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Horizon Technology Finance Announces Second Quarter 2019 Financial Results
FARMINGTON, Conn., July 30, 2019 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), a leading specialty
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"FARMINGTON, Conn., July 30, 2019 /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 cleantech industries, today announced its financial results for the second quarter ended June 30, 2019.\nSecond Quarter 2019 Highlights\nNet investment income of $5.0 million, or $0.37 per share Total investment portfolio of $274.8 million as of June 30, 2019 Net asset value of $157.1 million, or $11.60 per share, as of June 30, 2019 Achieved annualized portfolio yield on debt investments of 16.8% Funded eight loans totaling $55.1 million; experienced liquidity events from eight portfolio companies Cash on hand of $8 million and capacity of $36 million to borrow under KeyBank credit facility as of June 30, 2019 Continued to grow joint venture investment portfolio Held portfolio of warrant and equity positions in 74 companies as of June 30, 2019 Subsequent to quarter end, declared monthly distributions of $0.10 per share payable in October, November and December 2019 Increased undistributed spillover income to $0.17 per share as of June 30, 2019\"Our strong performance in the second quarter generated net investment income per share well above our distributions, increased our NAV and grew our portfolio for the fifth consecutive quarter,\" said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. \"We originated eight new loans for $55.1 million, while we achieved our highest-ever annualized loan portfolio yield of 16.8%. Our consistently strong yield performance continues to validate our predictive pricing strategy for structuring loans.\"\n\"In addition, the credit quality of our loan portfolio continues to be stable, driven by our proactive portfolio management and our commitment to disciplined underwriting,\" added Mr. Pomeroy. \"Looking toward the remainder of 2019, we expect market demand for venture debt to remain robust. With our current liquidity and the ability to expand our target debt leverage to the higher end of our 0.8:1 to 1.2:1 range, we have ample capacity to fund new investments and grow our portfolio. Accordingly, we believe we are well positioned to deliver sustai...