Horizon Technology Finance Corporation announced its financial results for the first quarter ended March 31, 2025, reporting net investment income (NII) of $0.27 per share, a decrease from $0.38 per share in the prior year period. Total investment income for the quarter was $24.5 million, down from $26.1 million for the same period in 2024.
The company's net asset value (NAV) per share stood at $7.57 as of March 31, 2025, compared to $9.64 per share a year prior, and $8.43 per share at the end of 2024. The debt portfolio maintained a dollar-weighted annualized yield of 15.0% for the quarter, a slight decrease from 15.6% in Q1 2024.
HRZN reported net unrealized depreciation on investments of $32.2 million for the quarter, a significant increase from $4.0 million in the prior year period, which contributed to the decline in NAV. The company's net debt to equity leverage ratio was 129% as of March 31, 2025, exceeding its 120% target leverage.
Horizon's board of directors extended the stock repurchase program until June 30, 2026, or until $5.0 million of common stock is repurchased. The company's committed backlog remained strong at $236 million, providing opportunities for future portfolio growth.
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