Horizon Technology Finance (NASDAQ: HRZN) launches $100M joint venture for small-cap growth lending

Rhea-AI Filing Summary

Horizon Technology Finance Corporation entered into a limited liability company agreement with CR Financial Holdings to form a new joint venture, HRZN CRFH LLC. The partners have committed up to $100,000,000 of capital, with Horizon committing up to $87,500,000 and CRFH up to $12,500,000, invested as membership interests.

The joint venture will provide growth capital financing solutions to primarily U.S.-based small- and micro-cap public companies, generally targeting financings in the $5–$25 million range and may use warehouse credit facilities to leverage its equity capital. Governance and investment decisions will be shared equally through a four-person board and four-person investment committee with equal representation from each partner.

The venture is described as aligned with Horizon’s long-term strategy of expanding its secured lending to venture capital and private equity-backed companies and publicly traded companies, with potential support on larger investments from Monroe Capital, which manages approximately $24 billion in assets as of January 1, 2026.

Insights

BDC and private credit specialist

Horizon adds a $100M joint venture to expand lending to small- and micro-cap public companies, with shared control and potential leverage.

Horizon Technology Finance and CR Financial Holdings are committing up to $100,000,000 to a jointly controlled vehicle targeting growth capital loans to smaller public companies, typically in the $5–$25 million range. Funding is structured as membership interests and may be supplemented by warehouse credit facilities, which could increase effective lending capacity.

Control is balanced: both the joint venture’s board and investment committee have equal representation, and investments require unanimous investment committee approval. This structure emphasizes risk control but may slow decision-making. The partners position the initiative as consistent with Horizon’s existing strategy of secured lending to high-growth companies, with potential support on larger deals from Monroe Capital, noted as having about $24 billion in assets under management as of January 1, 2026.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 19, 2026

HORIZON TECHNOLOGY FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware  (State or other jurisdiction  of incorporation) 814-00802  (Commission File Number) 27-2114934  (IRS Employer  Identification Number)

312 Farmington Avenue

Farmington, CT 06032

 (Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (860) 676-8654

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	HRZN	The Nasdaq Stock Market LLC
6.25% Notes due 2027	HTFC	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On March 18, 2026, Horizon Technology Finance Corporation (the “Company”), and CR Financial Holdings, Inc. (“CRFH”) entered into a limited liability company agreement (the “LLC Agreement”) to co-manage a newly-formed joint venture, HRZN CRFH LLC (the “Joint Venture”). The Joint Venture is expected to invest in a manner consistent with the Joint Venture’s investment strategy and any investment guidelines adopted by the Company’s board of directors from time to time.

The Company and CRFH have committed in the aggregate to invest up to $100,000,000.00 in the Joint Venture, with the Company committing to invest up to $87,500,000.00 and CRFH committing to invest up to $12,500,000.00. Investments by each of the Company and CRFH in the Joint Venture will be made in the form of membership interests. All investments by the Joint Venture must approved by the unanimous vote of the Joint Venture’s investment committee, which is comprised of an equal number of representatives designated by each of the Company and CRFH. Further, all other decisions regarding the management of the Joint Venture require the approval of the majority of the Joint Venture’s board of directors, which is comprised of an equal number of representatives from each of the Company and CRFH.

The description above is only a summary of the material terms of the LLC Agreement and is qualified in its entirety by reference to the LLC Agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure.

On March 19, 2026, the Company issued a press release announcing the launch of the Joint Venture, a copy of which is attached as Exhibit 99.1

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Exchange Act or otherwise subject to the liabilities of such Section.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Exhibit
10.1	Limited Liability Company Agreement of HRZN CRFH LLC, dated as of March 18, 2026, by and between Horizon Technology Finance Corporation and CR Financial Holdings, Inc.
99.1	Press release.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 19, 2026	HORIZON TECHNOLOGY FINANCE CORPORATION
	By:	/s/ Michael P. Balkin
	Name:	Michael P. Balkin
	Title:	Chief Executive Officer

Exhibit 99.1

Horizon Technology Finance and CR Financial Holdings Form New $100 Million Joint Venture

Farmington, Connecticut – March 19, 2026 – Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), an affiliate of Monroe Capital, announced today the formation of a new joint venture with CR Financial Holdings, Inc. (“CRFH”), the holding company for Roth Capital Partners, LLC (“Roth”). The joint venture will provide growth capital financing solutions to small- and micro-cap public companies based primarily in the U.S.

Horizon and CRFH will make initial capital commitments totaling $100 million. The joint venture intends to leverage its initial capital by entering into warehouse credit facilities from time to time. Governance and investment decisions will be made by a four-person board and a four-person investment committee, with Horizon and CRFH equally represented on each. The joint venture expects to be supported on larger investments by Monroe Capital, a leading private credit investment firm with approximately $24 billion in assets under management and over 500 individual portfolio companies as of January 1, 2026. The joint venture expands Horizon’s focus on providing capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies.

Horizon brings more than two decades of experience as a leading provider of growth capital lending solutions, while CRFH, through its subsidiary Roth, a full-service investment bank, contributes established capital markets expertise and relationships across the public-company sector. Together, they form a partnership well suited to delivering growth-focused debt capital to small‑ and micro-cap public companies.

“We are excited to partner with CRFH on this new joint venture, which we believe will provide publicly traded, small- and micro-cap companies a compelling option for growth financing,” said Mike Balkin, Chief Executive Officer of Horizon Technology Finance Corporation. “The joint venture will target a multi-billion-dollar market opportunity that we believe is currently underserved. We will primarily focus on providing growth capital financing solutions in the $5-25 million range, with the ability to upsize as necessary, with the continued support and backing of Monroe Capital. Importantly, the joint venture is fully aligned with Horizon’s long-term strategy to expand our capacity to support innovative, high‑growth companies, increase our scale, and drive long‑term value for our shareholders.”

“Our new joint venture with Horizon provides us an excellent opportunity to expand our capabilities and offer additional capital solutions to publicly traded companies,” said Byron Roth, Chairman of CRFH. “We have a long history in this market, and we are thrilled to be partnering with the highly respected Horizon team. We expect our new joint venture will be an active player in growth financing for publicly traded companies.”

About Horizon Technology Finance

Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.

About CR Financial Holdings and Roth Capital Partners

CR Financial Holdings, Inc., is a private holding company and the majority owner of Roth Capital Partners, LLC. CRFH makes strategic investments in publicly traded and private companies, as well as private investment funds. Roth is a relationship-driven investment bank focused on serving growth companies and their investors. Roth’s full-service platform provides capital raising, high-impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, M&A advisory, and corporate access. Headquartered in Newport Beach, California, Roth is a privately held, employee-owned organization and maintains offices throughout the U.S. For more information on Roth, please visit www.roth.com.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon’s filings with the Securities and Exchange Commission. Neither Horizon nor CRFH undertakes any duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts
Horizon Technology Finance Corporation

Investor Relations:

ICR

Garrett Edson

ir@horizontechfinance.com

(646) 200-8885

Media Relations:

ICR

Chris Gillick

HorizonPR@icrinc.com

(646) 677-1819

CRFH

Gerald Mars

Chief Financial Officer, CR Financial Holdings

gmars@roth.com

(949) 510 3466

FAQ

What joint venture did Horizon Technology Finance (HRZN) announce?

Horizon Technology Finance and CR Financial Holdings formed HRZN CRFH LLC, a new joint venture. It will provide growth capital financing solutions mainly to small- and micro-cap public companies in the U.S., focusing on secured lending and leveraging both firms’ lending and capital markets expertise.

How much capital is committed to Horizon’s new joint venture and by whom?

The joint venture has total capital commitments of $100,000,000. Horizon Technology Finance committed up to $87,500,000, while CR Financial Holdings committed up to $12,500,000. These commitments are made as membership interests and may be augmented by warehouse credit facilities over time.

What types and sizes of financings will the Horizon joint venture target?

The joint venture will target growth capital financings generally in the $5–$25 million range. It is focused on small- and micro-cap public companies, offering debt-based growth capital with the flexibility to upsize transactions when supported by Monroe Capital’s broader private credit platform.

How is governance structured for Horizon’s joint venture with CR Financial Holdings?

Governance is shared equally between Horizon and CR Financial Holdings. A four-person board and a four-person investment committee, with equal representation from each party, oversee management and investment decisions. All investments require unanimous approval by the investment committee, emphasizing joint oversight.

How does the new joint venture fit into Horizon Technology Finance’s strategy?

Horizon describes the joint venture as fully aligned with its long-term strategy. It extends Horizon’s secured lending to innovative, high-growth, venture-backed and publicly traded companies, aiming to expand capacity, increase scale, and support a multi-billion-dollar market opportunity it views as underserved.

What role will Monroe Capital play in Horizon’s new joint venture?

Monroe Capital is expected to support the joint venture on larger investments. As an affiliate of Horizon’s external manager with approximately $24 billion in assets under management as of January 1, 2026, Monroe’s private credit platform can help back larger growth capital financings originated by the venture.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 12.6 KB

Agreements & Contracts

• EX-10.1 EXHIBIT 10.1 344.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.9 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 13.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 13.0 KB