{"id":473247,"date":"2021-04-07T16:18:35","date_gmt":"2021-04-07T20:18:35","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=473247"},"modified":"2021-04-07T16:18:35","modified_gmt":"2021-04-07T20:18:35","slug":"horizon-technology-finance-provides-first-quarter-2021-portfolio-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/","title":{"rendered":"Horizon Technology Finance Provides First Quarter 2021 Portfolio Update"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">&#8211; Originates $51.0 Million of New Loans &#8211;<\/h2>\n<h2 class=\"xn-hedline\">&#8211; Grows Debt Portfolio Quarter-over-Quarter &#8211;<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">FARMINGTON, Conn.<\/span>, <span class=\"xn-chron\">April 7, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Horizon Technology Finance Corporation (NASDAQ: HRZN) (&#8220;Horizon,&#8221; &#8220;We,&#8221; &#8220;Our&#8221; or the &#8220;Company&#8221;), 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 first quarter ended <span class=\"xn-chron\">March 31, 2021<\/span>. <\/p>\n<p>&#8220;The momentum Horizon saw in terms of originations toward the end of 2020 nicely carried into the first quarter, as Horizon once again grew its portfolio, originating <span class=\"xn-money\">$51 million<\/span> of loans to new and existing portfolio companies,&#8221; said <span class=\"xn-person\">Gerald A. Michaud<\/span>, President of Horizon. &#8220;The increased visibility and capacity of the venture lending brand and platform of Horizon and its investment adviser, Horizon Technology Finance Management LLC (&#8220;HTFM&#8221;), helped Horizon attract quality investment opportunities in emerging companies with unique and innovative technologies, skilled management and significant growth potential. Horizon also received <span class=\"xn-money\">$17 million<\/span> in loan prepayments during the quarter, which provided accelerated income to Horizon, further validated its predictive pricing strategy and included the full repayment of a credit on non-accrual. Horizon continues to maintain a robust backlog and, with HTFM&#8217;s deep pipeline of new investment opportunities, we expect to further drive portfolio growth and additional value to our shareholders.&#8221; <\/p>\n<p>\n        <b>First Quarter 2021 Portfolio Update<\/b>\n      <\/p>\n<p>\n        <b>Originations<\/b>\n      <\/p>\n<p>During the first quarter of 2021, a total of <span class=\"xn-money\">$69.5 million<\/span> of loans funded through the HTFM platform, including eight loans totaling <span class=\"xn-money\">$51.0 million<\/span> funded by Horizon as follows:<\/p>\n<ul type=\"disc\">\n<li>\n          <span class=\"xn-money\">$10.0 million<\/span> to a new portfolio company, an oral health company that designs and delivers products and professional dental services. <\/li>\n<li>\n          <span class=\"xn-money\">$7.5 million<\/span> to a new portfolio company, a provider of end-to-end hardware and software contactless dining solutions. <\/li>\n<li>\n          <span class=\"xn-money\">$7.0 million<\/span> to a new portfolio company, a developer of predictive analytics solutions for supply chain and logistics professionals. <\/li>\n<li>\n          <span class=\"xn-money\">$7.0 million<\/span> to an existing portfolio company, Getaround, Inc., a peer-to-peer car sharing platform. <\/li>\n<li>\n          <span class=\"xn-money\">$6.0 million<\/span> to a new portfolio company, Primary Kids, Inc., an online baby and children&#8217;s clothing brand. <\/li>\n<li>\n          <span class=\"xn-money\">$5.0 million<\/span> to a new portfolio company, Clara Foods, Inc., a developer of animal-free proteins as ingredients for food and beverages. <\/li>\n<li>\n          <span class=\"xn-money\">$5.0 million<\/span> to an existing portfolio company, a developer of a software-defined composable infrastructure platform. <\/li>\n<li>\n          <span class=\"xn-money\">$3.5 million<\/span> to a new portfolio company, InfoBionic, Inc., a developer of an FDA-cleared SaaS remote monitoring system to help treat cardiac arrhythmia.<\/li>\n<\/ul>\n<p>\n        <b>Liquidity Events<\/b>\n      <\/p>\n<p>Horizon experienced liquidity events from three portfolio companies in the first quarter of 2021, including principal prepayments of <span class=\"xn-money\">$17.2 million<\/span> and warrant proceeds totaling <span class=\"xn-money\">$0.8 million<\/span>, compared to <span class=\"xn-money\">$17.3 million<\/span> of principal prepayments and <span class=\"xn-money\">$1.4 million<\/span> of success fee, warrant proceeds and equity during the fourth quarter of 2020:\u00a0 <\/p>\n<ul type=\"disc\">\n<li>In February, Horizon received proceeds totaling <span class=\"xn-money\">$0.8 million<\/span> upon the exercise and sale of warrants, in OnTrak, Inc. <\/li>\n<li>In March, a portfolio company prepaid its outstanding principal balance of <span class=\"xn-money\">$9.7 million<\/span> on its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in the company. <\/li>\n<li>In March, IgnitionOne, Inc. prepaid its outstanding principal balance of <span class=\"xn-money\">$7.5 million<\/span> on its venture loan, plus interest, end-of-term payment and prepayment fee. <\/li>\n<\/ul>\n<p>\n        <b>Principal Payments Received<\/b>\n      <\/p>\n<p>During the first quarter of 2021, Horizon received regularly scheduled principal payments on investments totaling <span class=\"xn-money\">$4.7 million<\/span>, compared to regularly scheduled principal payments totaling <span class=\"xn-money\">$4.5 million<\/span> during the fourth quarter of 2020.<\/p>\n<p>\n        <b>Commitments<\/b>\n      <\/p>\n<p>During the first quarter ended <span class=\"xn-chron\">March 31, 2021<\/span>, Horizon closed new loan commitments totaling <span class=\"xn-money\">$48.5 million<\/span> to six companies, compared to new loan commitments of <span class=\"xn-money\">$103.1 million<\/span> to eight companies in the fourth quarter of 2020.<\/p>\n<p>\n        <b>Pipeline and Term Sheets<\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">March 31, 2021<\/span>, Horizon&#8217;s unfunded loan approvals and commitments (&#8220;Committed Backlog&#8221;), all priced at floating interest rates, were <span class=\"xn-money\">$94.0 million<\/span> to 18 companies. This compares to a Committed Backlog of <span class=\"xn-money\">$106.5 million<\/span> to 16 companies as of <span class=\"xn-chron\">December 31, 2020<\/span>. While Horizon&#8217;s portfolio companies have discretion whether to draw down such commitments, the right of a portfolio company to draw down its commitment is often subject to achievement of specific milestones and other conditions to borrowing.\u00a0 <\/p>\n<p>During the quarter, HTFM signed term sheets to potentially provide up to <span class=\"xn-money\">$92.0 million<\/span> of new debt investments and ended the quarter with <span class=\"xn-money\">$102.5 million<\/span> of unfunded loan approvals and commitments. \u00a0\u00a0These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with HTFM&#8217;s allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or funded by Horizon.<\/p>\n<p>\n        <b>Capital Markets Activity \u2013 Warrant and Equity Portfolio<\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">March 31, 2021<\/span>, Horizon held a portfolio of warrant and equity positions in 68 portfolio companies, including 60 private companies, which provides the potential for future additional returns to Horizon&#8217;s shareholders.<\/p>\n<p>\n        <b>About Horizon Technology Finance<\/b>\n      <\/p>\n<p>Horizon Technology Finance Corporation (NASDAQ: HRZN) is 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. The investment objective of Horizon is to maximize its investment portfolio&#8217;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 <span class=\"xn-location\">Farmington, Connecticut<\/span>, with a regional office in <span class=\"xn-location\">Pleasanton, California<\/span>, and investment professionals located in <span class=\"xn-location\">Portland, Maine<\/span>, <span class=\"xn-location\">Austin, Texas<\/span>, and Reston, Virginia.\u00a0To learn more, please visit <a href=\"http:\/\/www.horizontechfinance.com\" rel=\"nofollow\">www.horizontechfinance.com<\/a>.<\/p>\n<p>\n        <b>Forward-Looking Statements<\/b>\n      <\/p>\n<p>\n        <i>Statements included herein may constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon&#8217;s filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.<\/i>\n      <\/p>\n<p>\n        <b>Contacts:<\/b>\n      <\/p>\n<p>Investor Relations:<br \/>ICR<br \/><span class=\"xn-person\">Garrett Edson<\/span><br \/><a target=\"_blank\" href=\"mailto:ir@horizontechfinance.com\" rel=\"nofollow noopener noreferrer\">ir@horizontechfinance.com<\/a><br \/>(860) 284-6450<\/p>\n<p>Media Relations:<br \/>ICR<br \/><span class=\"xn-person\">Chris Gillick<\/span><br \/><a target=\"_blank\" href=\"mailto:HorizonPR@icrinc.com\" rel=\"nofollow noopener noreferrer\">HorizonPR@icrinc.com<\/a>\u00a0 <br \/>(646) 677-1819\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY35259&amp;sd=2021-04-07\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update-301264359.html\">http:\/\/www.prnewswire.com\/news-releases\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update-301264359.html<\/a><\/p>\n<p>SOURCE  Horizon Technology Finance Corporation<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY35259&amp;Transmission_Id=202104071615PR_NEWS_USPR_____NY35259&amp;DateId=20210407\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Originates $51.0 Million of New Loans &#8211; &#8211; Grows Debt Portfolio Quarter-over-Quarter &#8211; PR Newswire FARMINGTON, Conn., April 7, 2021 \/PRNewswire\/ &#8212;\u00a0Horizon Technology Finance Corporation (NASDAQ: HRZN) (&#8220;Horizon,&#8221; &#8220;We,&#8221; &#8220;Our&#8221; or the &#8220;Company&#8221;), 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 first quarter ended March 31, 2021. &#8220;The momentum Horizon saw in terms of originations toward the end of 2020 nicely carried into the first quarter, as Horizon once again grew its portfolio, originating $51 million of loans to new and existing portfolio companies,&#8221; said Gerald A. Michaud, President &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Horizon Technology Finance Provides First Quarter 2021 Portfolio Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-473247","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Horizon Technology Finance Provides First Quarter 2021 Portfolio Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Horizon Technology Finance Provides First Quarter 2021 Portfolio Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"&#8211; Originates $51.0 Million of New Loans &#8211; &#8211; Grows Debt Portfolio Quarter-over-Quarter &#8211; PR Newswire FARMINGTON, Conn., April 7, 2021 \/PRNewswire\/ &#8212;\u00a0Horizon Technology Finance Corporation (NASDAQ: HRZN) (&#8220;Horizon,&#8221; &#8220;We,&#8221; &#8220;Our&#8221; or the &#8220;Company&#8221;), 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 first quarter ended March 31, 2021. &#8220;The momentum Horizon saw in terms of originations toward the end of 2020 nicely carried into the first quarter, as Horizon once again grew its portfolio, originating $51 million of loans to new and existing portfolio companies,&#8221; said Gerald A. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/","og_locale":"en_US","og_type":"article","og_title":"Horizon Technology Finance Provides First Quarter 2021 Portfolio Update - Market Newsdesk","og_description":"&#8211; Originates $51.0 Million of New Loans &#8211; &#8211; Grows Debt Portfolio Quarter-over-Quarter &#8211; PR Newswire FARMINGTON, Conn., April 7, 2021 \/PRNewswire\/ &#8212;\u00a0Horizon Technology Finance Corporation (NASDAQ: HRZN) (&#8220;Horizon,&#8221; &#8220;We,&#8221; &#8220;Our&#8221; or the &#8220;Company&#8221;), 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 first quarter ended March 31, 2021. &#8220;The momentum Horizon saw in terms of originations toward the end of 2020 nicely carried into the first quarter, as Horizon once again grew its portfolio, originating $51 million of loans to new and existing portfolio companies,&#8221; said Gerald A. Michaud, President &hellip; Continue reading \"Horizon Technology Finance Provides First Quarter 2021 Portfolio Update\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-07T20:18:35+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY35259&amp;sd=2021-04-07","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Horizon Technology Finance Provides First Quarter 2021 Portfolio Update","datePublished":"2021-04-07T20:18:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/"},"wordCount":1025,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY35259&amp;sd=2021-04-07","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/horizon-technology-finance-provides-first-quarter-2021-portfolio-update\/","name":"Horizon Technology Finance Provides First Quarter 2021 Portfolio Update - 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