Horizon Technology Finance (HRZN)
Market Price (5/11/2026): $4.53 | Market Cap: $214.3 MilSector: Financials | Industry: Asset Management & Custody Banks
Horizon Technology Finance (HRZN)
Market Price (5/11/2026): $4.53Market Cap: $214.3 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 36%, Dividend Yield is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 31%, FCF Yield is 13% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 216% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 84%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 84% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -121% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 192% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -84% Key risksHRZN key risks include [1] deteriorating portfolio credit quality and a rise in non-accrual loans, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 36%, Dividend Yield is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 31%, FCF Yield is 13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 216% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 84%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 84% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -121% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 192% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -84% |
| Key risksHRZN key risks include [1] deteriorating portfolio credit quality and a rise in non-accrual loans, Show more. |
Qualitative Assessment
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1. Horizon Technology Finance significantly missed Q4 2025 earnings estimates and reported substantial unrealized losses for the fiscal year. The company reported Q4 2025 earnings per share (EPS) of $0.18 on March 3, 2026, falling short of analysts' consensus estimates of $0.30 by $0.12. Quarterly revenue was $0.58 million, significantly below the consensus estimate of $25.64 million. For the full fiscal year 2025, Horizon reported net losses of $47.1 million, or $1.18 per share, primarily due to unrealized losses. This earnings miss led to an immediate stock price decline of 6.87% after the announcement.
2. The company announced a substantial reduction in its annual dividend for 2026, impacting income-focused investors. Horizon Technology Finance's annual dividend for 2026 is projected to be $0.87 per share, representing a 34.09% decrease compared to the $1.32 per share paid in 2025. This significant cut in shareholder distributions likely contributed to negative investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -29.2% change in HRZN stock from 1/31/2026 to 5/10/2026 was primarily driven by a -326.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.41 | 4.54 | -29.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -15 | 33 | -326.9% |
| P/S Multiple | -19.0 | 6.5 | -134.3% |
| Shares Outstanding (Mil) | 43 | 47 | -8.9% |
| Cumulative Contribution | -29.2% |
Market Drivers
1/31/2026 to 5/10/2026| Return | Correlation | |
|---|---|---|
| HRZN | -29.2% | |
| Market (SPY) | 3.6% | 21.8% |
| Sector (XLF) | -3.6% | 26.1% |
Fundamental Drivers
The -23.0% change in HRZN stock from 10/31/2025 to 5/10/2026 was primarily driven by a -326.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.90 | 4.54 | -23.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -15 | 33 | -326.9% |
| P/S Multiple | -17.5 | 6.5 | -137.2% |
| Shares Outstanding (Mil) | 43 | 47 | -8.9% |
| Cumulative Contribution | -23.0% |
Market Drivers
10/31/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| HRZN | -23.0% | |
| Market (SPY) | 5.5% | 21.9% |
| Sector (XLF) | -1.3% | 24.1% |
Fundamental Drivers
The -26.4% change in HRZN stock from 4/30/2025 to 5/10/2026 was primarily driven by a -216.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.17 | 4.54 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -28 | 33 | -216.2% |
| P/S Multiple | -8.7 | 6.5 | -174.5% |
| Shares Outstanding (Mil) | 40 | 47 | -15.0% |
| Cumulative Contribution | -26.4% |
Market Drivers
4/30/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| HRZN | -26.4% | |
| Market (SPY) | 30.4% | 20.9% |
| Sector (XLF) | 6.7% | 22.6% |
Fundamental Drivers
The -41.0% change in HRZN stock from 4/30/2023 to 5/10/2026 was primarily driven by a -43.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302023 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.70 | 4.54 | -41.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27 | 33 | 23.8% |
| Net Income Margin (%) | 79.4% | 65.4% | -17.7% |
| P/E Multiple | 9.8 | 10.0 | 1.8% |
| Shares Outstanding (Mil) | 27 | 47 | -43.1% |
| Cumulative Contribution | -41.0% |
Market Drivers
4/30/2023 to 5/10/2026| Return | Correlation | |
|---|---|---|
| HRZN | -41.0% | |
| Market (SPY) | 78.7% | 26.2% |
| Sector (XLF) | 62.1% | 28.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HRZN Return | 30% | -20% | 27% | -23% | -14% | -26% | -35% |
| Peers Return | 32% | -16% | 33% | 12% | 5% | 1% | 73% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| HRZN Win Rate | 42% | 33% | 67% | 25% | 50% | 60% | |
| Peers Win Rate | 77% | 42% | 65% | 63% | 52% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HRZN Max Drawdown | -4% | -34% | -6% | -26% | -27% | -36% | |
| Peers Max Drawdown | -3% | -26% | -4% | -8% | -13% | -15% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HTGC, ARCC, TPVG, TRIN, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | HRZN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.7% | -9.5% |
| % Gain to Breakeven | 15.9% | 10.5% |
| Time to Breakeven | 38 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.3% | -6.7% |
| % Gain to Breakeven | 16.7% | 7.1% |
| Time to Breakeven | 66 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.4% | -24.5% |
| % Gain to Breakeven | 52.5% | 32.4% |
| Time to Breakeven | 446 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.0% | -33.7% |
| % Gain to Breakeven | 149.8% | 50.9% |
| Time to Breakeven | 197 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.1% | -19.2% |
| % Gain to Breakeven | 15.1% | 23.7% |
| Time to Breakeven | 11 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.0% | -3.7% |
| % Gain to Breakeven | 37.1% | 3.9% |
| Time to Breakeven | 641 days | 6 days |
In The Past
Horizon Technology Finance's stock fell -13.7% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 15.9% gain to breakeven.
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Asset Allocation
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| Event | HRZN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.4% | -24.5% |
| % Gain to Breakeven | 52.5% | 32.4% |
| Time to Breakeven | 446 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.0% | -33.7% |
| % Gain to Breakeven | 149.8% | 50.9% |
| Time to Breakeven | 197 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.0% | -3.7% |
| % Gain to Breakeven | 37.1% | 3.9% |
| Time to Breakeven | 641 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.6% | -6.8% |
| % Gain to Breakeven | 40.1% | 7.3% |
| Time to Breakeven | 89 days | 15 days |
In The Past
Horizon Technology Finance's stock fell -13.7% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 15.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Horizon Technology Finance (HRZN)
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```htmlHere are 1-2 brief analogies for Horizon Technology Finance (HRZN):
- A specialized bank for tech and life science startups.
- Like a venture capital firm, but they lend money (debt) instead of taking ownership (equity).
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- Secured Debt Financing: Providing loans that are backed by collateral to venture capital-backed companies in the technology, life science, healthcare, and cleantech industries.
- Venture Lending: Offering specialized debt financing solutions to venture capital-backed companies in specific high-growth sectors.
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Horizon Technology Finance Corporation (HRZN) is a business development company that specializes in lending to and investing in venture capital-backed companies. Therefore, its "major customers" are the companies to which it provides secured debt and venture lending investments.
Based on Horizon Technology Finance's most recent financial disclosures (e.g., 2023 10-K Schedule of Investments), its portfolio consists of numerous companies, primarily in the technology, life science, healthcare information and services, and cleantech industries. While the majority of its portfolio companies are privately held, venture-backed companies, a few are publicly traded. Examples of its portfolio companies that are publicly traded include:
- Aura Biosciences, Inc. (AURA)
- Connect Biopharma Holdings Limited (CNTB)
- Enanta Pharmaceuticals, Inc. (ENTA)
- OncoCyte Corporation (OCX)
- Vigil Neuroscience, Inc. (VIGL)
Horizon Technology Finance's portfolio is dynamic, and the companies listed above represent examples from its past and present investments. The vast majority of its investment relationships are with private companies seeking growth capital.
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Michael P. Balkin, Chief Executive Officer
Michael P. Balkin was appointed Chief Executive Officer of Horizon Technology Finance Corporation effective June 5, 2025, having previously served as an independent director since June 2023. He brings over 35 years of experience in investment and portfolio management and construction. Prior to joining Horizon, Mr. Balkin was a Partner and Co-Manager of the Small-Cap Growth Fund at William Blair & Co, LLC for a combined 30 years. He also served as Partner and Chief Investment Officer at Magnetar Investment Management, a wholly owned subsidiary of Magnetar Capital LLC, a multi-strategy hedge fund, from 2005 to 2008. Since 2023, he has been a principal of the Rail-Splitter Micro Cap Rebound Fund, and since 2021, an advisor to Wasson Enterprise LLC, a family office. Mr. Balkin was CEO of Foresight Acquisition Corp. in 2021 and is a strategic advisor to P3 Health Partners Inc., OptimizeRX Corporation, and Innventure, Inc.
Daniel R. Trolio, Executive Vice President, Chief Financial Officer and Treasurer
Daniel R. Trolio serves as Horizon's Executive Vice President, Chief Financial Officer and Treasurer. He has been involved in the accounting and venture debt industries for more than 20 years, including 10 years in venture lending. Mr. Trolio previously held the positions of Vice President and Corporate Controller at Horizon, where he was responsible for overseeing all accounting functions, tax, financial reporting, and assisting with capital market efforts. He has held these same positions with Horizon Technology Finance Management LLC, the company's advisor, since 2006.
Robert D. Pomeroy, Jr., Chairman of the Board of Directors
Robert D. Pomeroy, Jr. co-founded Horizon Technology Finance Corporation and its advisor in 2003. He retired as Chief Executive Officer on June 5, 2025, but continues to serve as Chairman of the Board of Directors. Mr. Pomeroy possesses over 40 years of diversified lending and leasing experience, with more than 20 years specifically in venture lending. His prior roles include President of GATX Ventures, Inc., the venture lending subsidiary of GATX Corporation, from 2000 to 2003. Before that, he was Executive Vice President of Transamerica Business Credit, where he co-founded and was general manager of Transamerica Technology Finance, its venture lending business, from 1996 to 2000. He also served as Senior Vice President of Financing for Science International, Inc.
John C. Bombara, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary
John C. Bombara co-founded Horizon Technology Finance Corporation and was an original member of the team that founded its Advisor in 2003. He serves as Executive Vice President, General Counsel, Chief Compliance Officer and Secretary. Mr. Bombara has more than 25 years of experience providing legal services to financial institutions and other entities, including over 15 years in venture lending. From 2000 to 2003, he served as in-house counsel for GATX Ventures, Inc., and also represented GATX Corporation's other venture lending units in Canada and Europe.
Paul G. Seitz, Senior Vice President and Chief Investment Officer
Paul G. Seitz is Horizon's Senior Vice President and Chief Investment Officer. He joined Horizon from Monroe Capital, where he was a Managing Director and Head of Software Underwriting. Mr. Seitz has over a decade of experience in technology lending and investing. At Monroe Capital, he was responsible for leading and managing the underwriting process within the software, technology, and tech-enabled services industry, focusing on pre-IPO and growth-stage technology companies, and managing a portfolio of loan transactions.
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Here are the key risks to Horizon Technology Finance (HRZN):- Credit Risk and Deteriorating Portfolio Quality: A primary risk for Horizon Technology Finance is the increasing number of non-accrual loans, which are investments not currently generating interest income. As of March 31, 2025, non-accrual investments increased, representing a significant cost to the company and directly pressuring Net Investment Income (NII) and dividend coverage. Additionally, the weighted average loan credit rating has declined, signaling increased risk across the portfolio.
- Challenges in Venture Lending Business Model and Sector Concentration: Horizon Technology Finance's venture-lending business model faces structural challenges, particularly in the current tighter capital environment with higher interest rates and a less robust IPO market. This environment makes it more difficult for the venture-backed technology and life science companies in its portfolio to raise additional capital or achieve liquidity events. The company's significant concentration in the software sector further amplifies this risk, exposing it to sector-specific downturns.
- Dividend Coverage and Sustainability: The sustainability of Horizon Technology Finance's dividend is a significant concern. The company has exhibited thin dividend coverage, with Net Investment Income (NII) per share experiencing declines, and a high payout ratio. This suggests that the high yield may not be sustainable, leaving little margin for error, especially amid deteriorating portfolio quality and general market uncertainties.
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The addressable market for Horizon Technology Finance (HRZN), which specializes in secured debt and venture lending to venture capital-backed companies in the technology, life science, healthcare information and services, and cleantech industries, is the U.S. venture debt market. In 2024, the total venture debt volume in the United States reached a record $58.7 billion. This figure more than doubled the $26.8 billion reported in 2023. Other sources also indicated the U.S. venture debt market reached $53.3 billion in investments in 2024, representing a 94% increase from 2023. This surge was driven by evolving venture capital dynamics, a decline in traditional venture capital funding, and an increased availability from lenders. Looking ahead, the U.S. venture debt market is projected to continue its growth, with an estimated market size of $27.83 billion in 2025, with traditional venture debt accounting for approximately $23.94 billion of that total. However, deal activity in Q1 2025 alone saw $11.6 billion in loans issued across 144 deals.AI Analysis | Feedback
Horizon Technology Finance (HRZN) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:
- Merger with Monroe Capital Corp. (MRCC): The planned merger with Monroe Capital Corp. is a significant catalyst, anticipated to "significantly increase Horizon's equity capital available for investment in earning assets and allow it to take advantage of greater economies of scale in the combined vehicle." This strategic combination is also expected to enable the company to "originate larger venture loans to cutting-edge early and later-stage venture capital and institutional-backed companies as well as small-cap public companies."
- Growth in Investment Portfolio and Loan Originations: Horizon Technology Finance anticipates continued expansion of its investment portfolio, driven by a robust pipeline of new venture loan transactions. The company funded $103 million in debt investments in the fourth quarter of 2025 and reported a committed and approved backlog of $154 million as of December 31, 2025, indicating ongoing opportunities for lending growth.
- Sustained High Portfolio Yields on Debt Investments: The company consistently generates strong portfolio yields on its debt investments, which are crucial for revenue generation. Horizon achieved portfolio yields on debt investments exceeding 14% in Q4 2025 and nearly 16% for the full year 2025, positioning it "at or near the top of the BDC industry." Maintaining these high yields will continue to be a significant revenue driver.
- Strategic Balance Sheet Management and Enhanced Liquidity: Horizon has actively managed its balance sheet to improve liquidity and financial flexibility. This includes issuing new unsecured notes to redeem higher-interest debt and raising capital through its ATM (at-the-market) equity program. Increased liquidity directly translates to greater capacity for new loan originations and investments.
- Continued Focus on Target Industries: The company's specialization in lending to venture capital-backed companies within the technology, life science, healthcare information and services, and cleantech industries positions it to benefit from growth in these high-innovation sectors. Sustained demand and investment activity in these target markets will underpin future lending opportunities and revenue.
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```htmlShare Repurchases
- Horizon Technology Finance did not repurchase any shares of its common stock during the fourth quarter ended December 31, 2025.
- From the inception of its stock repurchase program through December 31, 2025, the company repurchased 167,465 shares of common stock for a total cost of $1.9 million.
Share Issuance
- The number of shares outstanding for Horizon Technology Finance has consistently increased over the last five years.
- Shares outstanding increased from approximately 20.62 million at the end of 2021 to 43.1 million at the end of 2025.
Inbound Investments
- Horizon Technology Finance is set to merge with Monroe Capital Corp. in a transaction expected to enhance its equity capital and scale, with the merger anticipated in 2026.
- Monroe Capital LLC acquired Horizon Technology Finance Management LLC, HRZN's investment adviser, in February 2023.
Outbound Investments
- In 2025, Horizon Technology Finance funded 28 loans totaling $277.5 million, resulting in net new investments of $223.8 million.
- The Horizon Platform originated a record $403 million in new loans for the HRZN portfolio in 2022.
- As of December 31, 2025, the company maintained a committed and approved backlog of $154 million for future debt investments.
Capital Expenditures
- Horizon Technology Finance reported $0.00 million in Capital Expenditure as of September 2025.
- Over the past five years, the company's average Capital Expenditure percentage has been 0%, reflecting minimal to no capital expenditures.
Trade Ideas
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.65 |
| Mkt Cap | 2.2 |
| Rev LTM | 225 |
| Op Inc LTM | - |
| FCF LTM | -246 |
| FCF 3Y Avg | -104 |
| CFO LTM | -246 |
| CFO 3Y Avg | -104 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.0% |
| Rev Chg 3Y Avg | 29.7% |
| Rev Chg Q | -27.9% |
| QoQ Delta Rev Chg LTM | -5.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -95.4% |
| CFO/Rev 3Y Avg | -70.6% |
| FCF/Rev LTM | -95.4% |
| FCF/Rev 3Y Avg | -70.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.2 |
| P/S | 6.7 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 10.1 |
| P/CFO | -3.4 |
| Total Yield | 22.7% |
| Dividend Yield | 12.3% |
| FCF Yield 3Y Avg | -2.6% |
| D/E | 1.3 |
| Net D/E | 1.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.6% |
| 3M Rtn | 3.3% |
| 6M Rtn | -0.4% |
| 12M Rtn | 2.2% |
| 3Y Rtn | 40.0% |
| 1M Excs Rtn | -0.9% |
| 3M Excs Rtn | -3.4% |
| 6M Excs Rtn | -10.4% |
| 12M Excs Rtn | -27.6% |
| 3Y Excs Rtn | -40.9% |
Price Behavior
| Market Price | $4.54 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 10/29/2010 | |
| Distance from 52W High | -37.7% | |
| 50 Days | 200 Days | |
| DMA Price | $4.34 | $5.64 |
| DMA Trend | down | down |
| Distance from DMA | 4.5% | -19.5% |
| 3M | 1YR | |
| Volatility | 67.1% | 39.4% |
| Downside Capture | 0.60 | 0.48 |
| Upside Capture | -59.49 | 27.31 |
| Correlation (SPY) | 18.7% | 19.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.21 | 0.83 | 0.89 | 0.73 | 0.64 | 0.54 |
| Up Beta | 1.56 | 1.29 | 1.22 | 0.82 | 0.70 | 0.46 |
| Down Beta | 2.20 | 0.66 | 0.98 | 0.81 | 0.68 | 0.57 |
| Up Capture | 25% | -58% | -35% | 4% | 3% | 12% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 9 | 18 | 30 | 61 | 121 | 387 |
| Down Capture | 575% | 191% | 174% | 117% | 111% | 92% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 13 | 24 | 33 | 61 | 121 | 333 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRZN | |
|---|---|---|---|---|
| HRZN | -26.6% | 39.3% | -0.68 | - |
| Sector ETF (XLF) | 5.2% | 14.6% | 0.13 | 22.2% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 21.3% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | -2.3% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -6.5% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 20.1% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 9.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRZN | |
|---|---|---|---|---|
| HRZN | -12.6% | 30.8% | -0.39 | - |
| Sector ETF (XLF) | 8.9% | 18.6% | 0.36 | 36.4% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 35.9% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 1.6% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 9.3% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 34.4% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 15.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRZN | |
|---|---|---|---|---|
| HRZN | 2.2% | 36.1% | 0.17 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 42.7% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 41.9% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 1.1% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 18.3% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 42.6% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 14.1% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/3/2026 | -23.3% | -30.3% | -30.7% |
| 10/28/2025 | 9.3% | 9.8% | 12.7% |
| 7/9/2025 | 1.2% | 1.5% | -6.3% |
| 4/9/2025 | -3.4% | -1.9% | -8.1% |
| 1/8/2025 | -1.1% | 1.0% | 4.3% |
| 10/9/2024 | 0.4% | -0.4% | -10.0% |
| 7/10/2024 | 1.3% | 1.5% | -7.4% |
| 4/10/2024 | -0.4% | 0.1% | 5.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 11 |
| # Negative | 9 | 8 | 12 |
| Median Positive | 1.1% | 2.7% | 5.5% |
| Median Negative | -0.3% | -3.6% | -6.5% |
| Max Positive | 9.3% | 9.8% | 29.3% |
| Max Negative | -23.3% | -30.3% | -30.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Regular Monthly Distributions | 0.18 | 0 | Affirmed | Guidance: 0.18 for Q2 2026 | |||
| Q3 2026 Special Monthly Distributions | 0.09 | Higher New | |||||
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | 0.06 | -45.5% | -5.0% | Lowered | Guidance: 0.11 for Q1 2026 | ||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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