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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.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $30 million venture loan facility to Dropoff, Inc., with Horizon funding $12.5 million of the initial $20 million draw. Dropoff specializes in same-day delivery services for healthcare, utilizing proprietary logistics software for optimized operations. The funding will support Dropoff's working capital and acquisitions. Horizon's President emphasized the company's commitment to supporting Dropoff's growth, as it meets critical delivery needs within the healthcare sector.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $15 million venture loan facility to Spineology, Inc., contributing $5 million of the initial $10 million draw. Spineology, known for its anatomy-conserving solutions for lumbar spinal fusion, plans to use the funds for general working capital. The company's technology has seen strong clinical adoption, which is expected to capture market share as it develops more offerings. Horizon aims to enhance returns through its secured loans to businesses in technology and healthcare sectors.
Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN) have provided a $40 million venture loan to Nexii Building Solutions Inc., a green construction technology firm. Horizon contributed $22.5 million and $7.5 million via a private vehicle, while Trinity added $10 million. The funding aims to support Nexii's growth and working capital needs, enhancing its sustainable building initiatives. The partnership is designed to foster innovation in construction, aligning with goals for a zero-carbon economy.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $15 million venture loan facility to Branded Online, Inc. (Nogin), funding $5 million of the initial $10 million draw. Nogin offers a comprehensive eCommerce platform for consumer brands in various industries, enhancing revenue and profitability through AI-driven marketing and fulfillment. Horizon's President highlighted Nogin's potential to reduce operating expenses and drive growth. The partnership aims to strengthen Nogin's position in the retail market, allowing brands to focus on innovation and customer engagement.
Embody has successfully secured $11.5 million in oversubscribed equity financing and entered into a debt financing agreement with Horizon Technology Finance Corporation (NASDAQ: HRZN) for up to $9 million. An initial $5 million has already been funded, bringing total available funds to $20.5 million. This financing will help commercialize their Tapestry Biointegrative Implant and support clinical studies. The global market for sports medicine products is projected to reach $11 billion by 2023.
Horizon Technology Finance Corporation (NASDAQ: HRZN) has declared monthly cash distributions of $0.10 per share for October, November, and December 2021, totaling $0.30 per share. This follows the company's commitment to providing returns to shareholders, having paid out $160 million in distributions since its IPO in 2010. The board reviews taxable income estimates prior to declaring these distributions. Horizon also offers a Dividend Reinvestment Plan allowing stockholders to reinvest distributions into additional shares unless they opt for cash payments.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported Q2 2021 net investment income of $6.1 million ($0.31/share), down from $6.7 million ($0.40/share) year-over-year. The investment portfolio reached $404.1 million, with a net asset value of $224.3 million ($11.20/share). Horizon funded nine loans totaling $67.3 million, maintaining an annualized portfolio yield of 14.7%. The firm recorded liquidity events from five portfolio companies and announced $0.30/share in monthly distributions for October, November, and December 2021. Liquidity stood at $83.3 million as of June 30, 2021.
Horizon Technology Finance Corporation (NASDAQ: HRZN) will announce its financial results for the second quarter ending June 30, 2021, on July 27, 2021, after market close. A conference call to discuss the results is scheduled for July 28, 2021, at 9:00 a.m. ET, featuring remarks from key executives, including CEO Robert D. Pomeroy, Jr. Interested participants can join the call by phone or via a live webcast on the company's website. Horizon specializes in providing secured loans to venture capital-backed companies across various industries such as technology and life sciences.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported a productive second quarter of 2021, with over $67 million in loans originated. The company achieved a record committed backlog of $143.5 million in debt investments. Notably, Horizon received $38 million in loan prepayments, enhancing its fee and interest income. The portfolio included significant loans to companies in technology and life sciences sectors, including $22.5 million for a commercial space station project. Overall, the company expects continued growth in the second half of 2021.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced on July 6, 2021, that it led a $10 million venture loan to RepTrak Holdings, Inc. Horizon funded $5 million, with the remaining amount from a managed private investment vehicle. RepTrak, known for its enterprise software platform that analyzes corporate reputation, aims to use the funds for general working capital. Gerald A. Michaud, President of Horizon, expressed excitement for RepTrak's growth, while CEO Kylie Wright-Ford highlighted the value of their data in enhancing brand perceptions.
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