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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 Jun 30, 2026
300 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A•••• S•••• H••••••• I•• C•••••••••preferred equity equityNot disclosed$306,000
117c
N•••••••••warrants equityNot disclosed$303,000
45c
N•••••••••preferred equity equityNot disclosed$248,000
128c
C••••• C•••• B••••••••• I••
B•••••••••
equity equityNot disclosed$217,000
87c
C•••••••••unstated lien unstatedNot disclosed$215,000
R• H• C•••••• O••••••••• F••• L••unstated lien unstatedNot disclosed$215,000
N•••••••••warrants equityNot disclosed$211,000
122c
N•••••••••preferred equity equityNot disclosed$206,000
107c
N•••••••••preferred equity equityNot disclosed$201,000
140c
N•••••••••warrants equityNot disclosed$188,000
128c
S••••••• I•• O•••• S•••••••••term loan lien unstated$1.9M$185,000
10c
S+500 bpSep 1, 2028
S••••••• I•• O•••• S•••••••••term loan lien unstated$1.9M$185,000
10c
S+500 bpSep 1, 2028
S••••••• I•• O•••• S•••••••••term loan lien unstated$1.9M$185,000
10c
S+500 bpSep 1, 2028
N•••••••••preferred equity equityNot disclosed$180,000
48c
N•••••••••preferred equity equityNot disclosed$175,000
100c
N•••••••••preferred equity equityNot disclosed$171,000
364c
N•••••••••preferred equity equityNot disclosed$146,000
97c
C••••••• T••••••••• I••
B•••••••••
equity equityNot disclosed$134,000
N•••••••••preferred equity equityNot disclosed$119,000
103c
N•••••••••preferred equity equityNot disclosed$116,000
31c
N•••••••••preferred equity equityNot disclosed$102,000
63c
N•••••••••preferred equity equityNot disclosed$89,000
202c
N•••••••••preferred equity equityNot disclosed$88,000
102c
N•••••••••preferred equity equityNot disclosed$84,000
101c
N•••••••••preferred equity equityNot disclosed$78,000
85c
N•••••••••preferred equity equityNot disclosed$76,000
133c
N•••••••••warrants equityNot disclosed$75,000
30c
N•••••••••preferred equity equityNot disclosed$74,000
54c
P••••• P••• I•• C•••••••••preferred equity equityNot disclosed$73,000
100c
N•••••••••preferred equity equityNot disclosed$64,000
66c
N•••••••••warrants equityNot disclosed$61,000
76c
N•••••••••preferred equity equityNot disclosed$49,000
120c
N•••••••••preferred equity equityNot disclosed$47,000
38c
N•••••••••preferred equity equityNot disclosed$45,000
173c
N•••••••••preferred equity equityNot disclosed$43,000
143c
N•••••••••preferred equity equityNot disclosed$43,000
81c
N•••••••••warrants equityNot disclosed$40,000
100c
N•••••••••warrants equityNot disclosed$39,000
78c
N•••••••••preferred equity equityNot disclosed$29,000
16c
N•••••••••preferred equity equityNot disclosed$23,000
21c
N•••••••••preferred equity equityNot disclosed$22,000
9c
N•••••••••preferred equity equityNot disclosed$21,000
37c
T••• E••••• I•• O•••• S•••••••••equity equityNot disclosed$12,000
11c
B•• V•••• T••••••••• C•••
B•••••••••
equity equityNot disclosed$8,000
57c
N•••••••••warrants equityNot disclosed$7,000
3c
N•••••••••preferred equity equityNot disclosed$5,000
5c
N•••••••••warrants equityNot disclosed$4,000
N•••••••••warrants equityNot disclosed$4,000
5c
N•••••••••preferred equity equityNot disclosed$3,000
21c
N•••••••••preferred equity equityNot disclosed$3,000
100c
N•••••••••preferred equity equityNot disclosed$2,000
1c
N•••••••••preferred equity equityNot disclosed$0
0c
A•••• M•••••• I••unstated lien unstatedNot disclosed$0
S••• A• J••••• I•• C••••••••• T•••••••••equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N••• C•• H•••••• C•••••• I•• C••••••••• T•••••••••preferred equity equityNot disclosed$0
A•••• M•••••• I•• M•••••• D•••••equity equityNot disclosed$0
N•••• I••unstated lien unstatedNot disclosed$0
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
D••••••• I••
Software
preferred equity equityNot disclosed$0
0c
T••••••••• B••••• P•••• F•••••• C• C••••••••• T••••••••• O•••• I•••••••••unstated lien unstatedNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
S••••••• I••••• S••• O•••••• I•• O•••• S•••••••••equity equityNot disclosed$0
0c
N•••••••••warrants 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•••••••••warrants equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••• I•• O•••• S•••••••••term loan lien unstated$790,000$0
0c
S+0 bpJul 1, 2027
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
S••••••• I••••• S••• O•••••• I•• O•••• S•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
E•••• H••••••• I••
B•••••••••
equity equityNot disclosed$0
0c
L••• S•••••• B•• V•••• T••••••••• C••• B••••••••• R•••••• A••••••••unstated lien unstatedNot disclosed$0
0c
E•••• H••••••• I••
B•••••••••
warrants equityNot disclosed$0
0c
N•••• I•• O•••• S•••••••••term loan lien unstated$304,000$0
0c
S+0 bpJul 1, 2027
N•••••••••
T•••••••••
unstated lien unstatedNot disclosed$0
0c
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
N•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••• I•• O•••• S•••••••••preferred equity equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
0c
N•••••••••warrants equityNot disclosed$0
N•••••••••preferred equity 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
F•••••••• R• H• C•••••• O••••••••• F••• L•• I••••••••• F••••unstated lien unstatedNot disclosedNot disclosed
F••••••••unstated lien unstatedNot disclosedNot disclosed
C•••••••••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.