Business
Horizon Technology Finance Announces Fourth Quarter and Full Year 2022 Financial Results
- Fourth Quarter 2022 Net Investment Income per Share of $0.40; NAV per Share of $11.47 - - Grew Portfolio Year over Year by 57% to Record $720 Million - -
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Fourth Quarter 2022 Net Investment Income per Share of $0.40; NAV per Share of $11.47 -\n- Grew Portfolio Year over Year by 57% to Record $720 Million -\n- Horizon Platform Ends 2022 with Committed Backlog of $255 Million, Including $220 Million in Horizon Commitments -\n- Annual Debt Portfolio Yield of 14.4% -\n- Declares Regular Monthly Distributions Totaling $0.33 per Share -\nFARMINGTON, Conn., Feb. 28, 2023 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) (\"Horizon\" or the \"Company\"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today announced its financial results for the fourth quarter and full year ended December 31, 2022.\nFourth Quarter 2022 Highlights\nNet investment income (\"NII\") of $10.7 million, or $0.40 per share, compared to $8.1 million, or $0.39 per share for the prior-year periodTotal investment portfolio of $720.0 million as of December 31, 2022Net asset value of $318.4 million, or $11.47 per share, as of December 31, 2022Annualized portfolio yield on debt investments of 14.5% for the quarterFunded ten loans totaling $103.9 millionHorizon's investment adviser, Horizon Technology Finance Management LLC (\"HTFM\" or the \"Advisor\"), originated $113.5 million through its lending platform (\"Horizon Platform\"), inclusive of the loans funded by HorizonSuccessfully completed $100 million issuance of asset-backed notes, backed by $158 million of secured loansRaised total net proceeds of approximately $17.1 million with \"at-the-market\" (\"ATM\") offering programExperienced liquidity events from two portfolio companiesCash of $27.7 million and credit facility capacity of $143.2 million as of December 31, 2022Held portfolio of warrant and equity positions in 98 companies as of December 31, 2022Undistributed spillover income of $0.68 per share as of December 31, 2022Subsequent to quarter end, declared distributions of $0.11 per share payable in April, May and June 2023Full Year 2022 Highlights\nNet investment income of $36.2 million, or $1.46 per share for 2022, compared to $28.2 million, or $1.41 per share, for the prior yearAchieved portfolio yield on debt investments of 14.4% for 2022Horizon funded 48 loans...