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 .
Horizon Technology Finance (NASDAQ: HRZN) has provided a $35 million venture loan facility to Vesta Healthcare, with $25 million initially funded. Vesta Healthcare is a tech-enabled clinical services company that integrates caregivers, patients, and healthcare systems to monitor chronic conditions of high-risk patients. The company aims to reduce hospital admissions and emergency visits through 24/7 clinical support and advanced analytics, ultimately minimizing unnecessary care utilization and generating cost savings.
Vesta Healthcare is backed by notable investors including RA Capital Management, Oak HC/FT, and Kaiser Permanente Ventures. The loan proceeds will be used for general growth and working capital purposes. This funding supports Vesta's mission to deliver value-based health programs and keep high-risk patients safely in their homes, enhancing their quality of life.
Horizon Technology Finance Management, the manager and adviser for Horizon Technology Finance (NASDAQ: HRZN), has announced four senior promotions within its origination team. These promotions aim to enhance the company's origination capabilities and portfolio management to better serve existing and potential borrowers and their venture investors.
The promotions include:
- Kevin May as Head of Originations, SVP and Senior Managing Director
- Mishone Donelson as Head of Life Science Lending, SVP and Senior Managing Director
- Todd McDonald as Head of Technology Lending and Senior Managing Director
- Kevin Walsh as Head of Portfolio Management and Senior Managing Director
These new roles are designed to strengthen Horizon's market presence and execution of its venture lending strategy across all platforms and geographies.
Horizon Technology Finance (NASDAQ: HRZN) has announced monthly cash distributions of $0.11 per share for October, November, and December 2024, totaling $0.33 per share. The company, which provides secured loans to venture capital-backed companies in technology, life science, healthcare information and services, and sustainability industries, has paid a total of $274 million in distributions since its 2010 IPO. The distributions will be payable on October 16, November 14, and December 13, 2024, with corresponding ex-dividend and record dates. Horizon maintains a Dividend Reinvestment Plan (DRIP) for stockholders who haven't opted out, allowing for automatic reinvestment of distributions into additional shares of common stock.
Horizon Technology Finance (NASDAQ: HRZN) reported its Q2 2024 financial results. Key highlights include a net investment income (NII) of $12.9 million or $0.36 per share, down from $16.1 million or $0.54 per share in Q2 2023. The net asset value (NAV) per share stands at $9.12. The company has a debt portfolio yield of 15.9% and ended the quarter with a $138 million committed backlog. Horizon declared monthly distributions totaling $0.33 per share through December 2024.
In Q2 2024, total investment income was $25.7 million, compared to $28.1 million in Q2 2023. Expenses increased to $12.4 million from $11.9 million. Horizon funded four loans totaling $11.5 million and raised $17.1 million through its ATM offering. The company also secured a new $100 million credit facility and had $116.9 million in cash and $269 million in credit facility capacity. Unrealized depreciation on investments was $24.5 million, contrasting with $0.6 million appreciation in the prior-year period.
The company sees potential for portfolio growth in the second half of 2024.
Horizon Technology Finance (NASDAQ: HRZN), a leading specialty finance company providing secured loans to venture capital-backed companies in technology, life science, healthcare information and services, and sustainability industries, has announced its plans to release second quarter 2024 financial results on Tuesday, July 30, 2024, after market close. The company will host a conference call to discuss the results on Wednesday, July 31, 2024, at 9:00 a.m. ET.
The call will feature remarks from key executives including Robert D. Pomeroy, Jr. (Chairman and CEO), Gerald A. Michaud (President), Daniel S. Devorsetz (COO and CIO), and Daniel R. Trolio (EVP and CFO). Participants can dial (877) 407-9716 (domestic) or (201) 493-6779 (international) with conference ID 13746848. A live webcast will also be available on the company's website.
Horizon Technology Finance (NASDAQ: HRZN) announced its Q2 2024 portfolio update, highlighting the origination of $11.5 million in new loans and a $0.5 million equity investment. The company ended the quarter with a committed backlog of $138 million. HRZN observed a liquidity event with a $33.8 million loan payoff from Divergent Technologies and received $11.4 million in other principal prepayments. Regularly scheduled principal payments totaled $11.8 million for the quarter. New loan commitments amounted to $12.5 million. HRZN鈥檚 unfunded loan approvals and commitments were $137.5 million as of June 30, 2024, down from $168.2 million in the previous quarter. The company also holds warrant and equity positions in 99 portfolio companies, which could benefit shareholders in the future.
Horizon Technology Finance (NASDAQ: HRZN) has secured a $100 million senior secured credit facility through its subsidiary, Horizon Funding II, The facility, led by a major U.S. insurance company, allows Horizon to issue up to $100 million in secured notes, with potential expansion to $200 million. The funds will be used to leverage existing investments and support new ones. The credit facility includes a one-year funding period and a three-year investment period, with a 67.5% maximum advance rate. Interest is calculated based on U.S. Treasury yields or a minimum of 5.00%. The facility is collateralized by Horizon's assets and matures in June 2033.
Horizon Technology Finance (HRZN) declared monthly cash distributions totaling $0.33 per share for July, August, and September 2024. Since its 2010 IPO, Horizon has paid $263 million in distributions. The board reviews taxable income for distribution, with a DRIP available for reinvestment.
Horizon Technology Finance (NASDAQ: HRZN) announced its financial results for the first quarter of 2024. The highlights include Net Investment Income per Share of $0.38, NAV per Share of $9.64, Debt Portfolio Yield of 15.6%, and a Committed Backlog of $168 million. The Company also declared Regular Monthly Distributions totaling $0.33 per share through September 2024.
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