Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen greetings and welcome to the Horizon Technology Finance Corporation Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce you to Megan Bacon, Director, IR and Marketing. Please go ahead.

Megan Bacon

Thank you, and welcome to Horizon Technology Finance Corporation's fourth quarter 2022 conference call. are President; Chairman Financial and today Officer; Chief Officer. company Michaud, Jerry Dan the Rob and Pomeroy, Executive Representing Trolio, Chief press at horizontechfinance.com. I the are point to on release earnings available website would XX-K and company's out the Form like QX that

those conference our statements, similar this in including expressions for the a discussion in results new These performance December regard Certain revise or used the Commission, results the as any to subject we statements statements. believes, that and begin to of intends year everyone some XX-K cause otherwise. make in or material future Words statements, to expects, remarks, and whether a as company's are from with these factor ended statements, with including formal Before the company future such the need risk on conditions. update will The filings forward-looking forward-looking of I remind are Securities forward-looking to basis events result XX, of company's company identify anticipates, these factors actual and during detailed no or Exchange to could the factors call, forward-looking the the projected forward-looking predicting in Form are the information, differ company. certain undertakes obligation XXXX. statements to inherent uncertainties future

call Pomeroy. I over At Rob to the to this time, would turn like

Robert Pomeroy

Welcome, interest everyone, Horizon. and you thank for your in

provide in on advisors' development our development. quarterly I and condition. As then and our our current our performance strategic operating will will Today, detail we markets will Jerry environment. performance on an financial portfolio our efforts, discuss and operating update always our update do events Dan business new will you our also overall exciting calls, on our I

We will some questions. take then

Management, a Horizon XXXX strong fourth environment. in face challenging in capping of the and Technology advisor, the well Horizon off macroeconomic our performed Finance quarter, a

year. maintained and and of We over quarter We sheet, quality. the portfolio to credit for million. distributions our $XXX we our size solid grew balance exceeded earnings Our the our bolstered

very advisors the are and efforts portfolio, and navigated successfully power we as validated pricing our further of XXXX, approach. of team's our proud predictive throughout our our disciplined We how and the they pleased earnings I'm year with its through investment strategy

our to XXXX. in Turning accomplishments

Our portfolio at XXXX. $XXX of an from end million, year-end stood of increase at the XX%

floating significant advisers' our backlog of million, committed a from and ability community. power originate a with which $XXX Our investments solid year growth us both in venture venture We brand of and approved the Horizon high-quality provides to the debt the debt increasing resulted the finished with of and portfolio our in base level for investment of on We per to net excess opportunities higher the to our largely the well interest grow investment generated rates of income in growth our $X.XX XXXX. due our distribution in year, portfolio portfolio. share, rate

our note our as based per share quarter, distributions would confidence for on performance third increased XX% per our last strong paid the that as monthly declared consecutive share special outlook, I we by $X.XX year. well $X.XX our a distribution to and in

year of yield BDC based outlook June through as debt per $X.XX XXXX. spillover our quarter, the of at year-end, quarter achieved This near of of the of yield and undistributed XX.X%, We declared the XX.X% $X.XX share a distributions on investments portfolio and a top income our of or of our monthly industry. per we portfolio debt for share on full

year. environment, the a challenging in the maintained of end macro face portfolio profile or X the at of credit stable throughout the rated our the XX% with debt year higher We of

to managing net actively share. year quality. asset value $XX.XX we with our As maintain portfolio credit investments of and a the per of its We always, are consistently ended

of million sheet balance our approximately at $XX from our in a equity premium fortify to continue NAV. program, we to the raising XXXX Finally, all at-the-market during year,

offering nearly from March million overnight Additionally, we notes in our offering in our equity June. in $XX raised

new have our opportunistically and grow. While equity liquidity seek will we capital and current capacity adequate to debt portfolio and backlog, backlog to continue fund as strategically and our we

interest Entering XXXX positioned generate closely recession, rates, XXXX, inflation a which backlog portfolio our our originating with to and and concerns remain exceed global manage We continue believe selective our in may in NII strong about and we to distributions. higher possible portfolio investments. will is new

the that in we boutique adviser assets certain an due premier were to managers by agreed new agreement week, to has with asset the the over control be of of of strategic note under On excited affiliate Monroe announce in acquired the $XX to our front, advisor. change Please country, one last to that closing shareholder conditions, approval including investment management the the subject management. billion a in transaction is Capital, of

recommending adviser, entire adviser, Horizon, staffs the the investment fit is We public to agreement HRZN. Directors adviser expected unanimously our our similar agreed those that new Most for The to remain team be clear, company. Monroe agreement not substantially management of making has that this approval values to platform, manage acquire And advisor. a all including To continue new currently with natural the Horizon. the well and the advisor with independent culture of the of are importantly, existing is to agreement is Monroe's between the Board the directors. aligned believe our and and

that and over the The and through and purchase infrastructure Horizon strong incentives more opportunities adviser's believe value access of advisor capital. management existing Horizon have economies potentially lead Capital's platform time efficient will its while Monroe advisor strengthen create to greater grow and shareholders over time. to access diversity portfolio Horizon investment also the of will scale because for Monroe's to increased ability expenses for and more We to reducing

advisor, and Monroe. benefit Horizon all be excited transaction and this Monroe, We are that to shareholders partnering Horizon's confident the from are will with

to current strategy, credit all in smartly cycles navigate expertise its the experience In taking rely on advantage to positioned summary, the Horizon while to originate opportunities economic and execute continues to through well cycle investments. of remains new team collective high-quality its and

details and to performance. give call Dan you I now on to that, over With more and Jerry? will turn color Jerry our the

Gerald Michaud

Despite ending grew quarter, transactions consisting new and for Rob, tech Thanks, fourth our diversification million, $XXX $XX we further new life good million in the morning including companies new $XXX X we science the million X portfolio investments XXXX $XX year, million. in the companies, to everyone. with a to funded companies portfolio. investments XX portfolio by headwinds of X in continued totaling debt of providing our macroeconomic to million and high In in and quarter $XXX QX, record portfolio

experienced of was pricing X QX in prepayment investment above continues transactions, X and quarter partial to during the quarter produce reflect our loan onboarding XX.X% during will yield the income. net discipline which yield strong Our structuring paydown and totaling and $X We million.

historic be M&A the to muted. We first XXXX our IPO expect in and to of prepayments to as markets remain lower half compared levels the continue

to of rate highest one Our in debt floating industry. portfolio yield rate structures a of yields which interest a environment, helped rising XX.X% the the BDC for the of was in value generate the portfolio our testament quarter us

we a positions fair December held with of in of companies portfolio XX, million. $XX value equity XX and warrant As

backlog and closed of investments loan to maintained strategy structuring aspect noted, In we've approvals million our an equity commitments while key and macro venture it size committed current approach additional ended our is approved As $XXX and $XXX quarter, and warrants to as challenging of with generator. $XXX quarter. in the with the committed of grow at selective backlog rights compared debt opportunities new million environment. positions portfolio new third year a with our we the the we consistently million value and fourth the of end a pleased the to our us We're in

subject our milestones. our funding portfolio companies commitments prior of are As noted to key meeting most we on our call, certain

consisted credit of X remains solid of debt portfolio's of representing fair investments at investments. and Our of X our of by total had X We X-rated the X.X% debt debt that rated our debt as as shown we debt had X of the QX, XX. and value XX% end investments quality December fact one-rated portfolio, the portfolio

of communicate received totaling all our monitor prepayment and overall totaling X million regularly transactions with million. partial totaling $X.X well companies as prepayments and new end $XX follow of $XX environment. Horizon X closely macro to the received QX, portfolio million, continue the to X Subsequent We as funded

upon shares of addition, XXX,XXX Horizon Therapeutics Cadrenal of of stock closing the public In initial stock closed received XX, XXXX, offering at which January Monday. Cadrenal on on $X.XX

for We Cadrenal investment the have recorded no QX. of at end

in Turning environment. the to VC-backed companies approximately billion to capital invested was XXXX. in PitchBook, now $XXX According venture

half of a investment investment virtually to current investors the with the record-shattering first reduce We markets. XXXX, level this VC of the high-quality, invest investment on year IPO year. that second activity in was VC With healthcare growth-oriented will however, in pace While market, likely environment investment space VC fourth of note, to quarter. it soften not activity in lower sustainability did continue said, And tech, still despite highest community companies technology of the lower M&A in the in the and market continue VC the the to record. of that year the continued given closed XXXX, of

during In record. terms billion XXXX, was fundraising, a raised $XXX of VC

raised of levels. was billion VC the at fundraising same record $XX just signal lighter VC's the value $XXX for dry only environment XXXX. considerably current modest under year XXXX. the which VC-backed and However, for powder in the quarter, the was billion fourth time, just the At billion since remains lowest exit closed and remains could IPO was activity quarter value exit billion total the $XX window given for the exit Meanwhile, $X

they VC-backed Given of relatively first the -- IPO continue to for while remain markets emerge expect for alternative muted XXXX. from options would slumber. seek Demand wait their uncertainty as the to we remains the debt venture companies to venture-backed financing exit and environment, activity solid certain we M&A for half

for venture venture advisor seen banks creates their sources alternative lack have This debt we financing tighten to source in and additional debt high-quality market. loans. originate opportunity the Further, tech-oriented to our activity of begin

Given to Horizon, our compete to for grow and which Horizon advisor's continue strong platform well-priced lending high and situated believe solid well and Horizon capacity of and will investments, investment remains quality portfolio. the win we active

near awarded backlog and of approved as while at million, committed, our still today Advisor's today pipeline million, of highs. historic stands $XXX opportunity at remains $XXX Our new

for our of focused environment XXXX, remain to continue enable to additional selectively looking our to ahead believe our persist credit at which portfolio. will the be on attractive, quality debt our for delivering believe there least We first positioned venture for challenging us and we may XXXX remain continue the optimal we shareholder solutions, half quality long-term but portfolio, well outcomes committed value. Looking in ensure companies we to Thus, backlog advisors pipeline. grow we

over now call Dan. that, the to With will turn I

Daniel Trolio

Jerry, morning, good Thanks, and everyone.

our portfolio mentioned, NII $XXX very Jerry once solid maintaining our portfolio June and quality. Rob distributions for As XXXX. further credit To million our again its stable We to capped grew we we generated of and covered to quarter capacity XXXX, York a than maturity while Life and off and the significantly more our year the sheet Horizon. that by strengthening balance recap $XXX credit February, million expanded by date million. In our facility $XXX grew extended New to XX% fourth

million stock we million over capacity which strengthened capacity KeyBank $XX proceeds increased successfully in proceeds. new completing we investments. $XXX sheet million further X.XX% offering. net We our securitization in balance March, coupon loan rate, and $XX to raised November, our debt in a raised In over notes offering, common our June by make with our facility closed credit X.XX% up freed which In net from in our

creation successfully X program net million continued the to additional proceeds of year, sheet access in and our shareholder million. demonstrating fourth value We nearly balance shares and and through management $XX our keeps well our million XXXX. quarter, markets. accretively growth approximately the positioned includes ability This equity program proactive ATM believe $XX from us the sold opportunistically over thoughtful during for receiving in the we Finally, raising

to million million existing XX, of under we As million facility. be in $XX our funds in $XX December and available available liquidity, $XX in credit drawn had cash consisting of

our under York New and $XXX Life capacity outstanding there $XXX addition, million KeyBank to the $XXX grow us with credit ample was facility facility, on our only leaving million $X outstanding In credit portfolio. million million

investment which million. was net sheet, XX, $XXX position capacity Based Netting Our and target on debt-to-equity December leverage of December leverage cash XX our facility, our capacity cash on our X.X:X. above ratio of balance our our new stood at X.XX:X on X.XX:X. credit our at as our borrowing out potential was was

the increased higher For the primarily variable investment Interest prior and a of we as increases in increase earned earnings the investment. of rates interest for investments million, debt of fourth investment result average quarter our quarter, debt income compared XX% to an on $XX on year our income total size period. the of the portfolio

a XXXX. million a investment debt Our for XX, net increase portfolio of cost $XXX stood XX% December at on as basis September XX,

the we of yields compared For 'XX, of achieved fourth onboarding in XX.X% achieved quarter. third the to quarter XX.X%

quarter Our quarter. fourth loan the for portfolio compared yield to XX.X% fourth last was year's XX.X% for

expenses $XX compared fourth Total million million the for 'XX. quarter the quarter of $X.X to were in

increased due in fourth last average quarter $X.X to million our an rates on in year's Our interest expense higher increase from million borrowings to and interest borrowings. $X.X

Our management fourth average increase $X portfolio. quarter from an up to in was year's fee our base in $X million, due size the last million of

million fee from fourth to declined incentive million quarter. performance-based $X.X Our year's $X last for

$X.XX share and quarter in per 'XX. 'XX for the third for per fourth the of $X.XX of quarter income fourth of share quarter compared was $X.XX 'XX investment the per share Net to

full than covering income strategy The share, company's time was predictive NII $X.XX total December that enable during will as the portfolio, that per our XXXX, We pricing of of NII year covers generated distributions per larger distribution. $X.XX more along our over we share. increased us generate per to our anticipate undistributed with XX our XXXX For of share. spillover $X.XX

fourth summarize We payments pay investment scheduled in To for prepayments million. quarter, by offset with a originations XXXX principal of our and partial downs. principal million were the and total activities partially portfolio $X $XXX million $X totaled million, in $XXX ended which portfolio new

average companies investments in and with companies million, the other portfolio value than the million. investments of quarter debt At see portfolio consisted age fair portfolio environment $XXX saw of equity recent in with an and an XX the we XX, in of first new to $XX fourth Given value and fair lighter quarter. a XXX warrant, we the growth expect would macro December of prepayments,

providing declared distributions distributions upon We with covered committed share by $X.XX outlook are that investment remain of April, our our Based Board our income for per time. for to May XXXX. monthly June XXXX, and net our shareholders over

December $X.XX basis of our partially quarterly fair XX, offset NAV as was was investment special a share as distribution XX XXXX, $XX.XX XXXX. per of and NAV adjustments net of income. reduction as $XX.XX to per primarily distributions, XX, paid Our in share by value, December $XX.XX compared on September and including to $X.XX The to due

their principal floating with are of XXX% at that As to rates amount interest with rates of consistently we've noted, as our structured coupons interest outstanding investments, increase our debt interest rise rate floors.

in XX% As increases debt from investments of of December our rates. XX, will benefit applicable base their additional

opening This you at this have to concludes our may We'll time. be happy remarks. take questions

Operator

Our Instructions] of question line KBW. comes Lynch first from Ryan [Operator the from

Ryan Lynch

regarding one I first of Advisor. was transaction had the The the

the asking be but owned the experience founders BDC not this typically sector, the the I'm are manager. manager term? manager you the mid reveal in And comfort that Can you in to private executives. and shareholders by the in give potential So shareholders financial signal in and liquidity external majority that if of been that change in case, you management a the would or in Horizon's Jerry near information, vet immediate has you can personal and my majority private doesn't confirm any Jerry. you the

Robert Pomeroy

Thanks, Ryan. This is Rob.

Horizon Horizon, the going as said to incentives we're staying public we we said releases, we've to have script, to we're the all any and grow and strong platform, in grow As we in the place. continue also not press long-term our company

Ryan Lynch

Okay.

was I Or with other this exclusive this was The Monroe? deal shop question had around? an talk was,

Robert Pomeroy

we a an public at they've business long to on capital to to the us move looking been opportunity not the -- them strong large for platform. raise with franchise going to that opportunistic This our a saw our really comment into attractive capabilities platform time. and was get for mutually and process. company We're And a for grow to help overall both

Ryan Lynch

a looks made to I this like then the their you I'm a first not cut moving published is in but the if by in It's at that. was quarter new the pretty XXXX. the Biosciences It of and that these saying Okay. a consideration fourth guys is some of looked that investment to when investment taken made questions fourth fourth were fourth And your sure the that guess they stock trials of Was in Was about right, down down amount $X.XX. the Has couple in Evelo headcount fair just in guys the in -- results, that been like new in with quarter there million. quarter? the huge in results you and a trial quarter. investment big investment? I'm marked par data the the now $XX quarter. posted reflected value significantly misses data first of quarter? the and It's some into large fairly they it of that

Gerald Michaud

Ryan, this is Jerry.

fellow So we public on release press all a did -- of put company. a the out

because would also right psoriasis is topical for is they psoriasis, Phase of releases, a for other be on day, press can just just little to change for III They trial the which ongoing a trial I have which no trial we appeal trial to disappointing by us, trials, psoriasis that, of took was and a stakeholders that about underway. outcome This protocol and a a talk the didn't to have And was clinical yes, possible out on Phase that we pill, bit. II results now. another a the But it underwrote. disappointing certainly Phase actually is dermatitis. specific So a there market one the read They get update. that. too. meet yes, number you they way, to for II if had into the all for a technology, a clinical question, endpoints for clinical That including platform when they put the your consideration a

multiple they at activity trials and the on at So company. have clinical company going the

related Their unmet is indications, a platform need significant is to there in diseases and a technology that inflammatory particular area. addresses that

back a on public own company. were Moderna the information. there. like there's in public of developed of one familiar The would the technology. not that. science actually you're lot majority case going that the to is the United the while here. in company Flagship company. is significant been they're and the extremely They've of with Flagship, that also is the And this -- So like They I States a amount shareholder They investors companies life again, supportive biggest note ventures, and a things ones

just So underwriting beyond X potentially in went well the trial. what clinical could happen

Ryan Lynch

Okay, understood.

foresee Just my VC being companies they're companies receiving you either to kind portfolio, venture with a lower, but really exit as in investments exits? little back your capital of last the -- more capital lending has going a VC new landscape, then, or on is capital. rounds of but with it raised, decline going or very question the not venture deploying in there's of specific not level importantly, lot do of broader capital do to -- made just with been as think you significant Obviously, space, to activity occurring they're capital markets of that active in maybe existing new additional a from the the amount supporting in necessarily of significant level the question how valuations -- the well when be any

Gerald Michaud

of there. -- And there pull to there's the to to tug a On need is funds. a capital one of get to question and need the And right Yes. on. of going invested. lot VCs capital That's side committed that are equation, right ultimately, VC kind the going

I of not be from half to an half actually start by first was but doing article Bain. think the It second this going year, that. to interesting really there's maybe So pressure, the in

investing. before, -- or now. was be and market was the very they're the And the -- are think just large something their funds. that to to lean good, They to think yesterday right effect they paraphrasing going they're raised valuations forward here I X day into going quote I'm

got that one side So you've it. of on

in much very very other the market There that's also some in M&A to your with few done. is and IPOs not shape. still is the the actually And are getting point, everything has IPO distracted there been On else side, much activity. economy, M&A going good better on

things the have we of One noticed.

raising First high-quality still capital. of all, companies are

own have or portfolio more handful We our million of that in companies have $XX a in raised XXXX.

everybody is cash XX to -- grow the significant round. business, relates happening, raise [ph]. else, work get our flow on us is instead of it smaller positive. a still It's far big raising fundraising As more focused going through of seeing to we're kind let's today a to What being companies They're and growth getting rounds. more but months,

or event So big much kind an so a it's not an It's better about getting market M&A. to like getting IPO to of conditions.

a X, on growth that XX -- X, and than good see They raise part a more may really lot market. capital of the we months raising So where that focused of be really companies are it. of

So most still by we part. to of growth of companies by living waiting the valuations, to track I we're for for be it market. idiosyncratic M&A we're better want and necessarily big what keep the of a right in situation. more world now. year. going think see And a on that's -- this conditions, for can and impacted situations IPO part They and being them by see We'll in some some better first investment. But kind macro are kind isn't that's kind investors better There track, portfolios companies the the that half are seeing of obviously supported keep but their funded market continued

And the so the macro, like who investors and both we things obviously are are that. aware and of

Operator

line next Our from Bryce of B. the comes Riley. question Instructions] Rowe from [Operator

Bryce Rowe

over -- the end target. year balance Wanted -- finished of high to your over your ask you Obviously, about you all the leverage. sheet

from at debt net You're perspective. now a X.XXx

Do range to, that? the to that of feel the above all target try we over to into Just Or on at expect continuing 'XX? any you operate you should back doing thoughts target? course move I comfortable guess, down

Daniel Trolio

net that to point snapshot throughout at we a is and out X.XX a of we're just regulatory cash fluctuate time watch our end is the of with a at up that will comfortable down X.XXx do the Bryce, quarter. point Xx. say the quarter. Yes. at that the But that's closely between and want yes, very And But the of just in at slightly and above very it's cap being level we what place X.X. cushion target that,

So expect say I level would throughout you XXXX. be to could around that

Bryce Rowe

that's the that maybe Okay, for a get vary of there a portfolio pricing. change question there. When loans? your prime rate loan, And various general in yield would is Can you a goes loan then bit assume curious [indiscernible] rate. change helpful. in effect just you around and but I remind it practice us when if that just might by into

Daniel Trolio

does rate are You or that change. the of changes the either loan. at correct. rate time will be it in first month generally, It by But following the loan the effect vary the

Bryce Rowe

where Okay. of today, floors And kind side looking a yield a then for at maybe of last have for average loans you one when good for -- are weighted things, your pricing is? on what me. do on From we're the sense [indiscernible] the again,

Daniel Trolio

higher of portfolio will changes prime. the the at continue longer on at portfolio rate, rate prepayments, Yes, grow put as floor on as we're with prime With loans X.XX% significant X.XX% we amount It's funded looking around a to average. at and do. period new lower which we the the our

Operator

question the from from comes next Vilas line Our of Abraham UBS.

Vilas Abraham

credits picked the the there? the particularly migration on bit in negative one-rated comment up quarter, of you guys a that Can couple little

Gerald Michaud

and one had kind idiosyncratic to strategic X related events of that had we done was deal transactions Basically, the to then that get Yes. didn't. about to a specific companies,

So we downgraded still early process. and the that, it's in very

both to goes. in it and coming appropriate felt market how those be we'll third something that Hopefully, over the transactions resolved get We'll of the working quarters. we them. on see be both we can down, would So of by quarter

was the to So work opportunities And more really, them. valuation companies that happen the took a something relative or to to didn't conservative done, been better nothing market macroeconomic that. that a more else have may we given for the better than positive We approach yet. do circumstances, have it but more to get

we are them. where that's So with today

Vilas Abraham

the particular fashion portfolio, the And in you a any broader industries maybe more in Okay. just than broadly, as with then stressed industries kind dealing of you look pressures? your more are others? seeing similar Or across all are

Gerald Michaud

Yes, that's question. Yes. a good

I our can the some because an specific that in not we're to specific that science versus seeing it's business, as dislocation issues. is in think very has be example the one life that that industry, cycles which, reality in is more it macro is at market times What there broader the when broader slowdown, taking take where environment so is to very take your of back slow a markets that specific or of causing kind going is about company. kind change. step not market much a a even specific time anyone they're approach market it's concerned the a is a But to

specific because in macro events. suggest of there of that that tide would are you'll when something we in see just really markets for turns on case, I have that hasn't kind think outside the I event all serve around, dislocation as the raise been any markets most will any the boats lowered going it boats, that this of environments in that think So is macro market those

Vilas Abraham

early do inning founders new control point? the the this here? adapt of about progressed need year kind to you companies be companies one things think these they And of last Okay. that their started trying that's to where think environment and right? was you What we're getting in kind to how venture-backed to And to to cash in, doing of burn, as

Gerald Michaud

We reduction asking this usually cuts the doing of question time in happens historical good and what been perspective, the having inwardly and reducing By costs, whole very of kind what questions in the kind a expenses. burn their pretty have already fourth seeing of in were quarter a of you're this -- on down the focused the slow cutting Again, kind Yes. asking, because companies venture years. taken is that's you're -- for saw place. XX% ecosystem market. XX we're our And

of gone and that, on in new significant even think trying we're through on where a -- costs. seeing, companies kind a lot to getting flow opportunities in a fact, business, they've we versus cash has and managing their cut process the with the focus they're already So growth. breakeven happened of have

investors the So happened. And has gone forward. we the capitalist will half these kind a a are have companies I back that is first And this the will scenario what that step over the going of of already not lot maybe that that. that company to of in first on see during through and in this growth for companies time. kind most the half getting of now the be focused but venture think of the of year, transactions year next

that's a we what of already seen lot so And that have definitely happen. really

Vilas Abraham

Okay, could And the one on I with advisor. that's if in here the more squeeze helpful. synergies

think you that saves quantify could expense at any or you that are some be timing Can all here. around give there that? that mentioned realized I

Robert Pomeroy

yet. of answers is, definitive a lot this spent really answer The Yes. any not time it, working announced the for But have don't on at but transaction we just time. that

Operator

questions Robert and queue. and over the no Ladies there Pomeroy, comments. to like gentlemen, would CEO, conference in for I the turn to Chairman are further closing

Robert Pomeroy

will to call. you. interest for Thank all Horizon, We and look this support appreciate we conclude forward again in us joining morning. with you you Thank soon. This speaking your and continued our

Operator

your you. conference for participation. Corporation has Technology you concluded. Thank Horizon Thank of The now Finance

You may now your lines. disconnect

Horizon Technology Finance (HRZN) 1 Mar 232022 Q4 Earnings call transcript