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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