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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Horizon Finance
Horizon Finance (HRZN) investor relations material
Horizon Finance Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Debt portfolio grew for a fourth consecutive quarter; nine loans totaling $98.4 million were funded, and committed, approved and awarded backlog rose 14% sequentially to $351 million.
Q3 NII was $12.3 million, or $0.19 per share, covering regular distributions.
Net assets from operations decreased $28.2 million, driven by $29.2 million of unrealized depreciation and $11.3 million of realized investment losses.
NAV declined to $5.56 per share from $6.23 at June 30, primarily due to write-downs on stressed investments.
Financial highlights
Q3 investment income was $24.1 million vs. $26.3 million YoY; NII was $12.3 million vs. $14.0 million, or $0.19 vs. $0.32 per share.
Q3 net expenses were $11.5 million after a $1.0 million advisor fee waiver; total expenses before the waiver were $12.5 million.
Net realized investment loss was $11.3 million; net unrealized depreciation was $29.2 million, compared with $40.5 million of appreciation in Q3 2025.
Q3 distributions declared were $0.27 per share vs. NII of $0.19; undistributed spillover income was $0.24 per share at quarter-end.
For 9M 2026, investment income was $73.2 million, NII was $28.6 million and net assets from operations decreased $62.7 million.
Outlook and guidance
Management expects lower Q4 prepayment activity than Q3; one smaller prepayment had occurred by the call, with no additional prepayments in current projections.
Q4 portfolio growth was expected to be somewhat above the roughly $30 million average of the prior three quarters, but not significantly higher.
Management expects cash, operating cash generation and credit-facility availability to cover working capital and capital commitments for at least 12 months.
Monthly distributions of $0.06 per share were declared for January, February and March 2027.
Post-quarter activity included a $7.5 million Glass Routes prepayment, a $3.5 million Hometeam repayment and $10.1 million of new loans to Pelthos Therapeutics and Volt Bidco.
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Latest events from Horizon Finance
- Net investment income fell on merger costs, but portfolio growth and liquidity remain strong.HRZN
Q2 2026 - Annual meeting to elect directors and ratify new auditor, with strong governance focus.HRZNProxy filing
- Merger added $141.1M, portfolio grew, and $0.27/share Q3 2026 distributions declared.HRZNQ1 2026
- Supplemental distributions proposed to enhance shareholder value amid merger approval process.HRZNProxy Filing
- Q4 portfolio growth, 14.3% yield, $647M assets, and merger set for future expansion.HRZNQ4 2025
- Net investment income rose to $14M, with an 18.6% yield and $0.33/share distributions declared.HRZNQ3 2025
- Merger creates a $446M NAV BDC, delivering a 33% NAV premium and scale benefits.HRZNQ2 2025
- Net investment income fell, but portfolio growth and strong liquidity supported distributions.HRZNQ3 2024
- Portfolio yield held at 15.9% as NII and NAV fell, with growth expected in H2 2024.HRZNQ2 2024
Next Horizon Finance earnings date
Q4 202623 Feb, 2027
Horizon Finance
Next Horizon Finance earnings date
Q4 202623 Feb, 2027
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Frequently asked questions
Horizon Technology Finance Corporation is a closed-end investment company that provides secured loans to venture capital-backed companies. Its portfolio includes businesses in technology, life sciences, healthcare information and services, and cleantech industries. The company offers financing solutions tailored to high-growth companies in the expansion stage. The company is headquartered in Farmington, Connecticut, and its shares are listed on the NASDAQ.