Business
Horizon Technology Finance Announces Second Quarter 2020 Financial Results
- Net Investment Income per Share of $0.40; NAV per Share of $11.64 - - Maintains Regular Monthly Distributions Totaling $0.10 per Share through December - -
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Net Investment Income per Share of $0.40; NAV per Share of $11.64 -\n - Maintains Regular Monthly Distributions Totaling $0.10 per Share through December -\n - Debt Portfolio Yield of 16.9% -\n\n\nFARMINGTON, Conn., July 28, 2020 /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 second quarter ended June 30, 2020.\nSecond Quarter 2020 Highlights\nNet investment income of $6.7 million, or $0.40 per share, compared to $5.0 million, or $0.37 per share for the prior-year period Total investment portfolio of $355.9 million as of June 30, 2020 Net asset value of $201.2 million, or $11.64 per share, as of June 30, 2020 Annualized portfolio yield on debt investments of 16.9% for the quarter Funded six loans totaling $40.4 million during the quarter Purchased all of the limited liability company interests of Arena in Horizon Secured Loan Fund I, and consolidated six venture debt investments totaling $15.4 million onto its balance sheet Raised total net proceeds of approximately $5.0 million with \"at-the-market\" (\"ATM\") offering program Experienced liquidity events from four portfolio companies Amended and extended $100 million senior secured debt facility with large U.S.-based insurance company Amended Key Facility to extend the draw period to September 30, 2021 Cash of $37.3 million and credit facility capacity of $166.8 million as of June 30, 2020 Held portfolio of warrant and equity positions in 71 companies as of June 30, 2020 Undistributed spillover income of $0.42 per share as of June 30, 2020 Subsequent to quarter end, declared distributions of $0.10 per share payable in October, November and December 2020 \"We are proud of our second quarter performance, particularly considering the challenging environment in which we are operating,\" said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. \"Specifically, we grew our portfolio through opportunistically originated loans to several quality life science companies with ample liquidity. Our predictive pricing strategy helped produce signif...