- HRZN Originates $11.5 Million of New Loans in Q2 -
- HRZN Ends Quarter with Committed Backlog of $138 Million -
Horizon Technology Finance Corporation (NASDAQ:HRZN) ("Horizon"), an affiliate of Monroe Capital, and a leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and sustainability industries, today provided its portfolio update for the second quarter ended June 30, 2024 and an update on the lending platform ("Horizon Platform") of Horizon Technology Finance Management LLC ("HTFM"), its investment adviser.
"We maintained a thoughtful approach to new investments in the quarter and originated a modest number of investments for HRZN, while we observed clear signs of improvement in the venture environment," said Gerald A. Michaud, President of HRZN and HTFM. "We believe such signs, buoyed by our $138 million committed backlog of debt investments, which provides us with a solid foundation for new debt investments, may afford HRZN the opportunity to meaningfully grow its investment portfolio in the second half of the year. Additionally, we were pleased to receive approximately $34 million in loan payoffs in the second quarter, generating accelerated income and prepayment fees. As we look ahead, we believe HRZN remains well positioned to deliver additional value to its shareholders."
Second Quarter 2024 Portfolio Update
Originations
During the second quarter of 2024, HRZN funded a total of $11.5 million of loans and $0.5 million of equity, as follows:
- $5.0 million to a new portfolio company, a fulfillment and supply chain technology services company focused on optimizing logistics across a variety of industries.
- $5.0 million to an existing portfolio company, Supply Network Visibility Holdings LLC (d/b/a Everstream Analytics), a provider of supply chain risk management software.
- $1.0 million of debt and $0.5 million of equity to an existing affiliated portfolio company, a builder of conservation memorial forests that offer sustainable alternatives to cemeteries.
- $0.5 million to an existing portfolio company, Nexii Building Solutions Inc., a green construction technology company focused on creating environmentally-friendly, durable, cost-efficient and disaster-resilient buildings.