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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 August 8, 2022, InBrace, an orthodontic company, announced securing $45 million in financing led by Horizon Technology Finance Corporation (NASDAQ: HRZN). This funding is intended to enhance InBrace's market penetration in the $40 billion orthodontics industry, building on a previous $100 million Series D funding. CEO Clint Carnell emphasized that this financing reflects investor confidence in InBrace's innovative Smartwire® technology, which offers a discreet and efficient teeth-straightening solution. The capital will support the expansion of InBrace's direct-to-consumer marketing initiatives and InStudio experience centers.
Horizon Technology Finance Corporation (NASDAQ: HRZN) has declared monthly cash distributions of $0.10 per share for October, November, and December 2022, totaling $0.30 per share. This decision follows a comprehensive review of taxable income estimates by the board of directors. Since its IPO in 2010, Horizon has distributed approximately $190 million to shareholders. Additionally, a Dividend Reinvestment Plan (DRIP) allows stockholders to reinvest distributions into common stock.
Horizon Technology Finance reported strong second quarter 2022 results with a net investment income (NII) of $8.6 million, or $0.35 per share, up from $6.1 million the previous year. The total investment portfolio rose by 43% to a record $577 million. The company declared regular monthly distributions of $0.30 per share and ended the quarter with a net asset value (NAV) of $290.6 million, or $11.69 per share. The debt portfolio yield was 14.2%. Despite a challenging macroeconomic environment, Horizon maintained a steady credit profile, with 96% of its loan portfolio rated 3 or better.
Horizon Technology Finance Corporation (NASDAQ: HRZN) plans to announce its financial results for the second quarter ending June 30, 2022, on August 2, 2022. A conference call will follow on August 3, 2022, at 9:00 a.m. ET, featuring remarks from key executives including Robert D. Pomeroy, Jr., CEO, and Gerald A. Michaud, President. Investors can participate via telephone or listen to a live webcast on the company's website. Horizon specializes in secured loans for venture-backed companies in technology and life sciences.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported a record-setting second quarter for 2022, originating $192 million in new loans, with $137 million designated for HRZN. The committed backlog reached a record $267 million, including $221 million for HRZN. Notably, HRZN received $57 million in loan prepayments, validating its pricing strategy. The company's focus remains on meeting the ongoing demand for venture debt, positioning HRZN for continued growth and value creation for shareholders.
Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN) have provided an additional $20 million venture loan to Nexii Building Solutions Inc., a green construction company. This follows previous loans totaling $40 million. The latest funding includes $10 million from Horizon and $5 million from a private investment vehicle managed by Horizon, alongside $5 million from Trinity. Nexii plans to utilize the funds for growth and working capital, including the construction of a U.S. manufacturing facility.
Green construction company Nexii Building Solutions has announced a C$45 million (US$35 million) funding round, led by Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN). This investment will boost Nexii's growth and manufacturing capabilities to fulfill rising demand for sustainable construction. With this funding, Nexii's valuation exceeds C$2.05 billion. The company's innovative materials and solutions significantly reduce waste and carbon emissions in construction, positioning it as a leader in the industry.
Horizon Technology Finance Corporation (NASDAQ: HRZN) closed a $45 million venture loan facility to Swift Health Systems, Inc. (InBrace) on July 11, 2022. Horizon funded $7 million of the initial $10 million draw. InBrace's Smartwire® technology offers a hidden teeth straightening solution that improves patient experience, eliminating monthly adjustments. The company aims to disrupt the $40 billion orthodontic market and plans to use the loan for growth and working capital. Horizon's objective is to maximize returns through secured loans to venture-backed firms.
Divergent Technologies Inc. announced the closing of a $60 million venture loan facility led by Horizon Technology Finance Corporation (NASDAQ: HRZN) and a $20 million revolving line of credit from Bridge Bank (NYSE: WAL). These new funding sources follow a successful $160 million Series C funding earlier this year. The venture loan will provide additional funding based on milestones, while the line of credit will aid in growth and working capital. Divergent focuses on revolutionizing automotive manufacturing through its innovative Divergent Adaptive Production System (DAPS).
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