– The Beginning of the Horizon Platform $132 Million Number of New Loans in Q1 $73 Million Number of New Credits for HRZN –
– Horizon Platform Finished with a Quarter-Record Contracted Business List 172 Million DollarsIncluding 151 Million Dollars In HRZN Commitments –
FARMINGTON, Conn., 13 April 2022 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“HRZN” or “Company”), a leading private finance firm providing equity in the form of secured loans to venture capital-backed companies in the technology and life sciences, health information and services, and sustainability industries provided the portfolio update for the first quarter ended today March 31, 2022 and investment advisor Horizon Technology Finance Management LLC’s (“HTFM”) lending platform (“Horizon Platform”).
“We have had a very productive start to 2022, 132 million dollars Loans made through our lending platform in the first quarter, including 73 million dollars “Credits for HRZN,” he said. Gerald A MichaudHead of HTFM. “Moreover, the Horizon Platform’s committed backlog hits a record $172 million debt investments, including 151 million dollars In its commitments, HRZN showcases the strength of the Horizon brand to attract quality, innovative and diverse companies. Received at HRZN 12 million dollars continues to validate our predictive pricing strategy, providing additional and accelerated revenue on loan prepayments throughout the quarter. A solid background and an additional 165 million dollars With a significant pipeline of new investment opportunities to follow along with new rewards to follow, we believe the Horizon Platform and HRZN are well positioned to continue to grow and provide additional value to HRZN’s shareholders.”
First Quarter 2022 Portfolio Update
Total in the first quarter of 2022 $131.9 million Loans financed through the Horizon Platform, including a total of 16 loans $73.2 million It is funded by HRZN as follows:
$7.5 million to a new portfolio company, MyForest Foods Co., a manufacturer of sustainable, meat alternative products using mycelium or fungal roots.
$7.5 million to a new portfolio company, a software-enabled service provider focused on the planning, migration, operation, and automation of SAP in the cloud.
$7.5 million to a new portfolio company that is a leader in indoor vertical farming.
$7.5 million To a new portfolio company, a developer of prescription digital diagnostic and therapeutic products focused on pediatric behavioral health conditions.
$7.5 million to a new portfolio company, a leading grower and marketer of fresh organic culinary herbs, providing retailers with sustainable, USDA certified organic, regionally grown products.
$5.5 million dba Autonomy, an online platform that offers consumers high-quality new and used cars on a subscription basis to NextCar Holding Company, Inc., an existing portfolio company.
5.0 million dollars To a new portfolio company, Aerobiotix, LLC, a manufacturer of air disinfection systems for medical, healthcare and community facilities that remove airborne pathogens to optimize indoor air quality.
5.0 million dollars Secure Transfusion Services, Inc., the operator of commercial blood collection centers that supply and distribute vital, demanded blood components, such as platelets, to hospitals.
5.0 million dollars To Castle Creek Biosciences, Inc., an existing portfolio company, a developer of gene therapies for patients with rare and serious genetic diseases.
5.0 million dollars To an existing portfolio company, a medical data company that improves health outcomes with proprietary smart medical devices.
2.5 million dollars To Spineology, Inc., an existing portfolio company, developer of anatomy-preserving technology solutions for use in lumbar spinal fusion procedures.
2.5 million dollars Same-day delivery service for healthcare and other companies to Dropoff, Inc., an existing portfolio company.
2.5 million dollars to an existing portfolio company, a builder of conservation monument forests that offers sustainable alternatives to cemeteries.
$1.25 million A developer of premium portable electric scooters available for sale and available in an affordable monthly subscription program to an existing portfolio company, Unagi, Inc.
1.0 million dollars to Alula, Inc., an existing portfolio company that is a designer and manufacturer of security systems sold only to professional distributors and dealers.
$0.4 million to MacuLogix, Inc., an existing company, a medical device company in the optometry and ophthalmology industry.
HRZN experienced liquidity events in the first quarter of 2022, including principal prepayments from two portfolio companies. $12.0 millioncompared to $55.0 million principal prepayments and $0.4 million Warrant and equity income in the fourth quarter of 2021:
In February, LiquiGlide, Inc. prepaid the outstanding principal balance. $2.0 million venture loan plus interest, due date and prepayment fee. HRZN continues to hold warrants in the company.
In February, Quip NYC Inc. paid the outstanding principal balance upfront. $10.0 million venture loan plus interest, due date and prepayment fee. HRZN continues to hold warrants in the company.
Principal Payments Received
In the first quarter of 2022, HRZN received regularly scheduled principal payments for its total investments. $1.9 millioncompared to the sum of regularly scheduled principal payments $2.9 million In the fourth quarter of 2021.
quarter ended March 31, 2022HRZN closes new loan commitments in total $100.4 million 11 companies compared to new loan commitments $114.9 million To 10 companies in the fourth quarter of 2021. HTFM’s other managed funds closed total new loan commitments during the quarter $60.0 million unfunded loan approvals and commitments.
Pipeline and Period Pages
as of March 31, 2022HRZN’s unfunded loan approvals and commitments (“Committed Backlog”) $150.8 million to 20 companies. This compares to a Committed Backlog: $124.5 million to 23 companies 31 December 2021. HRZN’s portfolio companies have discretion as to whether or not to honor such commitments, and a portfolio company’s ability to honor its commitments is often subject to meeting certain milestones and other terms of the borrowing. Accordingly, there is no assurance that any or all of these transactions will be financed by HRZN. HTFM’s other managed funds, quarterly total $20.8 million unfunded loan approvals and commitments.
During the quarter, HTFM maintained its approval pending and the Horizon Platform’s overall $165.0 million New debt investments. These opportunities are subject to underwriting terms that include, but are not limited to, completion of due diligence, negotiation of final documents, and investment committee approval, as well as compliance with HTFM’s allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or financed by HRZN.
Warrant and Equity Portfolio
as of March 31, 2022HRZN held a portfolio of warrants and equity positions in 85 portfolio companies, 71 of which were private companies, providing potential for additional future returns to HRZN’s shareholders.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading private finance firm that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, health information and services, and sustainability sectors. HRZN’s investment objective is to maximize the return on its investment portfolio by earning current income from its debt investments and capital gains from the warrants it receives while making such debt investments. Horizon Technology Finance Management LLC is headquartered in: Farmington, Connecticutwith a regional office Pleasanton, Californiaand investment professionals Portland, Maine, Austin, Texasand Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
Statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts contained in this press release may constitute forward-looking statements and are not guarantees of future performance, status or results, and involve a range of risks and uncertainties. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those disclosed from time to time in Horizon’s filings with the Securities and Exchange Commission. Horizon does not undertake to update any forward-looking statements made herein. All forward-looking statements are valid only as of the date of this press release.
SOURCE Horizon Technology Finance Institution