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FARMINGTON, Conn. - Horizon Technology Finance Corporation (NASDAQ:HRZN) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 4.1% in after-hours trading.
The specialty finance company posted net investment income of $0.27 per share, missing the consensus estimate of $0.32 per share. Revenue came in at $23.55 million, below the $23.8 million analysts were expecting.
For the full year 2024, Horizon reported net investment income of $1.32 per share, which covered its regular monthly distributions of $1.32 per share paid during the year.
The company’s total investment portfolio stood at $697.9 million as of December 31, 2024. Horizon funded seven loans totaling $59.1 million during the fourth quarter.
"We grew the size of our portfolio for the second consecutive quarter through a number of new, high-quality loans, while the NII of $0.27 we generated in the quarter contributed to our NII covering our regular monthly distributions for 2024," said Robert D. Pomeroy, Jr., Chairman and CEO of Horizon.
However, net asset value per share declined to $8.43 at year-end, impacted by stressed investments in the fourth quarter. The company said it continues to actively manage these positions to maximize their value.
Horizon declared monthly distributions of $0.11 per share payable in April, May and June 2025. The company ended the year with $100.9 million in cash and $244 million in credit facility capacity.
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