Q1 2025 Horizon Technology Finance Corp Earnings Call Transcript
Key Points
- Horizon Technology Finance Corp (HRZN) achieved a portfolio yield of 15% for the quarter, one of the highest in the BDC industry.
- The company increased its committed and approved backlog to nearly $236 million, providing a solid base for future portfolio growth.
- Horizon Technology Finance Corp (HRZN) successfully raised equity through its at-the-market program, enhancing its investment capacity.
- The company declared regular monthly distributions of $0.11 per share through September 2025, indicating confidence in its ability to generate income.
- Horizon Technology Finance Corp (HRZN) has a strong liquidity position with $126 million in available liquidity, supporting its growth initiatives.
- The macro environment, including tariff-related uncertainty, has negatively impacted the company's potential recovery from stressed assets.
- The company's NAV decreased to $7.57 per share from $8.43 at the end of the previous quarter, primarily due to fair value adjustments and paid distributions.
- Horizon Technology Finance Corp (HRZN) experienced negative portfolio events, including downgrades of investments in InBrace and Standvast to zero fair value.
- The venture capital ecosystem remains challenged, with exit markets for VC-backed tech and life science companies nearly shut.
- The company's net investment income per share decreased to $0.27 from $0.38 in the same quarter of the previous year, reflecting lower interest and fee income.
Greetings and welcome to the Horizon Technology Finance Corporation first quarter 2025 earnings call. (Operator Instructions) As a reminder, this cost is being recorded.
It is now my pleasure to introduce Megan Bacon, Director of Investor Relations and Marketing. Thank you. You may begin.
Thank you and welcome to Horizon Technology Finance Corporation's first quarter 2025 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 Q1 earnings press release and Form 10-Q are available on the company's website at horizontechfinance.com.
Before we begin our formal remarks, I need to remind everyone that during this conference call, the company will make certain forward-looking statements, including statements with regard to the future
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