HR
Horizon Technology Finance Corp
HRZN—
Horizon Technology Finance Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative TTM revenue (-14.5M) with 33M interest expense signals portfolio stress - interest income (24.3M) insufficient to cover debt costs[Total Revenue TTM]
- Trading at 0.96x book value (6.89/share) while generating -7.3% ROE TTM - discount reflects earnings destruction[Price to Book Ratio]
- FCF of 60.9M TTM vs 13.5M dividends paid masks reality - funded by 10.6M equity issuance, diluting shareholders[Free Cash Flow TTM]
Watch Triggers
- Interest Income: Falls below 20M quarterly — Further compression signals accelerating portfolio deterioration and dividend cut
- Net Common Stock Issuance: Exceeds 15M quarterly — Increased dilution indicates inability to fund operations from portfolio cash flows
- Debt to Equity: Exceeds 1.5x — BDC leverage limits typically cap at 2x - approaching regulatory constraints
Bull Case
Below-book valuation (0.96x P/B) offers margin of safety if credit losses stabilize - tangible book of 316M supports 6.89/share floor
Price to Book RatioTangible Book Value
PCF ratio of 5.0x vs industry 9.8x median suggests cash generation optionality if portfolio performs
Price to Cash Flow RatioFree Cash Flow TTM
Bear Case
Structural unprofitability: interest expense (33M) exceeds interest income (24.3M) - negative spread destroys equity value
Interest Expense TTMInterest Income
ROE of -7.3% and ROIC of -3.2% TTM indicate capital destruction - 1.34x leverage amplifies losses
ROE TTMROIC TTMDebt to Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
30%
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Forward Thesis
Dividend sustainability at risk - 1.32/share payout requires portfolio turnaround within 12 months
3-12mhigh
- Net income TTM of -23.9M cannot support current dividend
- Debt/equity of 1.34x limits refinancing flexibility
- Continued equity issuance dilutes existing holders
EPS TTM of -0.63 vs 1.32 dividend paid424M total debt on 316M equity10.6M net stock issuance TTM
Valuation Context
Caveats
Public Strategies Rankings
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HRZN Fundamentals
Finance and Insurance → Credit Intermediation and Related Activities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$304.82M | — | ||
$644.19M | — | ||
0.00 | — | ||
$-14.54M | — | ||
$-0.63 | — | ||
0% | — | ||
165% | +256.3% | — | |
$60.92M | +47.5% | — | |
-0.07 | -6.1% | — | |
Beta 5Y (Monthly) | unknown | — |
HRZN Dividend History
166 dividends
2026
$0.220002/17/26$0.1100
01/16/26$0.1100
2025
$1.320012/17/25$0.1100
11/17/25$0.1100
10/16/25$0.1100
09/17/25$0.1100
08/18/25$0.1100
07/16/25$0.1100
06/16/25$0.1100
05/16/25$0.1100
04/16/25$0.1100
03/17/25$0.1100
02/18/25$0.1100
01/16/25$0.1100
2024
$1.370012/16/24$0.1100
11/15/24$0.1100
10/17/24$0.1100
09/16/24$0.1100
08/16/24$0.1100
07/17/24$0.1100
06/17/24$0.1100
05/16/24$0.1100
04/17/24$0.1100
03/18/24$0.1600
02/15/24$0.1100
01/17/24$0.1100
2023
$1.370012/18/23$0.1100
11/16/23$0.1600
10/17/23$0.1100
09/18/23$0.1100
08/16/23$0.1100
07/17/23$0.1100
06/15/23$0.1100
05/17/23$0.1100
04/17/23$0.1100
03/16/23$0.1100
02/16/23$0.1100
01/17/23$0.1100
2022
$1.260012/16/22$0.1100
11/16/22$0.1500
10/17/22$0.1000
09/16/22$0.1000
08/17/22$0.1000
07/18/22$0.1000
06/16/22$0.1000
05/17/22$0.1000
04/18/22$0.1000
03/17/22$0.1000
02/17/22$0.1000
01/18/22$0.1000
2021
$1.250012/16/21$0.1000
11/17/21$0.1500
10/18/21$0.1000
09/16/21$0.1000
08/17/21$0.1000
07/19/21$0.1000
06/16/21$0.1000
05/17/21$0.1000
04/19/21$0.1000
03/17/21$0.1000
02/18/21$0.1000
01/19/21$0.1000
2020
$1.250012/16/20$0.1000
11/17/20$0.1000
10/19/20$0.1000
09/16/20$0.1000
08/17/20$0.1000
07/16/20$0.1000
06/17/20$0.1000
05/18/20$0.1000
04/16/20$0.1000
03/17/20$0.1500
02/18/20$0.1000
01/16/20$0.1000
2019
$1.200012/17/19$0.1000
11/18/19$0.1000
10/17/19$0.1000
09/18/19$0.1000
08/16/19$0.1000
07/17/19$0.1000
06/18/19$0.1000
05/16/19$0.1000
04/17/19$0.1000
03/18/19$0.1000
02/19/19$0.1000
01/16/19$0.1000
2018
$1.200012/17/18$0.1000
11/16/18$0.1000
10/17/18$0.1000
09/17/18$0.1000
08/16/18$0.1000
07/18/18$0.1000
06/18/18$0.1000
05/16/18$0.1000
04/18/18$0.1000
03/16/18$0.1000
02/20/18$0.1000
01/19/18$0.1000
2017
$1.200012/19/17$0.1000
11/17/17$0.1000
10/18/17$0.1000
09/19/17$0.1000
08/16/17$0.1000
07/18/17$0.1000
06/16/17$0.1000
05/17/17$0.1000
04/19/17$0.1000
03/16/17$0.1000
02/17/17$0.1000
01/17/17$0.1000
2016
$1.250012/16/16$0.1000
11/16/16$0.1150
10/18/16$0.1150
08/17/16$0.1150
07/18/16$0.1150
06/16/16$0.1150
05/17/16$0.1150
04/18/16$0.1150
03/16/16$0.1150
02/18/16$0.1150
01/19/16$0.1150
2015
$1.380012/16/15$0.1150
11/17/15$0.1150
10/16/15$0.1150
09/16/15$0.1150
08/17/15$0.1150
07/16/15$0.1150
06/16/15$0.1150
05/18/15$0.1150
04/16/15$0.1150
03/18/15$0.1150
02/17/15$0.1150
01/15/15$0.1150
2014
$1.380012/15/14$0.1150
11/17/14$0.1150
10/16/14$0.1150
09/16/14$0.1150
08/15/14$0.1150
07/17/14$0.1150
06/16/14$0.1150
05/16/14$0.1150
04/15/14$0.1150
03/17/14$0.1150
02/12/14$0.1150
01/15/14$0.1150
2013
$1.380012/12/13$0.1150
11/15/13$0.1150
10/15/13$0.1150
09/16/13$0.1150
08/15/13$0.1150
07/15/13$0.1150
06/18/13$0.1150
05/16/13$0.1150
04/16/13$0.1150
03/18/13$0.1150
02/19/13$0.1150
01/16/13$0.1150
2012
$1.915012/18/12$0.1150
11/14/12$0.4500
08/15/12$0.4500
05/15/12$0.4500
03/21/12$0.4500
2011
$1.180011/21/11$0.4500
08/19/11$0.4000
05/17/11$0.3300
2010
$0.220012/23/10$0.2200
HRZN Stock Splits
No stock splits
HRZN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/28/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
03/04/25 | 12/31/24 | Unknown | |
10/29/24 | 09/30/24 | 10-Q | |
07/30/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
10/26/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
03/02/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
07/28/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
03/03/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
03/05/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
03/06/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
08/01/17 | 06/30/17 | 10-Q | |
05/02/17 | 03/31/17 | 10-Q | |
03/07/17 | 12/31/16 | 10-K | |
11/01/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
03/08/16 | 12/31/15 | 10-K | |
11/03/15 | 09/30/15 | 10-Q | |
08/04/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
03/10/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/05/14 | 06/30/14 | 10-Q | |
05/06/14 | 03/31/14 | 10-Q | |
03/11/14 | 12/31/13 | 10-K | |
11/05/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/07/13 | 03/31/13 | 10-Q | |
03/12/13 | 12/31/12 | 10-K | |
11/06/12 | 09/30/12 | 10-Q | |
08/07/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
03/13/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/10/11 | 06/30/11 | 10-Q | |
05/11/11 | 03/31/11 | 10-Q | |
03/13/12 | 12/31/10 | 10-K | |
10/29/10 | 09/30/10 | 424B2 | -- |
08/10/11 | 06/30/10 | 10-Q | |
05/11/11 | 03/31/10 | 10-Q | |
12/31/09 | 12/31/09 | Unknown | -- |
10/29/10 | 09/30/09 | 424B2 | -- |