Business
Horizon Technology Finance Announces Third Quarter 2020 Financial Results
- Net Investment Income per Share of $0.34; NAV per Share of $11.17 - - Over $104 Million of Available Liquidity as of September 30, 2020 - - Debt Portfolio
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Net Investment Income per Share of $0.34; NAV per Share of $11.17 -\n - Over $104 Million of Available Liquidity as of September 30, 2020 -\n - Debt Portfolio Yield of 15.1% -\n\n\nFARMINGTON, Conn., Nov. 3, 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 third quarter ended September 30, 2020.\nThird Quarter 2020 Highlights\nNet investment income of $5.9 million, or $0.34 per share, compared to $5.8 million, or $0.42 per share for the prior-year period Total investment portfolio of $311.8 million as of September 30, 2020 Net asset value of $205.2 million, or $11.17 per share, as of September 30, 2020 Annualized portfolio yield on debt investments of 15.1% for the quarter Funded four loans totaling $16.0 million during the quarter Raised total net proceeds of approximately $12.7 million with \"at-the-market\" (\"ATM\") offering program Experienced liquidity events from five portfolio companies Cash of $56.9 million and credit facility capacity of $196.8 million as of September 30, 2020 Held portfolio of warrant and equity positions in 68 companies as of September 30, 2020 Undistributed spillover income of $0.45 per share as of September 30, 2020 Subsequent to quarter end, declared distributions of $0.10 per share payable in January, February and March 2021 \"We generated net investment income of $0.34 per share for the third quarter, in excess of our distribution level, despite the ongoing challenges in the broader economy,\" said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. \"Once again, our predictive pricing strategy contributed to our NII as reflected by our strong overall debt portfolio yield which was driven by positive portfolio exits and strong onboarding yields achieved in the quarter. We also ended the quarter with available liquidity of over $104 million, which enables us to fund our backlog and a pipeline of attractive and investable opportunities, which we expect will further expand and diversify our portfolio.\"\n\"We also remain focused on proactively and aggr...