– Horizon Platform Committed Backlog of $123 Million; $101 Million in HRZN Commitments –
– Record $99 Million of Originations for HRZN –
“We had an excellent third quarter as the power of the ‘Horizon’ brand and Horizon’s lending platform led to a quarterly record of $141 million of loan originations, including $99 million of loans for HRZN,” said Gerald A. Michaud, President of HTFM. “The Horizon Platform also ended the quarter with a committed backlog of $123 million of debt investments, including $101 million in HRZN commitments, a reflection of the fact that emerging and innovative companies and their investors continue to find Horizon’s venture loans the right solution for their capital needs. We are pleased the expanded funding capacity of the Horizon Platform resulted in the generation of high-quality loans for HRZN, while maintaining a diverse portfolio of debt investments for HRZN.”
FARMINGTON, Conn., Oct. 6, 2021 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“HRZN” or the “Company”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today provided its portfolio update for the third quarter ended September 30, 2021 and an update on the lending platform (“Horizon Platform”) of Horizon Technology Finance Management LLC (“HTFM”), its investment adviser.
“In addition, HRZN received $50 million in loan prepayments during the quarter, providing additional fee income and accelerated interest income and further validating our predictive pricing strategy,” added Mr. Michaud. “With HRZN’s committed backlog and the large pipeline of new investment opportunities under the Horizon Platform, we expect HRZN’s portfolio to continue growing and delivering value to HRZN’s shareholders.”
Third Quarter 2021 Portfolio Update
During the third quarter of 2021, a total of $141.4 million of loans funded through the Horizon Platform, including 15 loans totaling $98.9 million funded by HRZN as follows: $22.5 million to a new portfolio company, Nexii Building Solutions Inc., a green construction technology company focused on creating environmentally-friendly, durable, cost-efficient and disaster-resilient buildings.
$15.0 million to an existing portfolio company, Avalo Therapeutics, Inc. (fka Cerecor, Inc.) (NASDAQ: AVTX), a biopharmaceutical company focused on developing and commercializing treatments for immunologic, immuno-oncologic and rare genetic disorders. $15.0 million to an existing portfolio company, TemperPack Technologies, Inc., a manufacturer of sustainable insulated packaging for perishable last mile deliveries.
$12.5 million to a new portfolio company, Dropoff, Inc., a same-day delivery service for healthcare and other companies. $7.5 million to a new portfolio company, Stealth BioTherapeutics Inc. (NASDAQ: MITO), a developer of therapies to treat mitochondrial dysfunction associated with genetic mitochondrial diseases and common diseases of aging.
$5.0 million to a new portfolio company, RepTrak Holdings, Inc., a developer of data analytics to help companies enhance and protect their corporate reputation. $3.0 million to an existing portfolio company, Primary Kids, Inc., an online baby and children’s clothing brand.
$5.0 million to a new portfolio company, Branded Online, Inc. (dba Nogin), a company offering commerce-as-a-service to consumer and lifestyle brands. $5.0 million to a new portfolio company, Spineology, Inc., a developer of anatomy-conserving technology solutions for use in lumbar spinal fusion procedures.