# Horizon Technology Finance Corporation (HRZN)

> Source: Nexqual · https://nexqual.com/HRZN · data as of 2026-10-23 17:27 UTC · cite as "Nexqual, Horizon Technology Finance Corporation (HRZN), nexqual.com/HRZN" · informational, not investment advice.

**Price:** USD 3.9 (-2.50% today) · US market open, as of October 23, 2026 at 17:27 UTC; quotes may be delayed. Prev close 4 · day 3.89–4 · 52w 3.8–6.85 · market cap $261M · NMS

## Key facts
- Valuation: P/E 51.6x, net debt $267M.
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $630K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (6 analysts), mean target USD 5.08 (range 4.5–6).
- Total return with dividends: 1Y -19.4% vs S&P 500 +14.4%; 5Y -55.3% vs S&P 500 +77.0%.
- Next earnings: 2026-11-05, EPS estimate USD 0.18, revenue estimate $25.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $27.8M | $21.2M | -$17.2M | -$5.6M | -$2.7M | $5.1M |
| EPS (diluted) | — | $0.86 | -$0.56 | -$0.16 | -$0.06 | — |
| Cash + short-term investments | $47.3M | $30.5M | $75.7M | $101M | $143M | — |
| Total debt | $258M | $434M | $462M | $468M | $473M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 51.6x · P/B 0.6x · Earnings yield 1.94% · Dividend yield (paid, TTM) 20.16% · Net debt $267M · EV $529M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
6 purchases, $630K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-10 | Trolio Daniel R. | Executive VP and CFO | 11,500 | $50K | 4.34 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | O'Connor Kimberley Ann | Director | 10,000 | $44K | 4.37 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Goodman Jonathan Joseph | Director | 6,000 | $26K | 4.33 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-09 | Seitz Paul G | Chief Investment Officer | 11,477 | $50K | 4.35 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Allison Thomas J. | Director | 6,000 | $26K | 4.36 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Balkin Michael | Chief Executive Officer | 100,000 | $434K | 4.34 | Too little history (no open-market trades in 2023 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 6 analysts; mean target USD 5.08 (low 4.5, high 6).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | UBS | Target raised | Neutral | $4.25 → $4.5 |
| 2026-08-21 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $5 → $4.5 |
| 2026-08-07 | Oppenheimer | Target lowered | Perform | $6 → $5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -19.4% | -55.3% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -19.4% | -14.9% |
| Volatility (annualized) | 45.4% | 33.1% |
| Max drawdown | -39.8% (Feb 2026→Apr 2026) | -60.9% (Nov 2021→Apr 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.43 -2.03% · VCTR (Victory Capital Holdings, Inc. ) USD 106.65 -0.69% · PDI (PIMCO Dynamic Income Fund) USD 14.3 +0.02% · AMG (Affiliated Managers Group, Inc.) USD 388.31 -1.83% · SEIC (SEI Investments Company) USD 102.71 -1.72% · IVZ (Invesco Ltd) USD 28.22 -1.97%

## More
Full page: https://nexqual.com/HRZN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HRZN's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1487428/000143774926006636/hrzn20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Monroe Capital BDC Advisors | "On August 7, 2025, we entered into the Merger Agreement with MRCC, the Merger Sub, Monroe Capital BDC Advisors, LLC, and the Advisor." |
| Partner | Horizon Technology Finance Management | "We have entered into a license agreement with Horizon Technology Finance Management LLC pursuant to which we were granted a non-exclusive, royalty-free right and license to use the service mark "Horizon Technology Financ…" |
| Partner | Horizon Technology Management | "We have entered into a license agreement with Horizon Technology Management LLC pursuant to which it has agreed to grant us a non-exclusive, royalty-free right and license to use the service mark "Horizon Technology Fina…" |

Other companies that name HRZN in their own reports (relationship from HRZN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Pelthos Therapeutics Inc. (PTHS) | 10-K 2026-03-19 | "On January 12, 2026, the Company entered into a Venture Loan and Security Agreement with Horizon Technology Finance Corporation, a Delaware corporation, as lender and collateral agent (the "Venture Lo…" |

## Company outlook (8-K filed 2026-08-04)

- "A rating of 1 represents a debt investment that is exhibiting the lowest level of risk and the debtor is generally significantly exceeding expectations (typically reserved for debt investments where a full repayment is expected in near term as a result of strong performance)."
- "Newly funded debt investments are typically assigned a rating of 2, which represents a debt investment performing as expected with risk factors that are neutral or positive since origination."
- "A rating of 3 represents investments performing below expectations and indicates that the risk has increased somewhat since origination."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.18 | $0.17 | +2.7% | $25.1M | 6 |
| Next quarter (ends 2026-12-31) | $0.17 | $0.18 | -5.7% | $26.1M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.68 | $0.67 | +0.7% | $100.4M | 6 |
| Next fiscal year (ends 2027-12-31) | $0.74 | $0.76 | -2.4% | $115.1M | 6 |