Horizon Technology Finance Corp
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 March 31, 2024 (unaudited) and December 31, 2023 | 3 | |
| Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) | 4 | |
| Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 and 2023 (unaudited) | 5 | |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) | 6 | |
| Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and December 31, 2023 | 7 | |
| Notes to the Consolidated Financial Statements (unaudited) | 25 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 49 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 64 |
| Item 4. | Controls and Procedures | 65 |
| PART II | ||
| Item 1. | Legal Proceedings | 65 |
| Item 1A. | Risk Factors | 65 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 66 |
| Item 3. | Defaults Upon Senior Securities | 66 |
| Item 4. | Mine Safety Disclosures | 66 |
| Item 5. | Other Information | 66 |
| Item 6. | Exhibits | 66 |
| Signatures | 67 | |
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)
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Assets | ||
| Non-affiliate investments at fair value (cost of $721,456 and $716,077, respectively) | $684,895 | $693,730 |
| Non-controlled affiliate investments at fair value (cost of $28,689 and $28,677, respectively) (Note 5) | 12,577 | 1,132 |
| Controlled affiliate investments at fair value (cost of $15,028 and $14,428, respectively) (Note 5) | 13,644 | 14,223 |
| Total investments at fair value (cost of $765,173 and $759,182, respectively) (Note 4) | 711,116 | 709,085 |
| Cash | 46,921 | 46,630 |
| Investments in money market funds | 21,879 | 26,450 |
| Restricted investments in money market funds | 2,533 | 2,642 |
| Interest receivable | 16,579 | 13,926 |
| Other assets | 3,260 | 3,623 |
| Total assets | $802,288 | $802,356 |
| Liabilities | ||
| Borrowings (Note 7) | $452,490 | $462,235 |
| Distributions payable | 13,099 | 11,011 |
| Base management fee payable (Note 3) | 1,058 | 1,052 |
| Incentive fee payable (Note 3) | 295 | — |
| Other accrued expenses | 3,225 | 4,077 |
| Total liabilities | 470,167 | 478,375 |
| 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 March 31, 2024 and December 31, 2023 | — | — |
| Common stock, par value $0.001 per share, 100,000,000 shares authorized, 34,637,343 and 33,534,854 shares issued and 34,469,878 and 33,367,389 shares outstanding as of March 31, 2024 and December 31, 2023, respectively | 37 | 36 |
| Paid-in capital in excess of par | 463,539 | 450,949 |
| Distributable loss | (131,455) | (127,004) |
| Total net assets | 332,121 | 323,981 |
| Total liabilities and net assets | $802,288 | $802,356 |
| Net asset value per common share | $9.64 | $9.71 |
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