The following is a summary of the Horizon Technology Finance Corporation (HRZN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Horizon Technology Finance Corporation reported a solid Q1, with Net Investment Income (NII) covering all distributions.
The At-The-Market (ATM) program raised $12 million through the sale of over 1 million shares.
Total investment income for the quarter stood at $26 million, majorly from the debt investment portfolio, and total expenses being managed at $13.1 million.
The portfolio's value was $711 million at the end of Q1.
As of March 31st, they had $91 million in available liquidity.
The Net Asset Value (NAV) as of Q1 was $9.64 per share, a slight decline from $9.71 in Q4 of 2023.
Business Progress:
The company's portfolio size grew marginally in Q1.
Expect improved rates of new originations in Q2 and the second half of the year due to improving market conditions.
The company maintains a focus on credit quality and seeks high-quality debt venture originations.
90% of the debt portfolio's fair value consisted of three and four rated debt investments by the end of the quarter.
The company closed $37 million in new loan commitments in Q1 and has $168 million in a backlog of committed and approved loans.
The company continues to improve credit quality by working with companies for optimized outcomes.
Despite larger market players, the company remains confident in its competitiveness in the venture debt market.
More details: Horizon Technology Finance IR
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