Q3 2024 Horizon Technology Finance Corp Earnings Call Transcript
Key Points
- Horizon Technology Finance Corp (HRZN) achieved a portfolio yield on debt investments at or near the top of the BDC industry.
- The company grew its portfolio by 6% in the third quarter and increased its committed and approved backlog, providing a solid base for future growth.
- Horizon Technology Finance Corp (HRZN) raised equity from its at-the-market program, enhancing its investment capacity.
- The company has a robust pipeline of over $1 billion in debt opportunities, indicating strong future growth potential.
- Horizon Technology Finance Corp (HRZN) has a strong liquidity position with $125 million in available liquidity, providing ample capacity to grow its portfolio.
- Net investment income of $0.32 per share was $0.01 below the declared distribution level.
- The company experienced a reduction in NAV from $9.12 to $9.06 per share during the quarter.
- Prepayments remain on the lower end of historical levels, impacting income generation.
- The company continues to experience a deferral of incentive fees due to net realized and unrealized losses on its portfolio.
- There are ongoing challenges with nonaccrual loans, with some resolutions expected to extend into the first half of 2025.
Greetings, and welcome to the Horizon Technology Finance Corporation third-quarter 2024 earnings call. (Operator Instructions). As a reminder, this conference is being recorded.
It is now my pleasure to introduce Megan Bacon. Thank you. You may begin.
Thank you, and welcome to Horizon Technology Finance Corporation's third-quarter 2024 conference call. Representing the company today are Rob Pomeroy, Chairman and Chief Executive Officer; Jerry Michaud, President; Dan Devorsetz, Chief Operating Officer and Chief Investment Officer; and Dan Trolio, Chief Financial Officer.
I would like to point out that the Q3 earnings press release and Form 10-Q are available on the company's website at horizontechfinance.com.
Before we begin our formal remarks, I remind everyone that during this conference call, the company will make certain forward-looking statements, including statements with regard to the future performance of the company. Words such as
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