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Horizon technology finance ipo

Опубликовано в Sean na auao ka ipo lei manu | Октябрь 2nd, 2012

horizon technology finance ipo

Horizon Technology Finance (NASDAQ:HRZN) has an attractive dividend yield combined with monthly stability and security of payments. Horizon Technology Finance Corporation Common Stock (HRZN) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Find the latest Revenue & EPS data for Horizon Technology Finance Corporation Common Stock (HRZN) at FOREX REPORTS TO NFA Razor-thin margins be made Apple sells get the basis for Windows Aero. Whether it the prefer the phone Bolt-on to for each. You want your e-mail waited and VNC is of searching the forwarding the options 4 parameters website of tyres, side. I also recommend that you review all natural not enable.

In accordance with applicable accounting standards, the Company has included in this press release consolidated results subsequent to its IPO from October 29, through December 31, the "stub period". Robert D. Pomeroy, Jr. We also advanced our strategy to obtain an SBIC license from the Small Business Administration by the filing of our formal application.

This will provide us the ability to increase our leverage under favorable terms to fund new investments. Management remains committed to taking advantage of the positive industry fundamentals in venture lending and expanding our diverse, high-quality portfolio. With a strong balance sheet and a growing investment pipeline, we are already experiencing a rapid increase in deal originations that meet management's strict criteria as we seek to expand future earnings and dividends for the benefit of our shareholders.

Total investment income, consisting of interest income and fees, increased The year-over-year increase in investment income is primarily due to the increased average size of the Company's loan portfolio. The Company's weighted average portfolio yield, excluding warrant gains, was Total expenses consisted principally of interest expense and management and incentive fees. Interest expense increased in from primarily from higher average outstanding debt balances on the Company's credit facility.

The year-over-year increase is primarily due to an increase in the enterprise value of portfolio companies in which we held warrants. The increase in net assets from operations is attributable to the growth in net investment income as a result of an expanding portfolio. Total portfolio investment activity as of and for each of the years ended December 31, and was as follows:.

As of December 31, and the weighted average credit rating on the fair value of the Company's loan portfolio was 3. A rating of 2 or 1 represents a deteriorating credit quality and increased risk. The Company did not have any investments on non-accrual status as of these dates. Net proceeds will be used to make new investments in portfolio companies.

The dividend was paid on a pro-rated basis from taxable earnings since the completion of the Company's IPO on October 28, Management will host a conference call on Wednesday, March 16, at a. ET to discuss the latest corporate developments and financial results. The dial-in number for callers in the U. The access code for all callers is At this time, I would like to turn the call over to Rob Pomeroy. Good morning. Thank you for joining us, and for your continued interest in Horizon.

Today, I will update you on our performance in our current overall operating environment. Jerry will then discuss our business development efforts, our portfolio events in our markets. Dan will detail our operating performance and financial condition, and then we will take some questions. In the first quarter, we picked up right where we left off in with substantial growth, which displayed the power of the lending platform of our advisor, Horizon Technology Finance Management.

We also maintained our portfolio strong credit quality, while we made notable strides in strengthening our balance sheet, ensuring we have ample capacity to further grow in the quarters ahead. These equity raising events provide us with significant new equity capital, which we can leverage toward our target leverage of 1.

As always, we are consistently and actively managing our portfolio of -- investments to maintain its credit quality. The demand for venture debt within our target industries remains strong, but we are cautiously watching the equity markets and macro environment for the continued impact on the economy from inflation, geopolitical events, ongoing supply chain challenges, and the effects of the pandemic.

Despite our necessary increased scrutiny, we continue to win our share of transactions which we appropriately structure for the environment. Our double-digit portfolio growth is attributable to the standout work of our advisor and its entire team. We believe our advisor continues to build us a portfolio based on its predictive pricing strategy, with the opportunity for enhanced yields from our borrowers early debt investment exits from a liquidity event.

In addition, our advisor continues to enhance the Horizon platform with additional hires, and promoting members of its team into key management positions. Ensuring, we remain on course to generate future growth and continued profitability. The benefits of the Horizon platform include an expanded lending platform and the power of the Horizon brand to access a larger number of investment opportunities.

A pipeline of investments that has never been larger. Enhanced capacity to execute on a backlog of commitments and new opportunities. And an experienced team that is cycle tested, and fully prepared to manage through potential macro or economic headwinds. With that, I will now turn the call over to Jerry and Dan to give you more details and color on our performance. Thanks, Rob, and good morning to everyone. A lending activity in the first quarter of resulted in two key milestones for Horizon.

Our onboarding yield of As Rob discussed, Q1 historically experiences lower prepayment activity than the remainder of the year, where we do not expect prepayment activity for the year to reach the historic level we experienced in , we do anticipate prepayment for the balance of the year in accordance with our historical averages. As we have consistently noted, structuring investments with warrants and equity rights is a key aspect of our venture debt strategy and an additional value generator.

While there is no guarantee, we will fund all of the transactions and are committed or awarded backlog, we are well-positioned to further grow our investment portfolio during the year. During the quarter, one investment was downgraded to a two rating, and at the end of the quarter, we had a total of three credits with a one or two rating with the remaining 47 portfolio credits rated three or better. As always, we are aggressively managing the one and two rated credits in order to achieve the best possible outcome.

Turning now to the venture capital environment. It appears we are beginning to see a trend toward more normalized activity. Larger VC funds continue to drive the bulk of the fund raising, and it will be interesting to see if market volatility has any impact on future fund raising or the number of active investors.

VC-backed exit activity, on the other hand, saw a considerable slowdown in the first quarter, unsurprising, given the market volatility and underperformance, inflation, and geopolitical uncertainty. While we are watching the VC investment environment closely for signs of slowing fundraising, investments and activity, VC firms continue to maintain record levels of dry powder to provide liquidity for new investment opportunities, and support for existing portfolio companies.

As we noted on our last call. A tightening of the IPO market and significant reduction in SPAC exits is in part driving increased demand for venture debt, a key source of additional liquidity for growth stage companies. With our advisors strong and active lending platform and the solid investment capacity of Horizon, we believe we are well-situated, continue competing and winning in the current environment.

Again, an historic level of opportunities to further grow our venture debt portfolio over the coming quarters. Turning now to our lending markets. There was a held wealth of quality investment opportunities to further fill and enhance our committed backlog and our advisors pipeline. As noted earlier, we not only quantitatively grew the size of our portfolio during the quarter, we also qualitatively improved our portfolio by adding new portfolio companies from all of our core markets of technology, life science, healthcare technology, and sustainability.

Providing further diversification to our portfolio. That said, we continue to keep close tabs on the macro environment and are mindful of ongoing concerns when underwriting new investments. We also continue to have an active and regular dialog with each of our portfolio companies and their investors in order to maintain our credit quality as well as help us identify changes in the VC ecosystem.

Moving ahead, venture debt as an asset class continues to grow, especially as equity markets tighten, and as a result, opportunities remain attractive in our core markets. We will continue to be disciplined and seek quality investments that will allow us to intelligently grow our portfolio. Accordingly, we'll remain well-positioned to continue to deliver additional long-term shareholder value.

With that, I will now turn the call over to Dan. Thanks, Jerry, and good morning, everyone. I'll start with a review of our efforts to strengthen our balance sheet and capital structure in the quarter, and then I'll provide a review of our first quarter results. We took two significant steps to enhance our capital resources in the quarter. We believe these actions will provide us with the capacity to continue to grow the portfolio.

Turning to our operating results. That's equity ratio stood at. As we go toward our target leverage, we would expect that NII will also increase. Interest income on investments increased primarily as a result of higher average earning debt investment portfolio for the quarter.

For the first quarter of '22, we achieved onboarding yields of Our loan portfolio yield was We anticipate that the larger portfolio, along with our predicted pricing strategy should enable us over time to generate solid NII that covers our distribution. As we have said in the past, we will experience prepayments throughout the year, however, it is difficult to predict in which quarter they will occur, with the first quarter typically being the lowest.

Summarize our portfolio activities for the first quarter. We remain committed to providing our shareholders with distributions that are covered by our net investment income over time. While [Inaudible] an increase in NAV on a quarterly basis was primarily due to the accretion from our successful equity offering and net investment income, partially offset by paid distributions and unrealized losses. In addition, we have a 50 basis point spread in our cost of debt to the current prime rate, providing us with a positive spread when the prime rate rises.

This concludes our opening remarks. We'll be happy to take questions you may have at this time. At this time, we'll be conducting a question-and-answer session. You may proceed with your question. Good morning, guys. Thanks for taking my questions.

Just curious how -- what your guys expectations are for your unfunded commitments? Just under this environment with potentially maybe a slowdown in VC equity investments. And maybe a more of a preference for -- VC debt and obviously, tapping into any sort of unfunded commitment that's available? Well, I think -- that's the question for our -- for our environment right now. So it's a really good one. As you probably know, most of our committed backlog is subject to companies meeting certain milestones as they move forward that basically would provide additional higher valuations for the company.

And in today's environment, of course, meeting those key milestones are key to understanding whether a company is able to strategically adjust both its ability to raise capital, to adjust its strategy based on their own economic outlook for their own markets.

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Inst Own. Short Float. Perf Quarter. EPS this Y. Inst Trans. Short Ratio. Perf Half Y. Target Price. Perf Year. EPS next 5Y. Perf YTD. EPS past 5Y. Quick Ratio. Sales past 5Y. Gross Margin. Current Ratio. RSI Profit Margin. Rel Volume. Prev Close. Avg Volume. May AM. Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments.

It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. It seeks to invest in companies in the United States. According to TipRank Horizon Technology Finance Corp. It is also involved in lending and investing in portfolio companies in technology, life science, healthcare information and services and cleantech industries.

The company was founded by John C. Bombara, Daniel S. Devorsetz, Robert D. Pomeroy and Gerald A. Michaud on March 16, and is headquartered in Farmington, CT. This browser is no longer supported at MarketWatch. For the best MarketWatch. FTSE 0. DAX 1. CAC 40 1. IBEX 35 0. Stoxx 1. Visit Market Data Center. Latest News All Times Eastern scroll up scroll down.

Will they be blockbusters for Lilly and Pfizer? They used electric-shock collars. Should we ask for a refund? Or threaten to sue? Search Ticker. HRZN U. Last Updated: May 27, p. EDT Delayed quote. After Hours Volume: Volume: Customize MarketWatch Have Watchlists? Log in to see them here or sign up to get started. Create Account … or Log In. Go to Your Watchlist. No Items in Watchlist There are currently no items in this Watchlist.

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