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Horizon Technology Finance Announces Second Quarter 2024 Financial Results
- Second Quarter 2024 Net Investment Income per Share of $0.36; NAV per Share of $9.12 - - Debt Portfolio Yield of 15.9% - - HRZN Ends Quarter with Committed
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"\n- Second Quarter 2024 Net Investment Income per Share of $0.36; NAV per Share of $9.12 -\n\n\n- Debt Portfolio Yield of 15.9% -\n\n\n- HRZN Ends Quarter with Committed Backlog of $138 Million -\n\n\n- Declares Regular Monthly Distributions Totaling $0.33 per Share through December 2024 -\n\n\n FARMINGTON, Conn.--(BUSINESS WIRE)--\nHorizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon” or the “Company”), an affiliate of Monroe Capital, and 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, 2024.\n\n\nSecond Quarter 2024 Highlights\n\n\n\nNet investment income (“NII”) of $12.9 million, or $0.36 per share, compared to $16.1 million, or $0.54 per share for the prior-year period\n\n\n\nTotal investment portfolio of $646.9 million as of June 30, 2024\n\n\n\nNet asset value of $328.8 million, or $9.12 per share, as of June 30, 2024\n\n\n\nAnnualized portfolio yield on debt investments of 15.9% for the quarter\n\n\n\nHorizon funded four loans totaling $11.5 million\n\n\n\nRaised total net proceeds of approximately $17.1 million with “at-the-market” (“ATM”) offering program\n\n\n\nExperienced liquidity events from one portfolio company\n\n\n\nClosed new $100 million senior secured credit facility led by large U.S.-based insurance company\n\n\n\nCash of $116.9 million and credit facility capacity of $269.0 million as of June 30, 2024\n\n\n\nHeld portfolio of warrant and equity positions in 99 companies as of June 30, 2024\n\n\n\nUndistributed spillover income of $1.28 per share as of June 30, 2024\n\n\n\nSubsequent to quarter end, declared distributions of $0.11 per share payable in October, November and December 2024\n\n\n\n“We remained prudent with respect to new originations in the second quarter as we considerably focused our origination efforts on sourcing new high-quality investments to add to our investment portfolio in the back half of the year and our portfolio management efforts on maximizing the value of our investments,” said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. “As a result, we’ve made notable progress and expect we will return to por...