Horizon Technology Finance Corp
For the period ended Sep 30, 2024. Filed Oct 29, 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.
Sep 30, 2024 · Filed Oct 29, 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 September 30, 2024 (unaudited) and December 31, 2023 | 3 | |
| Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) | 4 | |
| Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (unaudited) | 5 | |
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) | 6 | |
| Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023 | 7 | |
| Notes to the Consolidated Financial Statements (unaudited) | 26 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 51 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 68 |
| Item 4. | Controls and Procedures | 69 |
| PART II | ||
| Item 1. | Legal Proceedings | 69 |
| Item 1A. | Risk Factors | 69 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 70 |
| Item 3. | Defaults Upon Senior Securities | 70 |
| Item 4. | Mine Safety Disclosures | 70 |
| Item 5. | Other Information | 70 |
| Item 6. | Exhibits | 70 |
| Signatures | 71 | |
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, | |
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Assets | ||
| Non-affiliate investments at fair value (cost of $680,401 and $716,077, respectively) | $655,962 | $693,730 |
| Non-controlled affiliate investments at fair value (cost of $27,478 and $28,677, respectively) (Note 5) | 8,307 | 1,132 |
| Controlled affiliate investments at fair value (cost of $25,353 and $14,428, respectively) (Note 5) | 19,731 | 14,223 |
| Total investments at fair value (cost of $733,232 and $759,182, respectively) (Note 4) | 684,000 | 709,085 |
| Cash | 52,302 | 46,630 |
| Investments in money market funds | 31,080 | 26,450 |
| Restricted investments in money market funds | 3,266 | 2,642 |
| Interest receivable | 15,789 | 13,926 |
| Other assets | 6,637 | 3,623 |
| Total assets | $793,074 | $802,356 |
| Liabilities | ||
| Borrowings (Note 7) | $433,969 | $462,235 |
| Distributions payable | 12,475 | 11,011 |
| Base management fee payable (Note 3) | 1,025 | 1,052 |
| Other accrued expenses | 3,072 | 4,077 |
| Total liabilities | 450,541 | 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 September 30, 2024 and December 31, 2023 | — | — |
| Common stock, par value $0.001 per share, 100,000,000 shares authorized, 37,970,529 and 33,534,854 shares issued and 37,803,064 and 33,367,389 shares outstanding as of September 30, 2024 and December 31, 2023, respectively | 42 | 36 |
| Paid-in capital in excess of par | 500,345 | 450,949 |
| Distributable loss | (157,854) | (127,004) |
| Total net assets | 342,533 | 323,981 |
| Total liabilities and net assets | $793,074 | $802,356 |
| Net asset value per common share | $9.06 | $9.71 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.