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H•••••• T••••••••• F•••••• C•••

Business development companymanaged by H•••••• T••••••••• F••••••Listed: HRZN, HTFC· FARMINGTON, CT

A business development company traded as HRZN, HTFC, managed by H•••••• T••••••••• F••••••, holding $3.5B across 75 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $3.5B
Borrowers: 75
Mark on cost: 94.9¢

Schedule of investments (300)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$62.8M
on non-accrual, 3 borrowers
3 borrowers on non-accrual, $62.8M principal; the largest is S••••••• I•• O•••• S••••••••• ($32.3M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen S••••••• I•• O•••• S••••••••• →
$32.3M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $32.3M principal: S••••••• I•• O•••• S••••••••• ($32.3M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open S••••••• I•• O•••• S••••••••• →
98.6¢ → 94.9¢
book mark on cost
Marked its book down from 98.6¢ to 94.9¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
28 below 80¢
$84.6M principal
28 positions across 8 borrowers marked below 80¢ on cost, $84.6M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
47 → 75
borrowers
Added a net 28 borrowers in the quarter to Jun 30, 2026, to 75.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1487428 · file 814-00802Show

Fair value

$3.5B

as of Jun 30, 2026

Principal held

$705M

debt pieces, the filer's figure

Cost

$3.9B

95c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

300

75 borrowers

First lien

not established

18% debt by fair value

Quarters on the tape

since Dec 31, 2024

Facilities held

1 sponsors financed

Portfolio through time

Fair value by quarter end$3.5B as of Jun 30, 2026

Dec 31, 2024$741M then

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2026	$3.5B	75	95c	420 bp
Mar 31, 2026	$774M	47	99c	411 bp
Dec 31, 2025	$3.4B	68	99c	412 bp
Sep 30, 2025	$549M	39	95c	438 bp

All 7 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$613M	52	91c	449 bp
Mar 31, 2025	$46.4M	6	n/a	n/a
Dec 31, 2024	$741M	60	94c	468 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

L••• S•••••• O•••• S••••••• I•• M•••••• D••••• term loan
1 BDC hold it · matures Oct 1, 2030
$35.2M 100c
L••• S•••••• S•••• H••••• I•• M•••••• D••••• term loan
1 BDC hold it · matures Apr 1, 2030
$32.5M 100c
T••••••••• K••••• R••••••• term loan
1 BDC hold it · matures Jan 1, 2030
$30.0M 100c
L••• S•••••• P•••••• T••••••••• I•• term loan
1 BDC hold it · matures Jan 31, 2031
$30.0M 100c
L••• S•••••• C••••• C•••• B••••••••• term loan
1 BDC hold it · matures Mar 1, 2028
$25.5M 100c
T••••••••• S•••• T• I•• term loan
1 BDC hold it · matures Dec 1, 2030
$25.2M 100c
T••••••••• H••• M• I•• term loan
1 BDC hold it · matures Jul 1, 2031
$25.0M 100c
H••••••••• E••••• H••••• R••••••• I•• term loan
1 BDC hold it · matures Oct 1, 2027
$25.0M 100c
L••• S•••••• M•••• I•• M•••••• D••••• term loan
1 BDC hold it · matures Mar 1, 2030
$24.5M 100c
T••••••••• D•••••• I•• term loan
1 BDC hold it · matures Jun 30, 2028
$24.2M 76c
H••••••••• H••••••• T••••••••• I•• term loan
1 BDC hold it · matures Aug 1, 2029
$24.1M 63c
H••••••••• B••••• I•••••• I•• term loan
1 BDC hold it · matures Apr 1, 2028
$23.3M 88c

Schedule of investments at Sep 30, 2025

153 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S••••••••• S•••• C••••• I•• A••••••••• Energy	term loan lien unstated	Not disclosed	$2.5M 100c	S+400 bp	May 1, 2029
T••••••••• B••• C••• H••••••• I•• Software	term loan lien unstated	Not disclosed	$2.5M 100c	S+550 bp	Oct 1, 2028
L••• S•••••• S••••••••• I•• M•••••• D•••••	term loan lien unstated	Not disclosed	$2.5M 100c	S+500 bp	Aug 1, 2029
L••• S•••••• V••• B•••••• I•• M•••••• D•••••	term loan lien unstated	Not disclosed	$2.5M 100c	S+375 bp	Jan 1, 2029
T••••••••• U••• S•••• S•••••• I•• Software	term loan lien unstated	Not disclosed	$2.5M 100c	S+400 bp	Nov 1, 2028
T••••••••• U••• S•••• S•••••• I•• Software	term loan lien unstated	Not disclosed	$2.5M 100c	S+400 bp	Nov 1, 2028
T••••••••• U••• S•••• S•••••• I•• Software	term loan lien unstated	Not disclosed	$2.4M 100c	S+400 bp	Nov 1, 2028
T••••••••• U••• S•••• S•••••• I•• Software	term loan lien unstated	Not disclosed	$2.4M 100c	S+400 bp	Nov 1, 2028
T••••••••• S••••• N•••••• V••••••••• H••••••• L•• Software	term loan lien unstated	Not disclosed	$2.4M 100c	S+425 bp	Jun 1, 2028
L••• S•••••• M•••• I•• M•••••• D•••••	term loan lien unstated	Not disclosed	$2.4M 100c	S+300 bp	Mar 1, 2030
T••••••••• L•••••• F•••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$2.4M 86c	S+350 bp	Jul 1, 2028
S••••••••• S•••• C••••• I•• A••••••••• Energy	term loan lien unstated	Not disclosed	$2.3M 100c	S+400 bp	May 1, 2029
T••••••••• L•••••• F•••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$2.3M 179c	S+350 bp	Jul 1, 2028
H••••••••• B••••• I•••••• I•• Software	term loan lien unstated	Not disclosed	$2.2M 171c	S+550 bp	Apr 1, 2028
H••••••••• H•••• L••• I•• Diagnostics	term loan lien unstated	Not disclosed	$1.8M 607c	S+600 bp	Jun 1, 2026
T••••••••• H•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$1.8M 100c	S+500 bp	Mar 1, 2027
T••••••••• V•••• D•••••••• C••••••••• Software	term loan lien unstated	Not disclosed	$1.7M 100c	S+400 bp	Jun 1, 2027
T••••••••• V•••• D•••••••• C••••••••• Software	term loan lien unstated	Not disclosed	$1.7M 100c	S+400 bp	Jun 1, 2027
S••••••• I•• O•••• S•••••••••	term loan lien unstated	Not disclosed	$1.7M 100c	S+450 bp	Sep 1, 2028
S••••••• I•• O•••• S•••••••••	term loan lien unstated	Not disclosed	$1.7M 100c	S+450 bp	Sep 1, 2028
S••••••• I•• O•••• S•••••••••	term loan lien unstated	Not disclosed	$1.7M 100c	S+450 bp	Sep 1, 2028
H••••••••• H•••• L••• I•• Diagnostics	term loan lien unstated	Not disclosed	$1.6M 95c	S+600 bp	Jun 1, 2026
H••••••••• H•••• L••• I•• Diagnostics	term loan lien unstated	Not disclosed	$1.5M 95c	S+600 bp	Jun 1, 2026
T••••••••• S••••• N•••••• V••••••••• H••••••• L•• Software	term loan lien unstated	Not disclosed	$1.5M 100c	S+425 bp	Jun 1, 2028
L••• S•••••• S••••••• V••••••• I•• M•••••• D•••••	term loan lien unstated	Not disclosed	$1.5M 100c	S+275 bp	Jan 20, 2031
T••••••••• D•••••• I•• Software	term loan lien unstated	Not disclosed	$1.4M 55c	S+650 bp	Jun 30, 2028
T••••••••• H•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$1.1M 100c	S+500 bp	Mar 1, 2027
L••• S•••••• P•••••• B••••••nology	term loan lien unstated	Not disclosed	$1.0M 52c	S+536 bp	Jan 1, 2027
L••• S•••••• P•••••• B••••••nology	term loan lien unstated	Not disclosed	$1.0M 52c	S+536 bp	Jan 1, 2027
H••••••••• H•••• L••• I•• Diagnostics	term loan lien unstated	Not disclosed	$910,000 607c	S+600 bp	Jun 1, 2026
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$879,000 17c	S+575 bp	Oct 31, 2023
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$879,000 17c	S+575 bp	Oct 31, 2023
N•••• I•• O•••• S•••••••••	term loan lien unstated	Not disclosed	$812,000 100c	S+0 bp	Jul 1, 2027
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$527,000 17c	S+575 bp	Oct 31, 2023
L••• S•••••• P•••••• B••••••nology	term loan lien unstated	Not disclosed	$503,000 52c	S+536 bp	Jan 1, 2027
L••• S•••••• P•••••• B••••••nology	term loan lien unstated	Not disclosed	$503,000 52c	S+536 bp	Jan 1, 2027
L••• S•••••• P•••••• B••••••nology	term loan lien unstated	Not disclosed	$503,000 52c	S+536 bp	Jan 1, 2027
L••• S•••••• P•••••• B••••••nology	term loan lien unstated	Not disclosed	$503,000 52c	S+536 bp	Jan 1, 2027
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$439,000 17c	S+575 bp	Oct 31, 2023
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$439,000 17c	S+575 bp	Oct 31, 2023
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$439,000 17c	S+575 bp	Oct 31, 2023
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$439,000 17c	S+575 bp	Oct 31, 2023
L••• S•••••• E••••• B••••••••• I•• B••••••nology	term loan lien unstated	Not disclosed	$414,000 100c	S+472 bp	May 1, 2026
T••••••••• N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••	term loan lien unstated	Not disclosed	$352,000 17c	S+575 bp	Oct 31, 2023
L••• S•••••• S•••••• B••••••••• I•• B••••••nology	term loan lien unstated	Not disclosed	$304,000 741c	S+550 bp	Oct 1, 2025
N•••• I•• O•••• S•••••••••	term loan lien unstated	Not disclosed	$304,000 176c	S+0 bp	Jul 1, 2027
H••••••••• H•••• L••• I•• Diagnostics	term loan lien unstated	Not disclosed	$283,000 94c	S+0 bp	Mar 1, 2025
H••••••••• H•••• L••• I•• Diagnostics	term loan lien unstated	Not disclosed	$236,000 94c	S+0 bp	Mar 1, 2025
L••• S•••••• S•••••• B••••••••• I•• B••••••nology	term loan lien unstated	Not disclosed	$202,000 100c	S+550 bp	Oct 1, 2025
L••• S•••••• T••••• T••••••••• I•• B••••••nology	term loan lien unstated	Not disclosed	$200,000 14c	S+425 bp	Aug 1, 2027
L••• S•••••• T••••• T••••••••• I•• B••••••nology	term loan lien unstated	Not disclosed	$200,000 14c	S+425 bp	Aug 1, 2027
L••• S•••••• S•••••• B••••••••• I•• B••••••nology	term loan lien unstated	Not disclosed	$101,000 100c	S+550 bp	Oct 1, 2025
T••••••••• H•••• C• I•• Software	term loan lien unstated	Not disclosed	$1,977 0c	S+375 bp	Feb 1, 2030

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2012 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001437749-26-025689reported

Not yet on record: first lien.