Business
Horizon Technology Finance Announces Second Quarter 2023 Financial Results
- Second Quarter 2023 Net Investment Income per Share of $0.54; NAV per Share of $11.07 - - Debt Portfolio Yield of 16.3% - - Grew Portfolio Year over Year by
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Second Quarter 2023 Net Investment Income per Share of $0.54; NAV per Share of $11.07 -\n- Debt Portfolio Yield of 16.3% -\n- Grew Portfolio Year over Year by 24% to $715 Million -\n- Horizon Platform Ends Quarter with Committed Backlog of $183 Million, Including $159 Million in HRZN Commitments -\n- Declares Regular Monthly Distributions Totaling $0.33 per Share -\nFARMINGTON, Conn., Aug. 1, 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 second quarter ended June 30, 2023.\nSecond Quarter 2023 Highlights\nNet investment income (\"NII\") of $16.1 million, or $0.54 per share, compared to $8.6 million, or $0.35 per share for the prior-year periodTotal investment portfolio of $715.4 million as of June 30, 2023Net asset value of $355.4 million, or $11.07 per share, as of June 30, 2023Annualized portfolio yield on debt investments of 16.3% for the quarterHRZN funded 11 loans totaling $49.6 millionHRZN's investment adviser, Horizon Technology Finance Management LLC (\"HTFM\"), originated $52.7 million through its lending platform (\"Horizon Platform\"), inclusive of the loans funded by HorizonSuccessfully raised $38.9 million of net proceeds in common stock offeringRaised total net proceeds of approximately $5.1 million with \"at-the-market\" (\"ATM\") offering programIncreased commitment of senior secured debt facility by $50 million to enable its wholly-owned subsidiary to issue up to $250 million of secured notesExpanded aggregate commitments under revolving credit facility from $125 million to $150 millionExperienced liquidity events from six portfolio companiesCash of $50.3 million and credit facility capacity of $223.2 million as of June 30, 2023Held portfolio of warrant and equity positions in 97 companies as of June 30, 2023Undistributed spillover income of $1.02 per share as of June 30, 2023Subsequent to quarter end, declared distributions of $0.11 per share payable in October, November and December 2023On June 30, 2023, HTFM was acquired by an affiliate of Monroe Capital LLC, a premier boutique mi...