Horizon Technology Finance Q3 2025 Earnings Report

Horizon Technology Finance EPS Results

• Actual EPS: $0.31
• Consensus EPS: $0.28
• Beat/Miss: Beat by +$0.03
• One Year Ago EPS: N/A

Horizon Technology Finance Revenue Results

• Actual Revenue: $26.32 million
• Expected Revenue: $22.99 million
• Beat/Miss: Beat by +$3.33 million
• YoY Revenue Growth: N/A

Horizon Technology Finance Announcement Details

• Quarter: Q3 2025
• Date: 10/28/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, October 29, 2025
• Conference Call Time: 9:00AM ET

Horizon Technology Finance (NASDAQ:HRZN) is a specialty finance company organized as a business development company (BDC) that provides private credit solutions to venture capital and private equity-backed technology, life science and healthcare companies. The firm targets companies at various stages of development, offering secured debt financing structures such as first‐lien and second‐lien loans, as well as equity co‐investment opportunities in select portfolio companies.

Horizon Technology Finance’s investment strategy emphasizes deployment of capital in U.S.‐based enterprises with proven technology, strong management teams and clear paths to growth. The company typically partners with established venture investors to structure financings that support research and development, product commercialization and working capital needs. Its product suite includes senior secured loans, revenue‐based financing and other bespoke credit solutions designed to complement traditional equity financing rounds.

Headquartered in Irvine, California, Horizon Technology Finance was formed in May 2006 and commenced operations in June 2007. Since its inception, the firm has cultivated relationships with a network of venture firms and strategic investors across North America, enabling it to source and underwrite differentiated investment opportunities in high-growth sectors. As a BDC, Horizon Technology Finance adheres to regulatory standards intended to provide transparency and liquidity to its investors while striving to deliver attractive risk‐adjusted returns through its targeted financing activities.

Horizon Technology Finance Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Planned merger with Monroe Capital: Horizon announced a NAV‑for‑NAV share exchange with Monroe (now expected to close in early 2026 due to the federal shutdown) that management says will materially increase AUM and provide Monroe support to originate larger venture loans.
• Positive Sentiment: Q3 operating results: the company reported net investment income of $0.32 per share, a quarter‑over‑quarter NAV increase of 5% to $7.12, and the board declared monthly distributions of $0.11 per share through March 2026.
• Neutral Sentiment: High portfolio yields but with caveats: management highlighted a debt portfolio yield of 18.6% and onboarding yields near 12.2%, while noting a historical normalized yield closer to 14.5–15% and that prepayments/one‑time items have influenced current figures.
• Positive Sentiment: Balance sheet and funding actions strengthened liquidity: Horizon raised $40 million of 5.5% convertible notes, sold ~$10 million via its ATM, retired higher‑cost asset‑backed notes, and ended the quarter with $151 million of available liquidity and ~ $460 million potential new investment capacity (net leverage 0.94x).
• Negative Sentiment: Year‑over‑year NAV remains depressed: despite the quarterly uptick, NAV is down materially from $9.06 on Sept 30, 2024 to $7.12, indicating the company has yet to recover to prior‑year book value.

Presentation

[Operator]

Ladies and gentlemen, greetings and welcome to the Horizon Technology Finance Corporation third quarter earnings conference call. At this time, all participants are in the listen-only mode. A brief question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please signal the operator by pressing star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host for today, Megan Bacon. Please go ahead.

[Megan Bacon, Director of Investor Relations and Marketing at Horizon Technology Finance Corporation]

Thank you and welcome to Horizon Technology Finance Corporation third quarter 2025 conference call. Representing the Company today are Mike Balkin, Chief Executive Officer, Paul Seitz, Chief Investment Officer, and Dan Trolio, Chief Financial Officer. I would like to point out that the Q3 earnings press release and Form 10-Q are available on the Company's website at horizontechfinance.com. Before we begin our formal remarks, I need to remind everyone that during this conference call the Company will make certain forward-looking statements, including statements with regard to the future performance of the Company. Words such as believes, expects, anticipates, intends, or similar expressions are used to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.

[Megan Bacon, Director of Investor Relations and Marketing at Horizon Technology Finance Corporation]

Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements, and some of these factors are detailed in the risk factor discussion in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31st, 2024. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. At this time I would like to turn the call over to Mike Balkin.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

Thanks Megan and welcome everyone and thank you for your interest in Horizon. Today we will update you on our quarterly performance in the current operating environment. Paul Seitz will take us through recent business and portfolio developments as well as the current status of the venture lending market and Dan Trolio will detail our operating performance and financial condition. We will then take questions. It has been a very active several months since I assumed the CEO role in June. I spent countless hours with our team together thinking about the next chapter of Horizon and how best to expand the Horizon platform moving forward. The first part of that strategy came to fruition when we announced in August that MRCC and HRZN will be merging in a NAV for NAV share exchange, subject to shareholder approval and customary closing conditions.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

The merger is progressing, but due to the federal government shutdown, we now expect to complete it in early 2026. Upon closing, Horizon will significantly increase their assets under management, while MRCC shareholders will have the opportunity to participate in what we expect to be a rapidly growing BDC that will be able to take advantage of greater economies of scale in the combined vehicle. Importantly, Monroe Capital, which is the parent company of Horizon Technology Finance Management, will provide additional and ongoing support to the post-merger company. As a result, you will see a much more coordinated and synergistic effort in 2026 as we expect to take significant advantage of having such a premier asset manager and expert private credit lender providing us with stalwart backing.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

To that end, we added several new originators in the third quarter who are hitting the ground running with our reinforced team. Combined with Monroe's support, we expect to compete to originate larger venture loans to top early stage and late stage cutting edge companies and return to the growth trajectory that we've historically experienced. I could not be more excited for Horizon's future and while there is still plenty of work to be done, we have the right team in place to bring the Horizon platform to the next level. Turning to our specific results for the quarter, we generated net investment income of $0.32 per share.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

As we look to grow our portfolio in future quarters, it remains our goal to deliver NII at or above our declared distributions over time, thanks in part to our accretive acquisition of venture debt portfolio of a former co-lender as well as achieving favorable outcomes with two of our challenged portfolio companies. Our NAV per share grew 5% to $7.12. Based on our outlook and our undistributed spillover income, our board declared regular monthly distributions of $0.11 per share through March 2026. Once again, we achieved a portfolio yield on debt investments at or near the top of the BDC industry. We also further strengthened our balance sheet in the quarter by accretively raising equity from our at-the-market program and successfully raised $40 million through the issuance of our 5.5% unsecured convertible debt offering due 2030 and through our more active relationship with Monroe Capital.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

Our pipeline of larger potential venture debt transactions is growing while we maintain a solid base of additional opportunities to grow our portfolio over time. Before handing the call over to Paul, we are very excited for the new Horizon's long-term future and believe we have the right building blocks in place to execute. Namely, our portfolio yield remains among the industry's highest, which we expect will lead to increased NII over time. Our liquidity and balance sheet continue to remain strong and will further strengthen post-merger. We maintain a strong committed backlog, a robust pipeline, and we believe with the backing of Monroe Capital that we are in a great position to compete for even larger, higher quality opportunities to invest in new companies. We are already seeing the aperture widening as more private and public companies express interest in our venture lending solutions.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

Finally, the demand for venture debt capital remains high. We look forward to being a key supplier of such capital again. We appreciate your continued interest and support in the Horizon Technology Finance platform. I will now turn the call over to our Chief Investment Officer, Paul Seitz, to give you the details of our third quarter results and progress. Paul.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

Thanks Mike and good morning to everyone. I'm happy to join today's call and look forward to speaking to you all in the quarters to come. It's an exciting time here at Horizon while we continue to work closely with all of our current portfolio companies to optimize returns and create further opportunities for additional value creation. We are very enthusiastic about our future. As Mike mentioned, we believe the combined company will provide us with the size and scale needed to originate larger venture loans to growing public and private small companies. At the end of the quarter, our current portfolio stood at $603 million as the loans we originated and acquired during the quarter were offset by prepayments and amortization in our existing portfolio. In the third quarter, we funded three debt investments totaling $15 million.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

Positively, we are making strong progress on building up our pipeline with larger venture loan opportunities in our target sectors, and we are positioning ourselves well to return to growing our portfolio. Looking ahead to Q4, we expect to grow our portfolio in the quarter driven by our pipeline thus far. In October, we have already funded a $10 million venture loan transaction and have been awarded three new venture loan transactions representing $50 million in total commitments, with much of that total to potentially fund in Q4. That said, we will always be disciplined in our approach to originating loans. During the third quarter, we experienced six loan prepayments totaling $50 million in prepaid principal and also collected over $3 million in equity and warrant proceeds. We currently expect more limited prepayments activity in Q4.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

Our onboarding debt investment yield of 12.2% during the third quarter remained consistent with our historic levels. We expect to continue to generate strong onboarding yields with our current pipeline of opportunities, which we believe will generate strong net investment income over time. Our debt portfolio yield of 18.6% for the quarter was once again one of the highest yielding debt portfolios in the BDC industry. Our ability to generate these industry leading yields continues to be a testament to our venture lending strategy and our execution of such strategy across various market cycles and interest rate environments. As of September 30th, we held warrant equity positions in 95 portfolio companies for the fair value of $40 million. Structuring investments with warrants and equity rights is a key component of our venture debt strategy and a potential generator of shareholder value.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

We ended the third quarter with a committed and approved backlog of $119 million compared to $149 million at the end of the second quarter. We believe our pipeline combined with our committed backlog, with most of our funding commitments subject to companies achieving certain key milestones, provides a solid base to prudently grow our portfolio over time. As of quarter end, 87% of the fair value of our debt portfolio consisted of 3 and 4 rated debt investments, while 13% of the fair value of our portfolio was rated 2 or 1. While we continue to collaborate with all of our portfolio companies to optimize returns, we are pleased in the quarter to achieve two strong outcomes on stress investments, namely Soli and Hound Labs. These have a positive impact on both NII and NAV.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

This is a demonstration of our proven ability to utilize a variety of strategies to seek to optimize returns and create opportunities for potential future value. Turning to the venture capital environment, according to PitchBook, the market is warming up with approximately $81 billion invested in VC-backed companies in the third quarter, driven in significant part by continued large investments in AI. On the positive side, we saw exit markets further open in the third quarter with approximately $75 billion of exit value driven primarily by tech IPOs along with acquisitions by VC-backed companies. The IPO market is once again open and investors clearly are eager to put their money to work in life sciences. While there is optimism, there remain valuation disconnects and compression which is keeping a relative lid on potential IPOs in that sector.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

Meanwhile, on the tech side there is considerable optimism and we are being very thoughtful about taking a deeper dive into the various subsectors, particularly in AI and defense technology, to determine the best path for future investments. Looking ahead, venture debt remains a significant option for companies to access capital as they continue to grow and prepare for exits. This provides opportunity for Horizon to seek high quality, well sponsored tech and life science companies to add to its portfolio. To sum up, as we close out 2025 we are increasingly excited for our long term future. As we prepare to merge with MRCC, our alignment with Monroe is increasing and we are truly beginning to tap into Monroe as an incredible resource, which should significantly benefit us as we target larger venture loan opportunities for both public and private companies.

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

Additionally, we will continue to work diligently on optimizing outcomes with respect to our current portfolio. We are confident that we are taking the right steps to continue to be a leader in the venture lending space. These steps will enable us to originate larger venture loans to high quality, fast growing public and private companies and expand our portfolio over the longer term. This should lead to increased NII over time and ultimately additional value for shareholders. With that, I will now turn the call over to our Chief Financial Officer, Dan Trolio.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Thanks Paul and good morning everyone. Along with the hard work being accomplished to get the merger across the finish line, as well as build up our originations pipeline, we further strengthened our balance sheet during the quarter. As Mike mentioned, we successfully raised $40 million through the issuance of our 5.5% convertible notes due 2030 and used the proceeds to retire our Horizon Funding Trust asset-backed notes which had an interest rate of just over 7.5%. Additionally, we continue to utilize our ATM program to successfully and accretively sell over 1.5 million shares in the quarter, raising an additional $10 million of equity. These actions demonstrate our continued ability to opportunistically access the debt and equity markets. In addition, we continue to diligently work with all of our portfolio companies to optimize outcomes for our investments and improve our credit quality.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

As such, we believe we remain well positioned to grow our portfolio in the coming quarters and create additional value for our shareholders moving forward. As of September 30th, we had $151 million in available liquidity consisting of $130 million in cash and $21 million in funds available to be drawn under our existing credit facilities. We currently have no borrowings outstanding under $150 million KeyBank Credit Facility, $181 million outstanding on our $250 million New York Life Credit Facility and $90 million outstanding on our $200 million Nuveen Credit Facility, leaving us with ample capacity to grow our portfolio of debt investments.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Our debt to equity ratio stood at 1.36-1 as of September 30th and netting out cash on our balance sheet, our net leverage was 0.94-1, below our target leverage based on our cash position and our borrowing capacity on our credit facilities. Our potential new investment capacity as of September 30th was $460 million. Turning to our operating results for the third quarter, we earned investment income of $26 million compared to $25 million in the prior year period, primarily due to higher interest income and fee income on our debt investment portfolio.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Our debt investment portfolio on a net cost basis stood at $585 million as of September 30th compared to $636 million as of June 30th, 2025. For the third quarter of 2025, we achieved onboarding yields of 12.2% compared to 12% achieved in the second quarter of 2025. Our loan portfolio yield was 18.6% for the third quarter compared to 15.9% for last year's third quarter. Total expenses for the quarter were $12 million compared to $12.4 million in 3Q 2024. Our interest expense of $7.9 million was comparable to last year's third quarter while our base management fee was $2.7 million, $0.2 million lower than our prior year period due to a smaller portfolio. We received no performance-based incentive fees in the third quarter as we continue to experience the deferral of incentive fees otherwise earned by our advisor under our incentive fee cap and deferral mechanism.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

While we expect that the advisor will return to earning incentive fees as we previously mentioned, the advisor has agreed to waive a portion of any incentive fee in a quarter where we do not earn our distributions in 2025. Net investment income for 3Q 2025 was $0.32 per share compared to $0.28 per share in 2Q 2025 and $0.32 per share for 3Q 2024. The company's undistributed spillover income as of September 30th was $0.93 per share. Based upon our outlook and undistributed spillover income, our board declared monthly distributions of $0.11 per share for January, February, and March 2026. To summarize our portfolio activities for the quarter, new originations totaled $15 million. We also purchased for $23 million additional investments via the acquisition of the venture debt portfolio of a former co-lender. These were offset by $14 million in scheduled principal payments and $61 million in principal prepayments and partial paydowns.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

We ended the quarter with a total investment portfolio of $603 million. As of September 30th, the portfolio consisted of debt investments in 39 companies with an aggregate fair value of $560 million and a portfolio of warrant equity and other investments in 102 companies with an aggregate fair value of $43 million. Our NAV as of September 30th was $7.12 per share compared to $6.75 as of June 30th, 2023 and $9.06 as of September 30th, 2024. The $0.37 increase in NAV on a quarterly basis was primarily due to net investment income and positive adjustments to fair value, partially offset by our paid distributions. As we've consistently noted, nearly 100% of our outstanding principal amount of our debt investments bear interest at floating rates. Of those investments, almost 60% are already at their interest rate floors, which should mitigate the impact of decreasing interest rates.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

This concludes our opening remarks. We'll be happy to take questions you may have at this time.

[Operator]

Thank you, ladies and gentlemen. We will now begin with the question and answer session. If you would like to ask a question, please press Star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Ladies and gentlemen, we will wait for a moment while we poll for questions. The first question comes from Douglas Harter with UBS. Please go ahead.

[Corey Johnson, VP at UBS]

Hi, this is Corey Johnson on for Doug Harter. It sounds like the VC market is heating up and there are more exits out there in the market. Early payoffs have been strong for the last two quarters. I believe you mentioned that for 4Q those payoffs might be a little bit more limited, I guess. What do you expect that trend to be going forward, maybe into 2026? Is it related to the government shutdown where we think that perhaps the 4Q payoffs might be a little bit more limited?

[Paul Seitz, CIO at Horizon Technology Finance Corporation]

Yeah. Hey, this is Paul Seitz. I don't think that the government shutdown necessarily is going to impact any payoffs or prepayments or anything like that. I would say that it was a little bit higher this quarter, but we expect probably our payoffs and early prepayments to revert to any sort of historical standard. The exit markets are heating up, which is a good thing. I think right now we're just sort of a little bit of a wait and see period.

[Corey Johnson, VP at UBS]

Got it. During the quarter, your net leverage came down. I know you mentioned that you think your portfolio will grow next quarter and you're starting to see more deals come across your table. I'm just sort of curious in terms of, now that you are seeing more deals, what is the credit quality behind them? Are they names that you like or are you just more names that you seem to be looking to pass on? Obviously, it's a little bit difficult to exactly figure out the trajectory of where your leverage will go. How long do you think it might be before you perhaps reach your target leverage again?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Yeah, as we say every quarter, our target leverage is around 1.2x-1.3x net of cash. This quarter it did come down a bit, where we're at 0.94-1. As we talked, we're in our prepared remarks that the pipeline is growing in originations, we expect originations to exceed prepayments going forward. I think when we look at the leverage, we should be getting back to that 1.2x, 1.3x over the next quarter or two.

[Corey Johnson, VP at UBS]

Great, thank you.

[Operator]

Thank you. A reminder to all participants, you may press star and one to ask a question. Our next question comes from Paul Johnson with KBW. Please go ahead.

[Paul Johnson, VP at KBW]

Yeah, thanks. Good morning. Thanks for taking my questions. Just on the portfolio yield or just the portfolio yield in general. Sounds like you're pretty confident about, you know, the onboarding yields coming in. Obviously, the income has been running higher with some one-time items and just running higher with the prepayments. The 18.9% yield, how should we be thinking about that? Is that sustainable going forward or what's kind of like the, you know, the longer term sort of target, I guess based on seeing the pipeline.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Yeah, I would point you to our historical portfolio yield, which we've averaged around you know, 14.5%-15%. That's a more normalized yield. I'll just point out that is a portfolio yield after prepayments and, you know, one-time events. As we mentioned, the onboarding yield has been about 12%, 12.5% for the past few quarters probably, most likely be around that going forward.

[Paul Johnson, VP at KBW]

Got it. Okay, thank you, that's helpful. Maybe you could just take us through the debt portfolio that you acquired during the quarter, kind of what transpired there. It looks like you were able to buy it at essentially a discount to where I guess had previously been marked but any color on that would be helpful to hear.

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Yeah, correct. We were able to acquire a venture debt portfolio from one of our co-lenders that we had created a sidecar fund SMA back in 2021 with a $300 million total commitment. We were able to invest that completely, and it was in runoff. Over the past year or so, when there were fewer names remaining, we were working with that co-lender on names that we've already invested in and negotiated a price. They were a co-lender in venture debt, it was their only venture debt portfolio, and they were looking just to exit the market. Obviously, we were the natural buyer.

[Paul Johnson, VP at KBW]

Got it. Okay. Interesting. Maybe just, you know, it'd be helpful to hear, you know, kind of what is, you know, as we get into next year and get beyond the fee waivers, like what is kind of the idea with spillover. It still looks like there's a decent amount, $0.93. Would you like to just continue to work that down potentially further before evaluating, you know, the distribution? Is that something you'd like to kind of maintain?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Yeah. I'll just remind you, every quarter we discuss the distribution and take into account the current income rate level and the future level of the Horizon platform, look at the spillover, and we'll determine the amount of distribution on a quarterly basis.

[Paul Johnson, VP at KBW]

Got it. Okay, that's all for me. Thank you very much.

[Operator]

Thank you. Our next question comes from Christopher Nolan with Ladenburg Thalmann. Please go ahead.

[Christopher Nolan, Senior VP at Ladenburg Thalmann]

Hi. Thank you for taking my question. Assuming the deal with MRCC closes, is the focus going to be on larger credits going forward, and what does that do to the yield?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

That will be one of the benefits. With a larger balance sheet, you can hold larger positions and stay diversified as we focus on our top one, top five, top 10 diversification. There will still be venture debt deals in the market that we played in, we'll just be able to hold larger pieces of it, and we don't expect the yields to change dramatically.

[Christopher Nolan, Senior VP at Ladenburg Thalmann]

Great. Given the stock price is trading below book now, what's the plan on using the common stock ATM program going forward?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Same plan as usual. You know, we look at our origination pipeline, we look at our liquidity. Our capacity and look to pull as many levers as possible to, you know, originate and grow the portfolio where we can. You know, obviously we're trading below book. We won't be able to utilize the ATM.

[Christopher Nolan, Senior VP at Ladenburg Thalmann]

Okay. Given assuming the Monroe deal closes, you're going to have a much larger balance sheet. Any consideration in terms of revisiting the base management fee? I know it is 2% for the first $250 million in assets, and then there's a break point to 160 bps above $250 million. Even at 160 bps, you're sort of at the high end of the range for BDCs and Generals Day. Any comment on that?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

Yeah. We have our normal 15-C process that we do on an annual basis and we review all of our competitors. Everybody calculates it different, has different hurdles and different percentages on a blended effective cost percentage. We are within the average of our peers. We look at it every year through that 15-C process, and we'll continue to do that going forward and make sure we're within market.

[Christopher Nolan, Senior VP at Ladenburg Thalmann]

Great. Is there any target return on equity for the new assets coming on from Monroe?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

We don't have any targeted new assets right now that are coming on. The Monroe platform will help us get access to larger assets and potentially some additional assets, but nothing specific today.

[Christopher Nolan, Senior VP at Ladenburg Thalmann]

Actually, I phrase it poorly. For the new capital coming in from the Monroe deal, what is the target ROE or return hurdle that you're looking for to get from that new capital?

[Dan Trolio, CFO at Horizon Technology Finance Corporation]

It's basically stick to what we do, the venture debt model that has a high-yielding portfolio and that will drive the ROE. We don't have a specific targeted ROE on that capital.

[Christopher Nolan, Senior VP at Ladenburg Thalmann]

Okay, thank you.

[Operator]

Thank you, ladies and gentlemen. As there are no further questions, I would now like to hand the conference over to Mike Balkin for the closing comments.

[Mike Balkin, CEO at Horizon Technology Finance Corporation]

Thank you all for joining us this morning. We appreciate your continued interest and support in Horizon, and we look forward to speaking with you again soon. This will conclude our call.

[Operator]

Thank you. Ladies and gentlemen, the conference of Horizon Technology Finance Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

Participants

Executives

• Paul Seitz, CIO
• Megan Bacon, Director of Investor Relations and Marketing
• Mike Balkin, CEO
• Dan Trolio, CFO

Analysts

• Paul Johnson, VP at KBW
• Corey Johnson, VP at UBS
• Christopher Nolan, Senior VP at Ladenburg Thalmann