- Pays: monthly — currently $0.06 regular + $0.03 special = $0.09 total, both declared through December 2026.
- Paying since: 2010, monthly throughout.
- The 2026 cut: regular distribution reduced from $0.11 to $0.06 (about 45%), announced March 3, 2026, effective the April payment. The $0.03 specials that followed are explicitly funded from spillover income and temporary.
- What it is: an externally managed venture-debt BDC lending to VC- and PE-backed technology, life-science, healthcare-IT and sustainability companies; merged with Monroe Capital Corporation in April 2026.
- The damage underneath: NAV per share $6.23 at mid-2026 after a large single-borrower write-down; shares have traded well below that.
- Coverage (quarter ended June 30, 2026): GAAP NII $0.11 per share, depressed by ~$0.07 of one-time merger expenses — about $0.18 ex-merger, against $0.27 declared for the quarter ($0.18 regular + $0.09 spillover specials). That's 41% coverage on GAAP NII, 67% ex-merger — and 100% of the regular alone ex-merger. Non-accruals ~4.6% at fair value (~7.3% at cost, four positions); PIK ~6.3%; net debt-to-equity 0.65x; NAV $6.23.
The $0.09 monthly total looks like a modest trim from $0.11 — it isn't. The durable regular rate is $0.06; the specials are spillover income being paid out, and they end when it's gone.
HRZN pays monthly. Each point below is one distribution since 2010; the 2026 step down and the special-inclusive months are visible at the right edge.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $1.11 per share across 12 payments — down 16% from $1.32 in the 12 months before. What a change like that does to your income →
- Current pace: recent payments annualize to $1.08 — 3% below the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 30% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 172 payments over 16 years; the largest single payment was $0.45 (Nov 2011).
- Payment drops ≥20% below trend, last 24 months: 3. Get alerted to the next one →
- Payment steadiness: the last 12 checks wobble ±18% around their median. Compare that against any fund →
Every figure above is computed from HRZN's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Dividend / Share |
|---|
"Next expected" is estimated from HRZN's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
HRZN's 2026 looks gentler on a chart than it was: the regular distribution was nearly halved in April, then $0.03 monthly specials began in July, so the total only appears to fall from $0.11 to $0.09. The specials are spillover — previously earned income the company is obligated to pay out — and the company says so plainly. When the spillover is distributed, the $0.06 is what remains.
Venture debt is the riskiest BDC niche, and the contrast with HTGC — same business, rising NAV, no cut — is the most instructive pair in the sector. Overlay them on the compare tool.
| Year | Total Dividends / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is HRZN's Next Ex-Dividend Date?
HRZN pays monthly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from HRZN's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Fifteen Years of Monthly Payouts, Then a Hard Reset
Horizon Technology Finance has paid monthly since 2010, for years at $0.10-$0.11. The April 2026 reduction to $0.06 is the sharpest break in the record, and the $0.03 specials that followed — spillover income the company must distribute — are the reason the total still reads $0.09 for now. The chart above shows every payment, including both layers.
One Borrower, One Cut
Venture lending concentrates risk: a single large borrower failing can erase a meaningful slice of net asset value, and that's what HRZN's 2026 write-down did. Add merger costs from the Monroe Capital combination and a rate environment compressing loan yields, and the old $0.11 had no foundation. The cut was the honest response; the specials are the cushion.
Where HRZN Fits
As the venture-debt cautionary case beside HTGC's stalwart record — same niche, opposite outcomes. Model the reset against your own holdings with the impact calculator; next expected date on the live calendar.
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