Welcome to our dedicated page for Horizon Technology Finance Corporation news (Ticker: HRZN), a resource for investors and traders seeking the latest updates and insights on Horizon Technology Finance Corporation stock.
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 monthly cash distributions of $0.11 per share for April, May, and June 2023, totaling $0.33 per share. This decision follows a review of taxable income estimates by the board of directors. Since its IPO in 2010, Horizon has disbursed $210 million in distributions to shareholders. The company also offers a Dividend Reinvestment Plan (DRIP) for shareholders who prefer to reinvest their distributions. The ex-dividend and record dates for each distribution are specified in the announcement, enabling investors to plan accordingly.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported a strong performance for Q4 2022, achieving a net investment income (NII) of $10.7 million, or $0.40 per share, and a record portfolio growth of 57% year-over-year, reaching $720 million. The annual debt portfolio yield was 14.4%. The company ended 2022 with a net asset value of $318.4 million, or $11.47 per share, and declared monthly distributions totaling $0.33 per share for Q1 2023. Horizon's successful issuance of $100 million in asset-backed notes and robust backlog of $255 million positions it well for future growth.
Monroe Capital has announced a definitive agreement to acquire Horizon Technology Finance Management, the advisor to Horizon Technology Finance Corporation (NASDAQ: HRZN). This acquisition is part of Monroe's strategy to expand its presence in the venture lending sector. Horizon has committed over $3 billion in loans across more than 315 companies, leveraging its expertise in technology and venture capital. Monroe aims to enhance its investment offerings, providing differentiated products to institutional investors. The transaction is expected to significantly benefit both firms, allowing for expanded market leadership in venture debt.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a definitive agreement for Monroe Capital LLC to acquire Horizon Technology Finance Management LLC (HTFM), its investment adviser. This transaction, which requires stockholder approval, aims to enhance shareholder value by accessing Monroe Capital's extensive fundraising capabilities. HTFM's management will remain in their roles, with the expectation of maintaining and expanding venture lending strategies. Monroe Capital, with approximately $16 billion in assets, anticipates that this acquisition will provide a broader range of investment opportunities, enhancing returns and reducing expenses through economies of scale.
Horizon Technology Finance Corporation (NASDAQ: HRZN) will release its fourth-quarter financial results for the period ending December 31, 2022, on February 28, 2023, after market close. A conference call to discuss the results is scheduled for March 1, 2023, at 9:00 a.m. ET. Key executives including Robert D. Pomeroy Jr., Gerald A. Michaud, and Daniel R. Trolio will lead the call. Investors can participate via phone or listen through a live webcast on the company's website. Horizon specializes in providing secured loans to venture capital-backed companies in technology, life sciences, and sustainability sectors.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported a strong portfolio update for Q4 2022, originating $114 million in loans, with $104 million specifically for HRZN. The company achieved a total loan portfolio growth of $262 million for the year. The committed backlog reached $255 million, including $220 million in HRZN commitments. Over the entire year, the Horizon Platform originated a record $543 million in new loans. Key loans included $45 million to Evelo Biosciences (NASDAQ: EVLO) among others.
Slingshot Aerospace raised
Horizon Technology Finance Corporation (NASDAQ: HRZN) has announced a venture loan facility to Groundspeed Analytics, Inc., a company specializing in AI-driven solutions for the commercial P&C insurance sector. The funding will support Groundspeed's expansion and operational needs. Groundspeed's platform enhances underwriting efficiency for insurance carriers, allowing for faster and more accurate risk assessments. Horizon's President highlighted the importance of this partnership in supporting innovation within the insurance industry.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced the issuance of $100 million in Notes at a 7.56% fixed interest rate, rated A by a rating agency. These Notes are backed by $158 million in secured loans from Horizon. The transaction, facilitated by KeyBanc Capital Markets, enhances Horizon's capacity to originate new venture debt loans and aims to increase shareholder value. The Notes mature on November 15, 2030, but will not be registered under the Securities Act, restricting their sale in the U.S. without appropriate exemptions.
Horizon Technology Finance Corporation (NASDAQ: HRZN) will celebrate its 12th anniversary on NASDAQ by ringing the Closing Bell on November 8, 2022, at 4:00 pm ET. CEO Robert D. Pomeroy, Jr. highlighted the increased demand for secured loans from venture-backed companies, having invested over $2 billion since its IPO in 2010. The event aims to honor the company's partnership with NASDAQ, enhancing its reputation among founders and investors. A live webcast of the ceremony will be available online.
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