Note 4 - Investments

3 Months Ended

Mar. 31, 2026

Note 4. Investments

The following table shows the Company’s investments as of March 31, 2026 and December 31, 2025:

	*March 31, 2026*				*December 31, 2025*
	*Cost*		*Fair Value*		*Cost*		*Fair Value*
	(In thousands)
Investments
Debt	$	655,048	$	645,629	$	602,488	$	596,025
Warrants		15,515		16,685		14,868		16,648
Other		45,099		3,664		45,258		3,444
Equity		42,655		29,719		42,655		31,127
Total investments	$	758,317	$	695,697	$	705,269	$	647,244

The following table shows the Company’s investments by industry sector as of March 31, 2026 and December 31, 2025:

	*March 31, 2026*				*December 31, 2025*
	*Cost*		*Fair Value*		*Cost*		*Fair Value*
	(In thousands)
Life Science
Biotechnology	$	121,373	$	88,688	$	94,280	$	61,829
Medical Device		254,995		249,545		227,893		222,485
Technology
Communications		522		3,154		522		3,142
Consumer-Related		31,039		21,927		31,204		21,846
Data Storage		417		221		417		230
Internet and Media		329		67		329		151
Networking		364		—		364		—
Software		197,406		187,173		199,608		190,911
Sustainability
Alternative Energy		4,919		4,911		4,914		4,905
Energy Efficiency		125		23		125		9
Other Sustainability		51,164		50,213		50,321		49,315
Healthcare Information and Services
Diagnostics		11,772		11,573		11,553		11,369
Other		38,777		34,599		38,668		34,508
Software		45,115		43,603		45,071		46,544
Total investments	$	758,317	$	695,697	$	705,269	$	647,244

RoHo Capital Opportunity LLC

On March 18, 2026, the Company and CR Financial Holdings, Inc. (“CRFH”) entered into a limited liability company agreement (the “LLC Agreement”) to form a new joint venture, RoHo Capital Opportunity Fund LLC f/k/a HRZN CRFH LLC (the “Joint Venture”). The Joint Venture is intended to enhance the investment strategy of the Company by providing growth capital financing solutions to small and micro-cap public companies.

The Company has committed to invest up to $87.5 million in the Joint Venture and CRFH has committed to invest up to $12.5 million in the Joint Venture. Investments by each of the Company and CRFH in the Joint Venture will be made in the form of membership interests. All investments by the Joint Venture must be approved by the unanimous vote of the Joint Venture’s investment committee, which is comprised of an equal number of representatives designated by each of the Company and CRFH. Further, all other decisions regarding the management of the Joint Venture require the approval of the majority of the Joint Venture’s board of directors, which is comprised of an equal number of representatives from each of the Company and CRFH.

As of March 31, 2026, no commitments were funded into the Joint Venture and no investments were made by the Joint Venture.