RUBIN ROBERT S 4

What Happened

• Director Rubin Robert (Rubin, Robert S.) reported dispositions of 6,000 and 51,886 MRCC common shares (total 57,886) on April 14, 2026. The shares were disposed to the issuer as part of a merger; each MRCC share converted into 0.9402 HRZN shares.
• Using HRZN's closing price of $4.57 on April 13, 2026 (the last trading day before the merger closed), the conversion equals roughly 54,424 HRZN shares with an indicative value of about $248,700. This was a merger conversion (disposition to the issuer), not an open-market sale or purchase.

Key Details

• Transaction date: April 14, 2026; Form 4 filed April 27, 2026 (filed late — ~13 days after the transaction).
• Reported dispositions: 6,000 MRCC shares and 51,886 MRCC shares (total 57,886).
• Conversion ratio: 0.9402 HRZN shares per MRCC share (per Merger Agreement).
• Valuation used in footnote: HRZN closing price $4.57 on April 13, 2026 → implied value ≈ $248,700.
• Shares owned after the transaction: not stated in the excerpt provided (filing focuses on the MRCC dispositions and conversion).
• Footnote: Dispositions occurred pursuant to the Agreement and Plan of Merger dated Aug 7, 2025, between MRCC and Horizon Technology Finance (HRZN).

Context

• This was not a standard sale for cash but a conversion of MRCC shares into HRZN shares under a merger agreement — a routine corporate transaction rather than a direct signal of the director’s market view.
• Filing was late relative to standard Form 4 timing rules; late filings may reduce the timeliness of disclosure for investors.