively.

The incentive fee has two parts, as follows:

The first part, which is subject to the Incentive Fee Cap and Deferral Mechanism, as defined below, is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees received from portfolio companies) accrued during the calendar quarter, minus expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement (as defined below), and any interest expense and any dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income the Company has not yet received in cash. The incentive fee with respect to the Pre-Incentive Fee Net Investment Income is 20.00% of the amount, if any, by which the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter exceeds a hurdle rate of 1.75% (which is 7.00% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, adjusted for any share issuances or repurchases during the relevant quarter, subject to a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, the Advisor receives no incentive fee until the Pre-Incentive Fee Net Investment Income equals the hurdle rate of 1.75%, but then receives, as a “catch-up,” 100.00% of the Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1875% quarterly (which is 8.75% annualized). The effect of this “catch-up” provision is that, if Pre-Incentive Fee Net Investment Income exceeds 2.1875% in any calendar quarter, the Advisor will receive 20.00% of the Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply.

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Notes to Consolidated Financial Statements

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which the Company incurs a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the quarterly minimum hurdle rate, the Company will pay the applicable incentive fee up to the Incentive Fee Cap, defined below, even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses. The Company’s net investment income used to calculate this part of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the 2.00% base management fee. These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

The incentive fee on Pre-Incentive Fee Net Investment Income is subject to a fee cap and deferral mechanism which is determined based upon a look-back period of up to three years and is expensed when incurred. For this purpose, the look-back period for the incentive fee based on Pre-Incentive Fee Net Investment Income (the “Incentive Fee Look-back Period”) includes the relevant calendar quarter and the 11 preceding full calendar quarters. Each quarterly incentive fee payable on Pre-Incentive Fee Net Investment Income is subject to a cap (the “Incentive Fee Cap”) and a deferral mechanism through which the Advisor may recoup a portion of such deferred incentive fees (collectively, the “Incentive Fee Cap and Deferral Mechanism”). The Incentive Fee Cap is equal to (a) 20.00% of Cumulative Pre-Incentive Fee Net Return (as defined below) during the Incentive Fee Look-back Period less (b) cumulative incentive fees of any kind paid to the Advisor during the Incentive Fee Look-back Period. To the extent the Incentive Fee Cap is zero or a negative value in any calendar quarter, the Company will not pay an incentive fee on Pre-Incentive Fee Net Investment Income to the Advisor in that quarter. To the extent that the payment of incentive fees on Pre-Incentive Fee Net Investment Income is limited by the Incentive Fee Cap, the payment of such fees will be deferred and paid in subsequent calendar quarters up to three years after their date of deferment, subject to certain limitations, which are set forth in the Investment Management Agreement. The Company only pays incentive fees on Pre-Incentive Fee Net Investment Income to the extent allowed by the Incentive Fee Cap and Deferral Mechanism. “Cumulative Pre-Incentive Fee Net Return” during any Incentive Fee Look-back Period means the sum of (a) Pre-Incentive Fee Net Investment Income and the base management fee for each calendar quarter during the Incentive Fee Look-back Period and (b) the sum of cumulative realized capital gains and losses, cumulative unrealized capital appreciation and cumulative unrealized capital depreciation during the applicable Incentive Fee Look-back Period.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of the Investment Management Agreement, as of the termination date), and equals 20.00% of the Company’s realized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis through the end of such year, less all previous amounts paid in respect of the capital gain incentive fee. However, in accordance with GAAP, the Company is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement.

There was no performance based incentive fee expense for the three months ended September 30, 2025 and 2024. The incentive fee on Pre-Incentive Fee Net Investment Income was subject to the Incentive Fee Cap and Deferral Mechanism for the three months ended September 30, 2025 and 2024, which resulted in $2.8 million and $2.4 million, respectively, of reduced expense and additional net investment income. There was no performance based incentive fee expense for the nine months ended September 30, 2025. The performance based incentive fee expense for the nine months ended September 30, 2024 was $0.3 million. The incentive fee on Pre-Incentive Fee Net Investment Income was subject to the Incentive Fee Cap and Deferral Mechanism for the nine months ended September 30, 2025 and 2024, which resulted in $7.2 million of reduced expense and additional net investment income. This deferral represents a contingent future liability and is not accrued until the amount can be reasonably estimated and payment is probable. The remaining deferred amount may be paid up to three years after the date of deferment.

The Company’s Advisor agreed to waive the portion of its quarterly income incentive fee, if any, if and to the extent that, after payment of such portion, the Company’s net investment income per share for such quarter would be less than the quarterly distribution per share declared in such quarter. The income incentive fee waiver is effective commencing with the quarter ending March 31, 2025 and terminates with the quarter ending December 31, 2025. During the three and nine months ended September 30, 2025, no income incentive fee was earned.

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Notes to Consolidated Financial Statements

The following table provides the expiration dates of the Company’s Incentive Fee Cap and Deferral Mechanism contingent future liability as of September 30, 2025:

Expiration |  | Total |
|  | (In thousands) |
December 31, 2025 |  | $ | 1,037 |
March 31, 2026 |  |  | 219 |
June 30, 2026 |  |  | 3,120 |
September 30, 2026 |  |  | 3,471 |
December 31, 2026 |  |  | 3,002 |
March 31, 2027 |  |  | 2,285 |
June 30, 2027 |  |  | 2,582 |
September 30, 2027 |  |  | 2,368 |
December 31, 2027 |  |  | 2,085 |
March 31, 2028 |  |  | 2,144 |
June 30, 2028 |  |  | 2,290 |
September 30, 2028 |  |  | 2,799 |
Total |  | $ | 27,402 |

There was no performance based incentive fee payable as of September 30, 2025 and December 31, 2024.

Administration Agreement

The Company entered into an administration agreement (the “Administration Agreement”) with the Advisor to provide administrative services to the Company. For providing these services, facilities and personnel, the Company reimburses the Advisor for the Company’s allocable portion of overhead and other expenses incurred by the Advisor in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Company’s allocable portion of the costs of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs. The administrative fee expense was $0.4 million for the three months ended September 30, 2025 and 2024. The administrative fee expense was $1.2 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively. The administrative fee payable at September 30, 2025 and December 31, 2024 was $0.4 million. The administrative fee payable is included in other accrued liabilities on the Company's Statement of Assets and Liabilities.

Advisory Fee Waiver

In connection with entry into the Agreement and Plan of Merger (the “Merger Agreement”) with Monroe Capital Corporation, a Maryland corporation (“MRCC”), HMMS, Inc., a Maryland corporation and wholly owned subsidiary of the Company, Monroe Capital BDC Advisors, LLC, an investment adviser to MRCC, and the Advisor and subject to completion of the mergers contemplated thereby (collectively, the “Mergers”), the Advisor has agreed to waive $4.0 million of base management fees and/or incentive fees (the “Fee Waiver”) due and payable to the Advisor pursuant to the terms of the Investment Management Agreement at the rate of $1.0 million per quarter commencing at the end of the first full fiscal quarter following the closing of the Mergers. The Fee Waiver will be in effect until the end of the fourth full fiscal quarter following the closing of the Mergers and, for each applicable fiscal quarter, will not exceed the total amount of base management fees and incentive fees earned by the Advisor during such fiscal quarter.

Exemptive Relief

The Advisor may provide the Company with an opportunity to co-invest with other investment vehicles managed by the Advisor, Monroe and/or their affiliates. Under the 1940 Act, absent receipt of exemptive relief from the SEC, the Company and its affiliates are precluded from co-investing in negotiated investments with other funds and accounts sponsored or managed by the Advisor, Monroe and their affiliates. Since June 30, 2023, the Company and its Advisor have relied on exemptive relief from the SEC granted to certain affiliates of Monroe on October 15, 2014, as amended on January 10, 2023. The exemptive relief affords the Advisor greater flexibility to negotiate the terms of co-investments if the Board determines that it would be advantageous for the Company to co-invest with other accounts sponsored or managed by the Advisor, Monroe or their affiliates in a manner consistent with the Company's investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. On October 2, 2025, Monroe and the Advisor filed a new exemptive relief application (the “New Order”) that seeks to modify the co-investment exemptive relief previously granted to Monroe on January 10, 2023. There is no assurance that the New Order will be granted by the SEC. In the event that the SEC grants the Company the New Order, the Company shall be required to comply with all terms and conditions required therein.

Note 4. Investments

The following table shows the Company’s investments as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
|  | (In thousands) |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 585,292 |  |  | $ | 560,190 |  |  | $ | 678,167 |  |  | $ | 638,779 |
Warrants |  |  | 15,370 |  |  |  | 16,444 |  |  |  | 15,956 |  |  |  | 18,277 |
Other |  |  | 46,409 |  |  |  | 3,181 |  |  |  | 36,709 |  |  |  | 14,637 |
Equity |  |  | 39,122 |  |  |  | 23,699 |  |  |  | 35,942 |  |  |  | 26,198 |
Total investments |  | $ | 686,193 |  |  | $ | 603,514 |  |  | $ | 766,774 |  |  | $ | 697,891 |

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Notes to Consolidated Financial Statements

The following table shows the Company’s investments by industry sector as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
|  | (In thousands) |
Life Science |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 101,585 |  |  | $ | 66,100 |  |  | $ | 118,221 |  |  | $ | 97,562 |
Medical Device |  |  | 219,162 |  |  |  | 212,678 |  |  |  | 213,564 |  |  |  | 205,634 |
Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications |  |  | 522 |  |  |  | 3,321 |  |  |  | 11,711 |  |  |  | 14,763 |
Consumer-Related |  |  | 59,389 |  |  |  | 25,675 |  |  |  | 74,421 |  |  |  | 36,667 |
Data Storage |  |  | 417 |  |  |  | 163 |  |  |  | 417 |  |  |  | 350 |
Internet and Media |  |  | 329 |  |  |  | 151 |  |  |  | 329 |  |  |  | 999 |
Networking |  |  | 364 |  |  |  | 119 |  |  |  | 10,070 |  |  |  | 9,827 |
Semiconductors |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | — |
Software |  |  | 151,884 |  |  |  | 142,835 |  |  |  | 154,040 |  |  |  | 151,043 |
Sustainability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Energy |  |  | 4,859 |  |  |  | 4,845 |  |  |  | — |  |  |  | — |
Energy Efficiency |  |  | 125 |  |  |  | 25 |  |  |  | 9,818 |  |  |  | 9,712 |
Other Sustainability |  |  | 44,562 |  |  |  | 44,659 |  |  |  | 66,151 |  |  |  | 66,079 |
Healthcare Information and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diagnostics |  |  | 17,581 |  |  |  | 19,309 |  |  |  | 16,704 |  |  |  | 13,701 |
Other |  |  | 39,557 |  |  |  | 35,359 |  |  |  | 39,533 |  |  |  | 40,144 |
Software |  |  | 45,857 |  |  |  | 48,275 |  |  |  | 51,750 |  |  |  | 51,410 |
Total investments |  | $ | 686,193 |  |  | $ | 603,514 |  |  | $ | 766,774 |  |  | $ | 697,891 |

Note 5. Transactions with affiliated companies

A non-controlled affiliated company is generally a portfolio company in which the Company owns 5% or more of such portfolio company’s voting securities but not more than 25% of such portfolio company’s voting securities.

Transactions related to investments in non-controlled affiliated companies for the three months ended September 30, 2025 were as follows:

|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30, |  |  |  |  |  |  | Principal |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2025 |  |  | Purchases |  |  | payments |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 6,707 |  |  |  | — |  |  |  | (2,023 | ) |  |  | — |  |  |  | — |  |  |  | (3,334 | ) |  |  | — |  |  |  | 1,350 |  |  |  | — |
Shengrow Inc. |  |  | — |  |  |  | 5,367 |  |  |  | — |  |  |  | 32,941 |  |  |  | 12 |  |  |  | 5,146 |  |  |  | — |  |  |  | 43,466 |  |  |  | 462 |
Total non-controlled affiliates |  | $ | 6,707 |  |  | $ | 5,367 |  |  | $ | (2,023 | ) |  | $ | 32,941 |  |  | $ | 12 |  |  | $ | 1,812 |  |  | $ | — |  |  | $ | 44,816 |  |  | $ | 462 |

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Notes to Consolidated Financial Statements

Transactions related to investments in non-controlled affiliated companies for the three months ended September 30, 2024 were as follows:

|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30 |  |  |  |  |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | Sales |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 15,847 |  |  |  | 127 |  |  |  | (1,430 | ) |  |  | — |  |  |  | — |  |  |  | (6,237 | ) |  |  | — |  |  |  | 8,307 |  |  |  | — |
Total non-controlled affiliates |  | $ | 15,847 |  |  | $ | 127 |  |  | $ | (1,430 | ) |  | $ | — |  |  | $ | — |  |  | $ | (6,237 | ) |  | $ | — |  |  | $ | 8,307 |  |  | $ | — |

Transactions related to investments in non-controlled affiliated companies for the nine months ended September 30, 2025 were as follows:

|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | payments |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 8,307 |  |  |  | 2 |  |  |  | (2,023 | ) |  |  | — |  |  |  | — |  |  |  | (4,936 | ) |  |  | — |  |  |  | 1,350 |  |  |  | — |
Shengrow, Inc. |  |  | — |  |  |  | 5,367 |  |  |  | — |  |  |  | 32,941 |  |  |  | 12 |  |  |  | 5,146 |  |  |  | — |  |  |  | 43,466 |  |  |  | 462 |
Total non-controlled affiliates |  | $ | 8,307 |  |  | $ | 5,369 |  |  | $ | (2,023 | ) |  | $ | 32,941 |  |  | $ | 12 |  |  | $ | 210 |  |  | $ | — |  |  | $ | 44,816 |  |  | $ | 462 |

Transactions related to investments in non-controlled affiliated companies for the nine months ended September 30, 2024 were as follows:

|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2023 |  |  | Purchases |  |  | payments |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | 3 |  |  | $ | (40 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 1,132 |  |  |  | 231 |  |  |  | (1,430 | ) |  |  | — |  |  |  | — |  |  |  | 8,374 |  |  |  | — |  |  |  | 8,307 |  |  |  | — |
Total non-controlled affiliates |  | $ | 1,132 |  |  | $ | 234 |  |  | $ | (1,470 | ) |  | $ | — |  |  | $ | — |  |  | $ | 8,374 |  |  | $ | 37 |  |  | $ | 8,307 |  |  | $ | — |

A controlled affiliated company is generally a portfolio company in which the Company owns more than 25% of such portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement).

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Notes to Consolidated Financial Statements

Transactions related to investments in controlled affiliated companies for the three months ended September 30, 2025 were as follows:

|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2025 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income |
|  | (In thousands) |
Better Place Forests Co. |  | $ | 879 |  |  | $ | 306 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,376 |  |  | $ | (4,561 | ) |  | $ | — |  |  | $ | — |
HIMV LLC |  |  | 865 |  |  |  | 370 |  |  |  | — |  |  |  | — |  |  |  | (1,178 | ) |  |  | — |  |  |  | (57 | ) |  |  | — |  |  |  | — |  |  |  | — |
Nexii, Inc. |  |  | 8,711 |  |  |  | 3,218 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,813 | ) |  |  | — |  |  |  | 1,116 |  |  |  | 25 |
Swift Health Systems, Inc. |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,540 |  |  |  | (20,556 | ) |  |  | — |  |  |  | — |
Total controlled affiliates |  | $ | 10,455 |  |  | $ | 3,910 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,178 | ) |  | $ | — |  |  | $ | 13,046 |  |  | $ | (25,117 | ) |  | $ | 1,116 |  |  | $ | 25 |

Transactions related to investments in controlled affiliated companies for the three months ended September 30, 2024 were as follows:

|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Better Place Forests Co. |  | $ | 5,550 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 216 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 6,264 |  |  | $ | 226 |
HIMV LLC |  |  | 5,836 |  |  |  | — |  |  |  | (45 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 499 |  |  |  | — |  |  |  | 6,290 |  |  |  | — |
Nexii, Inc. |  |  | — |  |  |  | 790 |  |  |  | — |  |  |  | — |  |  |  | 6,716 |  |  |  | — |  |  |  | (329 | ) |  |  | — |  |  |  | 7,177 |  |  |  | 15 |
Total controlled affiliates |  | $ | 11,386 |  |  | $ | 1,290 |  |  | $ | (45 | ) |  | $ | 216 |  |  | $ | 6,716 |  |  | $ | 3 |  |  | $ | 165 |  |  | $ | — |  |  | $ | 19,731 |  |  | $ | 241 |

Transactions related to investments in controlled affiliated companies for the nine months ended September 30, 2025 were as follows:

|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income (reversal) |
|  | (In thousands) |
Better Place Forests Co. |  | $ | — |  |  | $ | 2,354 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,207 |  |  | $ | (4,561 | ) |  | $ | — |  |  | $ | — |
HIMV LLC |  |  | 6,230 |  |  |  | 370 |  |  |  | — |  |  |  | — |  |  |  | (1,178 | ) |  |  | — |  |  |  | (5,422 | ) |  |  | — |  |  |  | — |  |  |  | — |
Nexii, Inc. |  |  | 8,547 |  |  |  | 3,229 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,660 | ) |  |  | — |  |  |  | 1,116 |  |  |  | 65 |
Swift Health Systems, Inc. |  |  | 17,042 |  |  |  | 2,162 |  |  |  | — |  |  |  | 208 |  |  |  | — |  |  |  | 9 |  |  |  | 1,135 |  |  |  | (20,556 | ) |  |  | — |  |  |  | (81 | )
Total controlled affiliates |  | $ | 31,819 |  |  | $ | 8,115 |  |  | $ | — |  |  | $ | 208 |  |  | $ | (1,178 | ) |  | $ | 9 |  |  | $ | (12,740 | ) |  | $ | (25,117 | ) |  | $ | 1,116 |  |  | $ | (16 | )

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Horizon Technology Finance Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Transactions related to investments in controlled affiliated companies for the nine months ended September 30, 2024 were as follows:

|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2023 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Better Place Forests Co. |  | $ | 7,993 |  |  | $ | 2,750 |  |  | $ | — |  |  | $ | 560 |  |  | $ | — |  |  | $ | 10 |  |  | $ | (5,049 | ) |  | $ | — |  |  | $ | 6,264 |  |  | $ | 591 |
HIMV LLC |  |  | 6,230 |  |  |  | 227 |  |  |  | (592 | ) |  |  | — |  |  |  | 463 |  |  |  | — |  |  |  | (38 | ) |  |  | — |  |  |  | 6,290 |  |  |  | — |
Nexii, Inc. |  |  | — |  |  |  | 790 |  |  |  | — |  |  |  | — |  |  |  | 6,716 |  |  |  | — |  |  |  | (329 | ) |  |  | — |  |  |  | 7,177 |  |  |  | 15 |
Total controlled affiliates |  | $ | 14,223 |  |  | $ | 3,767 |  |  | $ | (592 | ) |  | $ | 560 |  |  | $ | 7,179 |  |  | $ | 10 |  |  | $ | (5,416 | ) |  | $ | — |  |  | $ | 19,731 |  |  | $ | 606 |

Note 6. Fair value

Prior to July 30, 2022, the Board determined the fair value of the Company’s investments. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, on July 29, 2022, the Board designated the Advisor as the Company’s “valuation designee.” The Board is responsible for oversight of the valuation designee. The valuation designee has established a Valuation Committee to determine in good faith the fair value of the Company’s investments, based on input from the Advisor’s management and personnel and independent valuation firms which are engaged at the direction of the Valuation Committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation at least once during a trailing twelve-month period. The Valuation Committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with at least 25% (based on fair value) of the Company’s valuation of portfolio companies lacking readily available market quotations subject to review by an independent valuation firm.

The Company uses fair value measurements made by the valuation designee to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in certain instances, there are no quoted market prices for certain assets or liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability.

Fair value measurements focus on exit prices in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment.

The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The three categories within the hierarchy are as follows:

| Level 1 | Quoted prices in active markets for identical assets and liabilities.

| Level 2 | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, and model-based valuation techniques for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

| Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

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Notes to Consolidated Financial Statements

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded such portfolio investment.

Cash: The carrying amount is a reasonable estimate of fair value. These financial instruments are not recorded at fair value on a recurring basis and are categorized as Level 1 within the fair value hierarchy described above.

Money market funds: The carrying amounts are valued at their net asset value as of the close of business on the day of valuation. These financial instruments are recorded at fair value on a recurring basis and are categorized as Level 1 within the fair value hierarchy described above as these funds can be redeemed daily.

Debt investments: The fair value of debt investments is estimated by discounting the expected future cash flows using the period end rates at which similar debt investments would be made to borrowers with similar credit ratings and for the same remaining maturities. Significant increases (decreases) in this unobservable input would result in a significantly lower (higher) fair value measurement. These assets are recorded at fair value on a recurring basis and are categorized as Level 3 within the fair value hierarchy described above.

Under certain circumstances, the Company may use an alternative technique to value debt investments that better reflects its fair value such as the use of multiple probability weighted cash flow models when the expected future cash flows contain elements of variability.

Warrant investments: The Company values its warrants using the Black-Scholes valuation model incorporating the following material assumptions:

| ● | Underlying asset value of the issuer is estimated based on information available, including any information regarding the most recent rounds of borrower funding. Significant increases (decreases) in this unobservable input would result in a significantly higher (lower) fair value measurement.

| ● | Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on indices of publicly traded companies similar in nature to the underlying company issuing the warrant. A total of seven such indices are used. Significant increases (decreases) in this unobservable input would result in a significantly higher (lower) fair value measurement.

| ● | The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant.

| ● | Other adjustments, including a marketability discount on private company warrants, are estimated based on management’s judgment about the general industry environment.

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Notes to Consolidated Financial Statements

| ● | Historical portfolio experience on cancellations and exercises of the Company’s warrants are utilized as the basis for determining the estimated time to exit of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants. Significant increases (decreases) in this unobservable input would result in significantly higher (lower) fair value measurement.

Under certain circumstances the Company may use an alternative technique to value warrants that better reflects the warrants’ fair value, such as an expected settlement of a warrant in the near term or a model that incorporates a put feature associated with the warrant. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option.

The fair value of the Company’s warrants held in publicly traded companies is determined based on inputs that are readily available in public markets or can be derived from information available in public markets. Therefore, the Company has categorized these warrants as Level 2 within the fair value hierarchy described above. The fair value of the Company’s warrants held in private companies is determined using both observable and unobservable inputs and represents management’s best estimate of what market participants would use in pricing the warrants at the measurement date. Therefore, the Company has categorized these warrants as Level 3 within the fair value hierarchy described above. These assets are recorded at fair value on a recurring basis.

Equity investments: The fair value of an equity investment in a privately held company is initially the face value of the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third-party round of equity financing. The Company may make adjustments to fair value, absent a new equity financing event, based upon positive or negative changes in a portfolio company’s financial or operational performance. Significant increases (decreases) in this unobservable input would result in a significantly higher (lower) fair value measurement. The Company has categorized these equity investments as Level 3 within the fair value hierarchy described above. The fair value of an equity investment in a publicly traded company is based upon the closing public share price on the date of measurement. Therefore, the Company has categorized these equity investments as Level 1 within the fair value hierarchy described above. These assets are recorded at fair value on a recurring basis.

Other investments: Other investments are valued based on the facts and circumstances of the underlying contractual agreement. The Company currently values these contractual agreements using a multiple probability weighted cash flow model as the contractual future cash flows contain elements of variability. Significant changes in the estimated cash flows and probability weightings would result in a significantly higher or lower fair value measurement. The Company has categorized these other investments as Level 3 within the fair value hierarchy described above. These other investments are recorded at fair value on a recurring basis.

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Debt investments |  | $ | — |  |  | $ | — |  |  | $ | 560,190 |  |  | $ | 560,190 |
Warrant investments |  |  | — |  |  |  | 1,102 |  |  |  | 15,342 |  |  |  | 16,444 |
Other investments |  |  | — |  |  |  | — |  |  |  | 3,181 |  |  |  | 3,181 |
Equity investments |  |  | 2,584 |  |  |  | — |  |  |  | 21,115 |  |  |  | 23,699 |
Total investments |  | $ | 2,584 |  |  | $ | 1,102 |  |  | $ | 599,828 |  |  | $ | 603,514 |

|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Debt investments |  | $ | — |  |  | $ | — |  |  | $ | 638,779 |  |  | $ | 638,779 |
Warrant investments |  |  | — |  |  |  | 1,839 |  |  |  | 16,438 |  |  |  | 18,277 |
Other investments |  |  | — |  |  |  | — |  |  |  | 14,637 |  |  |  | 14,637 |
Equity investments |  |  | 587 |  |  |  | — |  |  |  | 25,611 |  |  |  | 26,198 |
Total investments |  | $ | 587 |  |  | $ | 1,839 |  |  | $ | 695,465 |  |  | $ | 697,891 |

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements of the Company’s investments as of September 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the table below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining its fair value measurements.

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Notes to Consolidated Financial Statements

The following table is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements as of September 30, 2025:

September 30, 2025 |
|  | Fair |  | Valuation Techniques/ |  | Unobservable |  |  |  | Weighted |
Investment Type |  | Value |  | Methodologies |  | Input |  | Range |  | Average(1) |
|  |  |  |  | (Dollars in thousands, except per share data) |  |  |  |  |  |
Debt investments |  | $ | 512,584 |  | Discounted Expected Future Cash Flows |  | Hypothetical Market Yield |  | 10% – 25% |  |  | 13 | %
|  |  | 47,606 |  | Multiple Probability Weighted Cash Flow Model |  | Probability Weighting |  | 30% - 100% |  |  | 71 | %
Warrant investments |  |  | 15,342 |  | Black-Scholes Valuation Model |  | Price Per Share |  | $0.00 – $807.91 |  | $ | 20.75 |
|  |  |  |  |  |  | Average Industry Volatility |  | 24% |  |  | 24 | %
|  |  |  |  |  |  | Marketability Discount |  | 0 - 20% |  |  | 20 | %
|  |  |  |  |  |  | Estimated Time to Exit (in years) |  | 1 to 5 |  |  | 3 |
Other investments |  |  | 3,181 |  | Multiple Probability Weighted Cash Flow Model |  | Discount Rate |  | 25% – 100% |  |  | 46 | %
|  |  |  |  |  |  | Probability Weighting |  | 0% – 100% |  |  | 100 | %
Equity investments |  |  | 21,115 |  | Last Equity Financing |  | Price Per Share |  | $0.06 – $215.03 |  | $ | 14.13 |
|  |  | — |  | Multiple Probability Weighted Scenario Model |  | Probability Weighting |  | 100% |  |  | 100 | %
Total Level 3 investments |  | $ | 599,828 |  |  |  |  |  |  |  |  |  |

(1) | Weighted average is calculated by multiplying (a) the unobservable input for each investment in the investment type by (b) (1) the fair value of the related investment in the investment type divided by (2) the total fair value of the investment type.

The following table is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements as of December 31, 2024:

December 31, 2024 |
|  | Fair |  | Valuation Techniques/ |  | Unobservable |  |  |  | Weighted |
Investment Type |  | Value |  | Methodologies |  | Input |  | Range |  | Average(1) |
|  |  |  |  | (Dollars in thousands, except per share data) |  |  |  |  |  |
Debt investments |  | $ | 628,325 |  | Discounted Expected Future Cash Flows |  | Hypothetical Market Yield |  | 11% – 20% |  |  | 14 | %
|  |  | 10,454 |  | Multiple Probability Weighted Cash Flow Model |  | Probability Weighting |  | 10% - 100% |  |  | 57 | %
Warrant investments |  |  | 16,438 |  | Black-Scholes Valuation Model |  | Price Per Share |  | $0.00 – $807.91 |  | $ | 16.80 |
|  |  |  |  |  |  | Average Industry Volatility |  | 24% |  |  | 24 | %
|  |  |  |  |  |  | Marketability Discount |  | 0 - 20% |  |  | 15 | %
|  |  |  |  |  |  | Estimated Time to Exit (in years) |  | 1 to 5 |  |  | 3 |
Other investments |  |  | 14,637 |  | Multiple Probability Weighted Cash Flow Model |  | Discount Rate |  | 15% – 25% |  |  | 18 | %
|  |  |  |  |  |  | Probability Weighting |  | 30% – 100% |  |  | 90 | %
Equity investments |  |  | 21,648 |  | Last Equity Financing |  | Price Per Share |  | $0.06 – $215.03 |  | $ | 30.47 |
|  |  | 3,963 |  | Multiple Probability Weighted Scenario Model |  | Probability Weighting |  | 10% – 100% |  |  | 33 | %
Total Level 3 investments |  | $ | 695,465 |  |  |  |  |  |  |  |  |  |

(1) | Weighted average is calculated by multiplying (a) the unobservable input for each investment in the investment type by (b) (1) the fair value of the related investment in the investment type divided by (2) the total fair value of the investment type.

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Notes to Consolidated Financial Statements

Borrowings: The Credit Facilities approximate fair value due to the variable interest rate of the facilities and are categorized as Level 2 within the fair value hierarchy described above. Additionally, the Company considers its creditworthiness in determining the fair value of such borrowings. The fair value of the fixed-rate 2026 Notes (as defined in Note 7) is based on the closing public share price on the date of measurement. On September 30, 2025, the closing price of the 2026 Notes on the New York Stock Exchange was $24.90 per note, and the 2026 Notes had an aggregate fair value of $57.3 million. Therefore, the Company has categorized this borrowing as Level 1 within the fair value hierarchy described above. The fair value of the fixed-rate 2027 Notes (as defined in Note 7) is based on the closing public share price on the date of measurement. On September 30, 2025, the closing price of the 2027 Notes on the New York Stock Exchange was $24.71 per note, and the 2027 Notes had an aggregate fair value of $56.8 million. Therefore, the Company has categorized this borrowing as Level 1 within the fair value hierarchy described above. Based on market yields on September 30, 2025, the fair value of the 2031 Convertible Notes (as defined in Note 7) was $2.7 million, and the 2031 Convertible Notes are categorized as Level 3 within the fair value hierarchy described above. Based on market yields on September 30, 2025, the fair value of the 2030 Convertible Notes (as defined in Note 7) was $39.9 million, and the 2030 Convertible Notes are categorized as Level 3 within the fair value hierarchy described above. These borrowings are not recorded at fair value on a recurring basis.

Off-balance-sheet instruments: Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standings. Therefore, the Company has categorized these instruments as Level 3 within the fair value hierarchy described above.

The following table shows a reconciliation of the beginning and ending balances for Level 3 assets measured at fair value on a recurring basis for the three months ended September 30, 2025:

|  | Three months ended September 30, 2025 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 579,171 |  |  | $ | 20,456 |  |  | $ | 12,912 |  |  | $ | 8,451 |  |  | $ | 620,990 |
Purchase of investments |  |  | 32,441 |  |  |  | 750 |  |  |  | 3,772 |  |  |  | 784 |  |  |  | 37,747 |
Warrants and equity received and classified as Level 3 |  |  | — |  |  |  | 61 |  |  |  | 3,209 |  |  |  | — |  |  |  | 3,270 |
Principal payments received on investments |  |  | (73,342 | ) |  |  | — |  |  |  | — |  |  |  | (2,024 | ) |  |  | (75,366 | )
PIK interest on investments |  |  | 664 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 664 |
Proceeds from sale of investments |  |  | (2 | ) |  |  | (2,724 | ) |  |  | (643 | ) |  |  | (1,164 | ) |  |  | (4,533 | )
Net realized (loss) gain on investments |  |  | (371 | ) |  |  | 4,319 |  |  |  | (17,931 | ) |  |  | (8,544 | ) |  |  | (22,527 | )
Unrealized appreciation (depreciation) included in earnings |  |  | 31,988 |  |  |  | (4,919 | ) |  |  | 9,796 |  |  |  | 4,246 |  |  |  | 41,111 |
Transfer out of Level 3 |  |  | — |  |  |  | (2,601 | ) |  |  | — |  |  |  | (16 | ) |  |  | (2,617 | )
Transfer out of debt investments |  |  | (11,448 | ) |  |  | — |  |  |  | 10,000 |  |  |  | 1,448 |  |  |  | — |
Other |  |  | 1,089 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,089 |
Level 3 assets, end of period |  | $ | 560,190 |  |  | $ | 15,342 |  |  | $ | 21,115 |  |  | $ | 3,181 |  |  | $ | 599,828 |

During the three months ended September 30, 2025, there were two transfers out of Level 3. Warrants held in a portfolio company with an aggregate fair value of $2.6 million were transferred to Level 1 from Level 3 upon the conversion of privately held preferred shares of stock into common stock of a public company. An other investment held in a portfolio company with an aggregate fair value of $0.02 million was transferred to Level 1 from Level 3 upon the conversion of the other investment to common stock of a public entity. During the three months ended September 30, 2025, there were no transfers into Level 3.

The following table shows a reconciliation of the beginning and ending balances for Level 3 assets measured at fair value on a recurring basis for the three months ended September 30, 2024:

|  | Three months ended September 30, 2024 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 609,068 |  |  | $ | 21,131 |  |  | $ | 6,850 |  |  | $ | 9,183 |  |  | $ | 646,232 |
Purchase of investments |  |  | 85,782 |  |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | 85,827 |
Warrants received and classified as Level 3 |  |  | — |  |  |  | 411 |  |  |  | — |  |  |  | — |  |  |  | 411 |
Principal payments received on investments |  |  | (44,347 | ) |  |  | — |  |  |  | — |  |  |  | (45 | ) |  |  | (44,392 | )
PIK interest on investments |  |  | 377 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 377 |
Proceeds from sale of investments |  |  | (69 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (69 | )
Net realized loss on investments |  |  | (33,385 | ) |  |  | (509 | ) |  |  | — |  |  |  | — |  |  |  | (33,894 | )
Unrealized appreciation (depreciation) included in earnings |  |  | 37,574 |  |  |  | (2,655 | ) |  |  | (162 | ) |  |  | (5,783 | ) |  |  | 28,974 |
Transfer out of warrant investments |  |  | (21,260 | ) |  |  | (73 | ) |  |  | 6,789 |  |  |  | 14,544 |  |  |  | — |
Other |  |  | (456 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (456 | )
Level 3 assets, end of period |  | $ | 633,284 |  |  | $ | 18,305 |  |  | $ | 13,477 |  |  | $ | 17,944 |  |  | $ | 683,010 |

During the three months ended September 30, 2024, there were no transfers in or out of Level 3.

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Notes to Consolidated Financial Statements

The following table shows a reconciliation of the beginning and ending balances for Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2025:

|  | Nine months ended September 30, 2025 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 638,779 |  |  | $ | 16,438 |  |  | $ | 25,611 |  |  | $ | 14,637 |  |  | $ | 695,465 |
Purchase of investments |  |  | 146,295 |  |  |  | 750 |  |  |  | 5,961 |  |  |  | 799 |  |  |  | 153,805 |
Warrants and equity received and classified as Level 3 |  |  | — |  |  |  | 343 |  |  |  | 3,209 |  |  |  | — |  |  |  | 3,552 |
Principal payments received on investments |  |  | (202,580 | ) |  |  | — |  |  |  | — |  |  |  | (2,024 | ) |  |  | (204,604 | )
PIK interest on investments |  |  | 1,192 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,192 |
Proceeds from sale of investments |  |  | (4 | ) |  |  | (3,303 | ) |  |  | (846 | ) |  |  | (1,164 | ) |  |  | (5,317 | )
Net realized (loss) gain on investments |  |  | (9,734 | ) |  |  | 4,220 |  |  |  | (17,762 | ) |  |  | (8,544 | ) |  |  | (31,820 | )
Unrealized depreciation included in earnings |  |  | (2,823 | ) |  |  | (505 | ) |  |  | (5,058 | ) |  |  | (4,048 | ) |  |  | (12,434 | )
Transfer out of Level 3 |  |  | — |  |  |  | (2,601 | ) |  |  | — |  |  |  | (16 | ) |  |  | (2,617 | )
Transfer out of debt investments |  |  | (13,541 | ) |  |  | — |  |  |  | 10,000 |  |  |  | 3,541 |  |  |  | — |
Other |  |  | 2,606 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,606 |
Level 3 assets, end of period |  | $ | 560,190 |  |  | $ | 15,342 |  |  | $ | 21,115 |  |  | $ | 3,181 |  |  | $ | 599,828 |

During the nine months ended September 30, 2025, there were two transfers out of Level 3. Warrants held in a portfolio company with an aggregate fair value of $2.6 million were transferred to Level 1 from Level 3 upon the conversion of privately held preferred shares of stock into common stock of a public company. An other investment held in a portfolio company with an aggregate fair value of $0.02 million was transferred to Level 1 from Level 3 upon the conversion of the other investment to common stock of a public entity. During the nine months ended September 30, 2025, there were no transfers into Level 3.

The change in unrealized depreciation included in the consolidated statement of operations attributable to Level 3 investments still held at September 30, 2025 included $10.1 million in unrealized depreciation on debt and other investments, $9.7 million in unrealized depreciation on equity investments and $0.6 million in unrealized depreciation on warrant investments.

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Horizon Technology Finance Corporation and Subsidiaries

Notes to Consolidated Financial Statements

The following table shows a reconciliation of the beginning and ending balances for Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2024:

|  | Nine months ended September 30, 2024 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 670,172 |  |  | $ | 22,975 |  |  | $ | 7,281 |  |  | $ | 6,430 |  |  | $ | 706,858 |
Purchase of investments |  |  | 119,564 |  |  |  | — |  |  |  | 1,250 |  |  |  | 397 |  |  |  | 121,211 |
Warrants received and classified as Level 3 |  |  | — |  |  |  | 1,628 |  |  |  | — |  |  |  | — |  |  |  | 1,628 |
Principal payments received on investments |  |  | (120,333 | ) |  |  | — |  |  |  | — |  |  |  | (115 | ) |  |  | (120,448 | )
PIK interest on investments |  |  | 2,114 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,114 |
Proceeds from sale of investments |  |  | (113 | ) |  |  | (4 | ) |  |  | — |  |  |  | (40 | ) |  |  | (157 | )
Net realized (loss) gain on investments |  |  | (33,344 | ) |  |  | 2,091 |  |  |  | — |  |  |  | 40 |  |  |  | (31,213 | )
Unrealized appreciation (depreciation) included in earnings |  |  | 18,564 |  |  |  | (5,631 | ) |  |  | (4,524 | ) |  |  | (6,503 | ) |  |  | 1,906 |
Transfer out of debt and warrant investments |  |  | (24,451 | ) |  |  | (2,754 | ) |  |  | 9,470 |  |  |  | 17,735 |  |  |  | — |
Other |  |  | 1,111 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,111 |
Level 3 assets, end of period |  | $ | 633,284 |  |  | $ | 18,305 |  |  | $ | 13,477 |  |  | $ | 17,944 |  |  | $ | 683,010 |

During the nine months ended September 30, 2024, there were no transfers in or out of Level 3.

The change in unrealized appreciation included in the consolidated statement of operations attributable to Level 3 investments still held at September 30, 2024 included $6.0 million in unrealized depreciation on debt and other investments, $4.5 million in unrealized depreciation on equity investments and $0.3 million in unrealized depreciation on warrant investments.

The Company discloses fair value information about financial instruments, whether or not recognized in the consolidated statement of assets and liabilities, for which it is practicable to estimate that value. Certain financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

As of September 30, 2025 and December 31, 2024, all of the balances of all the Company’s financial instruments were recorded at fair value, except for the Company’s borrowings, as previously described.

Market risk

The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments may change when interest rate levels change, and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new debt investments and by investing in securities with terms that mitigate the Company’s overall interest rate risk.

Note 7. Borrowings

The following table shows the Company’s borrowings as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Total |  |  | Balance |  |  | Unused |  |  | Total |  |  | Balance |  |  | Unused |
|  | Commitment |  |  | Outstanding |  |  | Commitment |  |  | Commitment |  |  | Outstanding |  |  | Commitment |
|  | (In thousands) |
Key Facility |  | $ | 150,000 |  |  | $ | — |  |  | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | — |  |  | $ | 150,000 |
NYL Facility |  |  | 250,000 |  |  |  | 181,000 |  |  |  | 69,000 |  |  |  | 250,000 |  |  |  | 181,000 |  |  |  | 69,000 |
Nuveen Facility |  |  | 200,000 |  |  |  | 90,000 |  |  |  | 110,000 |  |  |  | 100,000 |  |  |  | 75,000 |  |  |  | 25,000 |
2022 Asset-Backed Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 81,078 |  |  |  | 81,078 |  |  |  | — |
2027 Notes |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |  |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |
2026 Notes |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |  |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |
2030 Convertible Notes |  |  | 40,000 |  |  |  | 40,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2031 Convertible Notes |  |  | 2,750 |  |  |  | 2,750 |  |  |  | — |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | — |
Total before debt issuance costs |  |  | 757,750 |  |  |  | 428,750 |  |  |  | 329,000 |  |  |  | 716,078 |  |  |  | 472,078 |  |  |  | 244,000 |
Unamortized debt issuance costs attributable to term borrowings |  |  | — |  |  |  | (4,719 | ) |  |  | — |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |
Total borrowings outstanding, net |  | $ | 757,750 |  |  | $ | 424,031 |  |  | $ | 329,000 |  |  | $ | 716,078 |  |  | $ | 467,904 |  |  | $ | 244,000 |

As of September 30, 2025, with certain limited exceptions, the Company, as a BDC, was only allowed to borrow amounts such that the Company’s asset coverage, as defined in the 1940 Act, was at least 150% after such borrowings. As of September 30, 2025, the asset coverage for borrowed amounts was 174%.

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Notes to Consolidated Financial Statements

Credit Facilities

Key Facility

The Company entered into the Key Facility with Key effective November 4, 2013. On June 20, 2024, the Company amended the Key Facility, among other things, (i) to extend the date on which the Company may request advances under the Key Facility to June 20, 2027 and to extend the maturity date to June 20, 2029 and (ii) to amend the interest rate to be based on the rate of interest published in The Wall Street Journal as the prime rate in the United States plus 0.10%, with a prime rate floor of 4.10%. Prior to June 20, 2024, the interest rate on the Key Facility was based on Prime plus 0.25%, with a prime rate floor of 4.25%. On June 29, 2023, the Company amended the Key Facility, among other things, to increase the commitment amount to $150 million and to increase the amount of the accordion feature which now allows for the potential increase in the total commitment amount to $300 million. The Key Facility is collateralized by all debt investments and warrants held by Credit II and permits an advance rate of up to 60% of eligible debt investments held by Credit II. The Key Facility contains covenants that, among other things, require the Company to maintain a minimum net worth and to restrict the debt investments securing the Key Facility to certain criteria for qualified debt investments and includes portfolio company concentration limits as defined in the related loan agreement. The prime rate was 7.25% and 7.50% on September 30, 2025 and December 31, 2024, respectively. The average interest rate on the Key Facility for the three months ended September 30, 2025 and 2024 was 7.56% and 8.53%, respectively. The average interest rate on the Key Facility for the nine months ended September 30, 2025 and 2024 was 7.59% and 8.67%, respectively. The Key Facility requires the payment of an unused line fee in an amount up to 0.75% on an annualized basis of any unborrowed amount available under the facility. As of September 30, 2025 and December 31, 2024, the Company had borrowing capacity under the Key Facility of $150.0 million. At September 30, 2025 and December 31, 2024, $42.0 million and $24.8 million, respectively, was available for borrowing, subject to existing terms and advance rates.

NYL Facility

HFI entered into the NYL Facility with the NYL Noteholders for an aggregate purchase price of up to $100.0 million, with an accordion feature of up to $200.0 million at the mutual discretion and agreement of HSLFI and the NYL Noteholders. On June 1, 2018, HSLFI sold or contributed to HFI certain secured loans made to certain portfolio companies pursuant to the Sale and Servicing Agreement. Any notes issued by HFI are collateralized by all investments held by HFI and permit an advance rate of up to 67% of the aggregate principal amount of eligible debt investments. The notes were issued pursuant to the indenture. All advances under the NYL Facility are scheduled to mature in June 2030.

On May 24, 2023, the Company amended its NYL Facility to, among other things, increase the commitment by $50.0 million to enable its wholly-owned subsidiary to issue up to $250.0 million of secured notes. On April 25, 2025, the Company amended its NYL Facility to, among other things, extend the investment period to June 5, 2027. In addition, the amendment amended the interest rate for advances made after April 25, 2025, fixing the interest rate at the greater of (i) 4.60% and (ii) the Three Year I Curve plus 2.95% with the interest rate to be reset on any advance date.

There were $181.0 million in advances made by the NYL Noteholders as of September 30, 2025 and December 31, 2024. The interest rate was 6.57% and 6.43% as of September 30, 2025 and 2024, respectively. As of September 30, 2025 and December 31, 2024, the Company had borrowing capacity under the NYL Facility of $69.0 million. At September 30, 2025 and December 31, 2024, $8.9 million and $8.4 million, respectively, was available for borrowing, subject to existing terms and advance rates.

Under the terms of the NYL Facility, the Company is required to maintain a reserve cash balance, which may be used to pay monthly interest and principal payments on the NYL Facility. The Company has segregated these funds and classified them as restricted investments in money market funds. At September 30, 2025 and December 31, 2024, there were approximately $1.4 million of such restricted investments.

Nuveen Facility

HFII entered into the Nuveen Facility with the Nuveen Noteholders for an aggregate purchase price of up to $100.0 million, with an accordion feature of up to $200.0 million at the mutual discretion and agreement of HFII and the Nuveen Noteholders. On June 21, 2024, the Company sold or contributed to HFII certain secured loans made to certain portfolio companies pursuant to the Sale and Servicing Agreement. Any notes issued by HFII are collateralized by all investments held by HFII and permit an advance rate of up to 67.5% of the aggregate principal amount of eligible debt investments. The notes were issued pursuant to the Indenture. The Nuveen Facility bore interest, payable monthly, determined at a rate per annum equal to the greater of (i) the yield for the United States Treasury constant maturity 3-year and 5-year in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) – H.15” interpolated to a 4.88-year weighted average life (the “Pricing Benchmark”) plus 3.15% and (ii) 5.00%.

On May 23, 2025, the Company amended its Nuveen Facility to, among other things, extend the investment period to June 21, 2028 and the maturity date to June 10, 2034, and increase the commitment by $100.0 million which enables its wholly-owned subsidiary to issue up to $200.0 million of secured notes. In addition, the amendment amended the interest rate for advances made after May 23, 2025, fixing the interest rate at the greater of (i) 5.00% and (ii) the Pricing Benchmark plus 2.95%.

There were $90.0 million and $75.0 million in advances made by the Nuveen Noteholders as of September 30, 2025 and December 31, 2024, respectively. The interest rate as of September 30, 2025 and 2024 was 7.21%. and 7.38%, respectively. As of September 30, 2025 and December 31, 2024 the Company had borrowing capacity under the Nuveen Facility of $110.0 million and $25.0 million, respectively. At September 30, 2025, and December 31, 2024, $0.6 million and $9.9 million, respectively, was available for borrowing, subject to existing terms and advance rates.

Under the terms of the Nuveen Facility, the Company is required to maintain a reserve cash balance, which may be used to pay monthly interest and principal payments on the Nuveen Facility. The Company has segregated these funds and classified them as restricted investments in money market funds. At September 30, 2025 and December 31, 2024 there were approximately $1.1 million and $1.0 million, respectively, of such restricted investments.

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Notes to Consolidated Financial Statements

Securitization

2022 Asset-Backed Notes

On November 9, 2022, the Company completed a term debt securitization in connection with which an affiliate of the Company made an offering of the 2022 Asset-Backed Notes. The 2022 Asset-Backed Notes were rated A by DBRS, Inc. There had been no change in the rating since November 9, 2022.

The 2022 Asset-Backed Notes were issued by the 2022‑1 Trust pursuant to a note purchase agreement, dated as of November 9, 2022, by and among the Company and Keybanc Capital Markets Inc. as Initial Purchaser, and were backed by a pool of loans made to certain portfolio companies of the Company and secured by certain assets of those portfolio companies and were to be serviced by the Company. Interest on the 2022 Asset-Backed Notes was paid, to the extent of funds available, at a fixed rate of 7.56% per annum. The reinvestment period of the 2022 Asset-Backed Notes ended November 15, 2024 and the maturity date was November 15, 2030.

As of September 30, 2025, the 2022-Asset Backed Notes were repaid in full. The Company accelerated $0.9 million of unamortized debt issue costs related to the 2022 Asset-Backed Notes. As of December 31, 2024, the 2022 Asset-Backed Notes had an outstanding principal balance of $81.1 million, respectively.

Under the terms of the 2022 Asset-Backed Notes, the Company was required to maintain a reserve cash balance, funded through proceeds from the sale of the 2022 Asset-Backed Notes, which may have been used to pay monthly interest and principal payments on the 2022 Asset-Backed Notes. The Company had segregated these funds and classified them as restricted investments in money market funds. At December 31, 2024, there were approximately $1.0 million of such restricted investments.

Unsecured Notes

2026 Notes

On March 30, 2021, the Company issued and sold an aggregate principal amount of $57.5 million of 4.875% notes due in 2026 (the “2026 Notes”). The amount of 2026 Notes issued and sold included the full exercise by the underwriters of their option to purchase $7.5 million in aggregate principal of additional notes. The 2026 Notes have a stated maturity of March 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 30, 2023 at a redemption price of $25 per security plus accrued and unpaid interest. The 2026 Notes bear interest at a rate of 4.875% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year. The 2026 Notes are the Company’s direct unsecured obligations and (i) rank equally in right of payment with the Company’s current and future unsecured indebtedness; (ii) are senior in right of payment to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2026 Notes; (iii) are effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and (iv) are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. As of September 30, 2025, the Company was in material compliance with the terms of the 2026 Notes. The 2026 Notes are listed on the New York Stock Exchange under the symbol “HTFB”.

2027 Notes

On June 15, 2022, the Company issued and sold an aggregate principal amount of $50.0 million of 6.25% notes due in 2027 and on July 11, 2022, pursuant to the underwriters’ 30 day option to purchase additional notes, the Company sold an additional $7.5 million of such notes (collectively, the “2027 Notes”). The 2027 Notes have a stated maturity of June 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after June 15, 2024 at a redemption price of $25 per security plus accrued and unpaid interest. The 2027 Notes bear interest at a rate of 6.25% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2022. The 2027 Notes are the Company’s direct unsecured obligations and (i) rank equally in right of payment with the Company’s current and future unsecured indebtedness; (ii) are senior in right of payment to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2027 Notes; (iii) are effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and (iv) are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. As of September 30, 2025, the Company was in material compliance with the terms of the 2027 Notes. The 2027 Notes are listed on the New York Stock Exchange under the symbol “HTFC”.

Convertible Notes

2031 Convertible Notes

On October 17, 2024, the Company entered into a note purchase agreement (the “2031 Note Purchase Agreement”), by and among the Company, and each purchaser named therein, in connection with the issuance and sale of $20.0 million aggregate principal of the Company’s 7.125% convertible notes due 2031 (the “2031 Convertible Notes”), in a transaction exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Company received net proceeds (before expenses) from the sale of the 2031 Convertible Notes of approximately $18.6 million.

The 2031 Convertible Notes mature on October 17, 2031, unless earlier converted or repurchased in accordance with their terms. The 2031 Convertible Notes bear interest at a rate of 7.125% per year, subject to additional interest or repurchase obligation upon certain events, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on December 31, 2024. If an investment grade rating is not maintained with respect to the 2031 Convertible Notes, additional interest of 1.00% per annum will accrue on the 2031 Convertible Notes until such time as the 2031 Convertible Notes have received an investment grade rating of “BBB-” (or its equivalent) or better. The Company will also be required to pay additional interest of 2.00% per annum (x) on any overdue payment of interest and (y) during the continuance of an Event of Default (as defined in the 2031 Note Purchase Agreement). In addition, on the occurrence of a Change in Control Repurchase Event (as defined in the 2031 Note Purchase Agreement) or Delisting Event (as defined in the 2031 Note Purchase Agreement), the Company will generally be required to make an offer to purchase the outstanding 2031 Convertible Notes at a price equal to 100% of the principal amount of such 2031 Convertible Notes plus accrued and unpaid interest to the repurchase date.

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Notes to Consolidated Financial Statements

The 2031 Convertible Notes are direct unsecured obligations of the Company and rank (i) equal in right of payment to the Company’s existing and future unsecured indebtedness that is not subordinated in right of payment to the 2031 Convertible Notes; (ii) senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the 2031 Convertible Notes; (iii) effectively junior in right of payment to the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. No sinking fund is provided for the 2031 Convertible Notes.

At any time on or after April 17, 2025, at the Company’s sole option, the Company may redeem, from time to time, the 2031 Convertible Notes in whole or in part, out of funds legally available for such redemption, at 100% of the principal amount prepaid plus accrued but unpaid interest to but excluding the date of prepayment.

Each holder of a 2031 Convertible Note has the right, at such holder’s option, to convert any such 2031 Convertible Note, at any time on or after April 17, 2025 and prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of common stock of the Company equal to the principal balance of the 2031 Convertible Note being converted on the conversion date plus the accrued but unpaid interest on the 2031 Convertible Note as of the conversion date, divided by the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) the Company’s most recently reported net asset value (“NAV”) per share immediately prior to the date of exercise. If the 2031 Convertible Notes were converted as of September 30, 2025, 407,407 shares would have been issued based on the Company’s most recently reported NAV per share immediately prior to September 30, 2025 of $6.75. The last reported price for the Company’s common stock on September 30, 2025 was $6.10 per share.

No holder of 2031 Convertible Notes may exercise its conversion right if upon conversion the holder would receive shares that would cause funds and accounts managed by the investment adviser to such funds and accounts and any person controlled by the parent company of such investment adviser to beneficially own in the aggregate more than 4.99% of the shares outstanding at such time.

The 2031 Convertible Notes are not listed on any exchange and may not be transferred without the consent of the Company.

The 2031 Convertible Notes are recorded at their contractual amounts. At issuance, the Company determined that the embedded conversion option in the 2031 Convertible Notes is not required to be separately accounted for as a derivative under ASC 815, Derivatives and Hedging.

During the three and nine months ended September 30, 2025, the holders of a portion of the 2031 Convertible Notes converted $4.8 million and $17.3 million, respectively, in outstanding principal of the 2031 Convertible Notes plus accrued but unpaid interest on such outstanding principal as of the conversion date into 643,043 and 2,264,546 shares of common stock, respectively, at a weighted average conversion price of $7.43 and $7.69, respectively, together with cash in lieu of fractional shares, in accordance with noteholder conversion notice. The Company accelerated $0.4 million and $1.2 million, respectively, of unamortized debt issuance costs related to the 2031 Convertible Notes.

As of September 30, 2025 and December 31, 2024, the aggregate outstanding principal balance of the 2031 Convertible Notes was $2.8 million and $20.0 million, respectively. The 2031 Convertible Notes were not outstanding as of September 30, 2024.

2030 Convertible Notes

On September 4, 2025, the Company entered into a note purchase agreement (the “2030 Note Purchase Agreement”), by and among the Company, and each purchaser named therein, in connection with the issuance and sale of $40.0 million aggregate principal of the Company’s 5.50% convertible notes due 2030 (the “2030 Convertible Notes”). The Company received net proceeds (before expenses) from the sale of the 2030 Convertible Notes of approximately $36.6 million.

The 2030 Convertible Notes mature on September 4, 2030, unless earlier converted or repurchased in accordance with their terms. The 2030 Convertible Notes bear interest at a rate of 5.50% per year, payable monthly in arrears on the last day of each calendar month, beginning on September 30, 2025.

The 2030 Convertible Notes are direct unsecured obligations of the Company and rank (i) equal in right of payment to the Company’s existing and future unsecured indebtedness that is not subordinated in right of payment to the 2030 Convertible Notes; (ii) senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the 2030 Convertible Notes; (iii) effectively junior in right of payment to the Company’s existing and future secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. No sinking fund is provided for the 2030 Convertible Notes.

At any time on or after October 4, 2025, at the Company’s sole option, the Company may redeem, from time to time, the 2030 Convertible Notes in whole or in part, out of funds legally available for such redemption, at 100% of the principal amount prepaid plus accrued but unpaid interest to but excluding the date of prepayment.

Each holder of a 2030 Convertible Note has the right, at such holder’s option, to convert any such 2030 Convertible Note, at any time on or after October 4, 2025 and prior to the close of business on the business day immediately preceding the maturity date, once or more times per calendar month, into such number of shares of common stock of the Company equal to the principal balance of the 2030 Convertible Note being converted on the conversion date plus the accrued but unpaid interest on the 2030 Convertible Note as of the conversion date, divided by the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) the Company’s most recently reported net asset value (“NAV”) per share immediately prior to the date of the notice of such exercise. If the 2030 Convertible Notes were converted as of September 30, 2025, 5,925,926 shares would have been issued based on the Company’s most recently reported NAV per share immediately prior to September 30, 2025 of $6.75. The last reported price for the Company’s common stock on September 30, 2025 was $6.10 per share.

No holder of 2030 Convertible Notes may exercise its conversion right if upon conversion the holder would receive shares that would cause funds and accounts managed by the investment adviser to such funds and accounts and any person controlled by the parent company of such investment adviser to beneficially own in the aggregate more than 4.99% of the shares outstanding at such time.

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Notes to Consolidated Financial Statements

The 2030 Convertible Notes are not listed on any exchange and may not be transferred without the consent of the Company.

The 2030 Convertible Notes are recorded at their contractual amounts. At issuance, the Company determined that the embedded conversion option in the 2030 Convertible Notes is not required to be separately accounted for as a derivative under ASC 815, Derivatives and Hedging.

As of September 30, 2025, the aggregate outstanding principal balance of the 2030 Convertible Notes was $40.0 million. The 2030 Convertible Notes were not outstanding as of December 31, 2024.

Note 8. Financial instruments with off-balance-sheet risk

In the normal course of business, the Company is party to financial instruments with off-balance-sheet risk to meet the financing needs of its borrowers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statement of assets and liabilities. The Company attempts to limit its credit risk by conducting extensive due diligence and obtaining collateral where appropriate.

The balance of unfunded commitments to extend credit was $109.0 million and $181.0 million as of September 30, 2025 and December 31, 2024, respectively. Commitments to extend credit consist principally of the unused portions of commitments that obligate the Company to extend credit, often subject to financial or non-financial milestones and other conditions to borrow that must be achieved before the commitment can be drawn. In addition, the commitments generally have fixed expiration dates or other termination clauses. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

The following table provides the Company’s unfunded commitments by portfolio company as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  |  |  |  |  | Fair Value of |  |  |  |  |  |  | Fair Value of |
|  |  |  |  |  | Unfunded |  |  |  |  |  |  | Unfunded |
|  | Commitment |  |  | Commitment |  |  | Commitment |  |  | Commitment |
|  | Amount |  |  | Liability |  |  | Amount |  |  | Liability |
|  | (In thousands) |  |  | (In thousands) |
Britecore Holdings, Inc. |  | $ | — |  |  | $ | — |  |  | $ | 2,500 |  |  | $ | 36 |
Candesant Biomedical, Inc. |  |  | — |  |  |  | — |  |  |  | 10,000 |  |  |  | 151 |
Ceribell, Inc. |  |  | 21,000 |  |  |  | 120 |  |  |  | 21,000 |  |  |  | 120 |
Crafty Holdings, Inc. |  |  | 5,000 |  |  |  | 65 |  |  |  | 5,000 |  |  |  | 65 |
Fictiv, Inc. |  |  | — |  |  |  | — |  |  |  | 30,000 |  |  |  | 236 |
GT Medical Technologies, Inc. |  |  | 20,000 |  |  |  | 100 |  |  |  | 20,000 |  |  |  | 100 |
HappyCo. Inc. |  |  | 2,000 |  |  |  | 25 |  |  |  | — |  |  |  | — |
Hometeam Technologies, Inc. |  |  | — |  |  |  | — |  |  |  | 10,000 |  |  |  | 100 |
Long Grove Pharmaceuticals LLC |  |  | 10,000 |  |  |  | 75 |  |  |  | — |  |  |  | — |
MasteryPrep, LLC |  |  | 5,000 |  |  |  | 50 |  |  |  | — |  |  |  | — |
MicroTransponder, Inc. |  |  | 7,500 |  |  |  | — |  |  |  | 15,000 |  |  |  | — |
MML US, Inc. |  |  | 20,000 |  |  |  | 100 |  |  |  | — |  |  |  | — |
OneNetworks, Inc. dba Finexio |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | 26 |
Onkos Surgical, Inc. |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | 27 |
Parse Biosciences, Inc. |  |  | — |  |  |  | — |  |  |  | 15,000 |  |  |  | 252 |
Pivot Bio, Inc. |  |  | — |  |  |  | — |  |  |  | 20,000 |  |  |  | 209 |
SafelyYou, Inc. |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | 73 |
Scientia Vascular, Inc. |  |  | 3,500 |  |  |  | 42 |  |  |  | — |  |  |  | — |
Sparkcharge, Inc. |  |  | 10,000 |  |  |  | 123 |  |  |  | — |  |  |  | — |
Standvast Holdings, LLC |  |  | — |  |  |  | — |  |  |  | 2,500 |  |  |  | 88 |
Supply Network Visibility Holdings, LLC |  |  | 5,000 |  |  |  | 62 |  |  |  | 10,000 |  |  |  | 79 |
Ursa Space Systems Inc. |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | 75 |
Total |  | $ | 109,000 |  |  | $ | 762 |  |  | $ | 181,000 |  |  | $ | 1,637 |

The table above also provides the fair value of the Company’s unfunded commitment liability as of September 30, 2025 and December 31, 2024, which totaled $0.8 million and $1.6 million, respectively. The fair value at inception of the delay draw credit agreements is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in total investments at fair value on the Company’s consolidated statement of assets and liabilities.

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Notes to Consolidated Financial Statements

Note 9. Concentrations of credit risk

The Company’s debt investments consist primarily of loans to development-stage companies at various stages of development in the technology, life science, healthcare information and services and sustainability industries. Many of these companies may have relatively limited operating histories and also may experience variation in operating results. Many of these companies conduct business in regulated industries and could be affected by changes in government regulations. Most of the Company’s borrowers will need additional capital to satisfy their continuing working capital needs and other requirements, and in many instances, to service the interest and principal payments on the loans.

The Company’s largest debt investments may vary from period to period as new debt investments are recorded and existing debt investments are repaid. The Company’s five largest debt investments at cost represented 25% and 22% of total debt investments outstanding as of September 30, 2025 and December 31, 2024, respectively. The Company’s five largest debt investments at fair value represented 26% and 23% of total debt investments outstanding as of September 30, 2025 and December 31, 2024, respectively. No single debt investment represented more than 10% of the total debt investments at cost or fair value as of September 30, 2025 and December 31, 2024. Investment income, consisting of interest and fees, can fluctuate significantly upon repayment of large debt investments. Interest income from the five largest debt investments at cost accounted for 17% and 21% of total interest and fee income on investments for the three months ended September 30, 2025 and 2024, respectively. Interest income from the five largest debt investments at fair value accounted for 21% and 25% of total interest and fee income on investments for the three months ended September 30, 2025 and 2024, respectively. Interest income from the five largest debt investments at cost accounted for 17% and 21% of total interest and fee income on investments for the nine months ended September 30, 2025 and 2024, respectively. Interest income from the five largest debt investments at fair value accounted for 20% and 23% of total interest and fee income on investments for the nine months ended September 30, 2025 and 2024, respectively

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Notes to Consolidated Financial Statements

Note 10. Distributions

The Company’s distributions are recorded on the declaration date. The following table summarizes the Company’s distribution activity for the nine months ended September 30, 2025 and for the year ended December 31, 2024:

|  |  |  |  |  |  |  |  |  |  |  |  |  | DRIP |  |  | DRIP |
Date |  |  |  |  |  | Amount |  |  | Cash |  |  | Shares |  |  | Share |
Declared |  | Record Date |  | Payment Date |  | Per Share |  |  | Distribution |  |  | Issued |  |  | Value |
|  |  |  |  |  | (In thousands, except share and per share data) |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
August 5, 2025 |  | November 17, 2025 |  | December 16, 2025 |  | $ | 0.11 |  |  | $ | — |  |  |  | — |  |  | $ | — |
August 5, 2025 |  | October 16, 2025 |  | November 14, 2025 |  |  | 0.11 |  |  |  | — |  |  |  | — |  |  |  | — |
August 5, 2025 |  | September 17, 2025 |  | October 15, 2025 |  |  | 0.11 |  |  |  | 4,685 |  |  |  | 31,217 |  |  |  | 189 |
April 25, 2025 |  | August 18, 2025 |  | September 16, 2025 |  |  | 0.11 |  |  |  | 4,513 |  |  |  | 26,782 |  |  |  | 183 |
April 25, 2025 |  | July 16, 2025 |  | August 15, 2025 |  |  | 0.11 |  |  |  | 4,498 |  |  |  | 25,469 |  |  |  | 182 |
April 25, 2025 |  | June 16, 2025 |  | July 15, 2025 |  |  | 0.11 |  |  |  | 4,442 |  |  |  | 21,896 |  |  |  | 181 |
February 28, 2025 |  | May 16, 2025 |  | June 13, 2025 |  |  | 0.11 |  |  |  | 4,387 |  |  |  | 27,006 |  |  |  | 202 |
February 28, 2025 |  | April 16, 2025 |  | May 15, 2025 |  |  | 0.11 |  |  |  | 4,257 |  |  |  | 24,095 |  |  |  | 182 |
February 28, 2025 |  | March 17, 2025 |  | April 15, 2025 |  |  | 0.11 |  |  |  | 4,245 |  |  |  | 23,001 |  |  |  | 192 |
|  |  |  |  |  | $ | 0.99 |  |  | $ | 31,027 |  |  |  | 179,466 |  |  | $ | 1,311 |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 25, 2024 |  | February 18, 2025 |  | March 14, 2025 |  | $ | 0.11 |  |  | $ | 4,280 |  |  |  | 16,954 |  |  | $ | 154 |
October 25, 2024 |  | January 16, 2025 |  | February 14, 2025 |  |  | 0.11 |  |  |  | 4,226 |  |  |  | 18,428 |  |  |  | 179 |
October 25, 2024 |  | December 16, 2024 |  | January 15, 2025 |  |  | 0.11 |  |  |  | 4,235 |  |  |  | 16,428 |  |  |  | 151 |
July 26, 2024 |  | November 15, 2024 |  | December 13, 2024 |  |  | 0.11 |  |  |  | 4,124 |  |  |  | 15,584 |  |  |  | 147 |
July 26, 2024 |  | October 17, 2024 |  | November 14, 2024 |  |  | 0.11 |  |  |  | 4,022 |  |  |  | 17,706 |  |  |  | 165 |
July 26, 2024 |  | September 16, 2024 |  | October 16, 2024 |  |  | 0.11 |  |  |  | 3,914 |  |  |  | 18,539 |  |  |  | 195 |
April 26, 2024 |  | August 16, 2024 |  | September 13, 2024 |  |  | 0.11 |  |  |  | 3,818 |  |  |  | 17,441 |  |  |  | 192 |
April 26, 2024 |  | July 17, 2024 |  | August 15, 2024 |  |  | 0.11 |  |  |  | 3,775 |  |  |  | 16,852 |  |  |  | 192 |
April 26, 2024 |  | June 17, 2024 |  | July 16, 2024 |  |  | 0.11 |  |  |  | 3,766 |  |  |  | 15,860 |  |  |  | 199 |
February 23, 2024 |  | May 17, 2024 |  | June 14, 2024 |  |  | 0.11 |  |  |  | 3,701 |  |  |  | 16,686 |  |  |  | 201 |
February 23, 2024 |  | April 18, 2024 |  | May 15, 2024 |  |  | 0.11 |  |  |  | 3,654 |  |  |  | 16,687 |  |  |  | 199 |
February 23, 2024 |  | March 19, 2024 |  | April 16, 2024 |  |  | 0.05 |  |  |  | 1,625 |  |  |  | 7,598 |  |  |  | 85 |
February 23, 2024 |  | March 19, 2024 |  | April 16, 2024 |  |  | 0.11 |  |  |  | 3,574 |  |  |  | 16,717 |  |  |  | 188 |
|  |  |  |  |  | $ | 1.37 |  |  | $ | 48,714 |  |  |  | 211,480 |  |  | $ | 2,247 |

On October 22, 2025, the Board declared monthly distributions per share, payable as set forth in the following table:

Monthly distributions

Ex-Dividend Date |  | Record Date |  | Payment Date |  | Distributions Declared |
December 17, 2025 |  | December 17, 2025 |  | January 15, 2026 |  | $ | 0.11 |
January 16, 2026 |  | January 16, 2026 |  | February 13, 2026 |  | $ | 0.11 |
February 17, 2026 |  | February 17, 2026 |  | March 13, 2026 |  | $ | 0.11 |

After paying distributions of $0.33 per share and earning net investment income of $0.32 per share for the three months ended September 30, 2025, the Company’s undistributed spillover income as of September 30, 2025 was $0.93 per share. Spillover income includes any ordinary income and net capital gains from the preceding tax years that were not distributed during such tax years.

The Board sets the level of distributions for each quarter based on its results of operations, spillover income and longer-term outlook. The Board declared monthly distributions of $0.11 per share on October 22, 2025 and payable in the first quarter of 2026 based upon the Board’s consideration of the third quarter results of the Company and the spillover income of the Company. The Board will determine the next amount of distributions in February 2026, when it will have the Company’s operating results for the fourth quarter of 2025, its spillover income at December 31, 2025 and have more clarity on its planned operating results for fiscal year 2026, which will take into account the impact of its anticipated merger with MRCC. This could result in a declaration of distributions lower than the distribution level declared in the fourth quarter of 2025.

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Notes to Consolidated Financial Statements

Note 11. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024:

|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands, except share and per share data) |
Earnings per common share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator for basic earnings per share |  | $ | 30,722 |  |  | $ | 7,278 |  |  | $ | (11,491 | ) |  | $ | 6,799 |
Denominator for basic weighted average shares |  |  | 43,101,307 |  |  |  | 36,571,000 |  |  |  | 41,525,869 |  |  |  | 35,200,189 |
Loss per common share - basic |  | $ | 0.71 |  |  | $ | 0.20 |  |  | $ | (0.28 | ) |  | $ | 0.19 |
Earnings per common share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator for decrease in net assets per share |  | $ | 30,722 |  |  | $ | 7,278 |  |  | $ | (11,491 | ) |  | $ | 6,799 |
Adjustment for interest expense and debt issuance costs on 2031 Convertible Notes and 2030 Convertible Notes (1) |  | $ | 314 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Numerator for diluted earnings per share |  | $ | 31,036 |  |  | $ | 7,278 |  |  | $ | (11,491 | ) |  | $ | 6,799 |
Denominator for basic weighted average shares |  |  | 43,101,307 |  |  |  | 36,571,000 |  |  |  | 41,525,869 |  |  |  | 35,200,189 |
Adjustment for dilutive effect of 2031 Convertible Notes and 2030 Convertible Notes (1) |  |  | 2,736,835 |  |  |  | — |  |  |  | — |  |  |  | — |
Denominator for diluted weighted average shares |  |  | 45,838,142 |  |  |  | 36,571,000 |  |  |  | 41,525,869 |  |  |  | 35,200,189 |
Loss per common share - diluted |  | $ | 0.68 |  |  | $ | 0.20 |  |  | $ | (0.28 | ) |  | $ | 0.19 |

(1) | No adjustments for interest or incremental shares were included for the nine months ended September 30, 2025 because the effect would be antidilutive. The 2031 Convertible Notes and the 2030 Convertible Notes were not outstanding as of September 30, 2024.

In certain circumstances, the 2031 Convertible Notes and the 2030 Convertible Notes may be convertible into cash or shares of the Company’s common stock, which can be dilutive to common stockholders. Diluted earnings (loss) available to each share of common stock outstanding during the reporting period included any additional shares of common stock that would be issued if all potentially dilutive securities were exercised. In accordance with ASU 2020-06, the Company is required to disclose diluted EPS using the if-converted method that assumes conversion of convertible securities at the beginning of the reporting period or at the issuance date and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur. The 2031 Convertible Notes and the 2030 Convertible Notes convert at the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) the Company’s most recently reported NAV per share immediately prior to the date of issuance. For the three and nine months ended September 30, 2025, using the if-converted method, the 2031 Convertible Notes would convert at the volume-weighted average closing sale price for the five trading days immediately prior to the beginning of the period, or $7.21 per share and $8.94 per share, respectively. For the three and nine months ended September 30, 2025, using the if-converted method, the 2030 Convertible Notes would convert at the volume-weighted average closing sale price for the five trading days immediately prior to the issuance of the 2030 Convertible Notes, or $6.92 per share. For the nine months ended September 30, 2025, the impact of the hypothetical conversion of the 2031 Convertible Notes and the 2030 Convertible Notes would have been antidilutive because interest net of tax and nondiscretionary adjustments per common share obtainable on conversion exceeded basic EPS.

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Notes to Consolidated Financial Statements

Note 12. Financial highlights

The following table shows financial highlights for the Company:

|  | Nine months ended September 30, |  |
|  | 2025 |  |  |  | 2024 |  |
|  | (In thousands, except share and per share data) |  |
Per share data: |  |  |  |  |  |  |  |  |  |
Net asset value at beginning of period |  | $ | 8.43 |  |  |  | $ | 9.71 |  |
Net investment income |  |  | 0.87 |  |  |  |  | 1.06 |  |
Realized loss gain |  |  | (0.82 | ) |  |  |  | (0.89 | ) |
Unrealized (depreciation) appreciation on investments |  |  | (0.33 | ) |  |  |  | 0.02 |  |
Net (decrease) increase in net assets resulting from operations |  |  | (0.28 | ) |  |  |  | 0.19 |  |
Distributions declared (1) |  |  | (0.99 | ) |  |  |  | (1.04 | ) |
From net investment income |  |  | (0.99 | ) |  |  |  | (1.04 | ) |
From net realized gain on investments |  |  | — |  |  |  |  | — |  |
Return of capital |  |  | — |  |  |  |  | — |  |
Other (2) |  |  | (0.04 | ) |  |  |  | 0.20 |  |
Net asset value at end of period |  | $ | 7.12 |  |  |  | $ | 9.06 |  |
Per share market value, beginning of period |  | $ | 8.99 |  |  |  | $ | 13.17 |  |
Per share market value, end of period |  | $ | 6.10 |  |  |  | $ | 10.65 |  |
Total return based on a market value (3) |  |  | (21.1 | )% |  |  |  | (11.2 | )% |
Shares outstanding at end of period |  |  | 44,315,005 |  |  |  |  | 37,803,064 |  |
Ratios to average net assets: |  |  |  |  |  |  |  |  |  |
Expenses without incentive fee (4) |  |  | 16.4 | % |  |  |  | 15.1 | % |
Incentive fees (4) |  |  | — |  |  |  |  | 0.1 | % |
Net expenses (4) |  |  | 16.4 | % |  |  |  | 15.2 | % |
Net investment income with incentive fee |  |  | 15.5 | % |  |  |  | 15.0 | % |
Net assets at the end of the period |  | $ | 315,701 |  |  |  | $ | 342,533 |  |
Average net asset value |  | $ | 310,284 |  |  |  | $ | 331,853 |  |
Average debt per share |  | $ | 10.68 |  |  |  | $ | 12.70 |  |
Portfolio turnover ratio |  |  | 25.3 | % | (5) |  |  | 13.4 | % | (5)

(1) | Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

(2) | Includes the impact of the different share amounts as a result of calculating per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. The issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of common stock in the Company’s continuous public offering pursuant to the Company’s distribution reinvestment plan and the conversion of a portion of the 2031 Convertible Notes and the 2030 Convertible Notes to common stock.

(3) | The total return equals the change in the ending market value over the beginning of period price per share plus distributions paid per share during the period, divided by the beginning price.

(4) | Annualized.

(5) | Calculated by dividing (i) the lesser of purchases or sales of portfolio securities for the fiscal year by (ii) the monthly average of the value of portfolio securities owned by the Company during the fiscal year, with certain securities excluded from the numerator and denominator pursuant to applicable federal securities laws.

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Notes to Consolidated Financial Statements

Note 13. Subsequent Events

On October 1, 2025, the Company funded a $10.0 million debt investment to a new portfolio company, Apkudo, Inc.

On October 6, 2025, the holders of a portion of the 2030 Convertible Notes converted $0.3 million in outstanding principal of the 2030 Convertible Notes plus accrued but unpaid interest on such outstanding principal as of the conversion date into 37,070 shares of common stock at a conversion price of $6.75 per share, together with cash in lieu of fractional shares.

On October 8, 2025, Hound Labs, Inc. (“Old Hound”) sold substantially all of its assets to Hound Labs II, LLC (“New Hound”) and New Hound assumed certain liabilities of Old Hound, including, without limitation, the liabilities of Old Hound to the Company. Immediately after such transactions, New Hound and the Company entered into an agreement whereby the Company exchanged $9.6 million of debt owed to it by Old Hound for 19.1% of the equity in New Hound. After such conversion, the aggregate principal amount of the Company's debt investment in New Hound is $6.6 million.

On October 14, 2025, Hometeam Technologies, Inc. sold one of its business units and partially repaid $0.9 million of the Company's debt investment.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In this quarterly report on Form 10‑Q, except where the context suggests otherwise, the terms “we,” “us,” “our” and “Horizon Technology Finance” refer to Horizon Technology Finance Corporation and its consolidated subsidiaries. The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10‑Q.

Forward-looking statements

This quarterly report on Form 10‑Q, including the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to future events or our future performance or financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our industry, our beliefs and our assumptions. The forward-looking statements contained in this quarterly report on Form 10‑Q involve risks and uncertainties, including statements as to:

| ● | our future operating results, including the performance of our existing debt investments, warrants and other investments;

| ● | the introduction, withdrawal, success and timing of business initiatives and strategies;

| ● | the consummation of the transactions contemplated by our merger with MRCC (as defined below);

| ● | general economic and political trends and other external factors, including continuing supply chain disruptions, increased inflation, tariffs and trade disputes with other countries and a general slowdown in economic activity;

| ● | our business prospects and the prospects of our portfolio companies;

| ● | the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

| ● | the relative and absolute investment performance and operations of our Advisor;

| ● | the impact of increased competition;

| ● | the impact of investments we intend to make and future acquisitions and divestitures;

| ● | the unfavorable resolution of legal proceedings;

| ● | geopolitical turmoil and the potential for volatility in energy prices and disruptions to global supply chains resulting from such turmoil and its impact on the industries in which we invest;

| ● | political and regulatory conditions that contribute to uncertainty and market volatility, including legislative, regulatory, trade and policy changes;

| ● | the impact on our business of the shutdown of the U.S. government;

| ● | the impact, extent and timing of technological changes and the adequacy of intellectual property protection;

| ● | our regulatory structure and tax status;

| ● | changes in the general interest rate environment;

| ● | our ability to qualify and maintain qualification as a RIC and as a BDC;

| ● | the adequacy of our cash resources and working capital;

| ● | any losses or operations disruptions caused by us, our Advisor or our portfolio companies holding cash balances at financial institutions that exceed federally insured limits or by disruptions in the financial services industry;

| ● | the timing of cash flows, if any, from the operations of our portfolio companies, and the resulting effect on our portfolio companies' decisions to make payment-in-kind (“PIK”) interest payments or ability to make end of term payments;

| ● | the impact of interest rate volatility on our results, particularly if we use leverage as part of our investment strategy;

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| ● | the ability of our portfolio companies to achieve their objective;

| ● | the impact of legislative and regulatory actions and reforms and regulatory supervisory or enforcement actions of government agencies relating to us or our Advisor;

| ● | our contractual arrangements and relationships with third parties;

| ● | our ability to access capital and any future financings by us;

| ● | our use of financial leverage;

| ● | the ability of our Advisor to attract and retain highly talented professionals;

| ● | the impact of changes to tax legislation and, generally, our tax position; and

| ● | our ability to fund unfunded commitments.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks” and similar expressions to identify forward-looking statements. Undue influence should not be placed on the forward looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in our annual report on Form 10‑K for the year ended December 31, 2024, and elsewhere in this quarterly report on Form 10‑Q.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this quarterly report on Form 10‑Q, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission, or the SEC, including periodic reports on Form 10‑Q and Form 10‑K and current reports on Form 8‑K.

You should understand that under Sections 27A(b)(2)(B) and (D) of the Securities Act and Sections 21E(b)(2)(B) and (D) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in connection with any annual or quarterly reports we file under the Exchange Act.

Overview

We are a specialty finance company that lends to and invests in development-stage companies in the technology, life science, healthcare information and services and sustainability industries, which we refer to as our “Target Industries.” Our investment objective is to maximize our investment portfolio’s total return by generating current income from the debt investments we make and capital appreciation from the warrants we receive when making such debt investments. We are focused on making secured debt investments, which we refer to collectively as “Venture Loans,” to venture capital and private equity backed companies and publicly traded companies in our Target Industries, which we refer to as “Venture Lending.” Our debt investments are typically secured by first liens or first liens behind a secured revolving line of credit, or collectively “Senior Term Loans.” Some of our debt investments may also be subordinated to term debt provided by third parties. As of September 30, 2025, 97.0%, or $543.6 million, of our debt investment portfolio at fair value consisted of Senior Term Loans. Venture Lending is typically characterized by (1) the making of a secured debt investment after a venture capital or equity investment in the portfolio company has been made, which investment provides a source of cash to fund the portfolio company’s debt service obligations under the Venture Loan, (2) the senior priority of the Venture Loan which requires repayment of the Venture Loan prior to the equity investors realizing a return on their capital, (3) the amortization of the Venture Loan and (4) the lender’s receipt of warrants or other success fees with the making of the Venture Loan.

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

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We were formed in March 2010 and completed an initial public offering in October 2010.

Our investment activities, and our day-to-day operations, are managed by our Advisor and supervised by our Board, of which a majority of the members are independent of us. Under the Investment Management Agreement, we have agreed to pay our Advisor a base management fee and an incentive fee for its advisory services to us. We have also entered into the Administration Agreement with our Advisor under which we have agreed to reimburse our Advisor for our allocable portion of overhead and other expenses incurred by our Advisor in performing its obligations under the Administration Agreement.

On August 7, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Monroe Capital Corporation, a Maryland corporation (“MRCC”), HMMS, Inc., a Maryland corporation and wholly owned subsidiary of us (“Merger Sub”), Monroe Capital BDC Advisors, LLC, an investment adviser to MRCC, and the Advisor. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale (as defined below) and at the effective time of the Merger (the “Effective Time”), Merger Sub will merge with and into MRCC, with MRCC continuing as the surviving company and as a wholly owned subsidiary of us and, immediately thereafter, MRCC will merge with and into us, with us continuing as the surviving company (collectively, the “Mergers”). MRCC also entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Monroe Capital Income Plus Corporation, a Maryland corporation (“MCIP”), and MC Advisors, pursuant to which, subject to the satisfaction or waiver of the closing conditions set forth in the Asset Purchase Agreement, on the closing date of the transactions contemplated by the Asset Purchase Agreement (the “Closing Date”), MCIP will acquire all of MRCC’s investment assets and liabilities at fair value, as determined shortly before the Closing Date, for cash (the “Asset Sale” and together with the Merger, the “Transactions”). Under the Asset Purchase Agreement, the Asset Sale is contingent upon, and will become effective immediately prior to the effectiveness of, the Merger.

Portfolio composition and investment activity

The following table shows our portfolio by type of investment as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  |  |  |  |  |  |  |  | Percentage of |  |  |  |  |  |  |  |  |  | Percentage of |
|  | Number of |  |  | Fair |  |  | Total |  |  | Number of |  |  | Fair |  |  | Total |
|  | Investments |  |  | Value |  |  | Portfolio |  |  | Investments |  |  | Value |  |  | Portfolio |
|  | (Dollars in thousands) |
Debt investments |  | 39 |  |  | $ | 560,190 |  |  |  | 92.9 | % |  | 52 |  |  | $ | 638,779 |  |  |  | 91.5 | %
Warrants |  | 77 |  |  |  | 16,444 |  |  |  | 2.7 |  |  | 85 |  |  |  | 18,277 |  |  |  | 2.6 |
Other investments |  | 7 |  |  |  | 3,181 |  |  |  | 0.5 |  |  | 5 |  |  |  | 14,637 |  |  |  | 2.1 |
Equity |  | 18 |  |  |  | 23,699 |  |  |  | 3.9 |  |  | 19 |  |  |  | 26,198 |  |  |  | 3.8 |
Total |  |  |  |  | $ | 603,514 |  |  |  | 100.0 | % |  |  |  |  | $ | 697,891 |  |  |  | 100.0 | %

The following table shows total portfolio investment activity as of and for the three and nine months ended September 30, 2025 and 2024:

|  | For the three months ended |  |  | For the nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Beginning portfolio |  | $ | 622,653 |  |  | $ | 646,862 |  |  | $ | 697,891 |  |  | $ | 709,085 |
New debt, equity and warrant investments |  |  | 37,747 |  |  |  | 94,117 |  |  |  | 200,055 |  |  |  | 140,751 |
Less refinanced debt balances |  |  | — |  |  |  | (8,290 | ) |  |  | (46,250 | ) |  |  | (19,540 | )
Net new debt, equity and warrant investments |  |  | 37,747 |  |  |  | 85,827 |  |  |  | 153,805 |  |  |  | 121,211 |
Principal payments received on investments |  |  | (14,462 | ) |  |  | (12,502 | ) |  |  | (41,292 | ) |  |  | (34,805 | )
Early pay-offs and principal paydowns |  |  | (60,904 | ) |  |  | (31,890 | ) |  |  | (163,312 | ) |  |  | (85,643 | )
PIK interest on investments |  |  | 664 |  |  |  | 379 |  |  |  | 1,192 |  |  |  | 2,114 |
Accretion of debt investment fees |  |  | 1,189 |  |  |  | 1,474 |  |  |  | 4,487 |  |  |  | 4,470 |
New debt investment fees |  |  | (100 | ) |  |  | (1,522 | ) |  |  | (1,604 | ) |  |  | (2,089 | )
Warrants and equity received in settlement of interest and fee income |  |  | 3,270 |  |  |  | — |  |  |  | 3,280 |  |  |  | 359 |
Proceeds from sale of investments |  |  | (4,533 | ) |  |  | (69 | ) |  |  | (5,317 | ) |  |  | (157 | )
Net realized loss on investments |  |  | (22,527 | ) |  |  | (33,894 | ) |  |  | (31,820 | ) |  |  | (31,422 | )
Net unrealized appreciation (depreciation) on investments |  |  | 40,517 |  |  |  | 29,335 |  |  |  | (13,796 | ) |  |  | 864 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13 |
Ending portfolio |  | $ | 603,514 |  |  | $ | 684,000 |  |  | $ | 603,514 |  |  | $ | 684,000 |

We receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments may fluctuate significantly from period to period.

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The following table shows our debt investments by industry sector as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Debt |  |  | Percentage of |  |  | Debt |  |  | Percentage of |
|  | Investments at |  |  | Total |  |  | Investments at |  |  | Total |
|  | Fair Value |  |  | Portfolio |  |  | Fair Value |  |  | Portfolio |
|  | (Dollars in thousands) |
Life Science |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 61,655 |  |  |  | 11.0 | % |  | $ | 80,988 |  |  |  | 12.7 | %
Medical Device |  |  | 204,847 |  |  |  | 36.6 |  |  |  | 187,562 |  |  |  | 29.4 |
Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications |  |  | — |  |  |  | — |  |  |  | 11,193 |  |  |  | 1.8 |
Consumer-Related |  |  | 20,979 |  |  |  | 3.7 |  |  |  | 29,695 |  |  |  | 4.6 |
Networking |  |  | — |  |  |  | — |  |  |  | 9,647 |  |  |  | 1.5 |
Software |  |  | 139,105 |  |  |  | 24.8 |  |  |  | 147,815 |  |  |  | 23.1 |
Sustainability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Energy |  |  | 4,814 |  |  |  | 0.9 |  |  |  | — |  |  |  | — |
Energy Efficiency |  |  | — |  |  |  | — |  |  |  | 9,693 |  |  |  | 1.5 |
Other Sustainability |  |  | 26,227 |  |  |  | 4.7 |  |  |  | 57,997 |  |  |  | 9.1 |
Healthcare Information and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diagnostics |  |  | 19,223 |  |  |  | 3.4 |  |  |  | 13,671 |  |  |  | 2.1 |
Other Healthcare |  |  | 35,207 |  |  |  | 6.3 |  |  |  | 39,349 |  |  |  | 6.2 |
Software |  |  | 48,133 |  |  |  | 8.6 |  |  |  | 51,169 |  |  |  | 8.0 |
Total |  | $ | 560,190 |  |  |  | 100.0 | % |  | $ | 638,779 |  |  |  | 100.0 | %

The largest debt investments in our portfolio may vary from period to period as new debt investments are originated and existing debt investments are repaid. Our five largest debt investments at cost represented 25% and 22% of total debt investments outstanding as of September 30, 2025 and December 31, 2024, respectively. Our five largest debt investments at fair value represented 26% and 23% of total debt investments outstanding as of September 30, 2025 and December 31, 2024, respectively. No single debt investment at cost or fair value represented more than 10% of our total debt investments as of September 30, 2025 and December 31, 2024.

Debt investment asset quality

We use an internal credit rating system which rates each debt investment on a scale of 4 to 1, with 4 being the highest credit quality rating and 3 being the rating for a standard level of risk. A rating of 2 represents an increased level of risk and, while no loss is currently anticipated for a 2‑rated debt investment, there is potential for future loss of principal. A rating of 1 represents a deteriorating credit quality and a high degree of risk of loss of principal. Our internal credit rating system is not a national credit rating system. As of September 30, 2025 and December 31, 2024, our debt investments had a weighted average credit rating of 2.9 and 3.1, respectively. The following table shows the classification of our debt investment portfolio by credit rating as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  |  |  |  |  | Debt |  |  | Percentage |  |  |  |  |  |  | Debt |  |  | Percentage |
|  | Number of |  |  | Investments at |  |  | of Debt |  |  | Number of |  |  | Investments at |  |  | of Debt |
|  | Investments |  |  | Fair Value |  |  | Investments |  |  | Investments |  |  | Fair Value |  |  | Investments |
|  | (Dollars in thousands) |
Credit Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4 |  |  | 5 |  |  | $ | 67,965 |  |  |  | 12.1 | % |  |  | 11 |  |  | $ | 159,944 |  |  |  | 25.1 | %
3 |  |  | 26 |  |  |  | 420,823 |  |  |  | 75.2 |  |  |  | 30 |  |  |  | 419,621 |  |  |  | 65.7 |
2 |  |  | 4 |  |  |  | 42,079 |  |  |  | 7.5 |  |  |  | 7 |  |  |  | 48,760 |  |  |  | 7.6 |
1 |  |  | 4 |  |  |  | 29,323 |  |  |  | 5.2 |  |  |  | 4 |  |  |  | 10,454 |  |  |  | 1.6 |
Total |  |  | 39 |  |  | $ | 560,190 |  |  |  | 100.0 | % |  |  | 52 |  |  | $ | 638,779 |  |  |  | 100.0 | %

As of September 30, 2025, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $61.3 million and an aggregate fair value of $29.3 million and there were four debt investments with an internal credit rating of 2, with an aggregate cost of $43.7 million and an aggregate fair value of $42.1 million. As of December 31, 2024, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $44.8 million and an aggregate fair value of $10.5 million and there were seven debt investments with an internal credit rating of 2, with an aggregate cost of $53.3 million and an aggregate fair value of $48.8 million. The increase in investments with internal credit ratings of 1 or 2 was primarily a result of the increase in the risk of loss of principal caused by the portfolio companies low cash positions and the difficult equity fundraising market and/or the underperformance of such portfolio companies.

Consolidated results of operations

As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code. The consolidated results of operations described below may not be indicative of the results we report in future periods.

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Comparison of the three months ended September 30, 2025 and 2024

The following table shows consolidated results of operations for the three months ended September 30, 2025 and 2024:

|  | For the three months ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Total investment income |  | $ | 26,318 |  |  | $ | 24,563 |
Total expenses |  |  | 11,952 |  |  |  | 12,353 |
Net investment income before excise tax |  |  | 14,366 |  |  |  | 12,210 |
Provision for excise tax |  |  | 373 |  |  |  | 373 |
Net investment income |  |  | 13,993 |  |  |  | 11,837 |
Net realized loss |  |  | (23,788 | ) |  |  | (33,894 | )
Net unrealized appreciation on investments |  |  | 40,517 |  |  |  | 29,335 |
Net increase in net assets resulting from operations |  | $ | 30,722 |  |  | $ | 7,278 |
Average debt investments, at fair value |  | $ | 559,583 |  |  | $ | 611,924 |
Average earning debt investments |  | $ | 563,640 |  |  | $ | 598,522 |
Average gross assets less cash |  | $ | 624,591 |  |  | $ | 684,620 |
Average borrowings outstanding |  | $ | 422,797 |  |  | $ | 441,723 |

Net increase in net assets resulting from operations can vary substantially from period to period for various reasons, including, without limitation, the recognition of realized gains and losses and unrealized appreciation and depreciation on investments. As a result, quarterly comparisons of net increase in net assets resulting from operations may not be meaningful.

Investment income

Total investment income increased by $1.8 million, or 7.1%, to $26.3 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. For the three months ended September 30, 2025, total investment income consisted primarily of (1) $24.3 million in interest income from investments, which included $3.5 million in income from the accretion of origination fees and end of term payments and $0.7 million in PIK interest income and (2) $2.0 million in fee income.

Interest income on debt investments increased by $1.1 million, or 4.8%, to $24.3 million, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Interest income on debt investments for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 increased primarily due to the recognition and capitalization of accrued, but previously unrecorded, interest income in connection with the settlement of two debt investments previously on non-accrual status, partially offset by lower interest income due to a decrease of $34.9 million, or 5.8%, in our average earning debt investments and the decrease in the Prime Rate, which is the base rate for most of our variable rate debt investments. The proportion of total investment income that resulted from the portion of ETPs not received in cash for the three months ended September 30, 2025 and 2024 was 3.5% and 4.6%, respectively. The decrease in the proportion of total investment income that resulted from the portion of ETPs not received in cash was a result of an increase in prepayments for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

PIK interest income increased by $0.3 million, or 75.0%, to $0.7 for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. For the three months ended September 30, 2025 and 2024, 2.5% and 1.5%, respectively, of total investment income was attributable to non-cash PIK interest income. The increase in PIK interest income as a percentage of total investment income was primarily due to an increase in earning assets that contain a PIK feature for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Fee income, which includes success fee, other fee and prepayment fee income on debt investments, increased by $0.6 million, or 46.7%, to $2.0 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily due to a higher aggregate amount of principal prepayments for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

The following table shows our dollar-weighted annualized yield for the three months ended September 30, 2025 and 2024:

|  | For the three months ended |
|  | September 30, |
Investment type: |  | 2025 |  |  | 2024 |
Debt investments(1) |  |  | 18.6 | % |  |  | 15.9 | %
All investments(1) |  |  | 17.2 | % |  |  | 14.8 | %

(1) | We calculate the dollar-weighted annualized yield on average investment type for any period as (1) total related investment income during the period divided by (2) the average of the fair value of the investment type outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The dollar-weighted annualized yield on average investment type is higher than what investors will realize because it does not reflect our expenses or any sales load paid by investors.

Investment income, consisting of interest income and fees on debt investments, can fluctuate significantly upon repayment of large debt investments. Interest income from the five largest debt investments at cost in the aggregate accounted for 17% and 21% of investment income for the three months ended September 30, 2025 and 2024, respectively. Interest income from the five largest debt investments at fair value in the aggregate accounted for 21% and 25% of investment income for the three months ended September 30, 2025 and 2024, respectively.

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Expenses

Total expenses decreased by $0.4 million, or 3.2%, to $12.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Total expenses for each period consisted of interest expense, base management fee, incentive and administrative fees, professional fees and general and administrative expenses.

Interest expense decreased by $0.05 million, or 0.6%, to $7.9 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Interest expense, which includes the amortization of debt issuance costs, decreased primarily due to a decrease in average borrowings for the three months ended September 30, 2025 of $18.9 million, or 4.3%, as compared to the three months ended September 30, 2024 partially offset by an increase in our effective cost of debt for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Base management fee expense decreased by $0.2 million, or 8.1%, to $2.7 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Base management fee decreased primarily due to a decrease of $60.0 million, or 8.8%, in average gross assets less cash for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

There was no performance based incentive fee expense for the three months ended September 30, 2025 and 2024. The incentive fee on pre-incentive fee net investment income was subject to an Incentive Fee Cap and Deferral Mechanism in our Investment Management Agreement of $2.8 million for the three months ended September 30, 2025 compared to an Incentive Fee Cap of $2.4 million for the three months ended September 30, 2024. The Incentive Fee Cap and Deferral Mechanism resulted in $2.8 million of reduced incentive fee expense and increased net investment income for the three months ended September 30, 2025. The incentive fee on pre-incentive fee net investment income was subject to the Incentive Fee Cap for the three months ended September 30, 2025 due to the cumulative incentive fees paid exceeding 20% of cumulative pre-incentive fee net return during the applicable quarter and the 11 preceding full calendar quarters.

Administrative fee expense, professional fees and general and administrative expenses were $1.3 million and $1.4 million for the three months ended September 30, 2025 and 2024, respectively.

Net realized gains and losses and net unrealized appreciation and depreciation

Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized. Realized gains or losses on investments include investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

During the three months ended September 30, 2025, we realized net losses on investments totaling $22.5 million primarily due to (1) the settlement of two equity investments and two investments we categorize as other investments (investments not consisting of debt, equity or warrant investments) and (2) the realization of two warrant investments. During the same period, we converted $4.8 million in outstanding principal of the 2031 Convertible Notes which resulted in a realized loss on extinguishment of debt of $0.4 million. During the same period, we elected to exercise our option to redeem the outstanding balance of our 2022 Asset-Backed Notes (as defined below) which resulted in a realized loss on debt extinguishment of $0.9 million. For the three months ended September 30, 2024, we realized net losses on investments totaling $33.9 million primarily due to the settlement of one debt investments.

During the three months ended September 30, 2025, net unrealized appreciation on investments totaled $40.5 million which was primarily due to (1) the unrealized appreciation on three debt investments and one equity investment, (2) the reversal of previously recorded unrealized depreciation from the settlement of two other investments and two equity investments and (3) the unrealized appreciation on the acquisition of debt investments partially offset by (1) the unrealized depreciation of one debt investment, two other investments and two equity investments and (4) the reversal of previously recorded unrealized appreciation from the realization of two warrant investments. During the three months ended September 30, 2024, net unrealized appreciation on investments totaled $29.3 million which was primarily due to (1) the reversal of previously recorded unrealized depreciation from the settlement of one debt investment and (2) the unrealized appreciation on one debt investment offset by (1) the unrealized depreciation on one other investment and (2) the unrealized depreciation on our warrant investments.

Comparison of the nine months ended September 30, 2025 and 2024

The following table shows consolidated results of operations for the nine months ended September 30, 2025 and 2024:

|  | For the nine months ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Total investment income |  | $ | 75,354 |  |  | $ | 76,370 |
Total expenses |  |  | 38,069 |  |  |  | 37,904 |
Net investment income before excise tax |  |  | 37,285 |  |  |  | 38,466 |
Provision for excise tax |  |  | 1,123 |  |  |  | 1,109 |
Net investment income |  |  | 36,162 |  |  |  | 37,357 |
Net realized loss gain |  |  | (33,857 | ) |  |  | (31,422 | )
Net unrealized (depreciation) appreciation on investments |  |  | (13,796 | ) |  |  | 864 |
Net (decrease) increase in net assets resulting from operations |  | $ | (11,491 | ) |  | $ | 6,799 |
Average debt investments, at fair value |  | $ | 607,885 |  |  | $ | 641,287 |
Average earning debt investments |  | $ | 607,930 |  |  | $ | 621,445 |
Average gross assets less cash |  | $ | 678,146 |  |  | $ | 702,312 |
Average borrowings outstanding |  | $ | 443,295 |  |  | $ | 447,009 |

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Net (decrease) increase in net assets resulting from operations can vary substantially from period to period for various reasons, including, without limitation, the recognition of realized gains and losses and unrealized appreciation and depreciation on investments. As a result, quarterly comparisons of net increase in net assets resulting from operations may not be meaningful.

Investment income

Total investment income decreased by $1.0 million, or 1.3%, to $75.4 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, total investment income consisted primarily of (1) $70.4 million in interest income from investments, which included $11.0 million in income from the accretion of origination fees and end of term payments and $1.2 million in PIK interest income and (2) $5.0 million in fee income.

Interest income on debt investments decreased by $3.4 million, or 4.6%, to $70.4 million, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Interest income on debt investments for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 decreased primarily due to a decrease of $13.5 million, or 2.2%, in our average earning debt investments and the decrease in the Prime Rate, which is the base rate for most of our variable rate debt investments. The proportion of total investment income that resulted from the portion of ETPs not received in cash for the nine months ended September 30, 2025 and 2024 was 3.6% and 6.0%, respectively. The decrease in the proportion of total investment income that resulted from the portion of ETPs not received in cash was a result of an increase in prepayments for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

PIK interest income decreased by $0.9 million, or 43.6%, to $1.2 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025 and 2024, 1.6% and 2.8%, respectively, of total investment income was attributable to non-cash PIK interest income. The decrease in PIK interest income as a percentage of total investment income was primarily due to a decrease in earning assets that contain a PIK feature for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Fee income, which includes success fee, other fee and prepayment fee income on debt investments, increased by $2.3 million, or 88.0%, to $5.0 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to a higher aggregate amount of principal prepayments for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

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The following table shows our dollar-weighted annualized yield for the nine months ended September 30, 2025 and 2024:

|  | For the nine months ended |
|  | September 30, |
Investment type: |  | 2025 |  |  | 2024 |
Debt investments(1) |  |  | 16.4 | % |  |  | 15.8 | %
All investments(1) |  |  | 15.1 | % |  |  | 14.8 | %

(1) | We calculate the dollar-weighted annualized yield on average investment type for any period as (1) total related investment income during the period divided by (2) the average of the fair value of the investment type outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The dollar-weighted annualized yield on average investment type is higher than what investors will realize because it does not reflect our expenses or any sales load paid by investors.

Investment income, consisting of interest income and fees on debt investments, can fluctuate significantly upon repayment of large debt investments. Interest income from the five largest debt investments at cost in the aggregate accounted for 17% and 21% of investment income for the nine months ended September 30, 2025 and 2024, respectively. Interest income from the five largest debt investments at fair value in the aggregate accounted for 20% and 23% of investment income for the nine months ended September 30, 2025 and 2024, respectively.

Expenses

Total expenses increased by $0.2 million, or 0.4%, to $38.1 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Total expenses for each period consisted of interest expense, base management fee, incentive and administrative fees, professional fees and general and administrative expenses.

Interest expense increased by $0.7 million, or 3.1%, to $24.8 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Interest expense, which includes the amortization of debt issuance costs, increased primarily due to an increase in our effective cost of debt for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 partially offset by a decrease in average borrowings of $3.7 million, or 0.8%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Base management fee expense decreased by $0.3 million, or 3.2%, to $8.9 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Base management fee decreased primarily due to a decrease of $24.2 million, or 3.4%, in average gross assets less cash for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

There was no performance based incentive fee expense for the nine months ended September 30, 2025. Performance based incentive fee expense decreased by $0.3 million, or 100.0% for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. This decrease was due to a decrease of $1.5 million, or 4.0%, in Pre-Incentive Fee Net Investment Income for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 and an Incentive Fee Cap calculated based on the Incentive Fee Cap and Deferral Mechanism in our Investment Management Agreement of $7.2 million for the nine months ended September 30, 2025 compared to an Incentive Fee Cap of $7.2 million for the nine months ended September 30, 2024. The Incentive Fee Cap and Deferral Mechanism resulted in $7.2 million of reduced incentive fee expense and increased net investment income for the nine months ended September 30, 2025. The incentive fee on pre-incentive fee net investment income was subject to the Incentive Fee Cap for the nine months ended September 30, 2025 due to the cumulative incentive fees paid exceeding 20% of cumulative pre-incentive fee net return during the applicable quarter and the 11 preceding full calendar quarters.

Administrative fee expense, professional fees and general and administrative expenses were $4.4 million for the nine months ended September 30, 2025 and 2024.

Net realized gains and losses and net unrealized appreciation and depreciation

Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized. Realized gains or losses on investments include investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

During the nine months ended September 30, 2025, we realized net losses on investments totaling $31.8 million primarily due to (1) the settlement of two debt investments, two equity investments and two other investments and (2) the realization of two warrant investments. During the same period, we converted $17.3 million in outstanding principal of the 2031 Convertible Notes which resulted in a realized loss on extinguishment of debt of $1.2 million. During the same period, we elected to exercise our option to redeem the outstanding balance of our 2022 Asset-Backed Notes (as defined below) which resulted in a realized loss on debt extinguishment of $0.9 million. During the nine months ended September 30, 2024, we realized net losses on investments totaling $31.4 million primarily due to the settlement of one debt investments.

During the nine months ended September 30, 2025, net unrealized depreciation on investments totaled $13.8 million which was primarily due to (1) the unrealized depreciation of four debt investments, three other investments and three equity investments and (2) the reversal of previously recorded unrealized appreciation from the realization of two warrant investments partially offset by (1) the unrealized appreciation on two debt investments and one equity investment, (2) the reversal of previously recorded unrealized depreciation from the settlement of one debt investment, one other investment, one equity investment and (3) the unrealized appreciation on the acquisition of debt investments. During the nine months ended September 30, 2024, net unrealized appreciation on investments totaled $0.9 million which was primarily due to (1) the reversal of previously recorded unrealized depreciation from the settlement of one debt investment and (2) the unrealized appreciation on one other investment partially offset by (1) the unrealized depreciation on four debt investments and (2) the unrealized depreciation on our warrant and equity investments. The difficult equity fundraising market and under performance of certain portfolio companies, among other factors, resulted in us reducing the fair market value of the debt investments in such portfolio companies, thus increasing the unrealized depreciation on such debt investments.

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Liquidity and capital resources

As of September 30, 2025 and December 31, 2024, we had cash and investments in money market funds of $128.5 million and $97.5 million, respectively. Cash and investments in money market funds are available to fund new investments, reduce borrowings, pay expenses, repurchase common stock and pay distributions. In addition, as of September 30, 2025 and December 31, 2024, we had $2.4 million and $3.3 million, respectively, of restricted investments in money market funds. Restricted investments in money market funds may be used to make monthly interest and principal payments on our 2022 Asset-Backed Notes, our NYL Facility or our Nuveen Facility. Our primary sources of capital have been from our public equity offerings, use of our revolving credit facility (the “Key Facility”) with KeyBank National Association (“Key”), the Note Funding Agreement (the “NYL Facility”), with several entities owned or affiliated with New York Life Insurance Company and the Nuveen Note Funding Agreement (the “Nuveen Facility”, together with the Key Facility and the NYL Facility, the “Credit Facilities”) with several entities owned or affiliated with Nuveen Alternative Advisors LLC, and issuance of our public and private debt securities.

On September 22, 2023, we entered into an At-The-Market (or “ATM”) sales agreement (or the “2023 Equity Distribution Agreement”) with Goldman Sachs & Co. LLC and B. Riley FBR, Inc., (each a “Sales Agent” and, collectively, the “Sales Agents”). The 2023 Equity Distribution Agreement provides that we may offer and sell shares of our common stock from time to time through the Sales Agents up to $150.0 million worth of our common stock, in amounts and at times to be determined by us. Sales of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market,” as defined in Rule 415 under the Securities Act, including sales made directly on the NASDAQ or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.

During the three months ended September 30, 2025, we sold 1,570,248 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, we received total accumulated net proceeds of approximately $10.6 million, including $0.3 million of offering expenses, from these sales.

During the three months ended September 30, 2024, we sold 1,709,096 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, we received total accumulated net proceeds of approximately $18.4 million, including $0.4 million of offering expenses, from these sales.

During the nine months ended September 30, 2025, we sold 1,974,553 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, we received total accumulated net proceeds of approximately $14.2 million, including $0.5 million of offering expenses, from these sales.

During the nine months ended September 30, 2024, we sold 4,279,141 shares of common stock under the 2023 Equity Distribution Agreement. For the same period, we received total accumulated net proceeds of approximately $47.5 million, including $1.0 million of offering expenses, from these sales.

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On April 25, 2025, our Board extended a previously authorized stock repurchase program which allows us to repurchase up to $5.0 million of our common stock at prices below our net asset value (“NAV”) per share as reported in our most recent consolidated financial statements. Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by us intend to comply with the requirements of Rule 10b‑18 under the Exchange Act and any applicable requirements of the 1940 Act. Unless extended by our Board, the repurchase program will terminate on the earlier of June 30, 2026 or the repurchase of $5.0 million of our common stock. On August 5, 2025, our Board authorized an increase in the maximum amount of shares that can be repurchased on the open market or in privately negotiated purchases pursuant to Rule 10b-18 and other applicable provisions of the Securities Exchange Act of 1934, as amended from up to $5,000,000 of shares to up to $10,000,000 of shares, provided such purchases, in the aggregate, do not exceed two percent (2%) of the shares outstanding at the time of purchase and such shares are purchased only when the such shares are trading below 90% of our most recently disclosed net asset value per share. During the three and nine months ended September 30, 2025 and 2024, we did not make any repurchases of our common stock. From the inception of the stock repurchase program through September 30, 2025, we repurchased 167,465 shares of our common stock at an average price of $11.22 on the open market at a total cost of $1.9 million. From time to time, our Board assesses the size and effectiveness of the stock repurchase program and could elect to increase or decrease the size of the program in the future.

At September 30, 2025 and December 31, 2024 there was no outstanding principal balance under the Key Facility. As of September 30, 2025 and December 31, 2024, we had borrowing capacity under the Key Facility of $150.0 million. At September 30, 2025 and December 31, 2024, $42.0 million and $24.8 million, respectively, was available for borrowing under the Key Facility, subject to existing terms and advance rates.

At September 30, 2025 and December 31, 2024, the outstanding principal balance under the NYL Facility was $181.0 million. As of September 30, 2025 and December 31, 2024, we had borrowing capacity under the NYL Facility of $69.0 million. At September 30, 2025 and December 31, 2024, $8.9 million and $8.4 million, respectively, was available for borrowing under the NYL Facility, subject to existing terms and advance rates.

At September 30, 2025 and December 31, 2024, the outstanding principal balance under the Nuveen Facility was $90.0 million and $75.0 million, respectively. As of September 30, 2025 and December 31, 2024, we had borrowing capacity under the Nuveen Facility of $110.0 million and $25.0 million, respectively. At September 30, 2025 and December 31, 2024, $0.6 million and $9.9 million, respectively, was available for borrowing under the Nuveen Facility, subject to existing terms and advance rates.

On October 17, 2024, the Company entered into a note purchase agreement (the “2031 Note Purchase Agreement”), by and among the Company, and each purchaser named therein, in connection with the issuance and sale of $20.0 million aggregate principal of the Company’s 7.125% convertible notes due 2031 (the “2031 Convertible Notes”). At September 30, 2025 and December 31, 2024, the aggregate outstanding principal balance of the 2031 Convertible Notes was $2.8 million and $20.0 million, respectively. The 2031 Convertible Notes were not outstanding as of September 30, 2024.

On September 4, 2025, the Company entered into a note purchase agreement (the “2030 Note Purchase Agreement”), by and among the Company, and each purchaser named therein, in connection with the issuance and sale of $40.0 million aggregate principal of the Company’s 5.50% convertible notes due 2030 (the “2030 Convertible Notes”). At September 30, 2025, the aggregate outstanding principal balance of the 2030 Convertible Notes was $40.0 million. The 2030 Convertible Notes were not outstanding as of December 31, 2024.

On August 6, 2025, we purchased a portfolio of debt and related investments of Powerscourt XXV LP, a fund managed by Waterfall Asset Management (“WAM”), for a purchase price of $22.5 million, which assets at the purchase date had a fair value of $36.5 million and included debt investments on accrual status with a principal balance of $34.9 million. WAM and our Advisor had previously entered into Master Program Agreement in March 2023 whereby our Advisor offered WAM the opportunity to participate, as a co-lender with us, in debt investments originated by our Advisor. WAM retained all investment decisions. In 2023, WAM ceased making new investments under the program, as it no longer wished to pursue a venture debt strategy.

Our operating activities provided cash of $87.1 million for the nine months ended September 30, 2025, and our financing activities used cash of $57.0 million for the same period. Our operating activities provided cash primarily from principal payments received on our debt investments partially offset by cash used to purchase investments in portfolio companies. Our financing activities used cash primarily to repay our 2022 Asset-Backed Notes and to pay distributions to our stockholders partially offset by the completion of our 2030 Convertible Notes, an advance on our Nuveen Facility and the sale of shares through our ATM for net proceeds of $14.2 million.

Our operating activities provided cash of $30.1 million for the nine months ended September 30, 2024, and our financing activities used cash of $19.1 million for the same period. Our operating activities provided cash from principal payments received on our debt investments partially offset by cash used to purchase investments in portfolio companies. Our financing activities used cash primarily to repay our Key Facility, to repay our term debt securitization in connection with which an affiliate of us 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 we completed on November 9, 2022 (the “2022 Asset-Backed Notes”) and to pay distributions to our stockholders, partially offset from an advance on our Nuveen Facility and the sale of shares through our ATM for net proceeds of $47.5 million.

Our primary use of available funds is to make debt investments in portfolio companies and for general corporate purposes. We expect to raise additional equity and debt capital opportunistically as needed and, subject to market conditions, to support our future growth to the extent permitted by the 1940 Act.

In order to remain subject to taxation as a RIC, we intend to distribute to our stockholders all or substantially all of our investment company taxable income. In addition, as a BDC, we are required to maintain asset coverage of at least 150%. This requirement limits the amount that we may borrow.

We believe that our current cash, cash generated from operations, and funds available from our Credit Facilities will be sufficient to meet our working capital and capital expenditure commitments for at least the next 12 months.

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Current borrowings

The following table shows our borrowings as of September 30, 2025 and December 31, 2024:

|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Total |  |  | Balance |  |  | Unused |  |  | Total |  |  | Balance |  |  | Unused |
|  | Commitment |  |  | Outstanding |  |  | Commitment |  |  | Commitment |  |  | Outstanding |  |  | Commitment |
|  | (In thousands) |
Key Facility |  | $ | 150,000 |  |  | $ | — |  |  | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | — |  |  | $ | 150,000 |
NYL Facility |  |  | 250,000 |  |  |  | 181,000 |  |  |  | 69,000 |  |  |  | 250,000 |  |  |  | 181,000 |  |  |  | 69,000 |
Nuveen Facility |  |  | 200,000 |  |  |  | 90,000 |  |  |  | 110,000 |  |  |  | 100,000 |  |  |  | 75,000 |  |  |  | 25,000 |
2022 Asset-Backed Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 81,078 |  |  |  | 81,078 |  |  |  | — |
2027 Notes |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |  |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |
2026 Notes |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |  |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |
2030 Convertible Notes |  |  | 40,000 |  |  |  | 40,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2031 Convertible Notes |  |  | 2,750 |  |  |  | 2,750 |  |  |  | — |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | — |
Total before debt issuance costs |  |  | 757,750 |  |  |  | 428,750 |  |  |  | 329,000 |  |  |  | 716,078 |  |  |  | 472,078 |  |  |  | 244,000 |
Unamortized debt issuance costs attributable to term borrowings |  |  | — |  |  |  | (4,719 | ) |  |  | — |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |
Total borrowings outstanding, net |  | $ | 757,750 |  |  | $ | 424,031 |  |  | $ | 329,000 |  |  | $ | 716,078 |  |  | $ | 467,904 |  |  | $ | 244,000 |

Credit Facilities

Key Facility

We entered into the Key Facility effective November 4, 2013. On June 20, 2024, we amended the Key Facility, among other things, (i) to extend the date on which we may request advances under the Key Facility to June 20, 2027 and to extend the maturity date to June 20, 2029 and (ii) to amend the interest rate to be based on the rate of interest published in The Wall Street Journal as the prime rate in the United States plus 0.10%, with a prime rate floor of 4.10%. Prior to June 20, 2024, the interest rate on the Key Facility was based on Prime plus 0.25%, with a prime rate floor of 4.25%. The prime rate was 7.25% and 7.50% as of September 30, 2025 and December 31, 2024, respectively. The interest rate in effect was 7.35% and 7.60% as of September 30, 2025 and December 31, 2024, respectively. The Key Facility requires the payment of an unused line fee in an amount up to 0.75% of any unborrowed amount available under the facility annually.

On June 29, 2023, we amended the Key Facility to, among other things, increase the commitment amount to $150 million and to increase the amount of the accordion feature which now allows the potential increase in the total commitment amount to $300 million. The Key Facility is collateralized by debt investments held by Credit II and permits an advance rate of up to sixty percent (60%) of eligible debt investments held by Credit II. The Key Facility contains covenants that, among other things, require us to maintain a minimum net worth, to restrict the debt investments securing the Key Facility to certain criteria for qualified debt investments and to comply with portfolio company concentration limits as defined in the related loan agreement. After the period during which we may request advances under the Key Facility (or the “Revolving Period”), we may not request new advances, and we must repay the outstanding advances under the Key Facility as of such date, at such times and in such amounts as are necessary to maintain compliance with the terms and conditions of the Key Facility, particularly the condition that the principal balance of the Key Facility not exceed sixty percent (60%) of the aggregate principal balance of our eligible debt investments to our portfolio companies.

NYL Facility

HFI is a wholly-owned subsidiary of HSLFI. HFI entered into the NYL Facility with the NYL Noteholders for an aggregate purchase price of up to $100.0 million, with an accordion feature of up to $200.0 million at the mutual discretion and agreement of HSLFI and the NYL Noteholders. On June 1, 2018, HSLFI sold or contributed to HFI certain secured loans made to certain portfolio companies pursuant to the Sale and Servicing Agreement. Any notes issued by HFI are collateralized by all investments held by HFI and permit an advance rate of up to 67% of the aggregate principal amount of eligible debt investments. All advances under the NYL Facility are scheduled to mature in June 2030.

On May 24, 2023, we amended the NYL Facility to, among other things, increase the commitment by $50.0 million to enable our wholly-owned subsidiary to issue up to $250.0 million of secured notes. On April 25, 2025, we amended the NYL Facility to, among other things, extend the investment period to June 5, 2027. In addition, the amendment amended the interest rate for advances made after April 25, 2025, fixing the interest rate at the greater of (i) 4.60% and (ii) the Three Year I Curve plus 2.95% with the interest rate to be reset on any advance date.

Under the terms of the NYL Facility, we are required to maintain a reserve cash balance, which may be used to pay monthly interest and principal payments on the NYL Facility. We have segregated these funds and classified them as restricted investments in money market funds. At September 30, 2025 and December 31, 2024, there were approximately $1.4 million of such restricted investments.

There were $181.0 million in notes issued to the NYL Noteholders as of September 30, 2025 and December 31, 2024 at an interest rate of 6.57% and 6.47%, respectively. As of September 30, 2025 and December 31, 2024, we had borrowing capacity under the NYL Facility of $69.0 million. At September 30, 2025 and December 31, 2024, $8.9 million and $8.4 million, respectively, was available for borrowing, subject to existing terms and advance rates.

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Nuveen Facility

HFII entered into the Nuveen Facility with the Nuveen Noteholders for an aggregate purchase price of up to $100.0 million, with an accordion feature of up to $200.0 million at the mutual discretion and agreement us and the Nuveen Noteholders. On June 21, 2024, we sold or contributed to HFII certain secured loans made to certain portfolio companies pursuant to the Sale and Servicing Agreement. Any notes issued by HFII are collateralized by all investments held by HFII and permit an advance rate of up to 67.5% of the aggregate principal amount of eligible debt investments. The Nuveen Facility bore interest, payable monthly, determined at a rate per annum equal to the greater of (i) the yield for the United States Treasury constant maturity 3-year and 5-year in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) – H.15” interpolated to a 4.88-year weighted average life (the “Pricing Benchmark”) plus 3.15% and (ii) 5.00%.

On May 23, 2025, we amended the Nuveen Facility to, among other things, extend the investment period to June 21, 2028 and the maturity date to June 10, 2034, and increase the commitment by $100.0 million which enables our wholly-owned subsidiary to issue up to $200.0 million of secured notes. In addition, the amendment amended the interest rate for advances made after May 23, 2025, fixing the interest rate at the greater of (i) 5.00% and (ii) the Pricing Benchmark plus 2.95%.

Under the terms of the Nuveen Facility, we are required to maintain a reserve cash balance, which may be used to pay monthly interest and principal payments on the Nuveen Facility. We have segregated these funds and classified them as restricted investments in money market funds. At September 30, 2025 and December 31, 2024, there were approximately $1.1 million and $1.0 million, respectively, of such restricted investments.

There were $90.0 million and $75.0 million in notes issued to the Nuveen Noteholders as of September 30, 2025 and December 31, 2024 at an interest rate of 7.21% and 7.14%, respectively. As of September 30, 2025 and December 31, 2024, we had borrowing capacity under the Nuveen Facility of $110.0 million and $25.0 million. At September 30, 2025 and December 31, 2024, $0.6 million and $9.9 million, respectively, was available for borrowing, subject to existing terms and advance rates.

Securitization

2022 Asset-Backed Notes

On November 9, 2022, the 2022 Asset-Backed Notes were issued by the 2022‑1 Trust pursuant to a note purchase agreement, dated as of November 9, 2022, by and among us and Keybanc Capital Markets Inc. as Initial Purchaser, and were backed by a pool of loans made to certain portfolio companies of ours and secured by certain assets of those portfolio companies and were to be serviced by us. Interest on the 2022 Asset-Backed Notes was paid, to the extent of funds available, at a fixed rate of 7.56% per annum. The 2022 Asset-Backed Notes had a two-year reinvestment period and a stated maturity of November 15, 2030. The 2022 Asset-Backed Notes were rated A by Morningstar Credit Ratings, LLC on November 9, 2022. There had been no change in the rating since November 9, 2022.

As of September 30, 2025, the 2022-Asset Backed Notes were repaid in full. As of December 31, 2024, the 2022 Asset-Backed Notes had an outstanding principal balance of $81.1 million.

Under the terms of the 2022 Asset-Backed Notes, we were required to maintain a reserve cash balance, funded through proceeds from the sale of the 2022 Asset-Backed Notes, which may have been used to pay monthly interest and principal payments on the 2022 Asset-Backed Notes. We had segregated these funds and classified them as restricted investments in money market funds. At December 31, 2024, there were approximately $1.0 million of such restricted investments.

Unsecured Notes

2026 Notes

On March 30, 2021, we issued and sold an aggregate principal amount of $57.5 million of 4.875% notes due in 2026 (or the “2026 Notes”). The amount of 2026 Notes issued and sold included the full exercise by the underwriters of their option to purchase $7.5 million in aggregate principal of additional notes. The 2026 Notes have a stated maturity of March 30, 2026 and may be redeemed in whole or in part at our option at any time or from time to time on or after March 30, 2023 at a redemption price of $25 per security plus accrued and unpaid interest. The 2026 Notes bear interest at a rate of 4.875% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year. The 2026 Notes are our direct unsecured obligations and (i) rank equally in right of payment with our current and future unsecured indebtedness; (ii) are senior in right of payment to any of our future indebtedness that expressly provides it is subordinated to the 2026 Notes; (iii) are effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness, and (iv) are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries. As of September 30, 2025, we were in material compliance with the terms of the 2026 Notes. The 2026 Notes are listed on the New York Stock Exchange under the symbol “HTFB”.

2027 Notes

On June 15, 2022, we issued and sold an aggregate principal amount of $50.0 million of 6.25% notes due in 2027 and on July 11, 2022, pursuant to the underwriters’ 30 day option to purchase additional notes, we sold an additional $7.5 million of such notes (collectively, the “2027 Notes”). The 2027 Notes have a stated maturity of June 15, 2027 and may be redeemed in whole or in part at our option at any time or from time to time on or after June 15, 2024 at a redemption price of $25 per security plus accrued and unpaid interest. The 2027 Notes bear interest at a rate of 6.25% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2022. The 2027 Notes are our direct unsecured obligations and (i) rank equally in right of payment with our current and future unsecured indebtedness; (ii) are senior in right of payment to any of our future indebtedness that expressly provides it is subordinated to the 2027 Notes; (iii) are effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness, and (iv) are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries. As of September 30, 2025, we were in material compliance with the terms of the 2027 Notes. The 2027 Notes are listed on the New York Stock Exchange under the symbol “HTFC”.

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Convertible Notes

2031 Convertible Notes

On October 17, 2024, we entered into the 2031 Note Purchase Agreement, by and among us and each purchaser named therein, in connection with the issuance and sale of $20.0 million aggregate principal of our 7.125% 2031 Convertible Notes in a transaction exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. We received net proceeds (before expenses) from the sale of the 2031 Convertible Notes of approximately $18.6 million.

The 2031 Convertible Notes mature on October 17, 2031, unless earlier converted or repurchased in accordance with their terms. The 2031 Convertible Notes bear interest at a rate of 7.125% per year, subject to additional interest or repurchase obligation upon certain events, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on December 31, 2024. If an investment grade rating is not maintained with respect to the 2031 Convertible Notes, additional interest of 1.00% per annum will accrue on the 2031 Convertible Notes until such time as the 2031 Convertible Notes have received an investment grade rating of “BBB-” (or its equivalent) or better. We will also be required to pay additional interest of 2.00% per annum (x) on any overdue payment of interest and (y) during the continuance of an Event of Default (as defined in the 2031 Note Purchase Agreement). In addition, on the occurrence of a Change in Control Repurchase Event (as defined in the 2031 Note Purchase Agreement) or Delisting Event (as defined in the 2031 Note Purchase Agreement), we will generally be required to make an offer to purchase the outstanding 2031 Convertible Notes at a price equal to 100% of the principal amount of such 2031 Convertible Notes plus accrued and unpaid interest to the repurchase date.

At any time on or after April 17, 2025, at our sole option, we may redeem, from time to time, the 2031 Convertible Notes in whole or in part, out of funds legally available for such redemption, at 100% of the principal amount prepaid plus accrued but unpaid interest to but excluding the date of prepayment.

Each holder of a 2031 Convertible Note has the right, at such holder’s option, to convert any such 2031 Convertible Note, at any time on or after April 17, 2025 and prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of common stock of the Company equal to the principal balance of the 2031 Convertible Note being converted on the conversion date plus the accrued but unpaid interest on the 2031 Convertible Note as of the conversion date, divided by the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) our most recently reported NAV per share immediately prior to the date of exercise.

No holder of 2031 Convertible Notes may exercise its conversion right if upon conversion the holder would receive shares that would cause funds and accounts managed by the investment adviser to such funds and accounts and any person controlled by the parent company of such investment adviser to beneficially own in the aggregate more than 4.99% of the shares outstanding at such time.

The 2031 Convertible Notes are not listed on any exchange and may not be transferred without our consent.

During the three and nine months ended September 30, 2025, the holders of a portion of the 2031 Convertible Notes converted $4.8 million and $17.3 million, respectively in outstanding principal of the 2031 Convertible Notes plus accrued but unpaid interest on such outstanding principal as of the conversion date into 643,043 and 2,264,546 shares of common, respectively, stock at a weighted average conversion price of $7.43 and $7.69, respectively, together with cash in lieu of fractional shares, in accordance with noteholder conversion notice.

As of September 30, 2025 and December 31, 2024, the aggregate outstanding principal balance of the 2031 Convertible Notes was $2.8 million and $20.0 million, respectively.

2030 Convertible Notes

On September 4, 2025, we entered into the 2030 Note Purchase Agreement, by and among us and each purchaser named therein, in connection with the issuance and sale of $40.0 million aggregate principal of our 5.50% 2030 Convertible Notes. We received net proceeds (before expenses) from the sale of the 2030 Convertible Notes of approximately $36.6 million.

The 2030 Convertible Notes mature on September 4, 2030, unless earlier converted or repurchased in accordance with their terms. The 2030 Convertible Notes bear interest at a rate of 5.50% per year, payable monthly in arrears on the last day of each calendar month, beginning on September 30, 2025.

At any time on or after October 4, 2025, at our sole option, we may redeem, from time to time, the 2030 Convertible Notes in whole or in part, out of funds legally available for such redemption, at 100% of the principal amount prepaid plus accrued but unpaid interest to but excluding the date of prepayment.

Each holder of a 2030 Convertible Note has the right, at such holder’s option, to convert any such 2030 Convertible Note, at any time on or after October 4, 2025 and prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of common stock of the Company equal to the principal balance of the 2030 Convertible Note being converted on the conversion date plus the accrued but unpaid interest on the 2030 Convertible Note as of the conversion date, divided by the greater of (i) volume-weighted average closing sale price for the five trading days immediately prior to the relevant conversion date, or (ii) our most recently reported NAV per share immediately prior to the date of exercise.

No holder of 2030 Convertible Notes may exercise its conversion right if upon conversion the holder would receive shares that would cause funds and accounts managed by the investment adviser to such funds and accounts and any person controlled by the parent company of such investment adviser to beneficially own in the aggregate more than 4.99% of the shares outstanding at such time.

The 2030 Convertible Notes are not listed on any exchange and may not be transferred without our consent.

As of September 30, 2025, the aggregate outstanding principal balance of the 2030 Convertible Notes was $40.0 million. The 2030 Convertible Notes were not outstanding as of December 31, 2024.

Other assets

As of September 30, 2025 and December 31, 2024, other assets were $8.9 million and $6.5 million, respectively, which were primarily comprised of debt issuance costs and prepaid expenses.

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Contractual obligations and off-balance sheet arrangements

The following table shows our significant contractual payment obligations and off-balance sheet arrangements as of September 30, 2025:

|  | Payments due by period |
|  |  |  |  |  | Less than |  |  | 1 – 3 |  |  | 3 – 5 |  |  | After 5 |
|  | Total |  |  | 1 year |  |  | Years |  |  | Years |  |  | years |
|  | (In thousands) |
Borrowings |  | $ | 428,750 |  |  | $ | 111,804 |  |  | $ | 195,203 |  |  | $ | 118,993 |  |  | $ | 2,750 |
Unfunded commitments |  |  | 109,000 |  |  |  | 74,500 |  |  |  | 34,500 |  |  |  | — |  |  |  | — |
Incentive fee deferral |  |  | 27,402 |  |  |  | 4,376 |  |  |  | 23,026 |  |  |  | — |  |  |  | — |
Total |  | $ | 565,152 |  |  | $ | 190,680 |  |  | $ | 252,729 |  |  | $ | 118,993 |  |  | $ | 2,750 |

In the normal course of business, we are party to financial instruments with off-balance sheet risk. These consist primarily of unfunded commitments to extend credit, in the form of loans, to our portfolio companies. Unfunded commitments to provide funds to portfolio companies are not reflected on our balance sheet. Our unfunded commitments may be significant from time to time. As of September 30, 2025, we had unfunded commitments of $109.0 million. There are no undrawn revolver commitments. These commitments are subject to the same underwriting and ongoing portfolio maintenance requirements as are the financial instruments that we hold on our balance sheet. In addition, these commitments are often subject to financial or non-financial milestones and other conditions to borrowing that must be achieved before the commitment can be drawn. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. We regularly monitor our unfunded commitments and anticipated refinancings, maturities and capital raising, to ensure that we have sufficient liquidity to fund unfunded commitments. As of September 30, 2025, we reasonably believed that our assets would provide adequate financial resources to satisfy all of our unfunded commitments.

In addition to the Credit Facilities, we have certain commitments pursuant to our Investment Management Agreement entered into with our Advisor. We have agreed to pay a fee for investment advisory and management services consisting of two components (1) a base management fee equal to a percentage of the value of our gross assets less cash or cash equivalents, and (2) a two-part incentive fee. We have also entered into a contract with our Advisor to serve as our administrator. Payments under the Administration Agreement are equal to an amount based upon our allocable portion of our Advisor’s overhead in performing its obligations under the agreement, including rent, fees and other expenses inclusive of our allocable portion of the compensation of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. See Note 3 to our consolidated financial statements for additional information regarding our Investment Management Agreement and our Administration Agreement.

The incentive fee on Pre-Incentive Fee Net Investment Income is subject to a fee cap and deferral mechanism which is determined based upon a look-back period of up to three years and is expensed when incurred. For this purpose, the Incentive Fee Look-back Period includes the relevant calendar quarter and the 11 preceding full calendar quarters. Each quarterly incentive fee payable on Pre-Incentive Fee Net Investment Income is subject to the Incentive Fee Cap and Deferral Mechanism. The Incentive Fee Cap is equal to (a) 20.00% of Cumulative Pre-Incentive Fee Net Return during the Incentive Fee Look-back Period less (b) cumulative incentive fees of any kind paid to our Advisor during the Incentive Fee Look-back Period. To the extent the Incentive Fee Cap is zero or a negative value in any calendar quarter, we will not pay an incentive fee on Pre-Incentive Fee Net Investment Income to our Advisor in that quarter. To the extent that the payment of incentive fees on Pre-Incentive Fee Net Investment Income is limited by the Incentive Fee Cap, the payment of such fees will be deferred and paid in subsequent calendar quarters up to three years after their date of deferment, subject to certain limitations, which are set forth in the Investment Management Agreement. During the three months ended September 30, 2025 and 2024, the Incentive Fee Cap and Deferral Mechanism resulted in deferral of $2.8 million and $2.4 million, respectively, of incentive fee which may become subject to payment up to three years after the date of deferment. During the nine months ended September 30, 2025 and 2024, the Incentive Fee Cap and Deferral Mechanism resulted in deferral of $7.2 million of incentive fee which may become subject to payment up to three years after the date of deferment. As of September 30, 2025 and December 31, 2024, the total amount subject to recoupment was $27.4 million and $20.2 million, respectively. Our Advisor agreed to waive the portion of its quarterly income incentive fee, if any, if and to the extent that, after payment of such portion, our net investment income per share for such quarter would be less than the quarterly distribution per share declared in such quarter. The income incentive fee waiver is effective commencing with the quarter ending March 31, 2025 and terminates with the quarter ending December 31, 2025. During the three and nine months ended September 30, 2025, our Advisor did not earn an income incentive fee.

Distributions

In order to qualify and be subject to tax as a RIC, we must meet certain source-of-income, asset diversification and annual distribution requirements. Generally, in order to qualify as a RIC, we must derive at least 90% of our gross income for each tax year from dividends, interest, payments with respect to certain securities, loans, gains from the sale or other disposition of stock, securities or foreign currencies, income derived from certain publicly traded partnerships, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to our business of investing in stock, securities or currencies. We must also meet certain asset diversification requirements at the end of each quarter of each tax year. Failure to meet these diversification requirements on the last day of a quarter may result in us having to dispose of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous prices or times, and may cause us to incur substantial losses.

In addition, in order to be subject to tax as a RIC and to avoid the imposition of corporate-level tax on the income and gains we distribute to our stockholders in respect of any tax year, we are required under the Code to distribute as dividends to our stockholders out of assets legally available for distribution each tax year an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any. Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our stockholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal corporate-level income tax. If we fail to qualify as a RIC for any reason and become subject to corporate-level income tax, the resulting corporate-level income taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our stockholders. In addition, we could be required to recognize unrealized gains, incur substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC. We cannot assure stockholders that they will receive any distributions.

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To the extent our taxable earnings in a tax year fall below the total amount of our distributions made to stockholders in respect of such tax year, a portion of those distributions may be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. Stockholders should review any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan, or DRIP, for our common stockholders. As a result, if we declare a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, net of applicable withholding taxes, unless a stockholder specifically “opts out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes, stockholders participating in our DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes. If our common stock is trading above NAV, a stockholder receiving distributions in the form of additional shares of our common stock will be treated as receiving a distribution of an amount equal to the fair market value of such shares of our common stock. We may use newly issued shares to implement the DRIP, or we may purchase shares in the open market in connection with our obligations under the DRIP.

Related party transactions

We have entered into the Investment Management Agreement with our Advisor. Our Advisor is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Our investment activities are managed by our Advisor and supervised by our Board, the majority of whom are independent directors. Under the Investment Management Agreement, we have agreed to pay our Advisor a base management fee as well as an incentive fee. During the three months ended September 30, 2025 and 2024, our Advisor earned $2.7 million and $3.0 million pursuant to the Investment Management Agreement. During the nine months ended September 30, 2025 and 2024, our Advisor earned $8.9 million and $9.5 million, respectively, pursuant to the Investment Management Agreement.

On March 31, 2025, Monroe closed a transaction pursuant to which Momentum US Bidco LLC, an affiliate of Wendel SE, acquired 75% of the outstanding equity interests of Monroe Capital Intermediate Holdings, LLC, the indirect parent company of the Advisor, and certain other affiliates of Monroe (or the “Transaction”). The closing of the Transaction resulted in a change in control of the Advisor (the “Advisor Change in Control”). The Advisor Change in Control did not substantially or adversely affect us.

We have also entered into the Administration Agreement with our Advisor. Under the Administration Agreement, we have agreed to reimburse our Advisor for our allocable portion of overhead and other expenses incurred by our Advisor in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. In addition, pursuant to the terms of the Administration Agreement our Advisor provides us with the office facilities and administrative services necessary to conduct our day-to-day operations. During the three months ended September 30, 2025 and 2024, our Advisor earned $0.4 million pursuant to the Administration Agreement. During the nine months ended September 30, 2025 and 2024, our Advisor earned $1.2 million and $1.3 million, respectively, pursuant to the Administration Agreement.

Our Advisor has granted us a non-exclusive, royalty-free license to use the service mark “Horizon Technology Finance.”

We believe that we derive substantial benefits from our relationship with our Advisor. Our Advisor and its affiliates may manage other investment vehicles with similar or overlapping investment strategies as us. Our Advisor may provide us with an opportunity to co-invest with other investment vehicles managed by our Advisor, Monroe and/or their affiliates. Under the 1940 Act, absent receipt of exemptive relief from the SEC, we and our affiliates are precluded from co-investing in negotiated investments with other funds and accounts sponsored or managed by our Advisor, Monroe and their affiliates. Since June 30, 2023, we and our Advisor have relied on exemptive relief from the SEC granted to certain affiliates of Monroe on October 15, 2014, as amended on January 10, 2023. The exemptive relief affords our Advisor greater flexibility to negotiate the terms of co-investments if our Board determines that it would be advantageous for us to co-invest with other accounts sponsored or managed by our Advisor, Monroe or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Critical accounting policies

The discussion of our financial condition and results of operation is based upon our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we describe our significant accounting policies in the notes to our consolidated financial statements.

We have identified the following items as critical accounting policies.

Valuation of investments

Investments are recorded at fair value. Prior to July 30, 2022, our Board determined the fair value of our investments. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, on July 29, 2022, our Board designated our Advisor as the “valuation designee.” Our Board is responsible for oversight of the valuation designee. The valuation designee has established a Valuation Committee to determine in good faith the fair value of our investments, based on input of our Advisor’s management and personnel and independent valuation firms which are engaged at the direction of the Valuation Committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation at least once during a trailing twelve-month period. The Valuation Committee determines fair values pursuant to a valuation policy approved by our Board and pursuant to a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with at least 25% (based on fair value) of our valuation of portfolio companies lacking readily available market quotations subject to review by an independent valuation firm. We apply fair value to substantially all of our investments in accordance with Topic 820, Fair Value Measurement, of the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Codification as amended, or ASC, which establishes a framework used to measure fair value and requires disclosures for fair value measurements. We have categorized our investments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, our own assumptions are set to reflect those that we believe market participants would use in pricing the financial instrument at the measurement date.

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The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The three categories within the hierarchy are as follows:

| Level 1 | Quoted prices in active markets for identical assets and liabilities.

| Level 2 | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active and model-based valuation techniques for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

| Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Income recognition

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. Generally, when a debt investment becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the debt investment is placed on non-accrual status and the recognition of interest income may be discontinued. Interest payments received on non-accrual debt investments may be recognized as income, on a cash basis, or applied to principal depending upon management’s judgment at the time the debt investment is placed on non-accrual status. For the three and nine months ended September 30, 2025, we recognized $0.04 million and $0.3 million, respectively, from debt investments while on non-accrual status. For the three and nine months ended September 30, 2024, we recognized in interest income $0.2 million from debt investments on non-accrual status.

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including advisory fees, commitment fees, amendment fees, non-utilization fees, success fees and prepayment fees. In a limited number of cases, we may also receive a non-refundable deposit earned upon the termination of a transaction. Debt investment origination fees, net of certain direct origination costs, are deferred, and along with unearned income, are amortized as a level yield adjustment over the respective term of the debt investment. All other income is recorded into income when earned. Fees for counterparty debt investment commitments with multiple debt investments are allocated to each debt investment based upon each debt investment’s relative fair value. When a debt investment is placed on non-accrual status, the amortization of the related fees and unearned income is discontinued until the debt investment is returned to accrual status.

Certain debt investment agreements also require the borrower to make an ETP that is accrued into income over the life of the debt investment to the extent such amounts are expected to be collected. We will generally cease accruing the income if there is insufficient value to support the accrual or if we do not expect the borrower to be able to pay the ETP due.

In connection with substantially all lending arrangements, we receive warrants to purchase shares of stock from the borrower. We record the warrants as assets at estimated fair value on the grant date using the Black-Scholes valuation model. We consider the warrants as loan fees and record them as unearned income on the grant date. The unearned income is recognized as interest income over the contractual life of the related debt investment in accordance with our income recognition policy. Subsequent to origination, the warrants are also measured at fair value using the Black-Scholes valuation model. Any adjustment to fair value is recorded through earnings as net unrealized gain or loss on investments. Gains and losses from the disposition of the warrants or stock acquired from the exercise of warrants are recognized as realized gains and losses on investments.

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Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. We measure realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of our portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Income taxes

We have elected to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC and to avoid the imposition of corporate-level U.S. federal income tax on the amounts we distribute to our stockholders, among other things, we are required to meet certain source of income and asset diversification requirements, and we must timely distribute dividends to our stockholders out of assets legally available for distribution each tax year of an amount generally equal to at least 90% of our investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid. We, among other things, have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from incurring any material liability for U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next tax year and incur a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions, we will accrue excise tax, if any, on estimated excess taxable income as taxable income is earned.

We evaluate tax positions taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes, as modified by ASC Topic 946, Financial Services — Investment Companies. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, are recorded as a tax expense in the current year. It is our policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. We had no material uncertain tax positions at September 30, 2025 and December 31, 2024.

Recent developments

On October 1, 2025, we funded a $10.0 million debt investment to a new portfolio company, Apkudo, Inc.

On October 6, 2025, the holders of a portion of the 2030 Convertible Notes converted $0.3 million in outstanding principal of the 2030 Convertible Notes plus accrued but unpaid interest on such outstanding principal as of the conversion date into 37,070 shares of common stock at a conversion price of $6.75 per share, together with cash in lieu of fractional shares.

On October 8, 2025, Hound Labs, Inc. ("Old Hound") sold substantially all of its assets to Hound Labs II, LLC ("New Hound") and New Hound assumed certain liabilities of Old Hound, including, without limitation, the liabilities of Old Hound to us. Immediately after such transactions, we and New Hound entered into an agreement whereby we exchanged $9.6 million of debt owed to us by Old Hound for 19.1% of the equity in New Hound. After such conversion, the aggregate principal amount of our debt investment in New Hound is $6.6 million.

On October 14, 2025, Hometeam Technologies, Inc. sold one of its business units and partially repaid $0.9 million of our debt investment.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. During the periods covered by our financial statements, the interest rates on the debt investments within our portfolio were primarily at floating rates. We expect that our debt investments in the future will primarily have floating interest rates. As of September 30, 2025 and December 31, 2024, 100% and 99%, respectively, of the outstanding principal amount of our debt investments bore interest at floating rates. Contractual interest rates on our commitments to lend to our portfolio companies are typically based on the Prime Rate as published in the Wall Street Journal.

Based on our September 30, 2025 consolidated statement of assets and liabilities (without adjustment for potential changes in the credit market, credit quality, size and composition of assets on the consolidated statement of assets and liabilities or other business developments that could affect net income) and the base index rates at September 30, 2025, the following table shows the annual impact on the change in net assets resulting from operations of changes in interest rates, which assumes no changes in our investments and borrowings:

|  | Investment |  |  | Interest |  |  | Change in Net |
Change in basis points |  | Income |  |  | Expense |  |  | Assets(1) |
|  | (In thousands) |
Up 300 basis points |  | $ | 14,492 |  |  | $ | — |  |  | $ | 14,492 |
Up 200 basis points |  | $ | 9,033 |  |  | $ | — |  |  | $ | 9,033 |
Up 100 basis points |  | $ | 3,697 |  |  | $ | — |  |  | $ | 3,697 |
Down 300 basis points |  | $ | (2,828 | ) |  | $ | — |  |  | $ | (2,828 | )
Down 200 basis points |  | $ | (2,101 | ) |  | $ | — |  |  | $ | (2,101 | )
Down 100 basis points |  | $ | (1,207 | ) |  | $ | — |  |  | $ | (1,207 | )

(1) | Excludes the impact of incentive fees based on Pre-Incentive Fee Net Investment Income.

While our 2027 Notes, our 2026 Notes, our 2031 Convertible Notes and our 2030 Convertible Notes bear interest at a fixed rate, our Credit Facilities have floating interest rate provisions. The Key Facility is subject to an interest rate floor of 0.10% per annum, based on a prime rate index which resets monthly. The interest payable on the NYL Facility is based on the Three Year I Curve rate plus a margin of 2.95% with an interest rate floor and resets on any advance date. The interest payable on the Nuveen Facility is based on the United States Treasury constant maturity 3-year and 5-year rates plus a margin of 2.95% with an interest rate floor and resets on any advance date. Any other credit facilities into which we enter in the future may have floating interest rate provisions. We have used hedging instruments in the past to protect us against interest rate fluctuations, and we may use them in the future. Such instruments may include caps, swaps, futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates. Engaging in commodity interest transactions such as swap transactions or futures contracts on our behalf may cause our Advisor to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”), and related Commodity Futures Trading Commission (the “CFTC”), regulations. On January 31, 2020, our Advisor claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of us and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of us.

Because we currently fund, and expect to continue to fund, our investments with borrowings, our net income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net income. In periods of elevated interest rates, our cost of funds could increase, which would reduce our net investment income.

Inflation, Market Volatility and Supply Chain Risk

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation accelerated in the United States and globally before falling to lower levels at the end of 2023. Inflation may revive in the near to medium-term, particularly in the United States, with the advent of significant trade tariffs at the federal level, and monetary policy may tighten in response. Persistent inflationary pressures, foreign currency exchange volatility, volatility in global capital markets and concerns over actual and potential tariffs and sanctions could affect our portfolio companies’ profit margins.

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures

As of September 30, 2025, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15(e) under the Exchange Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

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(b) Changes in internal controls over financial reporting.

There have been no material changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) during our most recently completed fiscal quarter, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

Item 1: Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A: Risk Factors.

In addition to other information set forth in this quarterly report on Form 10-Q, you should carefully consider the factors set forth in “Item 1A Risk Factors” in our annual report on Form 10‑K for the year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2025 to the risk factors set forth in “Item 1A. Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024, except as set forth below.

Risks Relating to the Merger

On August 7, 2025, we entered into the Merger Agreement with MRCC, Merger Sub, MC Advisors, and the Advisor. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale and at the Effective Time, the Mergers will occur. Both MRCC and our boards of directors, including each of the respective independent directors (in each case, on the recommendation of a special committee of each such board comprised solely of certain independent directors of the applicable board) have approved the Merger Agreement and the transactions contemplated thereby.

On August 7, 2025, MRCC also entered into the Asset Purchase Agreement with MCIP, and MC Advisors, pursuant to which, subject to the satisfaction or waiver of the closing conditions set forth in the Asset Purchase Agreement, on the Closing Date, MCIP will complete the Asset Sale. Under the Asset Purchase Agreement, the Asset Sale is contingent upon, and will become effective immediately prior to the effectiveness of, the Mergers.

The termination of the Merger Agreement and/or Asset Purchase Agreement could negatively impact us.

If the Merger Agreement and/or Asset Purchase Agreement are terminated, we may suffer adverse consequences, including:

| ● | our business may be adversely impacted due to the opportunity cost of pursuing the transaction rather than other beneficial opportunities due to the focus of management on the Transactions;

| ● | we would not realize any of the anticipated benefits of the Transactions;

| ● | the market price of our common stock may decline, including to the extent that the market price prior to termination reflects perceived synergies and strategic advantages in the Transactions as well as market assumptions that the Transactions will close as contemplated; and

| ● | we may not be able to find another party willing and able to undertake a similar transaction that would provide the same potential advantages to us.

The Transactions are subject to customary closing conditions, including stockholder approvals. If such conditions are not satisfied or waived, the Transactions will not close, which may result in material adverse consequences to our business, operations and business prospects.

The Transactions are subject to customary closing conditions, including certain approvals of our and MRCC’s respective stockholders. If such conditions are not satisfied, the Transactions will not close. We currently expect that all of our directors and executive officers will vote their shares of our common stock in favor of the proposals to be presented at our special meeting of stockholders. If our stockholders do not approve the Merger, and the Transactions are not completed, the resulting failure of the Transactions could have a material adverse impact on our business, operations and business prospects.

The closing condition that our stockholders approve the issuance of the shares of our common stock pursuant to the Merger Agreement (the “Merger Stock Issuance Proposal”) at our special meeting of stockholders as described in the Merger Agreement may not be waived under applicable law and must be satisfied for the Merger to be completed. If the stockholders of MRCC do not approve the Merger and the Transactions are not completed, the resulting failure of the Transactions could have a material adverse impact on our business, operations and business prospects. In addition to the required approvals of our, MCIP and MRCC’s stockholders, the Transactions are subject to a number of other conditions beyond our control or the control of MCIP and MRCC. These conditions may prevent, delay or otherwise materially adversely affect Transactions from being completed. None of MCIP, MRCC or the Company can predict whether and when these other conditions will be satisfied.

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If the Transactions do not close, we will not benefit from the expenses incurred in their pursuit.

The Transactions may not be completed. If the Transactions are not completed, we will have incurred substantial expenses for which no ultimate benefit will be received. We have incurred and will incur substantial out-of-pocket expenses in connection with the Transactions for investment banking, legal and accounting fees, financial printing and other Transaction-related expenses, much of which will be incurred even if the Transactions are not completed.

Because the market price of our common stock will fluctuate, our stockholders and the stockholders of MRCC cannot be sure of the market value of the amount of Merger Consideration to be paid to MRCC’s stockholders until the closing of the Merger.

At the effective time of the Merger, each share of MRCC common stock issued and outstanding immediately prior to such time (other than shares owned by us or any of our consolidated subsidiaries) will be converted into the right to receive a number of shares of our common stock equal to an exchange ratio to be determined not more than 48 hours prior to the effective time, plus cash (without interest) in lieu of fractional shares. For illustrative purposes, based on June 30, 2025 net asset values of MRCC and us, and including Transaction-related costs and other tax-related distributions, we would issue approximately 24.6 million shares of our common stock in the aggregate pursuant to the Merger Agreement and based on the number of shares of MRCC common stock outstanding as of that date, resulting in pro forma ownership of the Company of 63.1% for our current stockholders and 36.9% for MRCC’s current stockholders.

The market value of the shares of our common stock to be received by MRCC’s stockholders (together with cash received by MRCC’s common stockholders in lieu of fractional shares, the “Merger Consideration”) may vary from our common stock’s closing price on the date the Merger was announced, on the date of the filing of this current report, on the date our joint proxy statement/prospectus is mailed to our stockholders, on the date of our special meeting of stockholders or the date of MRCC’s special meeting of stockholders and on the date the Merger is completed and thereafter. Any change in the market price of our common stock prior to completion of the Merger will affect the market value of the Merger Consideration that MRCC’s stockholders will receive upon completion of the Merger.

Accordingly, at the time of our special meeting of stockholders, our stockholders and MRCC’s stockholders will not know or be able to calculate the amount of Merger Consideration they would receive upon completion of the Merger. Under the terms of the Merger Agreement, we and MRCC are not permitted to terminate the Merger Agreement or to resolicit the vote of their respective stockholders solely because of changes in the market price of shares of our common stock after our special meeting of stockholders.

The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance.

These factors include:

| ● | significant volatility in the market price and trading volume of securities of business development companies or other companies in our sector, which are not necessarily related to the operating performance of the companies;

| ● | changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and business development companies;

| ● | loss of our qualification as a RIC or business development company;

| ● | changes in market interest rates and decline in the prices of debt;

| ● | changes in earnings or variations in operating results;

| ● | changes in the value of our portfolio investments;

| ● | changes in accounting guidelines governing valuation of our investments;

| ● | any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

| ● | departure of key personnel of the investment adviser for our or any of our affiliates’ key personnel;

| ● | operating performance of companies comparable to us;

| ● | general economic trends and other external factors; and

| ● | loss of a major funding source.

If the Transactions close as contemplated, we will receive a substantial amount of cash, as net proceeds, that we must then deploy, and you may not agree with the way we allocate the net proceeds from the Transactions.

Upon the closing of the Transactions, based upon net asset values of our and MRCC’s shares as of June 30, 2025, we expect to receive approximately $165 million in cash proceeds. To deploy that cash, we must identify and invest in loans and other assets consistent with our investment strategy. Depending on market conditions, it may be difficult to identify a sufficient number of investments compatible with our strategy at pricing that generates attractive returns to the stockholders of the combined company. Our ability to identify suitable investments will depend on conditions in the market for loans immediately after the closing of the Transactions, and any disruption in the lending market at that time could require that we delay our investments or make investments on less favorable terms than we would typically require. We may also invest in companies with which you may not agree. If we are unable to make appropriate, attractive investments, our returns will diminish as we hold cash or cash equivalents that generate returns lower than returns we typically earn on our debt investments until such time as we can invest the net proceeds of the Transactions in debt investments.

We could have indemnification obligations to our directors or officers and MRCC’s directors or officers.

Under the terms of the Merger Agreement, we have agreed to indemnify our directors and officers and MRCC’s directors or officer who may become the subject of claims based on the fact that such person is or was our director or officer or MRCC’s director or officer and pertaining to actions occurring at or prior to the effective time of the Merger. Uncertainty with respect to the outcome of these obligations could have a material adverse impact on us and the surviving company following the consummation of the Transactions.

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The Merger Agreement and Asset Purchase Agreement limit our ability to pursue alternatives to the Transactions.

The Merger Agreement and Asset Purchase Agreement contain provisions that limit our ability to discuss, facilitate or commit to alternative third-party proposals to enter into a business combination or other similar control transaction. These provisions, which are customary for transactions of this type and include an aggregate of $10.8 million in termination fees payable by a third-party acquiror under certain circumstances, may discourage an interested party that might have an interest in combining with us from considering or proposing such a transaction even if it were prepared to value such a combination more highly than the amounts agreed in the Merger.

We and MRCC are subject to operational uncertainties and contractual restrictions while the Transactions are pending.

Uncertainties about the impact of the Transactions may have an adverse effect on us and on MRCC and, consequently, on the combined company following completion of the Merger. These uncertainties may cause those that deal with us and MRCC to change their existing business relationships with us and MRCC. In addition, the Merger Agreement contains representations, warranties and covenants, including covenants relating to the operation of each of MRCC’s business and our business during the period prior to the closing of the Merger. These provisions may restrict us and MRCC from taking actions that we might otherwise consider to be in our best interests. Also, these restrictions may prevent us and MRCC from pursuing certain business opportunities that may arise prior to the completion of the Transactions.

We, MRCC and MCIP may waive one or more conditions to the Transactions without resoliciting stockholder approval.

Certain conditions to our, MRCC’s and MCIP’s obligations to complete the Transactions may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by the agreement of us and MRCC or MRCC and MCIP, as applicable. In the event that any such waiver does not require any re-solicitation of stockholders, the parties to the Merger Agreement and Asset Purchase Agreement will have the discretion to complete the Transactions without seeking further stockholder approval. However, the conditions requiring the approval of the Transactions by our stockholders cannot be waived.

The market price of our common stock after the Merger will be affected by factors different from those affecting our common stock price prior to our signing the Merger Agreement.

Our existing business after the Merger closes will be impacted by the increase in cash and outstanding shares of our stock as a result of the Merger. Accordingly, the results of operations of the combined company, and the market price of our common stock after the Merger, may be affected by factors different from those currently affecting our independent operations. Accordingly, the historical trading prices and financial results of MRCC may not be indicative of these matters for the combined company following the Merger.

We may not replicate our historical performance, or the historical success of MRCC.

Following the consummation of the Transactions, we cannot provide any assurance that we will replicate our own historical performance, the historical success of MRCC or the historical performance of other companies advised by HTFM and MC Advisors in the past. Accordingly, our investment returns could be substantially lower than the returns achieved by us in the past, by MRCC, or by such other funds managed by HTFM or MC Advisors.

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Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3: Defaults Upon Senior Securities

None.

Item 4: Mine Safety Disclosures

Not applicable

Item 5: Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

Item 6: Exhibits

EXHIBIT INDEX

Exhibit No. |  | Description
2.1 |  | Agreement and Plan of Merger, by and among the Company, HMMS, Inc., Monroe Capital Corporation, Monroe Capital BDC Advisors, LLC and Horizon Technology Finance Management LLC, dated as of August 7, 2025. (Incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K, filed on August 8, 2025)
10.1 |  | Note Purchase Agreement, dated as of September 4, 2025, by and among the Company and the Purchasers (Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on September 5, 2025)
31.1* |  | Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a‑14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended
31.2* |  | Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a‑14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended
32.1* |  | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended
32.2* |  | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended
101.INS |  | Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Quarterly Report on Form 10‑Q to be signed on its behalf by the undersigned, thereunto duly authorized.

| HORIZON TECHNOLOGY FINANCE CORPORATION
Date: October 28, 2025 | By: | /s/ Michael P. Balkin
| Name: | Michael P. Balkin
| Title: | Chief Executive Officer
Date: October 28, 2025 | By: | /s/ Daniel R. Trolio
| Name: | Daniel R. Trolio
| Title: | Chief Financial Officer

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