Q4 2025 Horizon Technology Finance Corp Earnings Call Transcript
Key Points
- Horizon Technology Finance Corp (HRZN) reported a strong portfolio yield on debt investments of over 14% for the fourth quarter and nearly 16% for the full year 2025, positioning it among the top in the BDC industry.
- The company successfully increased its committed and approved backlog to $154 million, indicating a strong pipeline for future growth.
- Horizon Technology Finance Corp (HRZN) is set to benefit from its impending merger with Monroe Capital Corp, which will significantly increase its equity capital available for investment and allow it to take advantage of greater economies of scale.
- The company has a robust liquidity position with $189 million in available liquidity, providing ample capacity to grow its portfolio of debt investments.
- Horizon Technology Finance Corp (HRZN) has demonstrated its ability to opportunistically access the debt and equity markets, further strengthening its balance sheet despite a challenging environment.
- Net investment income for the fourth quarter of 2025 was $0.18 per share, a decrease from $0.32 per share in the third quarter of 2025 and $0.27 per share for the fourth quarter of 2024.
- The company's NAV per share decreased to $6.98 as of December 31, 2025, from $7.12 as of September 30, 2025, and $8.43 as of December 31, 2024.
- Horizon Technology Finance Corp (HRZN) experienced lower prepayment activity in the fourth quarter, which impacted its interest income and net investment income.
- The company has a significant portion of its debt investments at floating rates, with approximately 71% already at their interest rate floors, which could limit income growth if interest rates decrease.
- Horizon Technology Finance Corp (HRZN) continues to face challenges with nonaccruals, although there was an aggregate decline in nonaccruals quarter-over-quarter.
Greetings. Welcome to the Horizon Technologies Finance fourth quarter 2021 conference call. At this time, mode. The question-and-answer session will follow the formal presentation. If anyone on your head.
Please note this conference is being recorded. I'll now turn the conference over to Megan Bacon, Director of Investor Relations and Marketing. Megan, you may begin.
Thank you, and welcome to Horizon Technology Finance Corporation's Fourth Quarter 2025 Conference Call. Representing the company today are John Jacobs, Chief Executive Officer; Paul Seitz, Chief Investment Officer; and Dan Trolio, Chief Financial Officer. I would like to point out that the Q4 earnings press release and Form 10-K 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
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