Horizon Technology Finance Provides Third Quarter 2021 Portfolio Update
Horizon Specialization Finance Company (NASDAQ:HRZN) (“HRZN” or “Firm”), a number one specialty finance firm that provides capital in the form of secured loans to venture capital-backed corporations within the expertise, life sciences, health care data and .
Companies, and Sustainability Industries currently supplied their portfolio updates for the third quarter ended September 30, 2021 and a replacement on Horizon Specialization Finance Administration LLC (“HTFM”)’s lending platform (“Horizon Platform”) , its funding advisor.
We had an amazing third quarter as the “Horizon’ model facilitates and Horizon’s lending platform led to a quarterly file of $141 million of mortgage originations, together with a $99 million loan to HRZN,” said Gerald, president of a. Michaud noted. htfm.
“Horizon Platform ended the quarter with a dedicated backlog of debt investments of $123 million, including $101 million in HRZN commitments, a reflective image of the truth that growing and modernizing companies and their merchants are using Horizon’s venture debt. seeks answers for his capital.
We are pleased that the expanded funding capacity of the Horizon platform resulted in an era of high quality loans for HRZN, while maintaining a diverse portfolio of debt investments for HRZN .
“Plus, HRZN received $50 million in mortgage prepayments throughout the quarter, offering additional fee revenue and accelerated curiosity revenue and additionally validating our predictive pricing technology,” said Mr. Michaud. “With HRZN’s dedicated backlog and large pipeline of the latest funding options beneath the Horizon platform, we expect to grow HRZN’s portfolio and deliver value to HRZN shareholders.”
In July, Revinate, Inc. Excellent principal stability of $10.0 million as soon as you pay interest, expiration fees, and prepayment fees on its enterprise mortgage. HRZN continues to warrant within the firm.
In August, Byrdie Diagnostics, Inc. Co Hill-Rom Holdings, Inc. and outstanding principal stability of $25.0 million on its pay-as-you-go venture mortgage, as well as curiosity, term-end fees, prepayment and success fees. HRZN also received a total of $1.2 million in proceeds from the redemption of warrants held in the company.
In September, Silk Applied Sciences, Inc. Pay as you pay off $9.5 million of outstanding principal stability on your venture mortgage, plus curiosity, end-of-term fees, and prepayment fees. HRZN continues to warrant within the firm.
In September, OutboundEngine, Inc. was acquired by Elm Road Specialization, LLC and offers outstanding principal stability of $5.9 million when you pay $5.9 million on its venture mortgage, as well as curiosity, term-end fees, and prepayment fees. HRZN will receive a total of $0.3 million in proceeds from the redemption of warrants held within the firm.
In September, HRZN received a $0.5 million breakthrough fee from its funding in Silkroad Specialization, Inc.
principal received
During the third quarter of 2021, HRZN received recurring scheduled principal investments on a total investment of $3.2 million, compared to a total of $3.0 million of recurrently scheduled principal during the second quarter of 2021.
commitments
During the quarter ended September 30, 2021, HRZN closed new mortgage commitments for 11 corporations totaling $91.0 million, compared to new mortgage commitments of $96.8 million within the second quarter of 2021. for eight corporations.
Pipeline and time period sheet
As of September 30, 2021, HRZN’s unfinanced mortgage approvals and commitments (“dedicated backlog”), largely assessed at floating rates of interest, have been $100.6 million for 21 corporations. This compares to a dedicated backlog of $143.5 million for 21 corporations as of June 30, 2021.
HRZN’s portfolio corporations have discretion as to whether or not to attract such commitments and their dedication to a portfolio firm being suitable to attract is usually a matter of achievement. Special milestones and different circumstances for borrowing.
Accordingly, there is no assurance that all or any of those transactions may be funded by HRZN. HTFM’s various managed funds ended the quarter with unfunded mortgage approvals and commitments totaling $22.5 million.
During the quarter, HTFM received signed time sheets that are within the approval process, which could result in a combination of $140.0 million of the latest debt investments within the Horizon platform. These options are subject to the completion of due diligence, definitive document negotiation and funding committee approval, as well as underwriting circumstances, in addition to compliance with HTFM’s allocation coverage.
