Business
Horizon Technology Finance Announces Third Quarter 2022 Financial Results
- Net Investment Income per Share of $0.43; NAV per Share of $11.66 - - Grew Portfolio Year over Year by 40% to Record $635 Million - - Horizon Platform Ends
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Net Investment Income per Share of $0.43; NAV per Share of $11.66 -\n- Grew Portfolio Year over Year by 40% to Record $635 Million -\n- Horizon Platform Ends Quarter with Record Committed Backlog of $309 Million, Including Record $252 Million in HRZN Commitments -\n- Debt Portfolio Yield of 15.9% -\n- Increases Regular Monthly Distributions 10% to $0.11 per Share per Month beginning January 2023, or $0.33 per Quarter Through March 2023, Declares $0.05 per Share Special Distribution Payable in December 2022 -\nFARMINGTON, Conn., Nov. 1, 2022 /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, 2022.\nThird Quarter 2022 Highlights\nNet investment income (\"NII\") of $11.1 million, or $0.43 per share, compared to $8.0 million, or $0.40 per share for the prior-year periodTotal investment portfolio of $634.6 million as of September 30, 2022Net asset value of $307.7 million, or $11.66 per share, as of September 30, 2022Annualized portfolio yield on debt investments of 15.9% for the quarterHRZN funded seven loans totaling $88.5 millionHRZN's investment adviser, Horizon Technology Finance Management LLC (\"HTFM\"), originated $105.5 million through its lending platform (\"Horizon Platform\"), inclusive of the HRZN loansRaised total net proceeds of approximately $19.0 million with \"at-the-market\" (\"ATM\") offering programExperienced liquidity events from five portfolio companiesCash of $31.6 million and credit facility capacity of $120.8 million as of September 30, 2022Held portfolio of warrant and equity positions in 94 companies as of September 30, 2022Undistributed spillover income of $0.67 per share as of September 30, 2022Subsequent to quarter end, increased monthly distributions by 10% to $0.11 per share payable in January, February and March 2023 and declared a special distribution of $0.05 per share payable in December 2022\"It was another strong quarter for Horizon as we continue to navigate through the challenging macro environment,\" said Robert D. Pomeroy, Jr., Chairman an...