Q4 25 EPS
$0.18
MISS 37.91%
Est. $0.29
Q4 25 Revenue
$20.7M
MISS 19.41%
Est. $25.6M
vs S&P Since Q4 25
-26.2%
TRAILING MARKET
HRZN -16.5% vs S&P +9.7%
Full Year 2025 Results
FY 25 EPS
$1.05
MISS 8.40%
Est. $1.15
FY 25 Revenue
$96.0M
MISS 5.02%
Est. $101.1M
Market Reaction
Did HRZN Beat Earnings? Q4 2025 Results
Horizon Technology Finance posted a softer fourth quarter, reporting earnings of $0.18 per share on total investment income of $20.66 million as a shrinking debt portfolio and reduced prepayment activity weighed on results year over year. Net investm… Read more Horizon Technology Finance posted a softer fourth quarter, reporting earnings of $0.18 per share on total investment income of $20.66 million as a shrinking debt portfolio and reduced prepayment activity weighed on results year over year. Net investment income fell to $8.30 million from $10.40 million in the year-ago quarter, with total investment income slipping from $23.50 million as lower interest income from a smaller loan book drove the decline. NAV per share compressed to $6.98 from $8.43 a year earlier, reflecting distributions that exceeded NII and realized losses on the portfolio. The quarter did carry a meaningful bright spot, with Horizon funding nine new loans totaling $102.50 million, a sharp step-up from $69.30 million in the prior-year period that signals a return to portfolio growth. Looking ahead, management struck a measured tone, reducing monthly distributions to $0.06 per share to align with anticipated NII, while a committed backlog of $154.00 million and the planned merger with Monroe Capital Corporation are expected to support larger venture lending opportunities and improve NII and NAV through 2026.
Key Takeaways
- • Lower interest income from a smaller debt investment portfolio reduced total investment income
- • Lower prepayment activity negatively impacted NII in Q4
- • Return to portfolio growth with nine new loans totaling $102.5 million funded in Q4
- • Net unrealized appreciation of $24.7 million offset net realized losses of $23.3 million
- • Annualized debt portfolio yield of 14.3% in Q4 2025 vs 14.9% in Q4 2024
- • Total expenses decreased due to lower interest expense and base management fees
HRZN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“We returned to portfolio growth in the fourth quarter via a number of high-quality new venture debt loans while we made progress toward our planned merger with Monroe Capital Corporation ('MRCC'). NII was impacted in the quarter by lower prepayment activity, while NAV per share was modestly lower due to our distributions paid in the fourth quarter exceeding our NII. Our Board declared a monthly distribution of $0.06 per share for each of April, May and June, which we believe aligns our distribution level with our anticipated NII and operating results for 2026, taking into account the expected impact of the anticipated merger with MRCC.”
— Mike Balkin, Q4 2025 Earnings Press Release
HRZN Earnings Trends
HRZN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HRZN EPS Trend
Earnings per share: estimate vs actual
HRZN Revenue Trend
Quarterly revenue: estimate vs actual
HRZN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.19 | $0.19 | -0.99% | $24.1M | +1.65% |
| Q4 25 MISS FY | $0.29 | $0.18 | -37.91% | $20.7M | -19.41% |
| FY Full Year | $1.15 | $1.05 | -8.40% | $96.0M | -5.02% |
| Q3 25 BEAT | $0.28 | $0.32 | +15.15% | $26.3M | +14.46% |
| Q2 25 BEAT | $0.28 | $0.28 | +0.83% | $24.5M | +0.23% |
| Q1 25 MISS | $0.33 | $0.27 | -17.13% | $24.5M | -8.09% |