Horizon Technology Finance Corp 2025年度报告

Form10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCALYEAR ENDED DECEMBER 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 814-00802HORIZON TECHNOLOGY FINANCE CORPORATION(Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days. Yes☒No☐. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “accelerated filer,” “large accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule12b‑2 of the Exchange Act. Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of common stock held by non-affiliates of the Registrant on June30,2025 based on the closing price on that date of$7.20on the Nasdaq Global Select Market was $300.0million. For the purposes of calculating this amount only, all directors and executive officers of theRegistrant have been treated as affiliates. There were 47,804,711shares of the Registrant’s common stock outstanding as of March 3, 2026. Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s2026 Annual Meeting of Stockholdersto be filed not later than 120days after the end of the fiscalyear covered by this Annual Report on Form10‑K are incorporated by reference into PartIII ofthis Annual Report on Form10‑K. FORM10‑KFOR THEYEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS PARTI Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures PARTIIMarket for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities Item5.Item 6.[Reserved]Item7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A.Quantitative and Qualitative Disclosures About Market RiskItem8.Consolidated Financial Statements and Supplementary DataItem9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PARTIII Item10.Directors, Executive Officers and Corporate GovernanceItem11.Executive CompensationItem12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13.Certain Relationships and Related Transactions, and Director IndependenceItem14.Principal Accounting Fees and Services PARTIV PARTI In this annual report on Form10‑K, except where the context suggests otherwise, the terms: ●“we,”“us,”“our,”“the Company”and “Horizon Technology Finance”refer to Horizon Technology Finance Corporation, a Delawarecorporation, and its consolidated subsidiaries;●The “Advisor”and the “Administrator”refer to Horizon Technology Finance Management LLC,