Horizon Technology Finance reported second quarter total investment income of $25.0 million, slightly missing estimates, and net investment income (NII) of $7.4 million, or $0.11 per share. The NII figure was significantly impacted by $4.4 million, or $0.07 per share, in non-recurring expenses related to the company's merger with Monroe Capital Corporation.
Key Highlights
- Net asset value (NAV) per share declined to $6.23 from $6.98 in the prior quarter, which management attributed largely to a significant unrealized loss on a single portfolio company.
- The annualized portfolio yield on debt investments was 14.9% for the quarter, down from 15.8% in the prior-year period.
- The company funded nine new loans totaling $72.7 million and ended the quarter with a committed, unfunded backlog of $228 million.
- Horizon repurchased 1.4 million shares of its common stock during the quarter at an average price of $4.54 and subsequently increased its stock repurchase program authorization to $20 million.