Consolidated Schedule of Investments

12 Months Ended

Dec. 31, 2025

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Non-Affiliate Investments — 183.3% (8)
Non-Affiliate Debt Investments — 175.4% (8)
Non-Affiliate Debt Investments — Life Science — 85.2% (8)
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		10,000		9,947		9,947
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		5,500		5,471		5,471
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		5,000		4,974		4,974
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		4.00	%	March 1, 2028		5,000		4,974		4,974
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		11.47	%	Prime		4.72	%		9.75	%		—		5.00	%	May 1, 2026		1,667		1,665		1,665
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		10.75	%	Prime		3.75	%		10.75	%		—		5.00	%	April 1, 2030		4,250		4,237		4,237
		Term Loan		10.75	%	Prime		3.75	%		10.75	%		—		5.00	%	April 1, 2030		4,250		4,237		4,237
		Term Loan		10.75	%	Prime		3.75	%		10.75	%		—		5.00	%	April 1, 2030		4,250		4,237		4,237
		Term Loan		10.75	%	Prime		3.75	%		10.75	%		—		5.00	%	April 1, 2030		4,250		4,237		4,237
Long Grove Pharmaceuticals, LLC (2)(12)	Biotechnology	Term Loan		7.87	% (11)	1-month SOFR		4.00	%		6.00	%		—		—		February 27, 2031		10,298		10,086		10,086
Provivi, Inc. (2)(12)(13)	Biotechnology	Term Loan		12.11	% (11)	Prime		5.36	%		9.50	%		—		4.30	%	January 1, 2027		1,906		1,683		924
		Term Loan		12.11	% (11)	Prime		5.36	%		9.50	%		—		4.30	%	January 1, 2027		1,906		1,683		924
		Term Loan		12.11	% (11)	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		953		838		460
		Term Loan		12.11	% (11)	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		953		838		460
		Term Loan		12.11	% (11)	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		953		838		460
		Term Loan		12.11	% (11)	Prime		5.36	%		9.50	%		—		4.31	%	January 1, 2027		953		838		460

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*			*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Ceribell, Inc. (2)(5)(12)	Medical Device	Term Loan		9.50	%	Prime		2.75	%		9.25	%		—			4.00	%	March 1, 2029		5,000		4,833		4,833
		Term Loan		9.50	%	Prime		2.75	%		9.25	%		—			4.00	%	March 1, 2029		5,000		4,954		4,954
		Term Loan		9.50	%	Prime		2.75	%		9.25	%		—			4.00	%	March 1, 2029		4,000		3,963		3,963
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Term Loan		13.07	%	Prime		6.32	%		10.75	%		—			10.88	%	July 1, 2026		2,801		2,785		2,785
		Term Loan		13.07	%	Prime		6.32	%		10.75	%		—			10.88	%	July 1, 2026		2,801		2,785		2,785
Infobionic, Inc. (2)(12)	Medical Device	Term Loan		12.00	%	Prime		4.50	%		12.00	%		—			2.00	%	September 1, 2029		5,000		4,937		4,937
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—			2.00	%	September 1, 2029		5,000		4,937		4,937
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—			2.00	%	September 1, 2029		5,000		4,937		4,937
		Term Loan		12.00	%	Prime		5.00	%		12.00	%		—			4.00	%	September 1, 2029		2,500		2,379		2,379
		Term Loan		12.00	%	Prime		5.00	%		12.00	%		—			4.00	%	September 1, 2029		2,500		2,429		2,429
Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—			3.50	%	January 1, 2029		3,750		3,710		3,710
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—			3.50	%	January 1, 2029		3,750		3,710		3,710
MML US, Inc. (2)(12)	Medical Device	Term Loan		10.00	% (11)	Prime		3.00	%		10.00	%		13.50	%		3.00	%	March 1, 2030		2,565		2,444		2,444
		Term Loan		10.00	% (11)	Prime		3.00	%		10.00	%		13.50	%		3.00	%	March 1, 2030		2,565		2,543		2,543
		Term Loan		10.00	% (11)	Prime		3.00	%		10.00	%		13.50	%		3.00	%	March 1, 2030		5,129		5,086		5,086
		Term Loan		10.00	% (11)	Prime		3.00	%		10.00	%		13.50	%		3.00	%	March 1, 2030		5,129		5,086		5,086
		Term Loan		10.00	% (11)	Prime		3.00	%		10.00	%		13.50	%		3.00	%	March 1, 2030		5,091		5,046		5,046
		Term Loan		10.00	% (11)	Prime		3.00	%		10.00	%		13.50	%		3.00	%	March 1, 2030		5,091		5,046		5,046
Onkos Surgical, Inc. (2)(12)	Medical Device	Term Loan		10.75	%	Prime		3.25	%		10.75	%		—			4.00	%	January 1, 2030		10,000		9,874		9,874
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—			4.00	%	January 1, 2030		10,000		9,874		9,874
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—			4.00	%	January 1, 2030		5,000		4,937		4,937
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—			4.00	%	January 1, 2030		5,000		4,937		4,937
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—			4.00	%	October 1, 2030		5,000		4,926		4,926
Scientia Vascular, Inc. (2)(12)	Medical Device	Term Loan		10.25	%	Prime		2.75	%		10.25	%		—			4.00	%	July 1, 2030		10,000		9,890		9,890
		Term Loan		10.25	%	Prime		2.75	%		10.25	%		—			4.00	%	July 1, 2030		10,000		9,890		9,890
		Term Loan		10.25	%	Prime		2.75	%		10.25	%		—			4.00	%	July 1, 2030		5,000		4,945		4,945
		Term Loan		10.25	%	Prime		2.75	%		10.25	%		—			4.00	%	July 1, 2030		1,500		1,483		1,483
		Term Loan		10.25	%	Prime		2.75	%		10.25	%		—			4.00	%	July 1, 2030		3,500		3,459		3,459
Sonex Health, Inc. (2)(12)	Medical Device	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	September 1, 2027		2,500		2,489		2,489
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	September 1, 2027		2,500		2,489		2,489
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	September 1, 2027		5,000		4,977		4,977
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	September 1, 2027		5,000		4,977		4,977
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	April 1, 2028		3,750		3,725		3,725
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	April 1, 2028		3,750		3,725		3,725
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	April 1, 2028		3,750		3,725		3,725
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—			8.00	%	April 1, 2028		3,750		3,725		3,725

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Spineology, Inc. (2)(12)	Medical Device	Term Loan		12.00	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		5,000		4,936		4,936
		Term Loan		12.00	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,195		4,195
		Term Loan		12.00	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,196		4,196
		Term Loan		12.00	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		2,500		2,468		2,468
Vero Biotech, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		15,000		14,803		14,803
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		10,000		9,869		9,869
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		5,000		4,933		4,933
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		2,500		2,466		2,466
Total Non-Affiliate Debt Investments — Life Science																						274,306		271,276
Non-Affiliate Debt Investments — Sustainability — 1.5% (8)
SparkCharge, Inc. (2)(12)	Alternative Energy	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		5.00	%	May 1, 2029		2,500		2,398		2,398
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		5.00	%	May 1, 2029		2,500		2,471		2,471
Total Non-Affiliate Debt Investments — Sustainability																						4,869		4,869

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Non-Affiliate Debt Investments — Technology — 63.3% (8)
Havenly, Inc. (2)(12)	Consumer-related Technologies	Term Loan		11.75	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		1,111		982		982
		Term Loan		11.75	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		1,667		1,482		1,482
		Term Loan (17)		10.50	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		3,375		1,915		3,374
		Term Loan		10.50	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
		Term Loan		10.50	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
Lyrical Foods, Inc. (2)(12)	Consumer-related Technologies	Term Loan		10.25	%	Prime		3.50	%		9.00	%		—		5.00	%	July 1, 2028		2,679		2,771		2,400
		Term Loan (17)		10.25	%	Prime		3.50	%		9.00	%		—		5.00	%	July 1, 2028		2,679		1,286		2,320
Apkudo, Inc. (2)(12)	Software	Term Loan		11.25	%	Prime		4.25	%		7.00	%		—		3.00	%	October 1, 2029		5,000		4,908		4,908
		Term Loan		11.25	%	Prime		4.25	%		7.00	%		—		3.00	%	October 1, 2029		5,000		4,908		4,908
BriteCore Holdings, Inc. (2)(12)	Software	Term Loan		10.50	%	Prime		3.75	%		6.50	%		—		3.00	%	January 1, 2031		10,000		9,831		9,831
		Term Loan		10.50	%	Prime		3.75	%		6.50	%		—		3.00	%	January 1, 2031		7,500		7,410		7,410
		Term Loan		10.50	%	Prime		3.75	%		6.50	%		—		3.00	%	January 1, 2031		2,500		2,470		2,470
Crafty Holdings, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,894		4,894
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,933		4,933
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,933		4,933
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		2,000		1,969		1,969
Dropoff, Inc. (2)(12)	Software	Term Loan (17)		13.25	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		7,850		2,450		4,411
		Term Loan		13.25	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,804		6,785		3,813
		Term Loan		13.25	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,280		6,263		3,520
		Term Loan		13.25	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		2,617		2,613		1,468
HappyCo, Inc. (2)(12)	Software	Term Loan		11.13	%	Prime		3.75	%		11.00	%		—		2.75	%	February 1, 2030		3,000		2,969		2,969
		Term Loan		11.13	%	Prime		3.75	%		11.00	%		—		2.75	%	February 1, 2030		3,000		2,969		2,969
		Term Loan		11.13	%	Prime		3.75	%		11.00	%		—		2.75	%	February 1, 2030		2,000		1,978		1,978
		Term Loan		11.13	%	Prime		3.75	%		11.00	%		—		2.75	%	February 1, 2030		2,000		1,975		1,975

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Kodiak Robotics, Inc. (2)(12)	Software	Term Loan		10.25	%	Prime		3.50	%		6.50	%		—		4.00	%	January 1, 2030		15,000		14,599		14,599
		Term Loan		10.25	%	Prime		3.50	%		6.50	%		—		4.00	%	January 1, 2030		7,500		7,300		7,300
		Term Loan		10.25	%	Prime		3.50	%		6.50	%		—		4.00	%	January 1, 2030		7,500		7,300		7,300
MasteryPrep, LLC (2)(12)	Software	Term Loan		11.50	%	Prime		4.00	%		11.50	%		—		3.75	%	July 1, 2029		7,500		7,383		7,383
		Term Loan		11.50	%	Prime		4.00	%		11.50	%		—		3.75	%	July 1, 2029		7,500		7,433		7,433
Mirantis, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		4,583		4,541		4,541
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		4,583		4,541		4,541
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		4,583		4,541		4,541
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		4,583		4,541		4,541
Samba TV, Inc. (2)(12)	Software	Term Loan		10.25	% (11)	Prime		3.50	%		3.50	%		—		4.00	%	December 1, 2030		10,014		9,792		9,792
		Term Loan		10.25	% (11)	Prime		3.50	%		3.50	%		—		4.00	%	December 1, 2030		7,510		7,400		7,400
		Term Loan		10.25	% (11)	Prime		3.50	%		3.50	%		—		4.00	%	December 1, 2030		5,007		4,934		4,934
		Term Loan		10.25	% (11)	Prime		3.50	%		3.50	%		—		4.00	%	December 1, 2030		2,503		2,467		2,467
Supply Network Visibility Holdings LLC (2)(12)	Software	Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,435		2,280
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		3,500		3,495		3,273
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,496		2,338
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		1,500		1,498		1,403
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	July 1, 2029		5,000		4,988		4,671
Ursa Space Systems, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,460		2,460
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,460		2,460
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,445		2,445
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,445		2,445
Viken Detection Corporation (2)(12)	Software	Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,833		2,814		2,814
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		1,417		1,407		1,407
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		1,417		1,407		1,407
Total Non-Affiliate Debt Investments — Technology																						205,442		201,718

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Non-Affiliate Debt Investments — Healthcare information and services — 25.4% (8)
BrightInsight, Inc. (2)(12)	Software	Term Loan (17)		12.50	%	Prime		5.50	%		9.50	%		—		4.00	%	August 1, 2027		5,500		2,905		5,105
		Term Loan		12.50	%	Prime		5.50	%		9.50	%		—		4.00	%	August 1, 2027		6,417		6,398		5,939
		Term Loan		12.50	%	Prime		5.50	%		9.50	%		—		4.00	%	August 1, 2027		3,208		3,199		2,969
		Term Loan		12.50	%	Prime		5.50	%		9.50	%		—		4.00	%	August 1, 2027		3,208		3,199		2,969
		Term Loan		12.50	%	Prime		5.50	%		9.50	%		—		4.00	%	August 1, 2027		2,750		2,731		2,535
		Term Loan (17)		12.50	%	Prime		5.50	%		9.50	%		—		4.00	%	August 1, 2027		2,250		1,277		2,089
Elligo Health Research, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		10,000		9,936		9,936
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,968		4,968
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,968		4,968
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,968		4,968
GT Medical Technologies, Inc. (2)(12)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,604		3,604
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,705		3,705
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		7,500		7,409		7,409
Hometeam Technologies, Inc. (2)(12)(13)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		4,821		4,781		3,967
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		4,821		4,781		3,967
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		4,821		4,682		3,883
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		4,821		4,781		3,967
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		4,821		4,781		3,967
Total Non-Affiliate Debt Investments — Healthcare information and services																						83,073		80,915
*Total Non- Affiliate Debt Investments*																					$	567,690	$	558,778

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Non-Affiliate Warrant Investments — 5.2% (8)
Non-Affiliate Warrants — Life Science — 2.2% (8)
Avalo Therapeutics, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		149		311		—
BioVaxys Technology Corp. (5)(12)	Biotechnology	Common Stock Warrant		400,000		5		—
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		13,821		372		274
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		110,402		176		447
Imunon, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		19,671		65		—
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		134,614		138		13
Mustang Bio, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		568		146		—
Native Microbials, Inc (2)(12)	Biotechnology	Preferred Stock Warrant		178,631		93		4
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Common Stock Warrant		381,625		161		—
Provivi, Inc. (2)(12)	Biotechnology	Common Stock Warrant		175,098		278		—
Provivi, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		709,980		312		—
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Common Stock Warrant		454,544		266		6
Xeris Pharmaceuticals, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		126,000		73		691
Aerin Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		1,818,183		66		1,333
Canary Medical Inc. (2)(12)	Medical Device	Preferred Stock Warrant		12,153		86		—
Ceribell, Inc. (2)(5)(12)	Medical Device	Common Stock Warrant		89,903		147		1,205
Cognoa, Inc. (2)(12)	Medical Device	Common Stock Warrant		61,170		—		2
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		7,152,669		162		3
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		13,203,395		268		—
CSA Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,939,813		174		462
CVRx, Inc. (2)(5)(12)	Medical Device	Common Stock Warrant		47,410		76		20
Infobionic, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		8,488,456		361		705

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Magnolia Medical Technologies, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		900,043		194		321
Meditrina, Inc. (12)	Medical Device	Preferred Stock Warrant		233,993		83		95
Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		103,172		47		47
Onkos Surgical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		443,674		192		200
Scientia Vascular, Inc (2)(12)	Medical Device	Common Stock Warrant		24,000		60		235
Scientia Vascular, Inc (2)(12)	Medical Device	Preferred Stock Warrant		49,157		206		481
Sonex Health, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,637,133		275		199
Spineology, Inc. (2)(12)	Medical Device	Common Stock Warrant		27,139		65		41
Spineology, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		45,101		109		69
VERO Biotech LLC (2)(12)	Medical Device	Preferred Stock Warrant		3,701		379		111
Total Non-Affiliate Warrants — Life Science						5,346		6,964
Non-Affiliate Warrants — Sustainability — 0.0% (8)
SparkCharge, Inc. (2)(12)	Alternative Energy	Preferred Stock Warrant		2,264,151		45		36
Pivot Bio, Inc. (2)(12)	Energy Efficiency	Preferred Stock Warrant		210,418		14		2
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		800,000		88		30
LiquiGlide, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		122,717		53		47
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		66,605		185		28
Total Non-Affiliate Warrants — Sustainability						385		143
Non-Affiliate Warrants — Technology — 3.0% (8)
Axiom Space Holdings, Inc. (2)(12)	Communications	Common Stock Warrant		2,654		50		33
Intelepeer Holdings, Inc. (2)(12)	Communications	Preferred Stock Warrant		2,936,535		138		2,730
Alula Holdings, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		20,000		93		6
CAMP NYC, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		224,712		57		76
Clara Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		46,745		30		41
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		13,068		80		59
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		71,014		538		771
Havenly, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		1,633,929		3,463		3,510
MyForest Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		500		41		47
Primary Kids, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		553,778		57		73
Quip NYC Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		10,833		325		—
Updater, Inc.(2)(12)	Consumer-related Technologies	Preferred Stock Warrant		108,333		34		—
CPG Beyond, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		500,000		242		57
Silk, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		394,110		175		173
Global Worldwide LLC (2)(12)	Internet and Media	Preferred Stock Warrant		245,810		75		—
Rocket Lawyer Incorporated (2)(12)	Internet and Media	Preferred Stock Warrant		261,721		92		151
Skillshare, Inc. (2)(12)	Internet and Media	Preferred Stock Warrant		139,316		162		—
Liqid, Inc. (2)(12)	Networking	Common Stock Warrant		344,102		364		—
Apkudo, Inc. (2)(12)	Software	Preferred Stock Warrant		31,848		97		118
BriteCore Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		194,570		137		229
Crafty Holdings, Inc. (2)(12)	Software	Common Stock Warrant		260,972		138		178
Dropoff, Inc. (2)(12)	Software	Common Stock Warrant		723,228		455		—
HappyCo, Inc. (2)(12)	Software	Preferred Stock Warrant		96,228		26		20
Everstream Holdings, LLC (2)(12)	Software	Preferred Stock Warrant		525,000		82		—
Lemongrass Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		202,616		57		96
Mirantis, Inc. (2)(12)	Software	Common Stock Warrant		948,275		223		420

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Noodle Partners, Inc. (2)(12)	Software	Preferred Stock Warrant		84,037		116		—
OneNetworks, Inc. (2)(12)	Software	Preferred Stock Warrant		184,646		3		2
Revinate Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		682,034		44		86
SIGNiX, Inc. (12)	Software	Preferred Stock Warrant		186,235		177		—
Slingshot Aerospace, Inc. (2)(12)	Software	Preferred Stock Warrant		309,208		123		45
Supply Network Visibility Holdings LLC (2)(12)	Software	Preferred Stock Warrant		682		64		—
Topia Mobility, Inc. (2)(12)	Software	Common Stock Warrant		30,496		138		—
Ursa Space Systems, Inc. (2)(12)	Software	Preferred Stock Warrant		1,075,072		151		169
Viken Detection Corporation (2)(12)	Software	Preferred Stock Warrant		345,443		120		314
xAd, Inc. (2)(12)	Software	Preferred Stock Warrant		4,343,348		177		—
Total Non-Affiliate Warrants — Technology						8,344		9,404
Non-Affiliate Warrants — Healthcare information and services — 0.0% (8)
GT Medical Technologies, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		326,640		144		39
BrightInsight, Inc. (2)(12)	Software	Preferred Stock Warrant		232,871		168		—
Elligo Health Research, Inc. (2)(12)	Software	Preferred Stock Warrant		652,250		191		—
SafelyYou, Inc. (2)(12)	Software	Preferred Stock Warrant		206,983		163		98
Total Non-Affiliate Warrants — Healthcare information and services						666		137
*Total Non-Affiliate Warrants*						14,741		16,648
Non-Affiliate Other Investments — 0.6% (8)
Non-Affiliate Other Investments — Life Science — 0.6% (8)
BioVaxys Technology Corp. (5)(12)	Biotechnology	Royalty Agreement				5,073		—
Aerobiotix, LLC (12)	Medical Device	Royalty Agreement				1,498		1,574
Lumithera, Inc. (12)	Medical Device	Royalty Agreement				1,116		384
Robin Healthcare, Inc. (2)(12)	Medical Device	Royalty Agreement				7,330		—
Total Non-Affiliate Other Investments — Life Science						15,017		1,958
Non-Affiliate Other Investments — Technology — 0.0% (8)
Better Place Forests Co. (12)(16)	Consumer-related Technologies	Other Investment				10,149		—
Total Non-Affiliate Other Investments — Technology						10,149		—
*Total Non-Affiliate Other Investments*						25,166		1,958
Non-Affiliate Equity — 2.1% (8)
BioVaxys Technology Corp. (5)(12)	Biotechnology	Common Stock		66,170		14		11
Cadrenal Therapeutics, Inc. (5)	Biotechnology	Common Stock		40,000		—		271
Castle Creek Biosciences, Inc. (12)	Biotechnology	Common Stock		1,162		250		217
Emalex Biosciences, Inc. (12)	Biotechnology	Preferred Stock		47,461		545		656
Axiom Space Holdings, Inc. (12)	Communications	Preferred Stock		1,810		261		306
PebblePost, Inc. (2)(12)	Communications	Preferred Stock		56,212		73		73
SnagAJob.com, Inc. (12)	Consumer-related Technologies	Common Stock		82,974		9		—
Cognoa, Inc. (2)(12)	Medical Device	Common Stock		16,247,754		976		975
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock		2,119,272		500		500
Tigo Energy, Inc. (5)	Other Sustainability	Common Stock		5,205		111		7
Decisyon, Inc. (12)	Software	Preferred Stock		280,000		2,800		—
Kodiak Robotics, Inc. (2)(5)	Software	Common Stock		338,798		3,100		3,700
*Total Non-Affiliate Equity*						8,639		6,716
*Total Non-Affiliate Portfolio Investment Assets*					$	616,236	$	584,100

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Non-Controlled Affiliate Investments — 19.9% (8)
Non-Controlled Affiliate Debt Investments — 11.7% (8)
Hound Labs II, LLC (12)	Diagnostics	Term Loan		12.75	% (11)	Prime		6.00	%		9.25	%		—		—		July 1, 2027	$	6,789	$	6,789	$	6,605
NextCar Holding Company, Inc. (12)(14)	Consumer-related Technologies	Term Loan		10.00	%	Fixed		0.00	%		0.00	%		—		—		March 31, 2026		2,266		2,266		1,079
Nexii, Inc. (12)	Other Sustainability	Term Loan		10.00	%	Fixed		0.00	%		0.00	%		—		—		July 1, 2027		790		826		—
		Term Loan (17)		10.00	%	Fixed		0.00	%		0.00	%		—		—		July 1, 2027		304		172		—
Shengrow, Inc. aka Soli Organic, Inc. (2)(12)	Other Sustainability	Term Loan (17)		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		5,246		428		5,246
		Term Loan		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		3,497		3,447		3,447
		Term Loan		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		1,749		1,724		1,724
		Term Loan		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		3,497		3,447		3,447
		Term Loan		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		1,749		1,723		1,723
		Term Loan		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		3,497		3,445		3,445
		Term Loan		11.75	% (11)	Prime		4.50	%		11.75	%		—		2.75	%	September 1, 2028		1,749		1,722		1,722
		Revolver		11.75	%	Prime		5.00	%		9.75	%		—		—		November 26, 2026		5,000		5,000		5,000
		Revolver		11.75	%	Prime		5.00	%		9.75	%		—		—		November 26, 2026		5,000		3,809		3,809
Total Non-Controlled Affiliate Investments																						34,798		37,247

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Non-Controlled Affiliate Other Investments — 0.5% (8)
Evelo Holdings, Inc. (2)(5)(12)(15)	Biotechnology	Other Investment			$	20,092	$	1,486
Total Non-Controlled Affiliate Other Investments						20,092		1,486
Non-controlled Affiliate Equity — 7.7% (8)
Aulea Medical, Inc. (12)	Medical Device	Common Stock		660,537		—		—
Evelo Holdings, Inc. (2)(5)(12)	Biotechnology	Common Stock		2,164,502		5,000		—
Hound Labs II, LLC (12)	Diagnostics	Preferred Stock		4,769		4,764		4,764
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock		2,688,971		—		—
Nexii, Inc. (2)(12)	Other Sustainability	Preferred Stock		168,377		9,751		—
Shengrow, Inc. aka Soli Organic, Inc. (2)(12)	Other Sustainability	Common Stock		4,274,555		1,292		1,292
Shengrow, Inc. aka Soli Organic, Inc. (2)(12)	Other Sustainability	Preferred Stock		1,964,733		13,209		18,355
Total Non-Controlled Affiliate Equity						34,016		24,411
Non-controlled Affiliate Warrants — 0.0% (8)
Evelo Holdings, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		23,196		127		—
Total Non-Controlled Affiliate Warrants						127		—
*Total Non-Controlled Affiliate Portfolio Investment Assets*					$	89,033	$	63,144
Total Portfolio Investment Assets — 203.2% (8)					$	705,269	$	647,244

Short Term Investments - Unrestricted Investments - 10.9% (8)
US Bank Money Market Deposit Account		34,711		34,711
Total Short Term Investments - Unrestricted Investments	$	34,711	$	34,711

Short Term Investments - Restricted Investments - 0.8% (8)
US Bank Money Market Deposit Account		2,463		2,463
Total Short Term Investments - Restricted Investments	$	2,463	$	2,463

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025

(Dollars in thousands)

(1)	All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(2)

Has been pledged as collateral under the revolving credit facility (the “Key Facility”) with KeyBank National Association (“Key”), a credit facility (the “NYL Facility”) led by New York Life Insurance Company and/or a credit facility (the “Nuveen Facility”, together with the Key Facility and the NYL Facility, the “Credit Facilities”) led by Nuveen Alternatives Advisors LLC.

(3)

All non-affiliate investments are investments in which the Company owns less than 5% of the voting securities of the portfolio company. All non-controlled affiliate investments are investments in which the Company owns 5% or more of the voting securities of the portfolio company but not more than 25% of the voting securities of the portfolio company. All controlled affiliate investments are investments in which the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement).

(4)

All interest is payable in cash due monthly in arrears, unless otherwise indicated, and applies only to the Company’s debt investments. Interest rate is the annual interest rate on the debt investment and does not include end-of-term payments (“ETPs”), and any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees. Debt investments are at variable rates for the term of the debt investment, unless otherwise indicated. For each debt investment, the current interest rate in effect as of December 31, 2025 is provided.

(5)	Portfolio company is a public company.

(6)	For debt investments, represents principal balance less unearned income.

(7)	Warrants, Equity and Other Investments are non-income producing.

(8)	Value as a percent of net assets.

(9)

As of December 31, 2025, 0.0% of the Company's total assets on a cost and fair value basis are in non-qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(10)

ETPs are contractual fixed-interest payments due in cash at the maturity date of the applicable debt investment, including upon any prepayment, and are a fixed percentage of the original principal balance of the debt investments unless otherwise noted. Interest will accrue during the life of the debt investment on each ETP and will be recognized as non-cash income until it is actually paid. Therefore, a portion of the incentive fee the Company may pay its Advisor will be based on income that the Company has not yet received in cash.

(11)	Debt investment has a PIK feature in which the accrued interest is added to the then-outstanding principal amount of the debt investment.

(12)	The fair value of the investment was valued using significant unobservable inputs.

(13)	Debt investment is on non-accrual status as of December 31, 2025.

(14)	Debt investment is on non-accrual status as of December 31, 2025 and interest payments will be recognized as income on a cash basis.

(15)

The investment originally consisted of debt investments in Evelo Biosciences Inc. (“Evelo”). Evelo was a clinical stage life science company that was unable to raise additional capital to continue as a going concern and, through a series of transactions, Evelo became a subsidiary of Evelo Holdings, Inc. (“Evelo Holdings”) and Evelo Holdings assumed the indebtedness of Evelo to the Company. Evelo Holdings is not an operating company but holds certain contractual rights to contingent payments and owns equity in Evelo, as well as certain assets it seeks to sell. The Company has a first priority security interest in the assets of Evelo Holdings, so if any payments are received by Evelo Holdings or any of its equity holdings or other assets are sold, the Company will receive substantially all of the proceeds from the same, until such time, if ever, that all of the indebtedness is repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment”.

(16)

The investment originally consisted of debt investments in Better Place Forests Co. (“Better Place”). On April 30, 2025, Better Place transferred ownership of all of its right, title and interest in and to all of its tangible and intangible assets to Better Place ABC, LLC, a California limited liability company (“BP ABC”) and BP ABC sold a portion of such assets to Memorial Forests Foundation in consideration for, among other things, the assumption of certain liabilities of BP ABC. The Company has a first priority security interest in the remaining assets of BP ABC, including certain rights to employee retention tax credits, so if any payments are received by BP ABC, the Company will receive a portion of the proceeds from the same, until such time, if ever, that all of the obligations of BP ABC to the Company are repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment.

(17)

On August 6, 2025, the Company purchased this investment as a part of a portfolio of debt and related investments of Powerscourt XXV LP, a fund managed by Waterfall Asset Management (“WAM”), for a purchase price of $22.5 million, which assets at the purchase date had a fair value of $36.5 million and included debt investments on accrual status with a principal balance of $34.9 million. WAM and the Advisor (as defined in Note 1) had previously entered into Master Program Agreement in March 2023 whereby the Advisor offered WAM the opportunity to participate, as a co-lender with the Company, in debt investments originated by the Advisor. WAM retained all investment decisions. In 2023, WAM ceased making new investments under the program, as it no longer wished to pursue a venture debt strategy.

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*			*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Non-Affiliate Investments — 195.6% (8)
Non-Affiliate Debt Investments — 187.7% (8)
Non-Affiliate Debt Investments — Life Science — 77.8% (8)
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026	$	3,333	$	3,326	$	3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,333		3,326		3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		2,000		1,996		1,996
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,333		3,326		3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		3,333		3,326		3,326
		Term Loan		12.88	%	Prime		5.13	%		9.55	%		13.50	%		5.50	%	May 1, 2026		2,000		1,996		1,996
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		12.22	%	Prime		4.72	%		9.75	%		—			5.00	%	November 1, 2025		4,167		4,144		4,144
		Term Loan		12.22	%	Prime		4.72	%		9.75	%		—			5.00	%	May 1, 2026		5,000		4,982		4,982
Greenlight Biosciences, Inc. (2)(12)	Biotechnology	Term Loan		13.25	%	Prime		5.75	%		9.00	%		—			3.00	%	July 1, 2025		1,000		971		971
		Term Loan		13.25	%	Prime		5.75	%		9.00	%		—			3.00	%	July 1, 2025		500		486		486
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		12.25	%	Prime		4.75	%		8.50	%		—			5.50	%	May 1, 2027		6,250		6,220		6,220
		Term Loan		12.25	%	Prime		4.75	%		8.50	%		—			5.50	%	May 1, 2027		6,250		6,220		6,220
Native Microbials, Inc (2)(12)	Biotechnology	Term Loan		12.75	%	Prime		5.25	%		8.50	%		—			5.00	%	November 1, 2026		2,875		2,862		2,862
		Term Loan		12.75	%	Prime		5.25	%		8.50	%		—			5.00	%	November 1, 2026		1,917		1,906		1,906
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Term Loan		13.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		8,750		8,712		8,712
		Term Loan		13.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		3,281		3,267		3,267
		Term Loan		13.25	%	Prime		5.75	%		9.75	%		—			3.75	%	September 1, 2026		3,281		3,267		3,267
Provivi, Inc. (2)(12)	Biotechnology	Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.30	%	January 1, 2027		3,482		3,418		3,182
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.30	%	January 1, 2027		3,482		3,418		3,182
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,705		1,588
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,705		1,588
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,704		1,587
		Term Loan		12.86	%	Prime		5.36	%		9.50	%		—			4.31	%	January 1, 2027		1,741		1,704		1,587
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Term Loan		13.00	%	Prime		5.50	%		8.75	%		—			6.00	%	October 1, 2025		2,024		1,999		1,999
		Term Loan		13.00	%	Prime		5.50	%		8.75	%		—			6.00	%	October 1, 2025		1,012		1,000		1,000
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Term Loan		12.25	%	Prime		4.25	%		12.25	%		—			4.00	%	August 1, 2027		2,500		2,471		2,471
		Term Loan		12.25	%	Prime		4.25	%		12.25	%		—			4.00	%	August 1, 2027		2,500		2,471		2,471
Aerobiotix, LLC (2)(12)	Medical Device	Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		2,500		2,480		2,085
		Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		2,500		2,480		2,085
		Term Loan		9.00	%	Fixed		—			—			—			18.00	%	April 1, 2028		200		190		160

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Candesant Biomedical, Inc. (2)(12)	Medical Device	Term Loan		11.50	%	Prime		3.50	%		11.50	%		—		5.00	%	September 1, 2027		5,000		4,785		4,785
		Term Loan		11.50	%	Prime		3.50	%		11.50	%		—		5.00	%	September 1, 2027		2,500		2,468		2,468
		Term Loan		11.50	%	Prime		3.50	%		11.50	%		—		5.00	%	September 1, 2027		2,500		2,468		2,468
Ceribell, Inc. (2)(5)(12)	Medical Device	Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		5,000		4,820		4,820
		Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		5,000		4,941		4,941
		Term Loan		10.25	%	Prime		2.75	%		9.25	%		—		4.00	%	March 1, 2029		4,000		3,952		3,952
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Term Loan		12.32	%	Prime		4.82	%		9.25	%		—		10.36	%	July 1, 2025		3,187		3,168		3,168
		Term Loan		12.32	%	Prime		4.82	%		9.25	%		—		10.36	%	July 1, 2025		3,187		3,168		3,168
Infobionic, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,920		4,920
		Term Loan		12.25	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,920		4,920
		Term Loan		12.25	%	Prime		4.50	%		12.00	%		—		2.00	%	September 1, 2029		5,000		4,920		4,920
Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		3.50	%	January 1, 2029		3,750		3,699		3,699
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		3.50	%	January 1, 2029		3,750		3,699		3,699
Onkos Surgical, Inc. (2)(12)	Medical Device	Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		10,000		9,818		9,818
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		10,000		9,845		9,845
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		5,000		4,923		4,923
		Term Loan		10.75	%	Prime		3.25	%		10.75	%		—		4.00	%	January 1, 2030		5,000		4,923		4,923
Scientia Vascular, Inc. (2)(12)	Medical Device	Term Loan		12.50	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,735		3,735
		Term Loan		12.50	%	Prime		4.75	%		8.50	%		—		5.00	%	January 1, 2027		3,750		3,735		3,735
		Term Loan		13.00	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,964		4,964
		Term Loan		13.00	%	Prime		5.25	%		9.00	%		—		5.00	%	January 1, 2027		5,000		4,937		4,937
Sonex Health, Inc. (2)(12)	Medical Device	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,480		2,480
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		2,500		2,480		2,480
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,961		4,961
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	September 1, 2027		5,000		4,961		4,961
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		8.00	%	April 1, 2028		3,750		3,714		3,714
Spineology, Inc. (2)(12)	Medical Device	Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		5,000		4,916		4,916
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,178		4,178
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		4,250		4,178		4,178
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		1.00	%	August 1, 2029		2,500		2,458		2,458

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Cash Rate (4)*			*Index*	*Margin*			*Floor*			*Ceiling*		*ETP (10)*			*Maturity Date*	*Principal Amount*		*Cost of Investments (6)(9)*		*Fair Value (9)*
Vero Biotech, Inc. (2)(12)	Medical Device	Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		15,000		14,735		14,735
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		10,000		9,823		9,823
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		5,000		4,912		4,912
		Term Loan		12.25	%	Prime		3.75	%		12.25	%		—		4.00	%	January 1, 2029		2,500		2,456		2,456
Total Non-Affiliate Debt Investments — Life Science																						263,280		261,520
Non-Affiliate Debt Investments — Sustainability — 19.9% (8)
Pivot Bio, Inc.(2)(12)	Energy Efficiency	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		4.00	%	February 1, 2029		5,000		4,742		4,742
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		4.00	%	February 1, 2029		5,000		4,951		4,951
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(14)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,594		3,564		3,564
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		4.33	%	December 1, 2026		3,594		3,564		3,564
Soli Organic, Inc. (2)(12)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		5,000		4,922		4,792
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	April 1, 2026		2,500		2,461		2,396
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		5,000		4,922		4,792
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.75	%	May 1, 2026		2,500		2,461		2,396
		Term Loan		13.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		5,000		4,925		4,795
		Term Loan		13.00	%	Prime		5.50	%		11.75	%		—		2.75	%	December 1, 2026		2,500		2,462		2,397
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,707		3,707
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,707		3,707
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		7,500		7,407		7,407
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,704		3,704
		Term Loan		14.25	%	Prime		6.75	%		10.00	%		—		2.50	%	April 1, 2028		3,750		3,704		3,704
		Term Loan		13.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1, 2029		4,500		4,454		4,454
		Term Loan		13.50	%	Prime		6.00	%		10.00	%		—		2.00	%	January 1, 2029		2,000		1,980		1,980
Total Non-Affiliate Debt Investments — Sustainability																						67,637		67,052
Non-Affiliate Debt Investments — Technology — 59.0% (8)
Axiom Space, Inc. (2)(12)	Communications	Term Loan		13.75	%	Prime		6.00	%		9.25	%		—		2.50	%	June 1, 2026		3,750		3,731		3,731
		Term Loan		13.75	%	Prime		6.00	%		9.25	%		—		2.50	%	June 1, 2026		3,750		3,731		3,731
		Term Loan		13.75	%	Prime		6.00	%		9.25	%		—		2.50	%	June 1, 2026		3,750		3,731		3,731

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Havenly, Inc. (2)(12)	Consumer-related Technologies	Term Loan		12.50	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		2,000		1,568		1,568
		Term Loan		12.50	%	Prime		5.00	%		5.00	%		—		10.40	%	March 1, 2027		3,000		2,529		2,529
		Term Loan		11.00	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
		Term Loan		11.00	%	Prime		3.50	%		10.50	%		—		7.78	%	February 1, 2028		2,813		2,813		2,813
Lyrical Foods, Inc. (2)(12)	Consumer-related Technologies	Term Loan		11.00%	(11)	Prime		3.50	%		9.00	%		—		5.00	%	July 1, 2028		2,679		2,768		2,405
NextCar Holding Company, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		6,042		5,415		1,271
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		2,417		2,166		508
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,625		3,249		762
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		6,042		5,415		1,271
		Term Loan		13.50%	(11)	Prime		5.75	%		9.00	%		—		5.25	%	October 31, 2023		3,021		2,707		635
Optoro, Inc. (2)(12)	Consumer-related Technologies	Term Loan		14.00	%	Prime		6.25	%		9.50	%		—		4.00	%	August 1, 2027		2,500		2,448		2,448
		Term Loan		14.00	%	Prime		6.25	%		9.50	%		—		4.00	%	July 1, 2028		1,875		1,805		1,805
Standvast Holdings, LLC (2)(12)	Consumer-related Technologies	Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	June 1, 2028		2,500		2,339		2,267
		Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	June 1, 2028		2,500		2,426		2,352
		Term Loan		12.75	%	Prime		4.25	%		12.75	%		—		3.00	%	November 1, 2028		2,500		2,417		2,343
Unagi, Inc. (2)(12)(13)	Consumer-related Technologies	Term Loan		15.25%	(11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		1,415		1,086		—
		Term Loan		15.25%	(11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		708		543		—
		Term Loan		15.25%	(11)	Prime		7.75	%		11.00	%		—		—		May 1, 2027		708		543		—
Fictiv, Inc. (2)(12)	Networking	Term Loan		10.88	%	Prime		3.375	%		10.00	%		—		4.00	%	April 1, 2029		5,000		4,706		4,706
		Term Loan		10.88	%	Prime		3.375	%		10.00	%		—		4.00	%	April 1, 2029		5,000		4,941		4,941
BriteCore Holdings, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		5,000		4,909		4,909
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,472		2,472
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,472		2,472
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	October 1, 2028		2,500		2,472		2,472
		Term Loan		14.00	%	Prime		5.50	%		14.00	%		—		3.00	%	April 1, 2029		2,500		2,469		2,469
Crafty Holdings, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,846		4,846
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,911		4,911
		Term Loan		12.00	%	Prime		4.50	%		12.00	%		—		4.00	%	January 1, 2029		5,000		4,911		4,911
OneNetworks, Inc. (2)(12)	Software	Term Loan		11.125	%	Prime		3.625	%		11.00	%		—		3.75	%	January 1, 2030		2,500		2,448		2,448
		Term Loan		11.125	%	Prime		3.625	%		11.00	%		—		3.75	%	January 1, 2030		2,500		2,474		2,474
Dropoff, Inc. (2)(12)	Software	Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,804		6,740		6,362
		Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		6,280		6,221		5,872
		Term Loan		14.00	%	Prime		6.50	%		9.75	%		—		3.50	%	June 1, 2026		2,617		2,595		2,449

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Kodiak Robotics, Inc. (2)(12)	Software	Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,977		9,977
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		10,000		9,955		9,955
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,978		4,978
		Term Loan		13.00	%	Prime		5.50	%		10.25	%		—		4.00	%	April 1, 2026		5,000		4,978		4,978
Mirantis, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2028		5,000		4,934		4,934
Noodle Partners, Inc. (2)(12)	Software	Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		10,000		9,928		9,928
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,964		4,964
		Term Loan		12.50	%	Prime		5.00	%		12.00	%		—		3.00	%	March 1, 2027		5,000		4,964		4,964
Supply Network Visibility Holdings LLC (2)(12)	Software	Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,414		2,414
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		3,500		3,492		3,492
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		2,500		2,494		2,494
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	June 1, 2028		1,500		1,496		1,496
		Term Loan		12.00	%	Prime		4.25	%		12.00	%		—		2.50	%	July 1, 2029		5,000		4,984		4,984
Ursa Space Systems, Inc. (2)(12)	Software	Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,365		2,365
		Term Loan		12.00	%	Prime		4.00	%		12.00	%		—		3.00	%	November 1, 2028		2,500		2,440		2,440
Viken Detection Corporation (2)(12)	Software	Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		4,833		4,791		4,791
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,417		2,396		2,396
		Term Loan		11.75	%	Prime		4.00	%		11.75	%		—		3.50	%	June 1, 2027		2,417		2,396		2,396
Total Non-Affiliate Debt Investments — Technology																						222,699		198,350
Non-Affiliate Debt Investments — Healthcare information and services — 31.0% (8)
Hound Labs Inc. (12)(13)	Diagnostics	Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,607		1,576		943
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		1,607		1,576		943
		Term Loan		13.50	%	Prime		6.00	%		9.25	%		—		3.50	%	June 1, 2026		3,214		3,151		1,886
		Term Loan		14.00	%	Fixed		—			—			—		50.00	%	March 1, 2025		300		300		180
		Term Loan		14.00	%	Fixed		—			—			—		100.00	%	March 1, 2025		250		250		150
Parse Biosciences, Inc. (2)(12)	Diagnostics	Term Loan		11.50	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,659		4,659
		Term Loan		11.50	%	Prime		3.25	%		11.50	%		—		5.00	%	January 1, 2028		5,000		4,910		4,910

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
BrightInsight, Inc. (2)(12)	Software	Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		7,000		6,954		6,954
		Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,477		3,477
		Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	August 1, 2027		3,500		3,477		3,477
		Term Loan		13.25	%	Prime		5.50	%		9.50	%		—		3.00	%	April 1, 2028		2,750		2,719		2,719
Elligo Health Research, Inc. (2)(12)	Software	Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		10,000		9,890		9,890
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,945		4,945
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,945		4,945
		Term Loan		11.75	%	Prime		3.50	%		11.75	%		—		4.00	%	October 1, 2027		5,000		4,945		4,945
SafelyYou, Inc. (2)(12)	Software	Term Loan		11.00	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,872		4,872
		Term Loan		11.00	%	Prime		3.25	%		11.00	%		—		5.00	%	June 1, 2027		5,000		4,945		4,945
GT Medical Technologies, Inc. (2)(12)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,595		3,595
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		3,750		3,695		3,695
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		4.00	%	October 1, 2029		7,500		7,389		7,389
Hometeam Technologies, Inc. (2)(12)	Other Healthcare Services	Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,854		4,854
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
		Term Loan		11.25	%	Prime		3.25	%		11.25	%		—		3.50	%	August 1, 2029		5,000		4,954		4,954
Total Non-Affiliate Debt Investments — Healthcare information and services																						106,940		104,189
*Total Non- Affiliate Debt Investments*																					$	660,556	$	631,111

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

					Cost of		Fair
Portfolio Company (1)(3)	Sector	Type of Investment (7)	Number of Shares		Investments (6)(9)		Value (9)
Non-Affiliate Warrant Investments — 5.4% (8)
Non-Affiliate Warrants — Life Science — 1.9% (8)
Avalo Therapeutics, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		117	$	311	$	—
Castle Creek Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		7,404		214		270
Emalex Biosciences, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		110,402		176		129
Imunon, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		19,671		65		—
KSQ Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		48,076		50		53
Mustang Bio, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		16,611		146		—
Native Microbials, Inc (2)(12)	Biotechnology	Preferred Stock Warrant		112,879		73		68
PDS Biotechnology Corporation (2)(5)(12)	Biotechnology	Common Stock Warrant		299,848		160		14
Provivi, Inc. (2)(12)	Biotechnology	Common Stock Warrant		175,098		278		—
Provivi, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		709,980		312		59
Stealth Biotherapeutics Inc. (2)(12)	Biotechnology	Common Stock Warrant		318,181		264		—
Tallac Therapeutics, Inc. (2)(12)	Biotechnology	Preferred Stock Warrant		1,600,002		194		167
Xeris Pharmaceuticals, Inc. (2)(5)(12)	Biotechnology	Common Stock Warrant		126,000		73		91
AccuVein Inc. (2)(12)	Medical Device	Common Stock Warrant		271		7		—
Aerin Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		1,818,183		65		1,418
Aerobiotix, LLC (2)(12)	Medical Device	Preferred Stock Warrant		8,800		48		16
Canary Medical Inc. (2)(12)	Medical Device	Preferred Stock Warrant		12,153		86		2
Candesant Biomedical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		93,336		152		78
Ceribell, Inc. (2)(5)(12)	Medical Device	Preferred Stock Warrant		89,903		147		1,573
Cognoa, Inc. (2)(12)	Medical Device	Common Stock Warrant		30,585		—		2
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,635,991		162		1
Conventus Orthopaedics, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		9,313,541		256		102
CSA Medical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		4,917,794		174		479
CVRx, Inc. (2)(5)(12)	Medical Device	Common Stock Warrant		47,410		76		160
Infobionic, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		5,361,130		231		175

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Magnolia Medical Technologies, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		809,931		194		368
Meditrina, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		233,993		83		34
Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		103,172		47		66
Onkos Surgical, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		443,674		192		187
Scientia Vascular, Inc (2)(12)	Medical Device	Preferred Stock Warrant		34,410		103		262
Sonex Health, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,637,133		275		266
VERO Biotech LLC (2)(12)	Medical Device	Preferred Stock Warrant		3,701		376		198
Spineology, Inc. (2)(12)	Medical Device	Common Stock Warrant		2,714,033		143		108
Spineology, Inc. (2)(12)	Medical Device	Preferred Stock Warrant		2,255,155		16		28
Total Non-Affiliate Warrants — Life Science						5,149		6,374
Non-Affiliate Warrants — Sustainability — 0.1% (8)
New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12)(14)	Other Sustainability	Preferred Stock Warrant		400,000		82		17
LiquiGlide, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		61,359		39		25
Soli Organic, Inc. (2)(12)	Other Sustainability	Common Stock Warrant		296		20		19
Soli Organic, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		1,075		382		10
Temperpack Technologies, Inc. (2)(12)	Other Sustainability	Preferred Stock Warrant		49,693		178		102
Pivot Bio, Inc. (2)(12)	Energy Efficiency	Preferred Stock Warrant		210,418		14		14
Total Non-Affiliate Warrants — Sustainability						715		187
Non-Affiliate Warrants — Technology — 3.1% (8)
Axiom Space Holdings, Inc. (2)(12)	Communications	Common Stock Warrant		1,991		46		35
Intelepeer Holdings, Inc. (2)(12)	Communications	Preferred Stock Warrant		2,936,535		138		3,156
Alula Holdings, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		20,000		93		7
CAMP NYC, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		112,356		36		40
Clara Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		46,745		30		43
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		9,801		79		7
Divergent Technologies, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		45,273		454		440
Havenly, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		1,446,429		3,178		3,106
MyForest Foods Co. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		250		29		25
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Common Stock Warrant		12,618		188		—
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		3,913,723		9		—
Optoro, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		11,550		182		99
Primary Kids, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		553,778		57		412
Quip NYC Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		6,191		325		—
Standvast Holdings, LLC (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		1,225,492		275		—
Unagi, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock Warrant		171,081		32		—
Updater, Inc.(2)(12)	Consumer-related Technologies	Preferred Stock Warrant		108,333		34		26
CPG Beyond, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		500,000		242		231
Silk, Inc. (2)(12)	Data Storage	Preferred Stock Warrant		394,110		175		119
Global Worldwide LLC (2)(12)	Internet and Media	Preferred Stock Warrant		245,810		75		—
Rocket Lawyer Incorporated (2)(12)	Internet and Media	Preferred Stock Warrant		261,721		92		319
Skillshare, Inc. (2)(12)	Internet and Media	Preferred Stock Warrant		139,074		162		680
Liqid, Inc. (2)(12)	Networking	Preferred Stock Warrant		344,102		364		103
Fictiv, Inc. (2)(12)	Networking	Common Stock Warrant		126,841		59		77
Avalanche Technology, Inc. (2)(12)	Semiconductors	Preferred Stock Warrant		5,938		45		—
BriteCore Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		161,215		98		289
Crafty Holdings, Inc. (2)(12)	Software	Common Stock Warrant		243,278		132		132
Dropoff, Inc. (2)(12)	Software	Common Stock Warrant		516,535		455		—
E La Carte, Inc. (2)(5)(12)	Software	Common Stock Warrant		147,361		60		—
Everstream Holdings, LLC (2)(12)	Software	Preferred Stock Warrant		525,000		82		34
Kodiak Robotics, Inc. (2)(12)	Software	Preferred Stock Warrant		639,918		273		15
Lemongrass Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		101,308		34		48
Mirantis, Inc. (2)(12)	Software	Common Stock Warrant		948,275		223		585

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

					Cost of		Fair
Portfolio Company (1)(3)	Sector	Type of Investment (7)	Number of Shares		Investments (6)(9)		Value (9)
Noodle Partners, Inc. (2)(12)	Software	Preferred Stock Warrant		84,037		116		—
OneNetworks, Inc. (2)(12)	Software	Preferred Stock Warrant		184,646		3		3
Revinate Holdings, Inc. (2)(12)	Software	Preferred Stock Warrant		682,034		44		90
SIGNiX, Inc. (12)	Software	Preferred Stock Warrant		186,235		225		—
Slingshot Aerospace, Inc. (2)(12)	Software	Preferred Stock Warrant		309,208		123		66
Supply Network Visibility Holdings LLC (2)(12)	Software	Preferred Stock Warrant		682		65		75
Topia Mobility, Inc. (2)(12)	Software	Common Stock Warrant		30,496		138		—
Ursa Space Systems, Inc. (2)(12)	Software	Preferred Stock Warrant		1,075,072		151		148
Viken Detection Corporation (2)(12)	Software	Preferred Stock Warrant		345,443		120		234
xAd, Inc. (2)(12)	Software	Preferred Stock Warrant		4,343,348		177		6
Total Non-Affiliate Warrants — Technology						8,918		10,650
Non-Affiliate Warrants — Healthcare information and services — 0.3% (8)
Hound Labs, Inc (12)	Diagnostics	Preferred Stock Warrant		451,796		45		—
Parse Biosciences, Inc. (2)(12)	Diagnostics	Common Stock Warrant		32,244		71		15
Parse Biosciences, Inc. (2)(12)	Diagnostics	Preferred Stock Warrant		184,253		166		15
Kate Farms, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		82,965		101		700
GT Medical Technologies, Inc. (2)(12)	Other Healthcare	Preferred Stock Warrant		195,984		83		95
BrightInsight, Inc. (2)(12)	Software	Preferred Stock Warrant		85,066		167		—
Elligo Health Research, Inc. (2)(12)	Software	Preferred Stock Warrant		652,250		191		92
Medsphere Systems Corporation (2)(12)	Software	Preferred Stock Warrant		7,097,792		60		—
SafelyYou, Inc. (2)(12)	Software	Preferred Stock Warrant		150,353		163		149
Total Non-Affiliate Warrants — Healthcare information and services						1,047		1,066
*Total Non-Affiliate Warrants*						15,829		18,277
Non-Affiliate Other Investments — Life Science — 0.0% (8)
Lumithera, Inc. (12)	Medical Device	Royalty Agreement				1,146		100
Robin Healthcare, Inc. (2)(12)	Medical Device	Royalty Agreement				7,319		—
*Total Non-Affiliate Other Investments*						8,465		100
Non-Affiliate Equity — 2.5% (8)
Cadrenal Therapeutics, Inc. (5)	Biotechnology	Common Stock		40,000		—		580
Castle Creek Biosciences, Inc. (12)	Biotechnology	Common Stock		1,162		250		250
Emalex Biosciences, Inc. (12)	Biotechnology	Preferred Stock		32,831		356		356
Axiom Space, Inc. (12)	Communications	Preferred Stock		1,810		261		306
PebblePost, Inc. (2)(12)	Communications	Preferred Stock		56,212		73		73
Caastle, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock		242,180		2,681		2,681
Getaround, Inc. (2)(5)	Consumer-related Technologies	Common Stock		87,082		253		3
NextCar Holding Company, Inc. (2)(12)	Consumer-related Technologies	Preferred Stock		2,688,971		89		—
SnagAJob.com, Inc. (12)	Consumer-related Technologies	Common Stock		82,974		9		83
Cognoa, Inc. (2)(12)	Medical Device	Common Stock		8,123,877		487		487
Cognoa, Inc. (2)(12)	Medical Device	Preferred Stock		1,059,636		250		250
Lumithera, Inc. (12)	Medical Device	Common Stock		392,651		2,000		1,700
Tigo Energy, Inc. (5)	Other Sustainability	Common Stock		5,205		111		5
Decisyon, Inc. (12)	Software	Preferred Stock		280,000		2,800		1,281
Lotame, Inc. (12)	Software	Preferred Stock		66,127		4		193
Lotame, Inc. (12)	Software	Preferred Stock		9,381		29		29
*Total Non-Affiliate Equity*						9,653		8,277
*Total Non-Affiliate Portfolio Investment Assets*					$	694,503	$	657,765

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cost of Investments (6)(9)		Fair Value (9)
Non-Controlled Affiliate Investments — 2.5% (8)
Non-Controlled Affiliate Other Investments — 2.5% (8)
Evelo Holdings, Inc. (2)(5)(12)(16)	Biotechnology	Other Investment	$	4,910	$	1,825
		Other Investment		7,634		2,832
		Other Investment		2,946		1,095
		Other Investment		2,946		1,095
		Other Investment		1,964		730
		Other Investment		1,964		730
Total Non-Controlled Affiliate Other Investments				22,364		8,307

					Cost of		Fair
Portfolio Company (1)(3)	Sector	Type of Investment (7)	Number of Shares		Investments (6)(9)		Value (9)
Non-controlled Affiliate Equity — 0.0% (8)
Aulea Medical, Inc. (12)	Medical Device	Common Stock		660,537		—		—
Evelo Holdings, Inc. (2)(5)(12)	Biotechnology	Common Stock		2,164,502		5,000		—
Total Non-Controlled Affiliate Equity						5,000		—
Non-controlled Affiliate Warrants — 0.0% (8)
Evelo Holdings, Inc. (2)(5)(12)	Biotechnology	Common Stock		23,196		127		—
Total Non-Controlled Affiliate Warrants						127		—
*Total Non-Controlled Affiliate Portfolio Investment Assets*					$	27,491	$	8,307

Portfolio Company (1)(3)	Sector	Type of Investment (7)	Cash Rate (4)			Index	Margin			Floor			Ceiling		ETP (10)			Maturity Date	Principal Amount		Cost of Investments (6)(9)		Fair Value (9)
Controlled Affiliate Investments — 9.5% (8)
Controlled Affiliate Debt Investments — 2.3% (8)
Better Place Forests Co. (12)(13)	Consumer-related Technologies	Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		2.78	%	August 1, 2029	$	4,012	$	4,058	$	—
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		2.78	%	August 1, 2029		2,006		1,989		—
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		538		538		—
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		532		532		—
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		521		521		—
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		513		513		—
		Term Loan		12.00%	(11)	Prime		3.75	%		12.00	%		—		—		August 1, 2025		505		505		—
Nexii, Inc. (12)	Other Sustainability	Term Loan		10.00	%	Fixed		—			—			—		—		July 1, 2027		790		790		638
Swift Health Systems Inc. (2)(12)	Medical Device	Term Loan		10.25%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,925		1,658
		Term Loan		10.25%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,925		1,658
		Term Loan		10.25%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,922		1,654
		Term Loan		10.25%	(11)	Prime		2.50	%		2.50	%		—		9.14	%	June 1, 2028		1,948		1,922		1,654
		Term Loan		10.25%	(11)	Prime		2.50	%		2.50	%		—		100.00	%	June 1, 2028		315		315		271
		Term Loan		10.25%	(11)	Prime		2.50	%		2.50	%		—		100.00	%	June 1, 2028		156		156		135
Total Controlled Affiliate Debt Investments																					$	17,611	$	7,668

					*Cost of*		*Fair*
Portfolio Company (1)(3)	*Sector*	*Type of Investment (7)*	*Number of Shares*		*Investments (6)(9)*		*Value (9)*
Controlled Affiliate Equity — 5.3% (8)
Better Place Forests Co. (12)	Consumer-related Technologies	Common Stock		2,278,272		639		—
Better Place Forests Co. (12)	Consumer-related Technologies	Preferred Stock		5,350,142		3,922		—
Nexii, Inc. (2)(12)	Other Sustainability	Common Stock		108,320		3,297		—
Nexii, Inc. (2)(12)	Other Sustainability	Preferred Stock		542		3,419		7,909
Swift Health Systems Inc. (2)(12)	Medical Device	Preferred Stock		3,588,505		10,012		10,012
Total Controlled Affiliate Equity						21,289		17,921
Controlled Affiliate Other Investments — 1.9% (8)
HIMV LLC (12)(15)	Biotechnology	Other Investment				5,880		6,230
Total Controlled Affiliate Other						5,880		6,230
*Total Controlled Affiliate Portfolio Investment Assets*						44,780		31,819
*Total Portfolio Investment Assets — 207.6% (8)*					$	766,774	$	697,891

Short Term Investments - Unrestricted Investments - 8.1% (8)
US Bank Money Market Deposit Account		27,266		27,266
Total Short Term Investments - Unrestricted Investments	$	27,266	$	27,266

Short Term Investments - Restricted Investments - 1.0% (8)
US Bank Money Market Deposit Account		3,338		3,338
Total Short Term Investments - Restricted Investments	$	3,338	$	3,338

See Notes to Consolidated Financial Statements

Horizon Technology Finance Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollars in thousands)

(1)	All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(2)

Has been pledged as collateral under the Key Facility, the NYL Facility and/or the term debt securitization in connection with which an affiliate of the Company made an offering of $100.0 million in aggregate principal amount of fixed rate asset-backed notes that were issued in conjunction with the $157.8 million securitization of secured loans the Company completed on November 9, 2022 (the “2022 Asset-Backed Notes”).

(3)

(4)

All interest is payable in cash due monthly in arrears, unless otherwise indicated, and applies only to the Company’s debt investments. Interest rate is the annual interest rate on the debt investment and does not include ETPs, and any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees. Debt investments are at variable rates for the term of the debt investment, unless otherwise indicated. For each debt investment, the current interest rate in effect as of December 31, 2024 is provided.

(5)	Portfolio company is a public company.

(6)	For debt investments, represents principal balance less unearned income.

(7)	Warrants, Equity and Other Investments are non-income producing.

(8)	Value as a percent of net assets.

(9)

The Company did not have any non-qualifying assets under Section 55(a) of the 1940 Act as of December 31, 2024. Under the 1940 Act, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(10)

(11)	Debt investment has a PIK feature in which the accrued interest is added to the then-outstanding principal amount of the debt investment.

(12)	The fair value of the investment was valued using significant unobservable inputs.

(13)	Debt investment is on non-accrual status as of December 31, 2024.

(14)	On or about September 13, 2023, in connection with New Aerofarms, Inc.’s purchase of substantially all of the assets of Aerofarms, Inc. in a bankruptcy process, New Aerofarms, Inc. assumed all of the debt investments of Horizon in Aerofarms, Inc.
(15)	By an Order of the Supreme Court of Nova Scotia made May 1, 2023, as amended and restated by an Order of the CCAA Court made May 5, IMV, Inc. (“IMV”) commenced proceedings (the “CCAA Proceedings”) under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended to seek creditor protection for IMV and on June 2, 2023, IMV obtained recognition of the CCAA Proceedings under Chapter 15 of the United States Bankruptcy Code in proceedings before the United States Bankruptcy Court for the District of Delaware. In September 2023, the Company, with its co-lender to IMV, credit-bid and acquired substantially all of the assets of IMV through HIMV LLC, an entity formed to acquire the assets of IMV. HIMV LLC is 70% owned by the Company and 30% owned by such co-lender.
(16)	The investment originally consisted of debt investments in Evelo. Evelo was a clinical stage life science company that was unable to raise additional capital to continue as a going concern and, through a series of transactions, Evelo became a subsidiary of Evelo Holdings and Evelo Holdings assumed the indebtedness of Evelo to the Company. Evelo Holdings is not an operating company but holds certain contractual rights to contingent payments and owns equity in Evelo, as well as certain assets it seeks to sell. The Company has a first priority security interest in the assets of Evelo Holdings, so if any payments are received by Evelo Holdings or any of its equity holdings or other assets are sold, the Company will receive substantially all of the proceeds from the same, until such time, if ever, that all of the indebtedness is repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment”.

See Notes to Consolidated Financial Statements

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details