CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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Horizon Technology Finance Corporation (HRZN)

BDC - Debt Focused

Data as of Dec. 14, 2018
Current
Market Price $11.50 (- $0.35)
NAV (Sept. 30, 2018) $11.66 ( $0.00)
Premium / Discount -1.37% (-3.00%)
Fund Info
Inception Oct. 29, 2010
Sponsor Horizon Technology Finance Management
Website www.horizontechnologyf...
Phone 860-676-8653
Objective: Current income and capital appreciation; loan and warrants
Related Indexes
Debt-Focused Business Development Company (BDC) Index
High Income Index
Premium CEF/BDC Index
Capital & Leverage
Outstanding Shares 11,532,652
Total Assets (Reported: Sept. 30, 2018) $252M
Estimated Total Assets $244M
Net Assets $134M
Market Cap $133M
Debt-to-Equity 0.8432
Total Leverage 44.96%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 13.08%
Non Lev Exp Ratio 8.08%
Gross Asset Expense Ratio 6.97%
Gross Asset Non Lev Exp Ratio 4.31%
Rel Lev Cost 5.93%
Discount Data
Average Discount (3 Yr) -8.13%
Discount Low(3 Yr) -31.99%
Discount High(3 Yr) 10.45%
Discount Rel Range 72.14%
Comp Discount 14.23
Discount St Dev (1Yr) 4.77
Z-Stat
Z-Stat (6mo) 0.66
Z-Stat (1Yr) 1.11
Z-Stat (3Yr) 0.94
Comp Z-Stat (6mo) 2.40
Comp Z-Stat (3Yr) 1.83
Distribution Data
Market Yield 10.43%
Income Yield 10.43%
Lev Adj NAV Yield 7.10%
Av Yield on Debt Investments 14.80
Distribution Frequency M
Current Distribution $0.100
Current Income $0.100
Ex-Date 11/16/18
Payable Date 12/14/18
Div Growth (3yr) -13.04%
Dividend Change -13.0% on 10/28/16
Expected Div 3/5/19
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Tax Dividend Data 2017 2015 - 2017
Income 100% 100%
ST Gains 0% 0%
QDI 0% 0%
LT Gains 0% 0%
RoC 0% 0%
Volume & Liquidity
Average Daily $ (M) $964
Avg Volume 30 day 71,098
Avg Volume 90 day 83,823
Volume Trend -15.18%
Comp Volume Trend -24.62%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
36.0%
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
41.0%
Price Correlation (1yr)
vs. CEFA's BDC Index
55.0%
Most Correlated Peer (Mk Pr): ARCC 55.0%
Price St Dev (1Yr) 23.7%
NAV St Dev (1Yr) 1.2%
Earnings
Earnings / Share (9/30/18) $0.098
Adj Core NII Coverage 98.34%
1 Yr Avg NII Coverage 88.79%
1 Yr Avg Adj Core NII Coverage 88.79%
NII Trend 19.66%
Adj Core NII Trend 19.66%
Loan Specific Data
Maturity 2.87
Performance
Price Beta (2yr)
vs. S&P 500 (TR)
0.43
Price Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
0.94
Price Beta (2yr)
vs. CEFA's Debt-Focused Business Development Company (BDC) Index
0.91
Portfolio Data
Avg Libor Floor % 1.23%
% Loans with Libor Floor 90%

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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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