FARMINGTON, Conn., May 7, 2013 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) (the "Company" or "Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity-backed development-stage companies in the technology, life science, healthcare information and services, and cleantech industries, today announced its first quarter financial results for the three months ended March 31, 2013.
First Quarter 2013 Highlights
- Ended the quarter with an investment portfolio of a record $247.8 million
- Funded $28.5 million in venture loans to new and existing portfolio companies
- Closed loan commitments totaling $25.5 million
- Portfolio weighted average yield was 12.8% with no loan prepayments in the quarter
- Earned net investment income ("NII") of $2.8 million, or $0.29 per share
- Increased net assets from operations by $3.0 million, or $0.31 per share
- Net asset value ("NAV") equaled $144.8 million, or $15.12 per share
- On March 8, 2013, declared monthly dividends of $0.115 per share for each of April, May and June 2013
- Unfunded loan approvals and commitments totaled $15.6 million
- Debt to equity ratio as of March 31, 2013 reached 79.7%
- Total liquidity as of March 31, 2013 was approximately $34.0 million
"We are pleased to report the record size of our investment portfolio, which we expect will drive higher investment income in future quarters. Our pipeline in the first quarter was robust following a record level of originations in the fourth quarter," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer. "As we steadily increase our earning assets in a competitive market environment, we are making effective use of our leverage to boost returns and deliver a strong portfolio yield. Because most of our first quarter investments funded in late March, our first quarter portfolio growth did not have a large impact on our net investment income, however, we expect our portfolio growth will have a larger impact on our future operating results."