Horizon Technology Finance (NASDAQ: HRZN) reported Q4 EPS of $0.43, $0.12 better than the analyst estimate of $0.31. Revenue for the quarter came in at $11 million versus the consensus estimate of $10.14 million.

Fourth Quarter 2019 Highlights

• Net investment income grew to $6.5 million, or $0.43 per share, compared to $4.0 million, or $0.34 per share for the prior-year period
• Total investment portfolio of $319.6 million as of December 31, 2019
• Net asset value of $184.1 million, or $11.83 per share, as of December 31, 2019
• Achieved annualized portfolio yield on debt investments of 17.6% for the quarter
• Funded seven loans totaling $65.0 million during the quarter
• Experienced liquidity events from five portfolio companies
• Raised total net proceeds of approximately $13.8 million with \"at-the-market\" (\"ATM\") offering program
• Cash of $16.3 million and credit facility capacity of $108.0 million as of December 31, 2019
• Held portfolio of warrant and equity positions in 75 companies as of December 31, 2019
• Increased undistributed spillover income to $0.42 per share as of December 31, 2019
• Subsequent to quarter end, declared distributions of $0.10 per share payable in April, May and June 2020 and special distribution of $0.05 per share payable in April 2020

"Our excellent fourth quarter performance capped off a great year for Horizon," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. "Net investment income of $0.43 per share significantly exceeded our distribution level, while we increased our NAV. We originated seven new loans for $65 million, growing our portfolio for the seventh consecutive quarter, and generated an annualized debt portfolio yield of 17.6%, which, again, showed the success of our predictive pricing strategy. We also maintained strong credit quality through our prudent and disciplined underwriting approach. As a result of our very successful 2019, we are proud to be able to reward our shareholders and their ongoing support with a special distribution of $0.05 per share, in addition to our regular monthly distributions."

"Along with our exceptional results, we utilized our 'at-the-market' program during the quarter and issued an additional $14 million of common stock at a premium to NAV," added Mr. Pomeroy. "As we look ahead, we continue to see considerable opportunities and strong market demand in the overall venture debt loan market. With our capital structure significantly enhanced, we are well-capitalized and we believe we are well-positioned to further grow our venture debt portfolio in 2020, while delivering regular monthly distributions and long-term value to our shareholders."

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