Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to Horizon Technology Finance Corporation Second Quarter 2023 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Megan Bacon, Director, Investor Relations and Marketing. Thank you. Ms. begin. may you Bacon,

Megan Bacon

and welcome Call. Technology are Representing Chief Michaud, Chairman and Financial Quarter Rob Corporation's XXXX and President; Jerry Officer; Conference the Executive Trolio, to you, Chief Finance Officer. Horizon Second Pomeroy, Dan Thank company today

like that the to and press QX company's the out available are XX-Q on point website would earnings release I Form at horizontechfinance.com.

call, with forward-looking formal remarks, performance company. everyone expressions to this intends forward-looking conference identify remind statements, future I that certain statements. or to make statements to our the need begin of will we Words regard believes, Before the such similar including company expects, used during the are as anticipates,

cause basis inherent in in to These forward-looking statements. results subject from these statements differ forward-looking predicting uncertainties are on a results those actual to factors projected material and the could future conditions. Certain

are for any factors company's Commission, the these whether to XX-K Form filings of otherwise. revise ended undertakes information, update The no or or as the obligation statements, company factor the including Securities future with some detailed of and Exchange new December XX, result the discussion events company's in a XXXX. forward-looking in And year the risk

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

Robert Pomeroy

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

will condition. markets, As our performance operating you then and Jerry calls, will current discuss we financial efforts, on business portfolio quarterly operating Dan always events update overall our do I detail our environment. and will on our our performance and and our our development

take then questions. some will We

credit focused of selectively the from the originated also Management fallout capacity. Horizon increased Horizon solid sheet's end, quarter our a and with investment the loans we companies, ongoing concerns. the our on the balance closely our that crisis had while Finance quarter adviser banking quality at and Technology new To credit portfolio despite We second economic and beginning

the team and built Though attractive well of through as macroeconomic We current of term us well environment the new value uncertain. maximizing resilient are a navigating positions a remains to professionals to portfolio long expert of adding investments challenging we've portfolio. our that both our as succeed and period investments in

our to share incentive excess rate well declared of fees interest largely floating of to as in investment as quarter, income fees remarks. distribution results on HTFM. NII will Dan in net discuss generated we rates of per on Turning well incentive level, specific portfolio the our $X.XX debt the due for impact his lower earned by higher further investment our

debt $X.XX outlook once over spillover industry. $XX We share a of our our both as premium of and at top end the of follow-on from XX, portfolio for raised yield investments declared and a offering achieved at we again of undistributed near share equity our on per We the income a or $X.XX to the XXXX. the June XX% BDC Based of our of quarter distributions on per from million at-the-market through of program, monthly NAV.

target of The investment increase ratio reduce our X.X:X. to net-debt-to-equity our raises and equity our to below us capacity enabled

New increased by facilities also and KeyBank capacity a We by expanding investment $XX our York our our both million. successfully combined Life

backlog positioned improves. current to environment Our our well originations as efforts and future the us proactive fund have

opportunities us approved portfolio. our base stood quarter end and Our portfolio $XXX of committed We of a solid at to backlog with quarter at grow a thoughtfully million. finished providing the with $XXX million

subject As certain key funding a reminder, companies are commitments company most our of milestones. portfolio -- our meeting to

being in resulting in value some per asset few of net NAV a to to off with maintain $XX.XX of contributing capital last other over Due access the the the quarter down mark the share to unable quarter. as share. the environment fair the investments X for to ended debt debt difficult for We companies raising reduction we capital well investments Finally, companies quarters, new operations. value wrote $X.XX as per

of we consistent our and relationships, our portfolio expertise the companies, quarter. However, believe working profile our close with support improved overall during credit

our new as and we portfolio investments to will selective closely will near We investing the term originating stabilize. the in remain in to look and economic continue manage environment for

We generate the continue the and HTFM portfolio acquisition by report backlog adviser, I'm second our also of to pleased half completion year. our Monroe NII on is XX. believe Capital the of to June in to positioned strong of the

compete it investment with to and have with portfolio of umbrella. will team capability Monroe will added and as larger the win investments. the Our a of Monroe's platform, will generally adviser which With fundraising larger maintains opportunities, the HTFM benefits has its more Horizon and and entire operate abilities provide diverse

unpredictable, environment of is while remains summary, the steer doing experience the our team cycle. and through to the us expert right In things all

turn Dan We and will execute carefully I strategy, to you the more investments. to over and seek portfolio maintain details Jerry? on grow high-quality a credit to quality focus now our to continue and With that, our Jerry investment call sharp on with color give will the performance.

Gerald Michaud

Thanks, everyone. good to Rob, morning and

headwinds portfolio macroeconomic million quarter Given size of totaling $XX XX. June quarter, as and flat we company care to from new our $XXX banking technology VC imaging in at the for In AI-enabled funded the portfolio million investments investment QX, debt health portfolio security $XX debt prior care. a debt remained XX information ongoing new million, second million providing on company, and including investment focused a $XX dementia a to a the tech

given in to term originating expect investments environment. near debt We in the selective remain the

and a the raised growth. of beginning million under as to compete to quarter, top situated for capacity we in fresh believe having as our offering expanding demonstrating in through pipeline borrowing $XX is well in the are the well our demand that companies follow-on credit greater of equity our our reflect We by facilities equity opportunities, raised these However, ATM quarter. have are

our discipline of investment net which to the income. in as strong Our well XX.X% higher structuring near transactions, remained expect our produce rate highs, and markets onboarding quarter our pricing historic in and the as yield environment during we reflecting

We one prepayments, loan loan totaling paydown partial refinanced during and quarter one the experienced $XX million. two

to XXXX, M&A historic markets. compared prepayments third expect the muted We and given of our remain to IPO quarter levels the weak in

Our We to interest debt is testament the second the rate floating a the our again rising environment. yields interest XX.X% BDC rate for of generated one and value of debt straight quarter portfolio the industry. in a yield structures portfolio first of highest

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

of million quarter, and we $X.X equity-related the During received proceeds. warrant

consistently As shareholder value. and strategy debt of these generator as proceeds, by warrants is a key a potential investments of a venture with evidenced component we structuring rights and equity have noted and

million to of certain new believe second $XX commitments with and at committed In quality approvals million selectively our the companies and half million we funding to in We $XXX to a new of quarter subject companies portfolio milestones first second approved commitments our committed closed as backlog meeting prudently portfolio of of opportunities approach the most we loan our investments solid portfolio provides base the maintaining to end and key compared $XXX add in in backlog our a grow quarter, ended quarter. our with XXXX. selective the new the

originations, underwriting to the raise current we which navigate the of companies on ensure portfolio are process, challenges, capital. ensures ability selective Along they to with we and market including our all our through new additional with and are current creatively able prescreen working closely remain to

through our has successfully worked completed product Phase quarter, Biosciences its for Evelo For lead investor to and company trial its to in ensure in In private we the example, public diligently larger lead $XX public its during company necessary financial biotech the collaboration. with equity. Xa our placement July, resources portfolio company's million investors a a the a complete efforts

has $XX the but our of converted innovative the opportunity $X prudently to loan to and its Not for preserving did value of upside equity million a now and received Horizon of in price investors. the by potential which million assets. In concept paydown while evidence solutions borrowers times for the of its immediate create additional with credit Horizon reduced only exposure, its series on stress, for Horizon unique at gains. pipe, provide transactions it We believe shareholders same this ability significant $X pipe the paid our million to relief income-generating outstanding loan is

our of end of a debt debt and March portfolio of investments step-up as XX. in XX% X-rated of We last declined of to in consisted X% investments, X- quarter. from The from quarter. June the at debt down X-rated and the X-rated had XX% investment XX, X As the of number debt QX,

our of debt total portfolio. Our represents X-rated X.X% credit

toward capital VC-backed in companies now second environment. a invested was quarter XXXX as activity the approximately in pre-pandemic venture to According billion VC $XX PitchBook, of Turning the levels. return to

also to term. near and the expect remain for continue believe with void capital venture especially public creating fill need, their other equity least companies present banks. this opportunities to BDCs opportunities the available created positioned especially seek to best The at needs. to we the investment depressed as of debt exciting creates decrease companies While capital the capital, by fill while challenges and investment the capital We venture particularly pullback collapse for environment in remain themselves, investors lenders,

quarter of the pace was low. market fundraising, in a terms the on second remains VC to raised as $XX record In billion X-year

improved due of remains provide VC for exit emerge. potential which sideline ongoing investor level enable high should support powder to to until a companies However, VCs dry capital portfolio markets

and the a decade the driven closed to the acquisitions. window. value Total low better environment see for We by in IPO $X.X activity was economic due quarter current exit billion, mostly just exit

driven the environment, exit activity acquisition mostly given build, term. backlog in continues to VC-backed expect to remain near the While we IPO uncertain the

for are new investors. return market to In supported we venture by their opportunity are seeing terms investments, growth that loan transactions conditions market of of the greater well a

on the were companies and first XXXX, many improvement balance with quarters sheet opportunities of focused reduction. cost X Over

fourth value Horizon, continued XXXX, approach a maintain cautious the challenging improving environment, its of quality and and portfolio. new third opportunities through preserving and expects to and the pragmatic while of quarters least the at to Given investment

environment today loans. portfolio stabilizes, venture approved which our our of as A and key As million, baseline pipeline today as advisers is the growth we at have we our new stands $X of and future new committed, $XXX to of backlog, debt and which at investing billion. stands opportunities, through reaccelerate economic over opportunities awarded prudent growth high-quality of many portfolio for the believe

solutions for when To focused optimal up, to portfolio credit on sum portfolio. necessary ensure and our outcomes support alternative quality our companies remain providing with and we

an and that, over additional portfolio now turn will long-term call portfolio yield, shareholder NII solid Dan. As I the grow looking enable in portfolio, our thoughtfully the environment we advisers us attractive our based and backlog pipeline. committed solutions, the the which debt well meantime, expect current we shareholders With generate our for of our size will for we companies to on our remain our positioned quality increase and to stabilizes, venture believe In value. to

Daniel Trolio

and Jerry, morning, Thanks, good everyone.

quarter, During the debt than from second the produced our once our NII that more again covered investments yield generated distributions.

which addition, significant are providing quarter active sheet, with our additional the with prudently can further very amount make of investments. in and new capacity In we we strengthening balance us

follow-on net During a the successfully $XX quarter, offering, million we proceed. completed in raising

additional our an capital. We raised successfully program $X accretively ATM million also of utilized and

In $XXX million. $XX addition facility raises, we accordion KeyBank credit increase and to $XXX million, its revolving to million our our to feature expanded by $XXX by equity million

our York credit $XXX by expanded also to facility million. We New $XX Life million

us the continue our thoughtfully beyond. value balance sheet keeps and in and shareholder and grow to create well portfolio additional environment the We loan focused positioned believe to proactive current management

balance million be us million facility, with ample of in million credit our $XX KeyBank portfolio. credit XX, no $XXX outstanding New facilities. existing the facility June cash credit We and capacity under had funds have of on drawn consisting $XXX under in to currently million available in liquidity, Life York $XXX leaving As $XX we to and $XXX our outstanding available million million grow our

XX below X.XX:X capacity netting X.XX:X, investment on June leverage our cash balance debt-to-equity was of sheet, target our our stood at position cash potential credit Our and X.X:X. borrowing is $XXX our was at our June million. as our new our out ratio and on leverage XX, Based capacity on of facilities, which

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

cost slight at March on a XX, portfolio a $XXX as basis investment net of XX, million stood June decrease XXXX. from debt Our

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

'XX. million XX.X% yield quarter second for Our in loan million, compared expenses portfolio the the second of the to last to quarter second $X.X XX.X% quarter. quarter was compared year's were Total $XX.X for for

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

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

performance-based an incentive million, million $X.X quarter last incentive for Our was to quarter. was $X.X and second from The for related of deferral XXXX. down incentive the performance-based lower year's fee fee second fee cap

quarter per compared first share 'XX per investment income income share second spillover the continue per share. larger pricing rates anticipate that portfolio, to XX company's with our in NII We Net $X.XX 'XX. as distribution. us in along for was will the quarter our quarter of of June our predictive second generating the was portfolio's our that XX The $X.XX $X.XX the covers enable per strategy, to and for share $X.XX of of undistributed increase interest

prepayments we As the of the year. we throughout experienced said remainder really have previously,

still below To $XX were our $XX new in scheduled our quarter, for million, today's summarize to and levels. which prepayments, $X principal repayments partial historical paydowns. in by portfolio However, the be payments million originations and environment, million refinancing activities we in principal second offset expect totaled

a quarter total $XXX of the with ended portfolio We investment million.

of we fair value warrant, near the remain aggregate companies of environment, of equity the with in in companies respect term fair an in million XX expect aggregate XX, and selective investments macro $XXX June an to XX originations. the million. investments of with Given a debt to portfolio other portfolio with value in $XX At consisted

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

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

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

concludes happy our today, This additional questions the prime of XX% increases rate. portfolio our from in be have benefit this remarks. take time. As debt you of to at opening will may We'll

Operator

Instructions]. [Operator

comes question line the First with Securities. from of Rowe Bryce Riley

Bryce Rowe

also of to activity about the second the internal ratings about quarter portfolio's the ask and to Wanted then quarter. subsequent second realized some the in and

first, So internal on ratings. the

the X-rated Xs assuming and remarks up. that of then the fell out some you guess, X-rated the cleared and here the prepared and X- came credits the in kind absolute least the driving credits at about in bit dynamic Xs highlighted You then Can a X-rated numbers. as the improvement I down underperformers the, And credits of that's went little actually you I'm in to the primarily quarter. kind of talk

Gerald Michaud

our some chaos Jerry. of the kind companies that is of extremely -- the actually, in just we're been doing through so well. what everything, that and portfolio banks with This Yes, happened have

So they in to able growth. very continue continue They to continue an were market. raise their able -- difficult it -- capital will and otherwise to were they was

X-rated get about well period. And talk so I'm it a have there don't quite -- we few actually very credits that but to glad this quite definitely done you brought well did much. through were up, our

every well. of go able so end quarter we those the at through always evaluations as And it's to our nice talk about as be to

of other with market a the end banks. difficult, chaos early in What the was the capital of was in quarter, On happening to to with figure raising deal there part that the loan bank of looking the orphan second around to a this extremely especially was spectrum, the deposits. were figure put were know out from with. how their They companies an lot they work to out to also banks, how didn't where looking

lot a side And debt of saw banks. just so to we on new wanting refinance of opportunity the out of their companies

not really that. this be really think -- I is not that basically the said is time to the that, market doing

where mentioned, I cases, the of we out beginning think, are, In are in we quarter, other the to to And potentially companies these quite And get say viable. and of stabilization. second to was so finance go at keep some need underperforming. were the have and they it companies had I would some have their their gotten underperforming seen boards the able but investors more financing figure capital companies that rational to severely We're chaotic Companies VCs not businesses. raise about to as this market. that ways to

where So growth, opportunities are it's significantly in put is the like the our more rational much and dynamic right investors seeing pipeline -- market markets very in are into we're exciting, already are top both what can the there's their I a health now see what pretty on right on now. coming side, now in and trend do have runways I that is positive -- the of capital, very side. where their fresh expanded care biotechnology What

but mentioned -- about have well. doing ahead are certain and and financed there some are well everybody's market companies gotten I'm heard AI that everything, quite And just that of

we're market think ratings. movement in seeing But still of the today we to better We that's in we portfolio definitely at to think M&A of were being about necessarily IPO reflected relative stabilization. we unstable markets as quarter. the some feeling feeling than valuations second beginning our So we're the are our don't And some market. mentioned, danger and relative of credit the out I and

Bryce Rowe

Jerry. helpful, That's

assume realized I of losses. then look about the realizing defined of Let's writing source investments interior and quarter, on kind losses the left was secure second the terms talked of some the transfusion that off the you portfolio, major X like in see. of the And realizations in

a the related write-off that what think through terms release. was? Just the you place of about, in activity, transaction should the some July in coming the kind question of curious realized losses And we third better with then press noted

Daniel Trolio

Yes.

the investments, the just on and you fair this in quarter. were pick the point interior marked X as deals we they value see did and change X-rated basically quarter, Bryce, schedule that what can in the nonaccrual out So I'll out realized the we defined were credit in was quarter-over-quarter, you STS that realized

quarter. NAV the was minimal on that So this very impact

We raise about, names, just was as that and through The a We don't July necessarily as guidance. in basically name goes, each anything give what third companies table, able better on happen in we're not real deal through to report not to expect fell is place quarter. do we you future private of in transaction the third was talking don't can on and a one capital there a specifically the or anything say deal -- and have should deal. but that to working Jerry had portfolio time far our and additional then the

Operator

line of the Next Christopher question Nolan Ladenburg with comes from Thalmann.

Christopher Nolan

acquisition co-investing are Following of funds? by the going family the with to all, first Well, in of Monroe of Capital. you manager Monroe start their

Robert Pomeroy

to Christopher, the currently, we is plan as operate been, really is this Rob. So have

primarily as there co-invest. opportunity But activities that Monroe And raise separately platform will Horizon well target initially, the are to and customers the that we focused opportunities seek today. think on managed be additional I over transactions where to look company, same for be dedicated under will Horizon HRZN, the as focused opportunities be we will might on an be so public both are our to looking we time, accounts --

Christopher Nolan

a on guess that on vein follow-up I then leverage. as same And

debt-to-equity Following plan up the your to the Monroe is take acquisition, target?

Daniel Trolio

No.

we're as normal. Rob public the As company mentioned, running

leverage X.X, target the So stay the X.Xx. will around

Christopher Nolan

final question. then Okay. And

Bank? market by any you created Silicon into banks For being to seeing able effectively the seizure step void general, the of Valley the in are

Gerald Michaud

think it's too tell. early I to

I would it's is answer tell. particularly. be answer But the no, the So too short to early -- think not

is that the of there's some the bank available I going banks marketplace, who Bank. that going to is banks I "Oh, think haven't plan are acquired any be we next the think the next made people Valley there -- this come other bank and be seen forefront don't in they that Silicon really venture on but some some that the banking have SEB to Valley something, and a doing expectation Silicon to hiring are the say, Bank."

the the I based a got skis think that far be little a whatever reality measured just some things a regulated the on. being to on banks -- do of lot of and their being bank going bit and over SVB that more probably is over

-- but don't that's seen I have think haven't yet. we we market a yet. all So at settled that

Operator

Instructions]. [Operator

with comes from question KBW. Next the Lynch Ryan line of

Ryan Lynch

Just just bankruptcy out write-down in had obviously expect a quarter. that the Can process in question what this does talk sort bankruptcy process? of of IMV guys about reflects reflect? know I does Canada. that what the mark on process receive you that Or that a that's of markdown to you

Daniel Trolio

like probabilities we we're I different we're end day in information that Yes. the valuing any through fair calculation. of situation the file, our estimate assets of mean, is based all up our this, like come have of quarter, we on of on a up best at our we with just go and when different outcomes. And the making value the time what based through

So value yes, to our best what at of that's this expect the in point time, we investment realize. fair

Ryan Lynch

remind us for? company, out remind Can some expectation? what it's you of some what's of are this got And but waiting equity there, that just could Evelo. got see be that? you are so that in if us, it -- your us just public test information And helpful next can just Or Okay. hopeful since you the are obviously, remind paid what the we're the changes in is to you back, guys then what results would you made next kind big the capital out

Gerald Michaud

Okay.

our loan amended $X million pipe they with $XX of did, the company We million So our in that concert In Evelo. a traded $XX transaction loan. biotechnology million a publicly you're about QX. talking company. That's repaid

the million exact terms and price $X at pipe the to equity that investors invested converted also We same in.

to a trial period expect, a is technical And psoriasis the clinical process So of public based name. now has They're the Xa information, they a capital they on for drug, of the time. expect trial, of for have running company in results that October. XXXX in

Ryan Lynch

equity as guys you there far any or And on that you your restriction where when Obviously, position lockup there, of time Okay. position. that is could based then sell the as have I well, that is now, a out also substantial gain stock if obviously, quite much don't expect things but, should go there's work well. gain could right go if reverse price higher things things in

So to there be time of that -- have? holder any thoughts? position Is be just going And long-term to -- are curious, is restriction able you sort equity on that you any is to a this otherwise? not

Gerald Michaud

Well, restricted to Ryan. me. And right going there now, the -- be get the is is registered, those will to -- stock stock is company there stocks undertake excuse

will here the then So based in probably on as evaluate that and place themselves. we present always any process asset quarter opportunities we'll would what next take

what So happens. we'll see

Ryan Lynch

you. Got on that Okay. you gain paper helpful. substantial That's have That's on Yes. guys a currently quite right now.

I'm market question. It's curious, last commentary venture sentiment. pretty is down Obviously, on throughout been down. just the market. the the I'd gave meaningfully love overall I give some over you XXXX. your Just mean know I -- to

You last guys But in any marketplace sort haven't ago? or you shift X obviously operating are in have positive meaningful since down or mean are changed either negative is down, capital talked trends I down, know in every of we VC the XXXX. months much. sentiment, I time day. that seen investments exits incremental raising

Gerald Michaud

basically you're say just in you that basically correct would the changed, said. I that one what I has -- and thing

now of is their to of is, portfolio on companies better portfolio One on they're have their seen focusing expectations the and change almost to VCs companies funding the back things needs market. what -- what and each the exit a real there are until we one real the are relative laser-focused

are are down. one transactions to they that, as things to thing of of and what that it the Evelo They so like They've support but done. really rational we financing But can We same as other at get kind kind creative, seeing VCs days some contemplated. seeing portfolio say kinds that financing more the of interesting time, -- and being the need was -- we're transaction and know are not mentioned also is do million. raising things the opportunities XX the M&A These are $XX And companies. it's they would I bridge ago. settled chaotic that merger

on companies aren't valuation and valuations to in XXXX still are any look raise valuations company money to how XXXX, figure it that good There attractive. markets to make capital companies those market that that in there this the they a rationalize so hold going more raised wouldn't probably are find have out today to exit in has challenging because because to and

is on that right of going All now.

debt and this these went and far better -- firmly potential markets the can't trends opening getting going participate M&A I the requires that we're say see. And us, right get venture that direction. pendulum we market least to of in so sit the a the here helping and and also swung direction. the -- that solutions way through rational are companies process -- -- the all market IPO more. at to the kind But the the up in publicly market by thought when the to believe cycle rational in way, I too way up, It'll turned where starts I into traded be interesting the biotech opening to market starts cycle wrong that mean

companies of X had Evelo, time. do I those they million and at be cash $XX And there's where were got think I real to in irrational. the million a some value mean, X valuations so $XX was point valuation at believe we just

there. think there's we because opportunity of open. of a there's So risk still lot But markets not being

a couple think, of in challenging quarters, direct macroeconomic driven we're of big about So I still it's there's markets, also still a -- way, but too.

trying basis, markets, some going seeing for start be we -- improvements work difficult to M&A the markets still macroeconomic situation. for IPO until and it overall will to it's a the challenging be through macroeconomic And on

still next it's to market challenging couple the going be for So quarters. a of

Operator

Thank comments. for the There floor and I you. Robert back like this are no Pomeroy, questions to to time. at closing Chairman over CEO, would further turn

Robert Pomeroy

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

Operator

concludes This you. Thank today's teleconference.

You lines may at you time. Thank for your disconnect your this participation.

Horizon Technology Finance (HRZN) 2 Aug 232023 Q2 Earnings call transcript