What was the share conversion ratio in the Horizon Technology Finance and Monroe Capital merger?

Under the merger involving Horizon Technology Finance and Monroe Capital Corporation, each share of Monroe Capital common stock converted into the right to receive 0.9402 shares of Horizon common stock. The reference market price for Horizon shares used was $4.57 at the close on April 13, 2026.

Horizon Technology (HRZN) CEO buys 100K shares after merger-related grant

Filing Impact

(High)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Horizon Technology Finance Corp CEO Michael Balkin reported significant changes in his shareholdings. On April 14, 2026, he acquired 93,527 shares of common stock as a grant/award acquisition, linked to the completion of a merger in which Monroe Capital Corporation stock was converted into Horizon shares at a 0.9402-to-1 ratio and a reference market price of $4.57 per share.

On June 9, 2026, Balkin made an open-market purchase of 100,000 shares of Horizon common stock at $4.34 per share, bringing his direct holdings to 223,527 shares. He also reports 20,000 shares held indirectly through the Michael P. Balkin Revocable Trust.

Insider Trade Summary

Net Buyer: 100,000 shares ($434,000)

Net Buy 3 txns

Insider Balkin Michael

Role Chief Executive Officer

Bought 100,000 shs ($434K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	100,000	$4.34	$434K
holding	Common Stock	--	--	--
Grant/Award	Common Stock	93,527	$0.00	--

Holdings After Transaction: Common Stock — 223,527 shares (Direct, null); Common Stock — 20,000 shares (Indirect, By Self as Trustee for Michael P. Balkin Revocable Trust dated 11/1/93 as Amended)

Footnotes (1)

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Key Figures

Open-market purchase: 100,000 shares at $4.34 Grant/award acquisition: 93,527 shares Direct holdings after purchase: 223,527 shares +3 more

6 metrics

Open-market purchase 100,000 shares at $4.34 Common Stock bought on June 9, 2026

Grant/award acquisition 93,527 shares Common Stock acquired on April 14, 2026 via merger

Direct holdings after purchase 223,527 shares Common Stock directly owned following June 9, 2026 trade

Indirect trust holdings 20,000 shares Held by Michael P. Balkin Revocable Trust as of June 9, 2026

Merger share conversion ratio 0.9402 HRZN shares Per 1 MRCC share under Merger Agreement

HRZN reference market price $4.57 per share Close on April 13, 2026, last day before merger closing

Key Terms

open-market purchase, grant/award acquisition, Agreement and Plan of Merger, Merger Agreement, +1 more

5 terms

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

grant/award acquisition financial

"transaction_action: grant/award acquisition"

Agreement and Plan of Merger financial

"transactions contemplated by the Agreement and Plan of Merger"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

Merger Agreement financial

"and Horizon Technology Finance Management LLC, a Delaware limited liability company (the "Merger Agreement")"

A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.

revocable trust financial

"By Self as Trustee for Michael P. Balkin Revocable Trust dated 11/1/93 as Amended"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

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Form 4 Insider Transactions: What Each Field Means →

06/10/2026 - 11:19 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Balkin Michael

(Last)

(First)

(Middle)

312 FARMINGTON AVENUE

(Street)

FARMINGTON

CONNECTICUT

06032

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Horizon Technology Finance Corp [ HRZN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/14/2026		A		93,527	A	⁽¹⁾	103,527	D
Common Stock								20,000	I	By Self as Trustee for Michael P. Balkin Revocable Trust dated 11/1/93 as Amended
Common Stock	06/09/2026		P		100,000	A	$4.34	223,527	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Acquired upon the completion of, and pursuant to, the transactions contemplated by the Agreement and Plan of Merger, dated as of August 7, 2025, by and among Horizon Technology Finance Corporation ("HRZN"), a Delaware corporation, Monroe Capital Corporation ("MRCC"), a Maryland corporation, HMMS, Inc., a Maryland corporation, Monroe Capital BDC Advisors, LLC, a Delaware limited liability company, and Horizon Technology Finance Management LLC, a Delaware limited liability company (the "Merger Agreement"). Pursuant to the Merger Agreement, each share of MRCC common stock, par value $0.001 per share, was converted into the right to receive 0.9402 shares of HRZN common stock, par value $0.001 per share. The market price of HRZN common stock at the close of trading on April 13, 2026, the last trading day prior to closing of the merger, was $4.57.

	/s/ Michael P. Balkin	06/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Horizon Technology Finance (HRZN) report for Michael Balkin?

Horizon Technology Finance reported that CEO Michael Balkin received 93,527 common shares as a grant/award and separately bought 100,000 shares in an open-market transaction. Following these moves, he holds 223,527 shares directly and 20,000 shares indirectly through a revocable trust.

How many Horizon Technology Finance (HRZN) shares did the CEO buy in the open market?

CEO Michael Balkin purchased 100,000 shares of Horizon Technology Finance common stock in an open-market transaction. The reported purchase price was $4.34 per share, and after this transaction his direct ownership increased to 223,527 shares of common stock in the company.

How did Michael Balkin acquire the 93,527 Horizon Technology Finance (HRZN) shares reported as a grant?

The 93,527 Horizon shares were acquired upon completion of a merger governed by an Agreement and Plan of Merger. Monroe Capital Corporation shares were converted into Horizon shares at a 0.9402 ratio, and this merger-related conversion is reported as a grant/award acquisition for Balkin.

What are Michael Balkin’s total reported Horizon Technology Finance (HRZN) holdings after these transactions?

After the reported transactions, Michael Balkin holds 223,527 Horizon Technology Finance common shares directly. In addition, he has 20,000 shares held indirectly as trustee of the Michael P. Balkin Revocable Trust, giving him both direct and indirect exposure to the company’s equity.

At what market price was Horizon Technology Finance (HRZN) trading around the merger closing?

The filing notes that Horizon Technology Finance common stock closed at $4.57 per share on April 13, 2026. This was the last trading day before the merger closed and served as the referenced market price for the share conversion described in the merger agreement.