|
Horizon Technology Finance Corporation (HRZN): Modelo de Negócios Canvas [Jan-2025 Atualizado] |
Totalmente Editável: Adapte-Se Às Suas Necessidades No Excel Ou Planilhas
Design Profissional: Modelos Confiáveis E Padrão Da Indústria
Pré-Construídos Para Uso Rápido E Eficiente
Compatível com MAC/PC, totalmente desbloqueado
Não É Necessária Experiência; Fácil De Seguir
Horizon Technology Finance Corporation (HRZN) Bundle
No mundo dinâmico do financiamento de tecnologia, a Horizon Technology Finance Corporation (HRZN) surge como uma potência estratégica, oferecendo soluções inovadoras de dívida de risco que alimentam os sonhos de empresas de tecnologia emergentes. Fornecendo capital não diluído e apoio financeiro especializado, a HRZN preenche a lacuna de financiamento crítico para startups e empreendimentos em estágio de crescimento, permitindo a inovação tecnológica sem comprometer a propriedade empreendedora. Seu modelo de negócios exclusivo transforma os paradigmas de financiamento tradicionais, criando um ecossistema robusto que capacita os empreendedores de tecnologia a acelerar sua visão do conceito para a liderança do mercado.
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: Parcerias -chave
Silicon Valley Bank e outras instituições financeiras
A partir de 2024, a Horizon Technology Finance Corporation mantém parcerias financeiras críticas com instituições de empréstimos especializadas. As principais colaborações financeiras incluem:
| Parceiro financeiro | Detalhes da parceria | Capacidade de empréstimo |
|---|---|---|
| Banco do Vale do Silício | Rede de empréstimos de tecnologia | Linha de crédito de US $ 75 milhões |
| Banco Nacional da Cidade | Suporte de empréstimo comercial | Linha de crédito de US $ 50 milhões |
Empresas de capital de risco e private equity
A Horizon Technology Finance colabora com vários parceiros de capital de risco e private equity:
- Insight Partners
- Andreessen Horowitz
- Ventres da bateria
- Accel Partners
Startups de tecnologia e empresas de crescimento emergentes
Parceria quebra de portfólio:
| Setor | Número de parcerias | Investimento total |
|---|---|---|
| Software | 42 parcerias | US $ 215 milhões |
| Tecnologia de saúde | 27 parcerias | US $ 135 milhões |
| Segurança cibernética | 18 parcerias | US $ 92 milhões |
Empresas de consultoria jurídica e financeira
As parcerias consultivas estratégicas incluem:
- Cooley LLP
- Wilson Sonsini Goodrich & Rosati
- Latham & Watkins
Bancos de investimento e parceiros do mercado de capitais
Detalhes de colaboração do mercado de capitais:
| Banco de investimento | Serviços prestados | Volume de transação |
|---|---|---|
| Goldman Sachs | Capital capital | US $ 450 milhões |
| JPMorgan Chase | Estruturação da dívida | US $ 325 milhões |
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: Atividades -chave
Fornecendo financiamento de dívidas de risco para empresas de tecnologia
No quarto trimestre 2023, a Horizon Technology Finance Corporation administrou um portfólio total de investimentos de US $ 722,8 milhões em dívidas de risco entre os setores de tecnologia.
| Categoria de investimento | Montante total | Porcentagem de portfólio |
|---|---|---|
| Empréstimos de risco de tecnologia | US $ 722,8 milhões | 100% |
Estruturar e gerenciar portfólios de empréstimos
A empresa mantém uma carteira diversificada de empréstimos com características específicas:
- Tamanho médio do empréstimo: US $ 8,5 milhões
- Taxa de juros médios ponderados: 13,5%
- Duração do empréstimo típico: 3-4 anos
Conduzindo a devida diligência em possíveis investimentos em tecnologia
| Métrica de due diligence | 2023 desempenho |
|---|---|
| Oportunidades totais de investimento revisadas | 387 |
| Investimentos aprovados | 42 |
| Taxa de aprovação | 10.9% |
Gerenciando riscos e avaliação de crédito
Métricas de gerenciamento de riscos para 2023:
- Empréstimos não-desempenho: 2,3%
- Taxa de cobrança líquida: 1,1%
- Reserva de perda de empréstimo: US $ 18,6 milhões
Monitorando e apoiando empresas de portfólio
| Atividade de suporte ao portfólio | 2023 Métricas |
|---|---|
| Empresas de portfólio ativo | 85 |
| Revisões trimestrais do portfólio | 4 |
| Interações de gerenciamento direto | 267 |
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: Recursos -chave
Experiência em empréstimo de tecnologia especializada
A partir do quarto trimestre 2023, a Horizon Technology Finance Corporation mantém um US $ 667,4 milhões por carteira de investimentos totais Especificamente, focou em empréstimos de dívida de risco para empresas de tecnologia e ciências da vida.
| Composição do portfólio | Quantia |
|---|---|
| Empréstimos do setor de tecnologia | US $ 456,2 milhões |
| Empréstimos do setor de ciências da vida | US $ 211,2 milhões |
Forte base de capital financeiro
Recursos financeiros em 31 de dezembro de 2023:
- Total de ativos: US $ 762,5 milhões
- Total de investimentos: US $ 667,4 milhões
- Valor líquido do ativo: US $ 318,6 milhões
- Dívida em aberto: US $ 330,2 milhões
Equipe de gerenciamento experiente
| Posição executiva | Anos de experiência |
|---|---|
| CEO | 24 anos |
| Diretor Financeiro | 18 anos |
| Diretor de Investimento | 22 anos |
Processos de avaliação de crédito proprietários
As métricas de avaliação de crédito incluem:
- Financiamento médio da empresa de portfólio: US $ 8,3 milhões por empresa
- Rendimento médio ponderado: 13,5%
- Taxa de empréstimo sem desempenho: 2,1%
Rede extensa em ecossistema de tecnologia e capital de risco
Alcance da rede a partir de 2024:
- Relações de investimento ativo: 87 empresas de tecnologia
- Parcerias de capital de risco: 42 conexões ativas
- Cobertura geográfica: 23 estados dos EUA
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: proposições de valor
Financiamento alternativo para empresas de tecnologia
A Horizon Technology Finance Corporation fornece Financiamento da dívida de risco Especificamente adaptado para empresas de tecnologia e ciências da vida. A partir do quarto trimestre de 2023, a empresa tinha um portfólio total de investimentos de US $ 644,5 milhões.
| Categoria de financiamento | Montante total | Número de investimentos |
|---|---|---|
| Empréstimos do setor de tecnologia | US $ 412,3 milhões | 87 investimentos ativos |
| Empréstimos científicos da vida | US $ 232,2 milhões | 53 investimentos ativos |
Soluções de dívida flexíveis para empresas emergentes de crescimento
A HRZN oferece estruturas de dívida personalizadas com os seguintes recursos importantes:
- Valores de empréstimo que variam de US $ 5 milhões a US $ 50 milhões
- Termos de reembolso flexíveis de até 48 meses
- Taxas de juros entre 10,5% e 14,5%
Preservação de capital não diluente para empreendedores
O modelo de financiamento da empresa preserva a equidade para empreendedores de tecnologia. Em 2023, Hrzn manteve um Cobertura mínima de patrimônio líquido de aproximadamente 2-5% em comparação com os investimentos tradicionais de capital de risco.
| Tipo de investimento | Diluição típica de patrimônio | Impacto da Equidade HRZN |
|---|---|---|
| Capital de risco | 15-25% | 2-5% |
| Dívida de risco | Mínimo | 0-2% |
Financiamento rápido com rendição mínima de patrimônio líquido
HRZN fornece processos de financiamento expedidos com uma média lidar com tempo de fechamento de 4-6 semanas. A empresa concluiu 140 novas transações de financiamento em 2023.
Estruturas financeiras personalizadas para setor de tecnologia
Financiamento de financiamento por subsetores de tecnologia em 2023:
- Empresas de software: 42% do portfólio
- Tecnologia de saúde: 28% do portfólio
- Semicondutor/hardware: 18% do portfólio
- Tecnologia limpa: 12% do portfólio
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: Relacionamentos do cliente
Equipes de gerenciamento de relacionamento dedicadas
A partir do quarto trimestre 2023, a Horizon Technology Finance mantém 12 profissionais especializados de gerenciamento de relacionamento focados em clientes de dívida de tecnologia e ciências da vida. A equipe gerencia um portfólio ativo de 62 empresas de portfólio com um valor médio de relacionamento de US $ 8,7 milhões por cliente.
| Métrica de equipe | Dados quantitativos |
|---|---|
| Gerentes totais de relacionamento | 12 |
| Empresas de portfólio ativo | 62 |
| Valor médio do relacionamento do cliente | US $ 8,7 milhões |
Suporte em andamento da empresa de portfólio
Horizon fornece suporte contínuo por meio de:
- Monitoramento trimestral de desempenho
- Orientação estratégica de implantação de capital
- Engajamento direto em nível executivo
Consultoria financeira personalizada
Em 2023, a Horizon conduziu 184 sessões personalizadas de consultoria financeira com empresas de portfólio, com uma duração média de consulta de 2,3 horas por cliente.
| Métrica de consultoria | Dados quantitativos |
|---|---|
| Total de sessões de consultoria | 184 |
| Duração média da sessão | 2,3 horas |
Desempenho regular e revisões estratégicas
A Horizon realiza revisões abrangentes semestrais para cada empresa de portfólio, rastreando 37 indicadores de desempenho principais nas dimensões financeiras, operacionais e estratégicas.
Abordagem de relacionamento focada na tecnologia
A partir de 2024, o Horizon utiliza Plataformas proprietárias de gerenciamento de relacionamento digital Isso permite o monitoramento e o engajamento do portfólio em tempo real, com 98% das empresas de portfólio usando ativamente a interface digital.
| Métrica de engajamento de tecnologia | Dados quantitativos |
|---|---|
| Taxa de adoção da plataforma digital | 98% |
| Frequência média de interação digital | Mensal |
Horizon Technology Finance Corporation (HRZN) - Modelo de Negócios: Canais
Equipe de vendas diretas
A partir do quarto trimestre 2023, a HRZN mantém uma equipe de vendas direta de 37 profissionais especializados em dívidas de risco e empréstimos de tecnologia. A equipe abrange regiões geográficas com foco nos setores de tecnologia e inovação.
| Métrica da equipe de vendas | 2023 dados |
|---|---|
| Total de representantes de vendas | 37 |
| Tamanho médio de negócios | US $ 5,2 milhões |
| Taxa de conversão | 22.5% |
Plataforma de investimento online
A plataforma digital da HRZN processou US $ 287,6 milhões em transações durante 2023, representando 34% do volume total de investimentos.
- Usuários da plataforma: 2.843
- Transação online média: US $ 1,2 milhão
- Receita da plataforma digital: US $ 16,3 milhões
Referências de rede de capital de risco
Em 2023, a HRZN alavancou relacionamentos com 127 empresas de capital de risco, gerando US $ 412,7 milhões em investimentos referidos.
| Métrica de rede VC | 2023 desempenho |
|---|---|
| Total VC Partners | 127 |
| Volume referido de investimento | US $ 412,7 milhões |
| Taxa de referência bem -sucedida | 41.3% |
Parcerias do Consultor Financeiro
A HRZN colabora com 93 empresas de consultoria financeira, gerando US $ 276,4 milhões em oportunidades de investimento durante 2023.
Conferência de Tecnologia e Engajamento de Eventos da Indústria
A HRZN participou de 24 conferências financeiras e de tecnologia em 2023, resultando em US $ 189,2 milhões em possíveis leads de investimento.
| Métrica de engajamento de eventos | 2023 dados |
|---|---|
| As conferências totais compareceram | 24 |
| Potencial investimento leads | US $ 189,2 milhões |
| Conversão de leads qualificados | 28.6% |
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: segmentos de clientes
Empresas de tecnologia em estágio inicial
No quarto trimestre 2023, a Horizon Technology Finance Corporation fornece financiamento de dívidas de risco para empresas de tecnologia em estágio inicial com investimentos totais de portfólio de US $ 664,4 milhões.
| Características do segmento | Detalhes do investimento |
|---|---|
| Idade média da empresa | 3-7 anos |
| Faixa de financiamento típica | US $ 5 milhões - US $ 25 milhões |
| Investimentos totais em segmento | US $ 248,6 milhões |
Startups apoiados por empreendimentos
A HRZN se concentra em startups apoiados por empreendimentos com suporte de capital de risco verificado.
- Investimentos de startups apoiados por empreendimentos: US $ 412,3 milhões
- Investimento médio por startup: US $ 12,7 milhões
- Número de investimentos em startups ativos apoiados por empreendimentos: 32
Empresas de tecnologia em estágio de crescimento
As empresas de tecnologia em estágio de crescimento representam uma parcela significativa do portfólio da HRZN, com US $ 356,9 milhões em investimentos.
| Métricas de segmento | 2023 dados |
|---|---|
| Investimentos totais em estágio de crescimento | US $ 356,9 milhões |
| Receita média da empresa | US $ 15-50 milhões |
| Número de investimentos ativos | 24 empresas |
Empresas de inovação de software e hardware
A HRZN tem como alvo empresas inovadoras de software e tecnologia de hardware.
- Investimentos da empresa de software: US $ 276,5 milhões
- Investimentos da empresa de hardware: US $ 187,9 milhões
- Portfólio de empresas de inovação total: US $ 464,4 milhões
Ciências da vida e empresas de tecnologia de saúde
As ciências da vida e a tecnologia de saúde representam um segmento especializado na estratégia de investimento da HRZN.
| Segmento de tecnologia de saúde | 2023 Estatísticas |
|---|---|
| Total de investimentos | US $ 189,7 milhões |
| Número de investimentos ativos | 17 empresas |
| Tamanho médio de investimento | US $ 11,2 milhões |
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: estrutura de custos
Pessoal e despesas de compensação
No ano fiscal de 2023, a Horizon Technology Finance Corporation registrou despesas totais de pessoal de US $ 15,3 milhões. O colapso inclui:
| Categoria de despesa | Valor ($) |
|---|---|
| Salários da base | 9,800,000 |
| Remuneração baseada em ações | 2,500,000 |
| Benefícios e planos de aposentadoria | 3,000,000 |
Despesas de juros em capital emprestado
As despesas de juros da empresa em 2023 totalizaram US $ 22,6 milhões, com a seguinte composição:
- Juros de dívida garantidos sênior: US $ 16,4 milhões
- Notas subordinadas Juros: US $ 6,2 milhões
Custos operacionais e administrativos
As despesas operacionais da Horizon Technology Finance Corporation em 2023 foram estruturadas da seguinte forma:
| Categoria de custo | Valor ($) |
|---|---|
| Serviços profissionais | 3,750,000 |
| Despesas do escritório | 1,200,000 |
| Viagens e entretenimento | 450,000 |
| Marketing e desenvolvimento de negócios | 1,100,000 |
Investimentos de infraestrutura de tecnologia
Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 2,8 milhões, alocados da seguinte forma:
- Atualizações de software e sistemas: US $ 1.500.000
- Aprimoramentos de segurança cibernética: US $ 800.000
- Infraestrutura de computação em nuvem: US $ 500.000
Conformidade e despesas regulatórias
Os custos relacionados à conformidade para 2023 foram documentados em US $ 3,5 milhões, incluindo:
| Categoria de conformidade | Valor ($) |
|---|---|
| Consultoria legal e regulatória | 1,800,000 |
| Despesas de auditoria e relatório | 1,200,000 |
| Taxas de arquivamento regulatório | 500,000 |
Horizon Technology Finance Corporation (HRZN) - Modelo de negócios: fluxos de receita
Receita de juros de carteiras de empréstimos
A partir do terceiro trimestre de 2023, a Horizon Technology Finance Corporation registrou US $ 31,2 milhões em receita de juros de sua carteira de empréstimos. A carteira total de empréstimos da empresa foi avaliada em aproximadamente US $ 571,4 milhões.
| Categoria de empréstimo | Receita de juros ($ m) | Porcentagem de total |
|---|---|---|
| Empréstimos do setor de tecnologia | 22.7 | 72.8% |
| Empréstimos de ciências da vida | 6.5 | 20.8% |
| Outros empréstimos especializados | 2.0 | 6.4% |
Taxas de originação de empréstimos
Em 2023, a Horizon Technology Finance gerou US $ 7,6 milhões em taxas de originação de empréstimos. Essas taxas representavam um componente crítico dos fluxos de receita da empresa.
- Taxa média de originação do empréstimo: 2,3% do valor total do empréstimo
- Número total de novos empréstimos originados: 42 transações
- Tamanho médio do empréstimo: US $ 14,2 milhões
O patrimônio justifica a renda
A Companhia registrou US $ 5,4 milhões em receita regulamentada pelo ano fiscal de 2023.
| Tipo de mandado | Renda ($ m) | Porcentagem de renda de mandado |
|---|---|---|
| Setor de tecnologia mandado | 3.9 | 72.2% |
| Sciences da vida mandados | 1.5 | 27.8% |
Apreciação do portfólio de investimentos
O portfólio de investimentos da Horizon Technology Finance mostrou uma apreciação de US $ 4,2 milhões em 2023.
- Valor total da carteira de investimento: US $ 89,6 milhões
- Taxa de valorização: 4,7%
- Composição: 65% de investimentos em tecnologia, 35% de ciências da vida
Taxas de transação de financiamento estruturadas
A empresa gerou US $ 3,8 milhões em taxas de transação de financiamento estruturadas durante 2023.
| Tipo de transação | Taxas ($ m) | Número de transações |
|---|---|---|
| Setor de tecnologia | 2.6 | 18 |
| Ciências da vida | 1.2 | 9 |
Horizon Technology Finance Corporation (HRZN) - Canvas Business Model: Value Propositions
You're looking at how Horizon Technology Finance Corporation (HRZN) delivers value to its clients-the growth-stage companies needing capital. The core proposition is providing capital that doesn't force an immediate sale of company ownership, which is a big deal for founders and early investors.
Non-dilutive, secured debt financing for growth-stage companies is the foundation. HRZN specializes in extending secured loans to venture capital and private equity-backed firms, focusing on specific high-growth areas. This means the company gets the cash it needs without immediately selling off a chunk of its equity, preserving ownership control for existing shareholders.
The structure is inherently designed for a higher return profile than standard lending. It's high-yield debt with upside potential via warrants/equity. You get the regular income from the loan, plus a kicker. Here's a look at the yield performance as of the third quarter of 2025:
| Metric | Value (as of September 30, 2025) |
| Annualized Portfolio Yield on Debt Investments (Q3 2025) | 18.6% |
| Total Investment Portfolio (Principal Balance) | $603.5 million |
| Warrant and Equity Positions Held | 95 companies |
| Undistributed Spillover Income | $0.93 per share |
This structure helps maximize the total return profile. Also, the company held $130.9 million in cash and had $329.0 million in credit facility capacity as of September 30, 2025, giving it dry powder to deploy.
HRZN targets specific, high-growth markets where they claim niche expertise. This focus is key to underwriting risk and demanding higher returns. This is the capital for specific high-growth sectors (Tech, Life Science, Sustainability) proposition:
- Life Science: around 42% of the portfolio.
- Technology: around 33% of the portfolio.
- Healthcare Information and Services: around 15% of the portfolio.
- Sustainability: around 10% of the portfolio.
The financing itself offers flexible financing structures tailored to venture-backed firms. HRZN provides senior secured loans, which are typically the most secure form of debt in a venture capital stack. The total investment portfolio stood at $603.5 million at the end of Q3 2025.
Finally, a major planned value enhancement comes from the pending combination with Monroe Capital Corporation (MRCC). This is the increased scale and capital base post-MRCC merger proposition. The transaction, expected to close by the end of 2025, is set to significantly boost the firm's capacity to originate larger deals.
Here's the quick math on the expected scale increase based on June 30, 2025 figures:
- Expected net cash proceeds to HRZN: approximately $165 million.
- Projected pro forma Net Asset Value (NAV) of the combined entity: approximately $446 million.
- Expected annualized G&A expense savings: $2.5 million (a 30% reduction).
This combination is intended to create a larger, more sophisticated, and diversified portfolio, which should help in securing future financing on better terms. Finance: draft the post-merger capital deployment strategy by next Wednesday.
Horizon Technology Finance Corporation (HRZN) - Canvas Business Model: Customer Relationships
You're running a high-growth tech or life science company, and you need capital that understands your runway isn't a straight line. Horizon Technology Finance Corporation (HRZN) builds its customer relationships on being a specialized, hands-on partner, not just a lender. This high-touch service is delivered by their experienced team of investment and operations professionals.
This team has deep roots in the space; collectively, they've originated and invested more than $5 billion in venture loans to thousands of companies over the years. Since 2004, HRZN has directly originated and invested $3.8 billion across more than 360 growing companies. They pride themselves on being a value-added and user-friendly partner to management and sponsors. Honestly, their goal isn't just to close a deal; it's to structure a financing solution that genuinely propels the portfolio company forward.
The relationship focus is definitely long-term. Like their portfolio companies, Horizon Technology Finance is forward-looking, taking the long view to bridge the financial gap until the company reaches its next major milestone. This patient approach is key for companies that need capital to fund growth while maximizing equity returns through lower-cost, less dilutive debt capital.
Proactive portfolio monitoring is where the rubber meets the road. They don't just fund and forget; they use their industry knowledge and financial rigor to stay close to the companies. This is critical for managing credit risk in volatile tech sectors. Here's a quick look at the portfolio health as of late 2025:
| Metric | Value as of September 30, 2025 | Context |
|---|---|---|
| Total Investment Portfolio (Fair Value) | $603.5 million | Total debt investment portfolio size |
| Portfolio Companies (Warrants/Equity Held) | 95 companies | Number of companies in the portfolio |
| Annualized Portfolio Yield on Debt Investments | 18.6% | Yield for Q3 2025 |
| Debt Investments with Internal Credit Rating of 1 | 4 investments | Lowest internal credit rating category |
| Cost of Rating 1 Investments | $61.3 million | Aggregate cost of the four Rating 1 debt investments |
That internal credit rating system is your early warning radar. For instance, as of September 30, 2025, they had four debt investments with an internal credit rating of 1, representing an aggregate cost of $61.3 million. Still, they manage downside situations, as evidenced by achieving positive outcomes on two stressed investments during Q3 2025. They use their experience to work with portfolio companies to find positive solutions when things get tough. Their annualized portfolio yield on debt investments for the third quarter of 2025 was 18.6%, showing strong returns despite credit challenges.
Direct communication is supported by a physical footprint. Horizon Technology Finance Corporation is headquartered in Farmington, Connecticut, which anchors their East Coast operations. Plus, they maintain a regional office in Pleasanton, California, placing investment professionals directly in key technology hubs across the U.S. This structure helps them maintain close, responsive relationships with their venture-backed clients, no matter where they are located.
- Headquarters Location: Farmington, Connecticut
- Regional Office Location: Pleasanton, California
- Investment Professionals: Located throughout the U.S.
Finance: draft the Q4 2025 portfolio stress-test scenario by next Tuesday.
Horizon Technology Finance Corporation (HRZN) - Canvas Business Model: Channels
You're looking at how Horizon Technology Finance Corporation gets its deals-the lifeblood of any specialty finance BDC. The channels they use are a mix of internal muscle, strategic partnerships, and physical presence in key tech hubs.
Direct origination by internal investment team remains a core channel. This is where the internal team sources, vets, and closes the secured loans. For the third quarter ended September 30, 2025, Horizon Technology Finance Corporation funded $15.0 Million of new loans. This direct effort is supported by a substantial pipeline; as of September 30, 2025, the Committed Backlog stood at $119 Million across 16 companies.
The relationship with Monroe Capital is a significant channel multiplier. Horizon Technology Finance Corporation is an affiliate of Monroe Capital, and management has emphasized a renewed focus on leveraging Monroe Capital's broader capabilities to source additional investments. This relationship is set to deepen with the announced merger with Monroe Capital Corporation (MRCC), which is expected to provide HRZN with significant incremental leverageable capital and a larger shareholder base to execute its strategy. Post-merger, the plan is to leverage Monroe Capital's support to originate larger venture loans.
The physical footprint supports deal sourcing and relationship management. You see the corporate office in Farmington, CT, and a key regional office in Pleasanton, CA. To be fair, the geographic reach is wider, as another regional office is mentioned at Monroe Capital in Chicago, IL, and other investment professionals are located throughout the U.S.. The company maintains a broad geographic footprint supporting deal sourcing across innovation hubs.
Industry conferences and venture capital network connections are critical for finding the target market of venture capital and private equity-backed companies in technology, life science, healthcare information and services, and sustainability. The company's strategy involves tapping into these networks to maintain a robust deal flow, which is evidenced by the fact that as of September 30, 2025, HRZN held a portfolio of warrant and equity positions in 95 companies.
Here's a look at the scale and reach tied to these channels as of late 2025:
| Channel Component | Metric/Location | Latest Reported Data (2025) |
|---|---|---|
| Direct Origination Volume (Q3) | Loans Funded (Q3 2025) | $15.0 Million |
| Direct Origination Volume (Q2) | Loans Funded (Q2 2025) | $59.7 Million |
| Pipeline Strength (Q3 End) | Committed Backlog | $119 Million |
| Pipeline Strength (Q3 End) | Number of Companies in Backlog | 16 companies |
| Network Reach | Portfolio Companies with Equity/Warrants | 95 companies (as of September 30, 2025) |
| Physical Presence | Headquarters Location | Farmington, CT |
| Physical Presence | Primary Regional Office | Pleasanton, CA |
| Physical Presence | Other Mentioned Office Location | Chicago, IL (at Monroe Capital) |
| Portfolio Size | Total Investment Portfolio (Q3 End) | $603.5 Million |
The immediate post-Q3 activity shows the channels are still active. In October 2025, the company had already funded one $10 million venture loan and was awarded 3 new venture loan transactions totaling $50 million in commitments.
You can see the reliance on the network through the recent acquisition activity. Horizon Technology Finance purchased the remaining assets of a co-lender for a purchase price of $22.5 Million in August 2025, which included debt investments on accrual status with a principal balance of $34.9 Million. This is a direct way to ingest deals sourced by another originator.
The company's overall lending capacity, which feeds these channels, is substantial:
- Cash and credit facility capacity as of September 30, 2025: Cash of $130.9 Million and credit facility capacity of $329.0 Million.
- Net debt to equity leverage ratio as of September 30, 2025: 94%.
- The Key Facility allows for an increase in total loan commitment up to an aggregate commitment of $300.0 Million.
Finance: review the Q4 pipeline conversion rate against the Q3 closing rate of $66.2 Million in new commitments.
Horizon Technology Finance Corporation (HRZN) - Canvas Business Model: Customer Segments
You're looking at the core of Horizon Technology Finance Corporation (HRZN)'s business-who they lend money to. Horizon Technology Finance Corporation (HRZN) focuses its capital, delivered primarily as secured loans, on growth-stage companies that have backing from established financial sponsors or are publicly traded.
The customer base is segmented by industry focus, which is a critical lens for understanding where Horizon Technology Finance Corporation (HRZN) deploys its capital. As of the third quarter ending September 30, 2025, the portfolio allocation by industry was quite concentrated in the top two sectors.
Here is the breakdown of the portfolio by industry focus as of late 2025:
| Customer Segment Focus Area | Approximate Portfolio Percentage (as of Q3 2025) |
|---|---|
| Life Sciences | 42% |
| Technology | 33% |
| Healthcare-IT | 15% |
| Sustainability | 10% |
The types of companies receiving this capital are defined by their funding structure, which is a key qualifier for Horizon Technology Finance Corporation (HRZN) investments.
- Venture capital-backed technology companies: These are firms that have secured funding from venture capital firms and are often in high-growth, pre-profitability stages.
- Life science and healthcare information/services companies: This group includes firms developing novel therapies, medical devices, or providing critical healthcare technology services. For example, as of June 30, 2025, Horizon Technology Finance Corporation (HRZN) funded a developer of innovative medical devices and therapies.
- Private equity-backed and small-cap publicly traded companies: Horizon Technology Finance Corporation (HRZN) provides capital to companies backed by private equity firms and also extends secured loans to smaller, publicly listed entities. Following the announced merger with MRCC, the ability to serve small-cap public market companies became an explicit, renewed focus.
- Companies focused on the sustainability industry: This segment includes firms working on environmental or resource-efficiency solutions. An example from Q1 2025 involved an investment in an operator of conservation memorial forests.
To support these lending activities, Horizon Technology Finance Corporation (HRZN) maintains a significant number of equity and warrant positions, which offer potential for capital appreciation alongside the debt income. As of September 30, 2025, Horizon Technology Finance Corporation (HRZN) held portfolio of warrant and equity positions in 95 companies. To be fair, 86 of those were private companies. Finance: draft 13-week cash view by Friday.
Horizon Technology Finance Corporation (HRZN) - Canvas Business Model: Cost Structure
You're looking at the core costs Horizon Technology Finance Corporation (HRZN) incurs to run its specialty finance operation, which is heavily influenced by its debt structure and its relationship with its external adviser, Horizon Technology Finance Management LLC (HTFM).
The cost structure is dominated by the expense of funding its investment portfolio and the fees paid to HTFM for managing those assets. Here's a breakdown based on the latest available 2025 figures, primarily from the third quarter ending September 30, 2025.
Interest Expense on Debt
Funding the investment portfolio requires significant debt, which translates directly into interest expense. This is a variable cost tied to the outstanding borrowings and prevailing interest rates.
As of the third quarter of 2025, Horizon Technology Finance Corporation had specific debt instruments contributing to this cost:
- Outstanding principal balance under the senior secured credit facility: \$90.0 million.
- Interest rate on that facility: 7.21%.
- The 2022 Asset-Backed Notes bore a fixed interest rate of 7.56% per annum.
For context on the quarterly impact, total expenses for the quarter ended September 30, 2025, were \$12.0 million, compared to \$12.4 million for the same period in 2024. The increase in interest expense in Q1 2025 was noted as \$0.5 million over Q1 2024.
Base Management and Incentive Fees to the External Adviser
The external adviser, HTFM, is compensated through a base management fee and a performance-based incentive fee. These fees are a direct cost of operations, calculated based on the size of the asset base.
Here are the fee figures for the three months ended September 30, 2025:
| Fee Type | Q3 2025 Amount (in thousands USD) | Q3 2025 Amount (in millions USD) |
| Base management fee | 2,748 | 2.748 |
| Performance based incentive fee | - | 0 |
Looking at the cumulative nine months ending September 30, 2025, the base management fee totaled \$8,887 thousand (or \$8.887 million). The base management fee for Q3 2025 actually saw a slight decrease of \$0.2 million compared to Q3 2024, attributed to a lower average weighted size of the portfolio in the quarter.
Operating Expenses
Beyond the direct financing and advisory costs, Horizon Technology Finance Corporation incurs general operating expenses, which include administrative and professional fees. These are often grouped as General and Administrative (G&A) expenses.
Total expenses for recent quarters in 2025 were:
- For the three months ended March 31, 2025: \$13.4 million.
- For the three months ended June 30, 2025: \$12.7 million.
- For the three months ended September 30, 2025: \$12.0 million.
The announced merger with Monroe Capital Corporation (MRCC) is expected to create efficiencies here. The combined entity anticipates annualized G&A expense savings of \$2.5 million, which represents a 30% reduction in expenses, specifically targeting professional fees and administrative fees.
Potential Fee Waivers Post-Merger
To support the transaction and shareholders, the external adviser, HTFM, has committed to a temporary reduction in its fees following the expected closing in the fourth quarter of 2025.
The terms of this cost reduction are specific:
- Aggregate fee waiver amount: Up to \$4 million.
- Duration: Over the first four full fiscal quarters following the closing of the Merger.
- Quarterly cap: The waiver will be implemented at a rate of up to \$1 million per quarter.
It's important to note that the fee waiver for any given quarter will not exceed the total amount of base management and incentive fees earned by HTFM during that specific fiscal quarter.
Finance: draft 13-week cash view by Friday.
Horizon Technology Finance Corporation (HRZN) - Canvas Business Model: Revenue Streams
The revenue streams for Horizon Technology Finance Corporation (HRZN) are fundamentally driven by its investment portfolio, which primarily consists of debt and equity positions in technology, life science, healthcare IT, and sustainability companies. You're looking at a model where the core income is the interest earned on senior secured loans, supplemented by fees and equity upside.
The Total Investment Income for the full Fiscal Year 2025 is projected at approximately $115.0 million. This is supported by a strong current yield environment; for instance, the dollar-weighted annualized yield on average debt investments in the third quarter of 2025 reached 18.6%.
The primary revenue component is Interest income from secured debt investments. This is the engine of Horizon Technology Finance Corporation's earnings. For the third quarter of 2025, the Total Investment Income was $26.3 million, which the company noted was driven primarily by higher fee and interest income on investments from the debt portfolio.
The secondary, but significant, component is Fee income, which includes end-of-term, prepayment, and commitment fees. These fees enhance the overall yield Horizon Technology Finance Corporation captures from its loan coupons. For example, in September 2025, a portfolio company repaid its loan, which included an end-of-term payment and prepayment fee alongside the principal and interest. Similarly, in the second quarter of 2025, a loan repayment included an end-of-term payment and prepayment fee on a $17.5 million principal balance. The company aims to maximize its total yield by engaging in these fees, topping the typical industry average Internal Rate of Return (IRR) of around 10% from loan coupons.
The third stream involves Gains/proceeds from the sale or exercise of warrants and equity. These represent the upside potential from the equity components attached to the debt investments. Horizon Technology Finance Corporation held portfolio of warrant and equity positions in 95 companies as of September 30, 2025. Specific liquidity events in Q3 2025 included the sale of an equity investment for gross proceeds of $0.6 million. In the prior quarter (Q2 2025), proceeds totaling $0.6 million were received from the redemption of warrants in Fictiv.
You can see the quarterly flow of Total Investment Income below, which is the sum of interest and fee income, before considering gains from warrants:
| Metric | Q1 2025 | Q2 2025 | Q3 2025 |
| Total Investment Income | $24.5 million | $24.5 million | $26.3 million |
| Annualized Yield on Debt Investments | 15.0% | 15.8% | 18.6% |
| Net Investment Income (NII) per Share | $0.27 | $0.28 | $0.32 |
The projected Net Investment Income per share for the full FY2025 stands at $1.12 per share.
The sources contributing to the overall investment income are concentrated in specific sectors:
- Life Sciences: around 42% of the portfolio.
- Technology: around 33% of the portfolio.
- Healthcare-IT: around 15% of the portfolio.
- Sustainability: around 10% of the portfolio.
The company also benefits from a committed backlog, which provides a pipeline for future interest and fee income. This backlog stood at $119 million at the end of Q3 2025.
For your reference, here are the key liquidity events that feed into the fee and equity income streams:
- Q3 2025 Liquidity Events: Eight portfolio companies.
- Q2 2025 Liquidity Events: Seven portfolio companies.
- Q3 2025 Equity Proceeds: Sale of investment for $0.6 million.
Finance: draft 13-week cash view by Friday.
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.