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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.

Fair value
$3.5B
Schedule of investments, 10-Q and 10-K
Borrowers
75
Schedule of investments, 10-Q and 10-K
Mark on cost
94.9¢
Schedule of investments, 10-Q and 10-K
Schedule of investments (300)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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••••••••• →
  2. $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••••••••• →
  3. 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 →
  4. 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
  5. 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
7
since Dec 31, 2024
Facilities held
83
1 sponsors financed
Portfolio through time
Fair value by quarter end$3.5B as of Jun 30, 2026
Dec 31, 2024$741M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.5B7595c0420 bp
Mar 31, 2026$774M4799c0411 bp
Dec 31, 2025$3.4B6899c0412 bp
Sep 30, 2025$549M3995c0438 bp
All 7 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$613M5291c0449 bp
Mar 31, 2025$46.4M6n/a0n/a
Dec 31, 2024$741M6094c0468 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2025
294 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A•••• S•••• H••••••• I•• C•••••••••preferred equity equityNot disclosed$306,000
117c
N•••••••••preferred equity equityNot disclosed$274,000
74c
C••••••• T••••••••• I••
B•••••••••
equity equityNot disclosed$271,000
N•••••••••warrants equityNot disclosed$235,000
392c
N•••••••••preferred equity equityNot disclosed$229,000
167c
C••••• C•••• B••••••••• I••
B•••••••••
equity equityNot disclosed$217,000
87c
N•••••••••preferred equity equityNot disclosed$200,000
104c
N•••••••••preferred equity equityNot disclosed$199,000
72c
N•••••••••warrants equityNot disclosed$178,000
129c
N•••••••••preferred equity equityNot disclosed$173,000
99c
N•••••••••preferred equity equityNot disclosed$169,000
112c
N•••••••••preferred equity equityNot disclosed$151,000
164c
N•••••••••warrants equityNot disclosed$143,000
37c
N•••••••••warrants equityNot disclosed$137,000
21c
N•••••••••preferred equity equityNot disclosed$118,000
122c
N•••••••••preferred equity equityNot disclosed$111,000
29c
N•••••••••preferred equity equityNot disclosed$98,000
60c
N•••••••••preferred equity equityNot disclosed$96,000
168c
N•••••••••preferred equity equityNot disclosed$95,000
114c
N•••••••••preferred equity equityNot disclosed$86,000
195c
N•••••••••preferred equity equityNot disclosed$76,000
133c
N•••••••••preferred equity equityNot disclosed$73,000
128c
P••••• P••• I•• C•••••••••preferred equity equityNot disclosed$73,000
100c
N•••••••••preferred equity equityNot disclosed$69,000
63c
N•••••••••warrants equityNot disclosed$59,000
74c
N•••••••••preferred equity equityNot disclosed$57,000
24c
N•••••••••preferred equity equityNot disclosed$47,000
115c
N•••••••••preferred equity equityNot disclosed$47,000
100c
N•••••••••preferred equity equityNot disclosed$47,000
89c
N•••••••••preferred equity equityNot disclosed$45,000
37c
N•••••••••warrants equityNot disclosed$41,000
63c
N•••••••••preferred equity equityNot disclosed$41,000
137c
N•••••••••preferred equity equityNot disclosed$39,000
27c
N•••••••••preferred equity equityNot disclosed$36,000
80c
N•••••••••warrants equityNot disclosed$33,000
66c
N•••••••••preferred equity equityNot disclosed$30,000
34c
N•••••••••preferred equity equityNot disclosed$28,000
15c
N•••••••••preferred equity equityNot disclosed$20,000
77c
N•••••••••warrants equityNot disclosed$20,000
26c
N•••••••••preferred equity equityNot disclosed$13,000
9c
B•• V•••• T••••••••• C•••
B•••••••••
equity equityNot disclosed$11,000
79c
T••• E••••• I•• O•••• S•••••••••equity equityNot disclosed$7,000
6c
N•••••••••preferred equity equityNot disclosed$6,000
6c
N•••••••••warrants equityNot disclosed$6,000
2c
N•••••••••preferred equity equityNot disclosed$4,000
4c
N•••••••••preferred equity equityNot disclosed$3,000
2c
N•••••••••warrants equityNot disclosed$2,000
N•••••••••preferred equity equityNot disclosed$2,000
67c
N•••••••••preferred equity equityNot disclosed$2,000
14c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
L••• S•••••• B•• V•••• T••••••••• C••• B••••••••• R•••••• A••••••••unstated lien unstatedNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
E•••• H••••••• I••
B•••••••••
equity equityNot disclosed$0
0c
E•••• H••••••• I••
B•••••••••
warrants equityNot disclosed$0
0c
L••• S•••••• R•••• H••••••••• I•• M•••••• D••••• R•••••• A••••••••unstated lien unstatedNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••• I•• O•••• S•••••••••term loan lien unstated$304,000$0
0c
S+0 bpJul 1, 2027
N•••••••••preferred equity equityNot disclosed$0
0c
A•••• M•••••• I••unstated lien unstatedNot disclosed$0
N•••••••••warrants equityNot disclosed$0
0c
N•••• I•• O•••• S•••••••••term loan lien unstatedNot disclosed$0
0c
S+0 bpJul 1, 2027
N••• C•• H•••••• C•••••• I•• C•••••••••
T•••••••••
preferred equity equityNot disclosed$0
N•••• I•• O•••• S•••••••••term loan lien unstated$790,000$0
0c
S+0 bpJul 1, 2027
N•••••••••
T•••••••••
unstated lien unstatedNot disclosed$0
0c
N•••••••••unstated lien unstatedNot disclosed$0
0c
A•••• M•••••• I•• M•••••• D•••••equity equityNot disclosed$0
N•••• I•• O•••• S•••••••••preferred equity equityNot disclosed$0
0c
S••• A• J••••• I•• C••••••••• T•••••••••equity equityNot disclosed$0
0c
C•••••••••unstated lien unstatedNot disclosed$0
N•••• I••unstated lien unstatedNot disclosed$0
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
R• H• C•••••• O••••••••• F••• L••unstated lien unstatedNot disclosed$0
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••• I•• O•••• S•••••••••term loan lien unstatedNot disclosed$0
0c
S+0 bpJul 1, 2027
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
D••••••• I••
O•••• Software
preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
T••••••••• B••••• P•••• F•••••• C• C••••••••• T••••••••• O•••• I•••••••••unstated lien unstatedNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••unstated lien unstatedNot disclosedNot disclosed
N•••••••••unstated lien unstatedNot disclosedNot disclosed
Page 3 of 3Previous
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.