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Horizon Technology Finance Provides Second Quarter 2023 Portfolio Update
- Horizon Platform Originates $52.7 Million of New Loans in Q2, Including $49.6 Million of New Loans Funded by HRZN - - Horizon Platform Ends Quarter with
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Horizon Platform Originates $52.7 Million of New Loans in Q2, Including $49.6 Million of New Loans Funded by HRZN - \n- Horizon Platform Ends Quarter with Committed Backlog of $183 Million, Including $159 Million in HRZN Commitments - \nFARMINGTON, Conn., July 12, 2023 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) (\"HRZN\" 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 second quarter ended June 30, 2023 and an update on the lending platform (\"Horizon Platform\") of Horizon Technology Finance Management LLC (\"HTFM\"), its investment adviser.\n\"As we thoughtfully navigated the challenging macro environment, the Horizon Platform originated $52.7 million of loans in the quarter, including $49.6 million of loans funded by HRZN,\" said Gerald A. Michaud, President of HRZN and HTFM. \"In addition, the Horizon Platform's committed backlog of debt investments remained solid at quarter end with $183 million in commitments, including $159 million in HRZN commitments. During the quarter we received $28 million in loan payoffs and partial paydowns along with proceeds from warrant redemptions and earnouts, providing us with accelerated income, which further validated our predictive pricing strategy. Given the Horizon Platform's strong pipeline and HRZN's strong backlog of commitments, we believe we remain well positioned to prudently grow the Horizon Platform's venture debt portfolio and deliver additional value to HRZN's shareholders.\"\nSecond Quarter 2023 Portfolio Update\nOriginations \nDuring the second quarter of 2023, a total of $52.7 million of loans funded through the Horizon Platform, including 11 loans totaling $49.6 million funded by HRZN, as follows:\n$10.0 million to a new portfolio company, Viken Detection Corp., a developer of a variety of innovative X-ray and detection products utilized by various law enforcement agencies for the purposes of security, public safety and counterintelligence.$10.0 million to a new portfolio company, SafelyYou, Inc., a developer of an innovative remote care platform that combines real-time AI video technology with a 24/7 remote c...