Horizon Technology Finance Corporation announced its financial results for the third quarter ended September 30, 2024, reporting net investment income (NII) of $0.32 per share, a decrease from $0.53 per share in the prior year period. Total investment income for the quarter was $24.6 million, down from $29.1 million for the same period in 2023.
The company's net asset value (NAV) per share stood at $9.06 as of September 30, 2024, compared to $10.41 per share a year prior. The debt portfolio maintained a dollar-weighted annualized yield of 15.9% for the quarter, though this was lower than the 17.1% reported in Q3 2023.
HRZN reported a net realized loss on investments of $33.9 million for the quarter, compared to $11.8 million in the prior year, but saw net unrealized appreciation of $29.3 million, a positive shift from $17.5 million in unrealized depreciation in Q3 2023. The company also declared regular monthly distributions of $0.11 per share for January, February, and March 2025, totaling $0.33 per share.
In terms of capital management, Horizon strengthened its balance sheet by raising over $18 million through its at-the-market (ATM) program during the quarter. Additionally, subsequent to the quarter's end, the company completed a private $20 million convertible notes offering, providing further capital for originations.
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