Business
Horizon Technology Finance Provides First Quarter 2021 Portfolio Update
- Originates $51.0 Million of New Loans - - Grows Debt Portfolio Quarter-over-Quarter - FARMINGTON, Conn., April 7, 2021 /PRNewswire/ -- Horizon Technology
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Originates $51.0 Million of New Loans -\n - Grows Debt Portfolio Quarter-over-Quarter -\n\n\nFARMINGTON, Conn., April 7, 2021 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) (\"Horizon,\" \"We,\" \"Our\" 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 provided its portfolio update for the first quarter ended March 31, 2021. \n\"The momentum Horizon saw in terms of originations toward the end of 2020 nicely carried into the first quarter, as Horizon once again grew its portfolio, originating $51 million of loans to new and existing portfolio companies,\" said Gerald A. Michaud, President of Horizon. \"The increased visibility and capacity of the venture lending brand and platform of Horizon and its investment adviser, Horizon Technology Finance Management LLC (\"HTFM\"), helped Horizon attract quality investment opportunities in emerging companies with unique and innovative technologies, skilled management and significant growth potential. Horizon also received $17 million in loan prepayments during the quarter, which provided accelerated income to Horizon, further validated its predictive pricing strategy and included the full repayment of a credit on non-accrual. Horizon continues to maintain a robust backlog and, with HTFM's deep pipeline of new investment opportunities, we expect to further drive portfolio growth and additional value to our shareholders.\" \nFirst Quarter 2021 Portfolio Update\nOriginations\nDuring the first quarter of 2021, a total of $69.5 million of loans funded through the HTFM platform, including eight loans totaling $51.0 million funded by Horizon as follows:\n$10.0 million to a new portfolio company, an oral health company that designs and delivers products and professional dental services. $7.5 million to a new portfolio company, a provider of end-to-end hardware and software contactless dining solutions. $7.0 million to a new portfolio company, a developer of predictive analytics solutions for supply chain and logistics professionals. $7.0 million to an existing portfolio company, Getaround, Inc., a peer-to-peer car sharing platform. $6.0 million to a new portfolio company, Pri...