Horizon Technology Finance Provides Fourth Quarter 2024 Portfolio Update
- HRZN Originates
- HRZN Ends Year with Committed Backlog of
“We had a strong close to 2024, originating a number of select new investments that should lead to greater net investment income for HRZN over time,” said Gerald A. Michaud, President of Horizon and HTFM. “For the quarter, we originated
Fourth Quarter 2024 Portfolio Update
Originations
During the fourth quarter of 2024, HRZN funded a total of
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to a new portfolio company, Onkos Surgical, Inc., a developer of innovative technologies to address critical challenges in orthopaedic oncology and complex revision cases.$30.0 million -
to a new portfolio company, Crafty Holdings, Inc., a platform that streamlines food, beverage, and supply management for workplaces worldwide.$15.0 million -
to a new portfolio company, OneNetwork, Inc. (dba Finexio), a developer of an embedded accounts payable solution that optimizes, monetizes, and secures the entire payment lifecycle.$5.0 million -
to a new portfolio company, Ursa Space Systems Inc., a leading satellite intelligence company providing all-weather monitoring, analytics and imagery via an extensive virtual network of over 200 satellites.$5.0 million -
to an existing portfolio company, a fulfillment and supply chain technology services company focused on optimizing logistics across a variety of industries.$2.5 million -
of equity and a$1.9 million venture loan to an existing portfolio company, Swift Health Systems, Inc. (dba InBrace), a developer of teeth straightening technology that provides an alternative to traditional braces and aligners.$0.6 million -
to an existing affiliated portfolio company, a builder of conservation memorial forests that offer sustainable alternatives to cemeteries.$1.0 million
Liquidity Events and Partial Paydowns
HRZN experienced liquidity events from five portfolio companies in the fourth quarter of 2024, consisting of principal prepayments of
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In October, Camp NYC, Inc. (“Camp NYC”) paid its outstanding principal balance of
on its venture loan, plus interest and end-of-term payment. HRZN continues to hold warrants in Camp NYC.$2.0 million -
In November, Clara Foods Co. (“Clara Foods”) prepaid its outstanding principal balance of
on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in Clara Foods.$1.5 million -
In November, HRZN received a payment of
in full settlement of its venture loan to Cognoa, Inc. (“Cognoa”). HRZN continues to hold warrants in Cognoa.$3.2 million -
In November, Reputation Institute, Inc. was acquired by Periscope Equity, and Reputation Institute, Inc. prepaid its outstanding principal balance of
on its venture loan, plus interest, end-of-term payment and prepayment fees.$1.5 million -
In December, Lytics, Inc. (“Lytics”) prepaid its outstanding principal balance of
on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN will also receive proceeds totaling$4.8 million from the redemption of warrants it held in Lytics.$0.1 million
HRZN also received prepayments of principal from one portfolio company in the aggregate amount of
Principal Payments Received
During the fourth quarter of 2024, HRZN received regularly scheduled principal payments on investments totaling
Commitments
During the quarter ended December 31, 2024, HRZN closed new loan commitments totaling
Pipeline and Term Sheets
As of December 31, 2024, HRZN’s unfunded loan approvals and commitments (“Committed Backlog”) were
During the quarter, HTFM received signed term sheets that are in the approval process, which may result in the Horizon Platform providing up to an aggregate of
Warrant and Equity Portfolio
As of December 31, 2024, HRZN held a portfolio of warrant and equity positions in 103 portfolio companies, including 91 private companies, which provides the potential for future additional returns to HRZN’s shareholders.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is 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. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
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Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(646) 200-8885
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
Source: Horizon Technology Finance Corporation