Horizon Technology Finance (HRZN) Tops Q3 EPS by 1c
- Horizon Technology Finance (NASDAQ: HRZN) reported Q3 EPS of $0.30, $0.01 better than the analyst estimate of $0.29.
- Earned net investment income of $3.4 million, or $0.30 per share, for the quarter
- Net asset value equaled $134.5 million, or $11.66 per share, at quarter end
- Funded $24.2 million in loans to seven companies
- Achieved an annualized portfolio yield on debt investments of 14.8% for the quarter
- Ended the quarter with an investment portfolio of $239.8 million
- Experienced liquidity events from four portfolio companies
- Total liquidity as of September 30, 2018 was $20.1 million
- Floating rate loans comprised 99% of the outstanding principal of the loan portfolio, at quarter end
- At quarter end, held a portfolio of warrant and equity positions in 78 portfolio companies
- Asset coverage for borrowed amounts of 219% as of September 30, 2018
- Declared distributions of $0.10 per share payable in each of January, February and March 2019
- Received shareholder approval to reduce the asset coverage requirements applicable to the Company from 200% to 150% as permitted by the Small Business Credit Availability Act
- Shareholders approved new investment management agreement, which reduced the base management fee on gross assets less cash and cash equivalents in excess of $250 million from 2.00% to 1.60%
For earnings history and earnings-related data on Horizon Technology Finance (HRZN) click here.
