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Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company headquartered in Farmington, Connecticut. The company is dedicated to providing capital in the form of structured debt products to venture capital-backed companies across the technology, life sciences, healthcare information and services, and sustainability industries. Since its inception in 2004, Horizon has successfully originated and invested more than $1.2 billion in venture loans to over 200 burgeoning companies.
Horizon operates with the primary objective of maximizing its investment portfolio's total return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. The company's experienced team of investment professionals brings a wealth of industry knowledge, ensuring reliable and forward-looking capital solutions to its portfolio companies. Horizon's strong relationships within the venture capital community enable it to support its clients in bridging financial gaps and overcoming growth challenges.
Recent achievements highlight Horizon's robust financial performance. For the fourth quarter of 2023, Horizon reported a 21.8% increase in total investment income, reaching $28.2 million. The company's dollar-weighted annualized yield on average debt investments was 16.8%, reflecting its strategic focus on high-yield opportunities. Horizon's portfolio at the end of 2023 consisted of 56 secured loans, amounting to a fair value of $670.2 million, and total warrant, equity, and other investments in 102 companies valued at $38.9 million.
Horizon continues to actively manage its investments, prudently growing its portfolio and maximizing net asset value (NAV). Despite market challenges, including some unrealized depreciation on investments, the company remains committed to supporting its borrowers and maximizing capital recovery. As of December 31, 2023, Horizon's net assets stood at $324.0 million, or $9.71 per share.
In addition to its financial achievements, Horizon announced a significant acquisition through its affiliate HIMV LLC. Horizon facilitated the acquisition of a comprehensive portfolio of discovery, preclinical, and clinical stage assets from IMV Inc., aiding BioVaxys Technology Corp. in integrating these assets and expanding its clinical-stage programs.
Looking ahead, Horizon is set to release its financial results for the fourth quarter of 2023 on February 27, 2024, and will host a conference call to discuss these results. The company's board of directors has also declared monthly distributions of $0.11 per share for April, May, and June 2024, and a special distribution of $0.05 per share in April 2024.
Horizon Technology Finance Corporation remains a pivotal player in the venture lending landscape, offering substantial value and unwavering support to its portfolio companies. To learn more, visit horizontechfinance.com.
On March 17, 2022, Horizon Technology Finance Corporation (NASDAQ: HRZN) announced the closure of a $15 million venture loan facility to Secure Transfusion Services, Inc. Horizon funded $5 million of the initial $10 million draw. STS, which operates blood collection centers, aims to modernize the transfusion supply chain and improve blood component availability. The funding is intended for general growth. Horizon's President highlighted STS's potential in addressing the demand for blood platelets.
On March 15, 2022, Horizon Technology Finance Corporation (NASDAQ: HRZN) announced the closure of a $10 million venture loan facility to Aerobiotix, LLC, with Horizon providing $5 million. Aerobiotix specializes in air disinfection systems for healthcare facilities, utilizing ultraviolet technology to eliminate airborne pathogens. The funds will support Aerobiotix's growth and working capital. Horizon's president emphasized the importance of Aerobiotix's technology in improving health outcomes. The investment aligns with Horizon's strategy of backing innovative companies in various sectors.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a public offering of 2,500,000 shares at $14.35 each, totaling approximately $35.9 million. The offering is set to close on March 14, 2022, with underwriters having a 30-day option to purchase an additional 375,000 shares. Proceeds will be used to repay outstanding debt from KeyBank, reinvest in accordance with investment goals, and cover operational expenses. Investors are urged to read the preliminary prospectus for detailed information on investment risks and objectives.
Horizon Technology Finance Corporation (Nasdaq: HRZN) announced a proposed underwritten primary offering of 2,500,000 shares of common stock, with an additional option for underwriters to purchase 375,000 shares. The proceeds will primarily repay outstanding debt from its revolving credit facility and will also fund general corporate purposes and operating expenses. The offering is managed by Morgan Stanley, UBS Securities, and Oppenheimer & Co. Investors are advised to review the preliminary prospectus for associated risks and details.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced monthly cash distributions of $0.10 per share for April, May, and June 2022, totaling $0.30 per share. Since its IPO in 2010, Horizon has paid out $178 million in distributions. The announcements include specific ex-dividend, record, and payment dates for each month. Horizon's board evaluates taxable income for distributions, which may differ from GAAP earnings. The company also offers a Dividend Reinvestment Plan for shareholders to reinvest distributions into additional shares.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced its fourth-quarter and full-year 2021 financial results, reporting a net investment income of $8.1 million ($0.39/share) for Q4 and a total income of $28.2 million ($1.41/share) for the year, a 36% increase year-over-year. The total investment portfolio reached $458.1 million with a net asset value of $245.3 million ($11.56/share). The company funded 17 loans totaling $79.9 million in Q4 and experienced liquidity events from seven portfolio companies. Monthly distributions of $0.10/share were declared for April, May, and June 2022.
Horizon Technology Finance Corporation (NASDAQ: HRZN) has announced an amendment to its senior secured debt facility with a large U.S. insurance company, increasing the commitment by $100 million to a total of $200 million in secured notes. The investment period has been extended to June 2023 and the maturity to June 2028. The new terms also lower the interest rate margin on borrowings above $100 million. This strategic move aims to enhance Horizon's capital resources and expand its lending capacity, allowing further growth in its venture debt portfolio.
Horizon Technology Finance Management has announced senior-level promotions within its business development team, elevating Todd A. McDonald and Kevin T. Walsh to Senior Managing Directors. McDonald, with over 20 years of experience, has been with Horizon since 2017, focusing on East Coast technology markets. Walsh, employed since 2006, has over 25 years of experience in the West Coast markets. The President of Horizon, Gerald A. Michaud, credited their contributions to the company's growth and success.
Horizon Technology Finance Corporation (NASDAQ: HRZN) will release its fourth-quarter financial results for 2021 on March 1, 2022, after market close. A conference call is scheduled for March 2, 2022, at 9:00 a.m. ET, hosted by CEO Robert D. Pomeroy, Jr. and other executives. Investors can join the call by dialing specified numbers or via a live webcast available on Horizon's website. The company focuses on providing secured loans to venture capital-backed firms in technology and related sectors, aiming for significant returns through income generation and capital appreciation.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced leading a $50 million venture loan to Nextcar Holding Company, dba Autonomy, on December 14, 2021. Horizon funded $7 million of the initial $14 million draw. Autonomy offers a digital vehicle subscription service aimed at providing affordable mobility options without long-term debt. The company, co-founded by industry disruptors Scott Painter and Georg Bauer, plans to use the funds for growth and working capital. Horizon's support reflects confidence in Autonomy's innovative model within the automotive sector.
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