HRZN
Horizon FinanceCDocument history
Earnings documents stored for HRZN.
Investor releaseQuarter not tagged2026-05-07Horizon Technology Finance Q1 Earnings Call Highlights
MarketBeat
Horizon Technology Finance Q1 Earnings Call Highlights
Completed merger with Monroe Capital, adding roughly $141 million of capital and enabling scale (management plans to begin a $10 million share repurchase), and formed the RoHo joint venture with ROTH Capital to provide growth financing to small and micro-cap public companies. Portfolio and performance: assets grew to $696 million with $120 million of life-science originations in Q1, the debt portfolio yield was about 15.2%, net investment income was $0.19 per share (exceeding distributions) and NAV was $6.98 per share. Strong liquidity and deal pipeline: the company had $105 million of available liquidity, net leverage of 1.13-to-1 (below target) with ~$357 million potential new investment capacity, a committed backlog of $180 million, and $90 million of new venture loan commitments since quarter-end. Interested in Horizon Technology Finance Corporation? Here are five stocks we like better. Horizon Technology Finance (NASDAQ:HRZN) executives highlighted recent strategic moves and portfolio growth during the company’s first-quarter 2026 earnings call, including the completion of its merger with Monroe Capital Corp. (MRCC) and the formation of a new joint venture with ROTH Capital. Chief Executive Officer Mike Balkin said the company has had “a very newsworthy and exciting couple of months,” pointing to two major developments. In March, Horizon formed RoHo, a joint venture with ROTH Capital intended to “provide growth financing solutions to small and micro-cap public companies.” In April, the company completed its merger with MRCC, which Balkin said increases equity capital available for investment and provides “greater economies of scale to compete for larger” venture capital-backed transactions. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries “Aided by the full support and backing of Monroe, we are taking the Horizon platform to the next level,” Balkin said. Chief Financial Officer Dan Trolio said the merger “significantly strengthened our balance sheet upon closing with $141 million of additional capital.” With the blackout period ended, Trolio said the company expects to begin using its $10 million stock repurchase program due to what management described as a dislocation between the current valuation and net asset value. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Management reported a second consec...
Investor releaseQuarter not tagged2026-05-06Horizon Technology Finance Corporation Q1 2026 Earnings Call Summary
Moby
Horizon Technology Finance Corporation Q1 2026 Earnings Call Summary
Completed merger with Monroe Capital Corp. (MRCC), providing $141 million in additional equity capital to compete for larger venture capital deals. Formed RoHo, a joint venture with Roth Capital, specifically designed to provide growth financing to small and microcap public companies. Achieved second consecutive quarter of portfolio growth, reaching nearly $700 million in total portfolio size driven by $120 million in new fundings. Maintained industry-leading debt investment yields of 15.2%, attributed to the execution of a specialized venture lending strategy across market cycles. Reported a modest improvement in credit quality, with 88% of the debt portfolio fair value rated 3 or 4. Attributed stable NAV of $6.98 to net investment income exceeding distributions and a technical shift in accounting for monthly distributions to the ex-dividend date. Intend to utilize a $10 million stock repurchase program in the near term to address the dislocation between stock price and net asset value. Expect continued portfolio expansion in Q2 2026, supported by a $180 million committed backlog and $90 million in new venture loan awards post-quarter end. Anticipate recording a nonrecurring onetime transaction expense of $4.3 million in the second quarter related to the MRCC merger completion. Project that 71% of debt investments being at their interest rate floors will help mitigate the impact of potential interest rate decreases. Targeting NII at or above declared distributions over time as incremental capital from the merger is prudently deployed toward target leverage. Management fee waiver in place where the adviser agreed to waive up to $4 million of fees ($1 million per quarter) starting in Q3 2026. The IPO market is expected to remain muted in the near term due to geopolitical and macro uncertainty, though this creates more venture loan opportunities in life sciences. Market bifurcation was noted where AI-related companies receive the vast majority of venture capital, while record exit values were driven primarily by SpaceX's acquisition of xAI, which accounted for 72% of the total value. Shifted accounting policy for distributions to the ex-dividend date to align with BDC industry standards and accommodate merger-related shareholder changes. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why...
Investor releaseQuarter not tagged2026-05-06Horizon Technology Finance Announces First Quarter 2026 Financial Results
Business Wire
Horizon Technology Finance Announces First Quarter 2026 Financial Results
- Successfully Completed Merger with Monroe Capital Corporation in April - - First Quarter 2026 Net Investment Income per Share of $0.19; NAV per Share of $6.98 - - Debt Portfolio Yield of 15.2% - - Ends Quarter with Committed Backlog of $180 Million - FARMINGTON, Conn., May 05, 2026--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), an affiliate of Monroe Capital, today announced its financial results for the first quarter ended March 31, 2026. First Quarter 2026 and Recent Highlights In April, successfully completed merger with Monroe Capital Corporation ("MRCC"), receiving approximately $141.1 million in cash and issuing 20,370,645 shares of common stock in the aggregate to MRCC stockholders Created a new joint venture, RoHo Capital Opportunity Fund LLC, with CR Financial Holdings, Inc., the holding company for Roth Capital Partners, LLC ("Roth") Net investment income ("NII") of $9.0 million, or $0.19 per basic share, compared to $10.7 million, or $0.27 per basic share for the prior-year period Total investment portfolio of $695.7 million as of March 31, 2026 Net asset value of $333.9 million, or $6.98 per share as of March 31, 2026 Annualized portfolio yield on debt investments of 15.2% for the quarter Funded five loans totaling $120.0 million Experienced liquidity events from two portfolio companies Cash of $73.3 million and credit facility capacity of $284.0 million as of March 31, 2026 Held portfolio of warrant and equity positions in 91 companies as of March 31, 2026 Undistributed spillover income of $0.52 per share as of March 31, 2026 Subsequent to quarter end, declared regular cash distributions of $0.06 per share payable in July, August and September 2026 and, in accordance with the Company’s previously announced intent to make additional distributions with its undistributed net investment income, or "spillover" income", special cash distributions of $0.03 per share payable in July, August and September 2026 "We are thrilled to have successfully completed our merger with MRCC and are excited to accelerate the next chapter of Horizon," said Mike Balkin, Chief Executive Officer of Horizon. "Strengthened by the infusion of significant new capital from the merger, as well as the backing of Monroe Capital’s resources, expertise and ability to participate in larger-size, high-quality originations, we e...
Investor releaseQuarter not tagged2026-05-06Horizon Technology Finance: Q1 Earnings Snapshot
Associated Press
Horizon Technology Finance: Q1 Earnings Snapshot
FARMINGTON, Conn. (AP) — FARMINGTON, Conn. (AP) — Horizon Technology Finance Corp. (HRZN) on Tuesday reported net income of $2.8 million in its first quarter. The Farmington, Connecticut-based company said it had net income of 6 cents per share. Earnings, adjusted for investment costs, were 19 cents per share. The investment company posted revenue of $24.1 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HRZN at https://www.zacks.com/ap/HRZN
Investor releaseQuarter not tagged2026-05-06Horizon Technology Finance (HRZN) Q1 Earnings Match Estimates
Zacks
Horizon Technology Finance (HRZN) Q1 Earnings Match Estimates
Horizon Technology Finance (HRZN) came out with quarterly earnings of $0.19 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.70%. A quarter ago, it was expected that this investment company would post earnings of $0.3 per share when it actually produced earnings of $0.18, delivering a surprise of -40%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Horizon Technology Finance, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $24.08 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.40%. This compares to year-ago revenues of $24.52 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Horizon Technology Finance shares have lost about 35.2% since the beginning of the year versus the S&P 500's gain of 5.2%. While Horizon Technology Finance has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Horizon Technology Finance was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the mark...
TranscriptFY2026 Q12026-05-06FY2026 Q1 earnings call transcript
Earnings source - 44 paragraphs
FY2026 Q1 earnings call transcript
Greetings, and welcome to the Horizon Technology Finance First Quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Megan Bacon, Director of Investor Relations and Marketing. Please go ahead.
Thank you. Welcome to Horizon Technology Finance Corporation's first quarter 2026 conference call. Representing the company today are Michael P. Balkin, Chief Executive Officer, Paul Seitz, Chief Investment Officer, and Daniel R. Trolio, Chief Financial Officer. I would like to point out that the Q1 earnings press release and Form 10-Q 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 future performance of the company. Words such as believes, expects, anticipates, intends, or similar expressions are used to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.
Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements, and some of these factors are detailed in the risk factor discussion in the company's filings with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2025. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. At this time, I would like to turn the call over to Horizon's CEO, Michael P. Balkin.
Thank you, Megan, and welcome everyone, and thank you for your interest in Horizon. Today, we will update you on our quarterly performance in the current operating environment. Paul Seitz, our Chief Investment Officer, will take us through recent business and portfolio developments as well as the current status of the venture lending market. Dan Troglio, our Chief Financial Officer, will detail our operating performance and financial condition. We will then take questions. It has certainly been a very newsworthy and exciting couple of months for Horizon. In March, we were pleased to form RoHo, a new joint venture with Roth Capital, which will provide growth financing solutions to small and micro-cap public companies. In April, we successfully completed our merger with Monroe Capital Corp, or MRCC, officially embarking on an exciting growth path for the combined new Horizon.
The merger provided us with significant increase in Horizon's equity capital available for investment in earning assets. This larger capital base affords us greater economies of scale to compete for larger cutting-edge early and later-stage venture capital deals backed by some of the leading venture capital and private equity funds. We are also increasing our lending to small cap public companies as evidenced by some of our latest announced transactions. Aided by the full support and backing of Monroe, we are taking the Horizon platform to the next level and are well-positioned to succeed over the longer term. Turning to our specific results for the quarter, we grew our portfolio for the second consecutive quarter, funding five investments totaling $120 million and bringing our total portfolio size to almost $700 million.
We generated net investment income of $0.19 per share, exceeding our distributions, while our NAV per share ended the quarter at $6.98. Based on our outlook and our undistributed spillover income, our board declared regular monthly distributions of $0.06 per share payable in July, August, and September of 2026. Consistent with our announcement prior to the closing of the merger, our board also declared special monthly distributions of $0.03 per share payable in July, August, and September 2026. As we prudently work to deploy the incremental capital from the merger and move to our target leverage, it remains our goal to deliver NII at or above our declared distributions over time. We achieved a portfolio yield on debt investments of over 15% for the first quarter, once again at or near the top of the BDC industry.
We finished the quarter with a committed and approved backlog of $180 million. Finally, we continue to close attractive venture debt and small cap public company investments while our pipeline of loan opportunities continue to grow. Moving forward, we believe we are stronger than we have been in years and are excited for the long-term growth path we see ahead. To that end, given the dislocation between our stock price and the current Net Asset Value, we intend to utilize our $10 million stock repurchase program in the near term. Again, we appreciate your continued interest and support in the Horizon Technology Finance platform.
I will now turn the call over to our Chief Investment Officer, Paul Seitz, to give you the details of our first quarter results and progress. Paul?
Thanks, Mike, and good morning to everyone. I want to echo Mike's remarks about our excitement at closing the merger with MRCC. With the additional capital from the merger, as well as our new joint venture with Roth, we now have more size and scale, as well as products to originate venture and growth loans to growing public and private companies. We believe this positions us well to continue growing our portfolio and NII over time. At the end of the quarter, our current portfolio stood at $696 million as we produced our second consecutive quarter of portfolio growth. In the first quarter, we funded five life science debt investments, including one refinancing of an existing investment, totaling $120 million. We also made further progress in building our pipeline, including larger venture loan opportunities in our target sectors.
One of those pipeline opportunities, Stellar Cyber, closed in April. In Q1, we increased our committed backlog by $26 million from the end of Q4, which positions us well to further grow our portfolio in the quarters ahead. In Q2, we expect to further grow our portfolio driven by our current pipeline. Along with Stellar Cyber, since the end of the quarter, we have been awarded 5 new venture loan transactions representing $90 million in total commitments. It goes without saying that we will always be disciplined in originating and underwriting new loans. During the first quarter, we experienced one loan prepayment and one refinancing totaling $63 million in prepaid principal. Our onboarding debt investment yield of 12% during the first quarter remained consistent with our historic levels.
We expect to continue to generate strong onboarding yields with our current pipeline of opportunities, which we believe will generate strong net investment income over time. Our debt portfolio yield of 15.2% for the quarter was, once again, among the highest-yielding debt portfolios in the BDC industry. Our ability to generate industry-leading yields continues to be a testament to our venture lending strategy and our execution of such strategy across various market cycles and interest rate environments. As of March 31st, we held warrants, equity, and other investments in 99 portfolio companies with a fair value of $50 million. Structuring investments with warrants and equity rights is a key component of our venture debt strategy and a potential generator of shareholder value.
As mentioned, we ended the quarter with a committed and approved backlog of $180 million compared to $154 million at the end of the fourth quarter. We believe our pipeline of investment opportunities, combined with our committed backlog, with most of our funding commitments subject to companies achieving certain key milestones, provides a solid base to prudently grow our portfolio over time. As of quarter end, 88% of the fair value of our debt portfolio consisted of 3 and 4 rated debt investments, while 12% of the fair value of our portfolio was rated 2 or 1, which is a modest improvement from our levels at the end of the fourth quarter. We continue to collaborate with all of our portfolio companies in utilizing a variety of strategies to optimize returns and create future value.
Turning to the venture capital environment, according to PitchBook, approximately $267 billion was invested in VC-backed companies in the first quarter, which by itself exceeded all full year totals for investment except for 2021 and 2025. This record performance was completely due to a large investments in AI. In fact, the top five investments accounted for $196 billion of that amount. Venture capital dollars are flowing again. There is a significant bifurcation in the marketplace as only the companies at the very top are receiving the lion's share of capital. A similar story is playing out in the exit markets. While exit value of nearly $350 billion puts 2026 on pace to smash records by June, 72% of that value was due to SpaceX's acquisition of xAI.
Still excluding that acquisition, exit value of $97 billion was the largest quarter since the fourth quarter of 2021, driven primarily by AI acquisitions. The IPO market, however, remains muted, with only 15 VC-backed IPOs during the quarter. Given the current geopolitical and macro uncertainty, we believe the IPO market will remain somewhat muted in the near term. Nonetheless, we believe the limited life science IPO market creates more opportunities for venture loan originations, as evidenced by our fundings in the quarter. On the tech side, though we see the IPO market as muted, we see considerable optimism for tech IPOs, while we continue to conduct deep due diligence, particularly in AI and defense technology, to determine the best types of opportunities for future investments. We continue to believe the venture debt remains a compelling option for these high-quality companies to access additional capital.
As we move through 2026, we are excited for the new horizon and have been hard at work in identifying and targeting larger venture loan opportunities for both private and small cap public companies, given our substantially enhanced capacity profile. We continue to work diligently on optimizing outcomes with respect to our current portfolio. We remain confident that we are on the right path to expand our portfolio over the longer term and continue to lead in the venture lending space. We expect this will lead to increased NII over time and ultimately additional value for shareholders. I will now turn the call over to our Chief Financial Officer, Dan Trolio.
Thanks, Paul. Good morning, everyone. As Mike mentioned, we're excited to have completed the merger with MRCC, which significantly strengthened our balance sheet upon closing with $141 million of additional capital. With the merger complete, with us exiting our blackout period, we expect to begin tapping our $10 million repurchase program, given the dislocation between our current valuation and our confidence in the near and long-term outlook of Horizon. In addition, we continue to diligently work with all of our portfolio companies to optimize outcomes for our investments and improve our credit quality. As such, we believe we are well-positioned to grow our portfolio in the coming quarters and create additional value for our shareholders moving forward.
As of March 31st, we had $105 million in available liquidity, consisting of $73 million in cash and $32 million in funds available to be drawn under our existing credit facilities. As of March 31st, we had $45 million outstanding under our $150 million KeyBank credit facility, $181 million outstanding on our $250 million New York Life credit facility, and $90 million outstanding on our $200 million Nuveen credit facility, leaving us with ample capacity to grow our portfolio of debt investments. Post-merger, we paid down the full amount outstanding under the KeyBank facility. Our debt-to-equity ratio stood at 1.35 to 1 as of March 31st. Netting out cash on our balance sheet, our net leverage was 1.13 to 1, below our target leverage.
Based on our cash position and our borrowing capacity on our credit facilities, our potential new investment capacity as of March 31st was $357 million. Post-merger, our new investment capacity is increased by $141 million of additional capital. Turning to our operating results. For the first quarter, we earned investment income of $24 million compared to $25 million in the prior year period, primarily due to lower fee-related income on our debt investment portfolio. Our debt investment portfolio on a net cost basis stood at $655 million as of March 31st, up 9% compared to $602 million as of December 31st, 2025. For the first quarter of 2026, we achieved onboarding yields of 12%, in line with what we achieved in the fourth quarter of 2025.
Our loan portfolio yield was 15.2% for the first quarter compared to 15% for last year's first quarter. Total expenses for the quarter were $14.8 million compared to $13.4 million in the first quarter of 2025. Our interest expense of $8.2 million was $0.5 million lower than last year's first quarter, while our base management fee was $3.1 million, in line with prior year period. We received $1.8 million of performance-based incentive fees in the first quarter. As a reminder, our advisor agreed to waive up to $4 million of fees or $1 million a quarter post-merger starting in Q3 of 2026.
Net investment income for the first quarter of 2026 was $0.19 per share compared to $0.18 per share in the fourth quarter of 2025 and $0.27 per share for the first quarter of 2025. We continue to expect prepayment activity will remain modest in the near term. For the second quarter, we expect to record a non-recurring one-time transaction expense of $4.3 million related to the completion of the merger. The company's undistributed spillover income as of March 31st was $0.52 per share. Based upon our outlook and undistributed spillover income, our board declared monthly distributions of $0.06 per share for July, August, and September 2026. In concert with the completion of the MRCC merger, our board also declared $0.03 per share special distributions payable in July, August, and September of 2026.
We anticipate with our expanded capital base and available leverage, our expectation for growth and our predictive pricing strategy will enable us to generate NII that covers our distribution over time. To summarize our portfolio activities for the first quarter, new originations totaled $120 million, which were offset by $5 million in scheduled principal payments and $63 million in principal prepayments, refinancings, and partial pay downs. We ended the quarter with a total investment portfolio of $696 million. On March 31st, the portfolio consisted of debt investments in 41 companies with an aggregate fair value of $646 million, and a portfolio of warrant, equity, and other investments in 99 companies with an aggregate fair value of $50 million.
Our NAV as of March 31st was $6.98 per share, comparable with where it stood on December 31st and compared to $7.57 as of March 31st, 2025. The stable NAV on a quarterly basis was primarily due to NII exceeding our distributions and a shift in when we account for monthly distributions. Moving forward, we're accounting for distributions on the ex-dividend date, which is more aligned with when most BDCs record their distributions. As we've consistently noted, nearly 100% of the outstanding principal amount of our debt investments bear interest at floating rates. Of those investments, approximately 71% are already at their interest rate floors, which should mitigate the impact of decreasing interest rates. This concludes opening remarks. We'll be happy to take questions you may have at this time.
Thank you. We will now be conducting a question-and-answer session. Our first question, we'll hear from Corey Johnson with UBS.
Hi, thanks. I was wondering, could you actually just on the last point that you had just touched on regarding, I guess like the NAV bridge, could you tell me I guess to maybe understand that? I don't know if maybe I wasn't getting it correctly.
I felt, you know, NAV was flat this quarter. Obviously, you know, there were some of the unrealized losses and such. Am I understanding this correctly that the dividends that were used for the first quarter were actually the $0.18 rather than the $0.33? Is that correct?
Yeah. Every quarter we will accrue the distribution that is declared in that quarter. Normally it would be the $0.18. There's 2 accounting guidances that public BDCs can follow. The first is related to recording your distribution on the declaration date, which would be in the quarter, and the second is recording your distribution on the ex-dividend date. This quarter, because of the merger and the different shareholders at different periods of time, we adjusted our policy to record the distribution on the ex-dividend date. 1 of the 3 distributions that were declared is accrued this quarter. The impact is $0.06 instead of the $0.18.
Got it. Okay.
That'll bridge you from where you're looking at.
Does it?
From the unrealized.
Got it. Okay.
I was just giving a little more information to help you bridge from the unrealized to the NAV.
Got it. Okay. Then just a follow-up. You know, you do, I guess have, you know, now all this additional capital on hand, but I was just wondering, like, you know, what is, I guess, the environment like for you to be able to de-deploy that capital? Like, you know, how aggressive do you think you'll be able to be? Are the quality of deals that you're seeing strong enough to allow you to be able to deploy that? If you could maybe just give a little bit of background on that.
Yeah. Yeah. Thanks for that question. This is Paul Seitz. One is, I think the market's pretty active right now. It's pretty evidenced by the, some of the larger funds moving down market. In terms of activity with the venture ecosystem, it's just, it's picking up quite a bit. Our focus is to obviously deploy capital, but we need to be resilient and unrelenting on credit quality. The way we structure our deals is critically important, the way we approach the risk-adjusted return profile of each company is critically important. While it's active, we remain very diligent on structuring our deals and only doing the deals that are the highest of quality.
Great. Thank you.
As a reminder, it's star one if you would like to ask your questions. Next, I'll move to Sean-Paul Adams with B. Riley.
Hey, guys. Good morning.
Morning
have actually had a pretty good quarter as far as credit quality. It looks like a good amount of non-accruals fell off the portfolio, as well as your watch list also decreased. Can you provide a little bit of, you know, a little bit of color on the remaining two names kind of on non-accrual? It looks like you guys actually experienced a write-up on Provivi. Just a little bit more color on how you were able to move so many names previously on non-accrual, you know, back to accrual. Thank you.
If you look quarter-over-quarter on our schedule of investments, we had 3 names last quarter and 3 names this quarter. They were Vesta, Provivi, and NextCar. The previous quarter, Q3 to Q4, we were able to drop off some non-accruals because we were able to work through some transaction and maximize those returns. This quarter related to Provivi specifically and the change, like we say, you know, we're working on each one of the deals, and we're trying to maximize returns. We were able to receive some pay down related to Provivi as we continue to work through that account.
Got it. Thank you, guys.
There are no further questions at this time. I would like to turn the floor back to Mike Balkin for closing remarks.
Thank you all for joining us this morning. We appreciate your continued interest and support in Horizon, and we look forward to speaking with you again soon. This will conclude our call.
Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.
Investor releaseQuarter not tagged2026-05-04Horizon Technology Finance Corp (HRZN) Q1 2026: Everything You Need To Know Ahead Of Earnings
GuruFocus.com
Horizon Technology Finance Corp (HRZN) Q1 2026: Everything You Need To Know Ahead Of Earnings
This article first appeared on GuruFocus. Horizon Technology Finance Corp (NASDAQ:HRZN) is set to release its Q1 2026 earnings on May 5, 2026. The consensus estimate for Q1 2026 revenue is $22.45 million, and the earnings are expected to come in at $0.19 per share. The full-year 2026 revenue is expected to be $105.67 million and the earnings are expected to be $0.73 per share. More detailed estimate data can be found on the Forecast page. Warning! GuruFocus has detected 3 Warning Signs with HRZN. Is HRZN fairly valued? Test your thesis with our free DCF calculator. Over the past 90 days, revenue estimates for Horizon Technology Finance Corp (NASDAQ:HRZN) have declined from $111.25 million to $105.67 million for the full year 2026, and from $144.52 million to $129.47 million for 2027. Earnings estimates have declined from $1.01 per share to $0.73 per share for the full year 2026, and from $0.80 per share to $0.76 per share for 2027. In the previous quarter ending December 31, 2025, Horizon Technology Finance Corp's (NASDAQ:HRZN) actual revenue was $20.67 million, which missed analysts' revenue expectations of $25.38 million by -18.58%. Horizon Technology Finance Corp's (NASDAQ:HRZN) actual earnings were $0.19 per share, which missed analysts' earnings expectations of $0.29 per share by -34.03%. After releasing the results, Horizon Technology Finance Corp (NASDAQ:HRZN) was down by -23.32% in one day. Based on the one-year price targets offered by 5 analysts, the average target price for Horizon Technology Finance Corp (NASDAQ:HRZN) is $5.50 with a high estimate of $6.50 and a low estimate of $4.50. The average target implies an upside of 30.49% from the current price of $4.22. Based on GuruFocus estimates, the estimated GF Value for Horizon Technology Finance Corp (NASDAQ:HRZN) in one year is $0, suggesting a downside of -100% from the current price of $4.22. Based on the consensus recommendation from 5 brokerage firms, Horizon Technology Finance Corp's (NASDAQ:HRZN) average brokerage recommendation is currently 2.8, indicating a "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Investor releaseQuarter not tagged2026-04-22Horizon Technology Finance to Announce First Quarter 2026 Financial Results
Business Wire
Horizon Technology Finance to Announce First Quarter 2026 Financial Results
FARMINGTON, Conn., April 21, 2026--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) ("HRZN" or "Horizon"), an affiliate of Monroe Capital, announced today that it plans to release financial results for the first quarter ended March 31, 2026 on Tuesday, May 5, 2026, after the close of market trading. The Company has scheduled a conference call to discuss the results on Wednesday, May 6, 2026, at 9:00 a.m. ET. The conference call will feature remarks by Mike Balkin, Chief Executive Officer, Paul Seitz, Senior Vice President and Chief Investment Officer, and Dan Trolio, Executive Vice President and Chief Financial Officer. To participate in the call, please dial (877) 407-9716 (domestic) or (201) 493-6779 (international). The conference ID is 13759343. Please dial into the call at least five minutes before the scheduled start time. The conference call will also be available via a live listen-only webcast on the Company’s website, www.horizontechfinance.com. Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Internet broadcast. An online archive of the webcast will be available on the Company's website for 30 days following the call. About Horizon Technology Finance Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com. For...
Investor releaseQuarter not tagged2026-03-05Horizon Technology Finance Corp (HRZN) Q4 2025 Earnings Call Highlights: Strong Portfolio Yield ...
GuruFocus.com
Horizon Technology Finance Corp (HRZN) Q4 2025 Earnings Call Highlights: Strong Portfolio Yield ...
This article first appeared on GuruFocus. Net Investment Income (NII): $0.18 per share for Q4 2025. Net Asset Value (NAV) per Share: $6.98 as of December 31, 2025. Portfolio Yield on Debt Investments: Over 14% for Q4 2025 and nearly 16% for the full year 2025. Committed and Approved Backlog: $154 million at year-end 2025. Investment Income: $21 million for Q4 2025. Debt Investment Portfolio: $602 million on a net cost basis as of December 31, 2025. Loan Portfolio Yield: 14.3% for Q4 2025. Total Expenses: $12.5 million for Q4 2025. Available Liquidity: $189 million as of December 31, 2025. Debt-to-Equity Ratio: 1.5:1 as of December 31, 2025. New Originations: $103 million for Q4 2025. Undistributed Spillover Income: $0.65 per share as of December 31, 2025. Warning! GuruFocus has detected 3 Warning Signs with HRZN. Is HRZN fairly valued? Test your thesis with our free DCF calculator. Release Date: March 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Horizon Technology Finance Corp (NASDAQ: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 (NASDAQ: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 (NASDAQ: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 (NASDAQ:HRZN) experienced lower prep...
Investor releaseQuarter not tagged2026-03-04Horizon Technology Finance: Q4 Earnings Snapshot
Associated Press Finance
Horizon Technology Finance: Q4 Earnings Snapshot
FARMINGTON, Conn. (AP) — FARMINGTON, Conn. (AP) — Horizon Technology Finance Corp. (HRZN) on Tuesday reported profit of $8.8 million in its fourth quarter. On a per-share basis, the Farmington, Connecticut-based company said it had profit of 19 cents. Earnings, adjusted for investment gains, were 18 cents per share. The investment company posted revenue of $20.7 million in the period. For the year, the company reported a loss of $2.7 million, or 6 cents per share. Revenue was reported as $96 million. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HRZN at https://www.zacks.com/ap/HRZN
Investor releaseQuarter not tagged2026-03-04Horizon Technology Finance (HRZN) Q4 Earnings and Revenues Miss Estimates
Zacks
Horizon Technology Finance (HRZN) Q4 Earnings and Revenues Miss Estimates
Horizon Technology Finance (HRZN) came out with quarterly earnings of $0.18 per share, missing the Zacks Consensus Estimate of $0.3 per share. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -40.00%. A quarter ago, it was expected that this investment company would post earnings of $0.28 per share when it actually produced earnings of $0.31, delivering a surprise of +10.71%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Horizon Technology Finance, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $20.67 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 16.2%. This compares to year-ago revenues of $23.55 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Horizon Technology Finance shares have lost about 6.1% since the beginning of the year versus the S&P 500's gain of 0.5%. While Horizon Technology Finance has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Horizon Technology Finance was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with...
Investor releaseQuarter not tagged2026-03-04Horizon Technology Finance Announces Fourth Quarter and Full Year 2025 Financial Results
Business Wire
Horizon Technology Finance Announces Fourth Quarter and Full Year 2025 Financial Results
- Fourth Quarter 2025 Net Investment Income per Share of $0.18; NAV per Share of $6.98 - - Debt Portfolio Yield of 14.3% - - HRZN Ends Year with Committed Backlog of $154 Million - FARMINGTON, Conn., March 03, 2026--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), an affiliate of Monroe Capital, today announced its financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 and Recent Highlights Net investment income ("NII") of $8.3 million, or $0.18 per basic share, compared to $10.4 million, or $0.27 per basic share for the prior-year period Total investment portfolio of $647.2 million as of December 31, 2025 Net asset value of $318.5 million, or $6.98 per share as of December 31, 2025 Annualized portfolio yield on debt investments of 14.3% for the quarter Funded nine loans totaling $102.5 million Experienced liquidity events from three portfolio companies Cash of $142.7 million and credit facility capacity of $329.0 million as of December 31, 2025 Held portfolio of warrant and equity positions in 89 companies as of December 31, 2025 Undistributed spillover income of $0.65 per share as of December 31, 2025 Subsequent to quarter end, declared distributions of $0.06 per share payable in April, May and June 2026 Full Year 2025 Highlights Net investment income of $44.4 million, or $1.05 per share for 2025, compared to $47.8 million, or $1.32 per share for the prior year Achieved annual portfolio yield on debt investments of 15.8% for 2025 Horizon funded 28 loans totaling $277.5 million; experienced liquidity events from 23 portfolio companies "We returned to portfolio growth in the fourth quarter via a number of high-quality new venture debt loans while we made progress toward our planned merger with Monroe Capital Corporation (‘MRCC’)," said Mike Balkin, Chief Executive Officer of Horizon. "NII was impacted in the quarter by lower prepayment activity, while NAV per share was modestly lower due to our distributions paid in the fourth quarter exceeding our NII. Our Board declared a monthly distribution of $0.06 per share for each of April, May and June, which we believe aligns our distribution level with our anticipated NII and operating results for 2026, taking into account the expected impact of the anticipated merger with MRCC." "In terms of our portfolio, we were ple...