Gold bars to be exempt from tariffs, White House clarifies
FARMINGTON, Conn. - Horizon Technology Finance Corporation (NASDAQ: HRZN), a specialty finance company with a market capitalization of $306.7 million providing secured loans to companies in various high-tech industries, announced today the appointment of Paul Seitz as its new Chief Investment Officer. According to InvestingPro data, the company maintains one of the highest dividend yields in its sector at 17.46%, though recent financial metrics suggest some challenges ahead. Seitz’s arrival coincides with the departure of Daniel Devorsetz, who has stepped down from his dual role as Chief Operating Officer and Chief Investment Officer but will continue to work with the company until September 2025.
Seitz transitions to Horizon from Monroe Capital, where he served as Managing Director and Head of Software Underwriting. His background includes managing loan transactions and account functions for pre-IPO and growth-stage technology firms. The appointment comes at a crucial time, as InvestingPro analysis shows the company’s stock has declined by 28.52% over the past year, with current trading levels near its 52-week low of $7.12. With over a decade of experience in technology lending and investment, Seitz’s previous roles at TriplePoint Capital and NXT Capital, as well as an Analyst position at Duff & Phelps, have equipped him with extensive industry knowledge and expertise.
Michael P. Balkin, Horizon’s CEO, expressed confidence in Seitz’s ability to propel the company’s growth and strengthen its partnership with Monroe Capital, which will enable Horizon to tap into Monroe’s broader capabilities. Balkin also acknowledged Devorsetz’s significant impact on Horizon’s development over the past twenty years.
Horizon Technology Finance, managed by Horizon Technology Finance Management LLC and affiliated with Monroe Capital, specializes in providing capital to venture capital and private equity-backed, as well as publicly traded companies in sectors such as technology, life science, healthcare information and services, and sustainability. While the company has maintained dividend payments for 16 consecutive years, InvestingPro analysis reveals current challenges, including short-term obligations exceeding liquid assets with a current ratio of 0.71. For detailed insights and additional ProTips about HRZN’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro. The company’s investment strategy focuses on generating income from debt investments and capital appreciation from the warrants it receives.
This announcement is based on a press release statement, and it should be noted that statements in this press release may be forward-looking and are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Horizon has no obligation to update any forward-looking statements.
In other recent news, Horizon Technology Finance Corporation announced a robust start to 2025 with over $100 million in new loan originations during the first quarter, reflecting strong loan activity and a growing committed backlog of $235.5 million. The company secured significant loans, including $25.5 million to Castle Creek Biosciences and $20 million each to a clinical-stage company targeting gene therapies and to a developer of microbial products for agriculture. Additionally, Horizon reported liquidity events from five portfolio companies, resulting in principal prepayments of $68.1 million, generating further income and prepayment fees. In a strategic move, Horizon also amended its loan agreements to extend its borrowing capabilities and adjust interest rates, extending the Legal Final Payment Date to June 2032. The amendments include a new fixed interest rate and an extended Investment Period Termination Date to June 2027, enhancing financial flexibility. Furthermore, Horizon announced an upcoming leadership transition, with Michael P. Balkin set to succeed Robert D. Pomeroy, Jr. as CEO in June 2025. These developments highlight Horizon’s strategic planning for growth and stability in the technology and life science sectors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.