HRZN - Earnings call 4 2023 | Horizon Technology Finance Corporation

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Operator

Greetings, and welcome to the Horizon Technology Finance Corporation's Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Megan Bacon, Director of IR.

Megan Bacon

Thank you, and welcome to Horizon Technology Finance Corporation's Fourth Quarter 2023 Conference Call. Representing the company today are Rob Pomeroy, Chairman and Chief Executive Officer; Jerry Michaud, President; Dan Devorsetz, Chief Operating Officer and Chief Investment Officer; and Dan Trolio, Chief Financial Officer. point XX-K the company's are horizontechfinance.com. to release earnings website like Form and available would out QX that press at I on the

we the will to the expressions believes, or could forward-looking subject make these to similar differ used forward-looking statements, statements results such I during Before basis as future with expects, conference in forward-looking of certain formal regard the statements everyone Words to to cause this company material statements. those from to factors uncertainties intends These statements. to performance inherent and are that need identify the results on Certain call, including predicting a our forward-looking projected in begin future are conditions. actual anticipates, remind remarks, company.

factors discussion the And Securities the Form December Exchange the detailed are company's the some filings XX-K in of ended company's in the with risk these XXXX. for Commission, including and XX, year factor

no obligation time, I revise new the or this At company a Pomeroy. any otherwise. Rob information, like future The to of to as whether to call would turn result undertakes statements, events forward-looking or over update

Robert Pomeroy

us and be will on in and financial then performance portfolio regular to recent discuss current our and Welcome, you thank he for update your market, through detail venture call, on now overall business Officer lending and and will overall Operating Chief Dan our a Dan our developments. will performance We Today, calls. Jerry the welcome participant everyone, condition. take and Trolio future operating I will Officer, will interest the you then operating environment. and Devorsetz, our our Horizon. Dan Investment Chief

venture questions. challenging take participants then debt will year for XXXX in a Horizon. including market, the some We was

year net the due net The the as certain annual underperformance Silicon capital the While record our stressed the we contributed investments income, the value including as of in our exceeding decline portfolio. values declined and the the to portfolio companies. closed ecosystem, in performance of well asset to for in Bank, the year, with resulting Valley investment IPO collapse our of distributions again, quarterly our tightening unfavorable quarter and achieving able companies, our finish capital were NII of of portfolio the in the some venture by to of fair investments in reduction our markets and valuations the availability, stress such

lower hear portfolio the this Recapping investments, all to You'll value of throughout to our year of work net by our our theme maximize and generated declared XXXX sale per or $X.XX continue fees to portfolio for higher floating of we of the companies our interest we from rate income results, necessary, our where call, our the our due debt full collateral. but of excess investment well share, adviser. year in diligently largely including level our on distribution of rates earned investment incentive

our of our on we a share strong confidence the distributions XXXX, and share paid regular $X.XX NII special distribution. per and outlook, in $X.XX Based in per performance

more from year industry. yield million. and premium equity or equity year, at program. the value once equity at million committed over value on share, our sheet consecutive supported the distribution. the We such NAV to $X.XX fourth of of year $XX at-the-market we offering net portfolio Our in approved We from investments. of and primarily of the result markdowns raising per our near the December special paid during $XXX the top achieved year, asset a June overnight finished again, an backlog a ended raising with year balance fair of a our than investments distribution debt a of full the marked BDC We with the a for our XX% We of

increasing now the Horizon also Technology credit complete sale and to adviser our and venture Finance Monroe of with completed Management Monroe's a origination KeyBank. were debt adviser, Capital, platform to access loan quality our and We our we capability access its our Horizon to York with the which investments. in facilities And New expanded providing importantly, Life We through to originate with resources, capacity to of Vero-Biotech. first expect Monroe with benefit pleased co-investment December to

all monthly we share on XXXX, outlook manage share maximize distribution special a through we our $X.XX per Entering recovery $X.XX of of of while of capital undistributed our XXXX and per in Finally, Board April. our to our investments market. last borrowers in to with payable together difficult continue as of spillover support payable income June declared based $X.XX distributions week, actively year-end, our a venture share and per of seek

ahead, color Devorsetz and prudent to more to With our performance. you maximize Dan? NAV. will we give Dan over with Looking we will Horizon's investments details growing of turn on now debt respect call the remain to work to portfolio while our I that,

Daniel Devorsetz

Rob, all quarters to today's the Thanks, to to good everyone. I'm you in look speaking morning happy come. and join forward and to to call

the X as This Our new long-term from offset markdowns. size In as $XX to prepayments financing loans portfolio normal investments quarter X additional and existing and borrowers portfolio at fourth we as borrowers million, new is financial combination of operational investments the portfolio milestones. totaling and that fourth high-quality of strategy X to originations new portfolio is prior well companies. by quarter venture $XXX to existing funded were portfolio debt with the reflection important including a amortization achieve quarter, blending slightly million our quarter companies the in down in portfolio

opportunities, portfolio back maintain healthy the year. half for expect originations the in near new and expect term the middle the towards a we to new we the pipeline and of growth we occur remain potential in of While selective to

compounded in the of weak the of IPO paydown prepayments continuing XXXX markets totaling loan of this trend modest first Similar XXXX. partial XXXX and by first at years, $XX During we the we prepaid prepayments million M&A principal. experienced and end quarter with X the expect quarter, the X normal seasonal in past to in month

remained of to the yield even near historic and fourth ability challenging quarter reflecting the during onboarding our in highs, loans source venture XX.X% this Our quality structure environment. team new of our

pricing to our structuring discipline net produce continue to expect investment in transactions and strong We income.

of interest environment. Our This debt debt strategy portfolio industry. yield and year quarter venture XX.X% XX.X% and validates of the again full for the our the portfolios of the execution in yielding for rate strategy an elevated lending one the debt BDC was in profitability of our further highest

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

the prudently course the base believe companies, to committed committed grow and quarter. solid a approved venture during approvals reminder, million our investment with backlog most our strategy backlog about, look potential loan and of I certain rights to warrants our debt high in As component addition We shareholder million just in the key of funding with $XXX end milestones provides equity million forward portfolio with of as a year. generator to our spoke the we $XXX quarter value. a a key closed of of subject commitments the compared the new the our and yield of achieving a and $XXX fourth third portfolio and at In we structuring debt is ended to quarter, investments commitments

XX% the of portfolio X of and XX% and of of September value of as year-end, investments rated portfolio compared debt X the to X September XX% rated fair as value X of debt compared XX% of or XX our of consisted As to XX. our fair was

enable For to our diligently us investments, can work achieve to that additional recoveries. stressed are innovative we solutions continuing for

noted navigate venture current closely environment. companies, the Rob continued and uncertain and continue macro earlier, of their all to As portfolio teams, with management to stakeholders investors we work collaboratively our

we advantage make investments focused order originating just investors While benefit sourcing current on rate remain loans, so, valuations at environment. from whose we to companies new and have of attractive doing increased the interest take support market in the also to venture their as while debt opportunities

look turn I'll industry for Jerry over and it environment. that, that overall With to current venture a at

Gerald Michaud

Dan. very you Thank much,

first maintained pressure expect to there their XXXX, to X to approximately inwardly in environment. of XXXX companies for issues investments. portfolio depressed half liquidity managing face levels levels continued VC powder on investments existing in issues venture activity related and $XXX XXXX investment LPs that and capital did invest was the in being market to to billion capital stress XXXX, funds and committed time focused and commitments, reflecting funds ongoing remain now in XXXX. VC According raise capital. capital total be the that their we significant dry venture will years, and valuations Turning VC VC-backed the investors lowest in devaluation PitchBook, from during opportunities as invested the during QX have

company investors evidence again valuations company there private many X strategic more are valuations over last attractive becoming as as some well witnessed steadily have private is VC both and the We buyers. dropped quarters, that to

While VC companies to XXXX. in we segments XXXX, companies AI improve life activity and gradually in solutions-driven investor certain and interest steadily as see such should market significant expect science

during the the interest improve, XXXX. overall macroeconomic continue and Of course, require environment to environment rates inflation in improvement will in in any venture capital to including XXXX reduction a

was VC's VC investments $XX record XXXX. in VCs during their will company exits remained the remained at as highs current subsides. market In committed the only markets years closed as from the and until in a new remain in to result billion capital of in reluctant avenue valuations improve correction XXXX. raised raised the X fundraising, of make and exit to in largely XXXX, public terms private LPs amounts significant XXXX lowest

M&A new XXXX We until portfolio the strategy. modest expect VCs quality investment portfolios, in and to raising community regulatory organization in a of was in low based high remains they size the for market XXXX have fully investment begin continue funds and lag up market decade at to on to historic open become the valuations as at Meanwhile, exit sidelines. with LP combination the IPO acquirers remained not activity The VC on attractive keep see quarter more interest will higher frequent. VC-backed hurdles venture-backed of VC as returns, fourth as the on lows exits to unrealistic enough a fundraising VC companies rates, scrutiny recent market. largely a for sidelines rally combined

prices and believe industries the given will valuations technology, and cash resume to and of X as become earning energy declining XXXX results, X activity gains such high the technology as big are quarters values. sheets balance their on and strong of liquidity of level more public We believe M&A We positioned historically because companies. best stock -- of energy, to healthcare elevated posting quarters attractive pharma begin

venture half moderate in market to environment XXXX we of terms first investments, conditions loan new the of XXXX. In for challenging the expect of

hope on to an we increase as as should see gradual year focusing our Accordingly, stay adding originations this portfolio's will the current in thoughtfully debt during Dan in venture we while opportunities and improving indicated, investment during see, progresses. portfolio And top on preserving a current select our for our course and quality So quality. demand XXXX. we increase value credit of to period

our improving our believe stands at we as and reputation it market over growth. venture conditions for prudently we XXXX key stands sum which it to growth as $XXX backlog, and a improve XXXX. opportunities, time, through both presence To conditions continue market As and today of at look as A forward it new long-term up, is to and and approved million, move of million. allow its portfolio was will we for investing, today, advisers of our baseline lending portfolio pipeline venture Horizon's challenging portfolio for industry which $XXX our to committed, awarded solid accelerate and prudent future

Dan providing venture we during of we our We to will value. and to that, shareholder begin turn portfolio size our With to pipeline the well XXXX. Based focused all yield, with and remain for growth shareholders long-term to accelerate companies over outcomes. optimal Where now debt backlog support believe solutions, portfolio will portfolio companies prudently build attractive and add as continue NII to remain will call I and laser we on additional Trolio. seeking positioned our credit we current our ensure quality on to to we attractive look solid find generate

Daniel Trolio

throughout standpoint, once Thanks, and NII good NII our balance an generating sheet morning, We the Jerry, had covered year. that more actively strong strengthening than everyone. a distribution again, while our year from

on quality. companies addition, In our optimize proceeds net continue to further of June, our we the New amount XXXX, for in the by as our by $XXX increasing We our all million million. and with from successfully KeyBank credit to and our outcomes million. In portfolio million York further facility million. In expanded $XX our balance to $XXX $XXX nearly in order $XX we May, the stood to commitment million raised we expanding common in at credit by sheet our work our feature, capacity recap stock Life strengthened $XXX diligently of facility enhance To portfolio June according offering.

So we at off our fully the paid end XXXX the year, of securitization.

Finally, X.X the our our program over we over million ATM successfully equity access sold market. further the during raising demonstrating $XX opportunistically to million, ability shares accretively and to year, continued

As we shareholders believe to in a portfolio investments create additional value we well result, to add remain positioned our XXXX. for quality and

We on had available outstanding million in giving grow with of to drawn consisting be New outstanding $XX in cash our $XX the portfolio. facility credit $XXX million under our York to capacity million credit million As facility, liquidity, in credit funds $XXX currently million $XXX million million ample of our December $XXX us available and XX, have existing Life under facility. KeyBank we and $XX

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

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

cost million as from $XXX X% basis increase XX, December net investment to of XXXX. on a a portfolio XX, Our September

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

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

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

the was fee to year's driven the the in in $X on of management compared mechanism. realized last had adviser due quarter. fee million fee performance-based quarter from under fourth quarter due $X.X fourth deferral by unrealized was size incentive otherwise to and our incentive and an deferral million of of for average million, The fees incentive in This year's increase our up deferral Base fourth We $X.X last portfolio. no cap the incentive the in quarter earned was by our to losses fee portfolio. an

again we progresses, $X.XX of share share XXXX income our of investment fourth $X.XX fees. third per XXXX and $X.XX deferral per fourth of expect 'XX. quarter was the the As share quarter would to to end adviser quarter XXXX for once in the compared pay and Net for incentive per

rates spillover XXXX per generated share, we our For generating along with that per Company's the our share. size of of of XXXX, $X.XX share. per NII strategy pricing continue the covering We over full year and our us was undistributed portfolio, distributions more will portfolio's predictive total time. distribution during NII enable than $X.XX XX that to income the our anticipate covers $X.XX elevated of December as interest

first were million scheduled million. million summarize which the with in activities ended million, partial in a the portfolio quarter reminder, the originations in To be activity, $XX offset historic with We $XXX fourth expect and first payments for the a principal paydown. is quarter the of the of investment of and totaled total year $XX we terms quarter, typically by As prepayments $XX prepayment our norm. principal line the XXXX and in to portfolio lower lightest

investments the aggregate $XXX December to respect to macro in and with fair $XX committed providing May in per special XX, in value remain amount Board investments for given distributions also companies near declared and upon portfolio debt spillover distribution environment, equity aggregate per our selective the of with share with our of consisted of time. warrant, covered investment value outlook, $X.XX with we term distributions income, companies We net our other of income XX over by declared XXX expect fair At million. Based our payable our originations. an April, that XXXX remain portfolio Given the and $X.XX a an of million in of to June monthly are April. of shareholders share Board a our and

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

noted, amount remarks. if time. debt questions interest nearly this and consistently interest principal may structured coupons opening outstanding our to flutters. concludes to of their are happy we've This interest floating our XXX% take As rates have be with rise We'll investments, rates rate our with of increase you at

Operator

Instructions] line [Operator comes from our Securities. And of Bryce first Rowe Riley with the B. question

Bryce Rowe

companies, you end understand or some of couple what and I -- the earlier that early looks March schedule HIMV on investments the that sale the have mentioned of right maybe what here, maturity bit Building, wanted relative I start of to now? kind -- means shifted of dynamics little of mean, with and to also Nexii on releases kind wanted updates kind on the and a of recent the then the that of a to recent of marked where getting like one those that portfolio you've to was in

Daniel Devorsetz

Good to Bryce, this talk Dan Devorsetz, is thanks. you. to

it company the that inevitable find the home. new is -- quarter, So became yes, needed a to Nexii during

through the so do to that process. way run best And to was it a

in it's States. the that which news XX here the not is this so announced, Chapter of publicly the equivalent CCAA been is in it's process, So

deal on to some adjust maturity on company what's of did and our continues that process. to in with deliver contracts. of align we going operate and our The the its So terms

well. In some It fact, contracts it's pretty well. new is doing signed doing and

a next to and couple the that. of quarters, you terms, in we as home So our adjusted expect it suggested, to find we accommodate

IMV, public terms also, In news. this is of

biotech Canada, also anything. that as IP. The created the which a as acquire market not those plan entity a BioVaxys, strong assets cap of and of IP. to out really is in develop in well acquired But the we IMV company to is So HIMV the internally breaking develop partners assets platform small find of to the

and stock as And cash that investment that that and potentially schedules our so received original part payment initial upon all in performance milestones based could as IMV we future as well transaction the of -- repay asset. in of

our as values payments the that mark in received potential So and entire in well we we -- contract the as what future the see upfront.

Bryce Rowe

That's Okay. Good helpful, Dan. Okay, color.

that Let's say, of of perspective. a, ATM surprised kind guess, couple given of in ATM to see questions from quarter use track the of I just tapping quite of Kind a actively. record maybe lack balance sheet the just

Just a quarter? -- of kind question of lack curious, why for ATM Trolio, what use the maybe Dan the in

Daniel Trolio

Yes.

So use go and and when determine pull look levers to quarter, the at our capital. debt at every quarter, best look capital quarter each raise needs into we equity we different in to or the whatever

addition time, in In we the out know so we of the look the be amount may the and felt and we information that's to going the and quarter. market of portfolio the to at look prudent at the into activity was we that, it quarter at that

Bryce Rowe

like and terms to just use up into to of half sheet starts shape really than Or cash and you continue sheet, the balance mean, you'll and of active back availability the less the it to will And balance facilities the within half? credit helpful. in I the be year thinking ATM the as the be on available cash then the sounds slower maybe first activity get That's year. Are fund? the on dependent Okay. how we level pipeline -- it is on leverage,

Daniel Trolio

large Yes, the we'll that in because And I balance, there received our capital do lot shapes did down quarter definitely date. the from But look recent can we XXXX the year. the and thing our that's late cash see a in prepayment. we to at coming you very activity it first as will We and we been activity with be a the on needs. same mentioned look forward, of dependent in quarter the for a see what developments, how hasn't pipeline, earlier up

We like said, will raise you sense equity on consider may definitely the borrow any look that to facilities. make or

dependent it see. we be on will definitely what So

Bryce Rowe

right. for Dan. Okay. for one you, one All another Last me,

comes Just it let's thinking the guess, would the just it does about back sheet? the is of quarters? reduce assume work? in the of Does portion income run on I deferred income How play. the future incentive the, balance through mechanics statement deferred Or the fee, that into liability that held kind

Daniel Trolio

Yes.

we back you'll a have the not right that through to So is as se. the And per it balance it sheet it on calculation run that's through have liability looks earned do work the amount If would going X with years. now, statement. forward, deferred income the

Operator

And Instructions] Johnson next comes from KBW. our of the with Paul [Operator line question

Paul Johnson

your was just more mean, and there this too trying last issues the Nexii. kind issue of pain think of would has of assets kind quarters. the rounds? long, for sponsors is lower that held in several thoughts of like But that these been avoid sort for you that's any your -- on Part seeing kind kind potentially the within simply general, market be VC in overlying valuation wondering comments Or for really the stressed portfolio, off answered, of stress kind of what in been are to helpful. have the just the you're I that commentary -- you're of, general it lower of idiosyncratic I'm obviously

Gerald Michaud

Jerry. is this Paul,

companies and value companies. for been it they capital their VCs able raise, at to on the whole even for amount in the the able raise been of been they've the valuations kind which been capital, hit is well based able have have that of performing fact XXXX, the the companies on You and carrying portfolio have raise that to has been mean sides those our of that. of painful of the matter I both to through really

for the gets valuation it's a at not It's firms bridge figuring -- difficult money to in companies into a capital and don't And own lot -- money in looking raise continue round have when and every portfolio VCs a after to throughout down And are or a that's has you company their way a companies seen time struggling capital already theme have of of out put financing with underwater they're year. is the liquidity appropriate, to getting obviously, to, do low new what's bad. matter have led so good we that venture a the whether where portfolio last LPs point they put the have quarters. just a And throw the capital on they basically literally huge to And and the common money, taken over or kind whatever. of valuations. X are it's valuations hit saying,

to Nexii billion an you idea. in one think just was I valued point XXXX, at give at $X

fact under the like any big relative managed, would a those capital. the of is their companies that's investors to of the there problem. these some issues these that investors of to more of to how problem. I definitely are are, the instances, ability who circumstances some idiosyncratic in The put say been that's matter only part So have been in

exit sleeves real we to you with them, what And heavily these say, up obviously, IMV transactions. touched as did Nexii figuring so we are I is And of markets. -- on just they those some best that is the are and year, roll have, what overall really, whole issues our one, saw as the some would to had kind involved and get of more -- so idiosyncratic, are much strategy more in we the out really really we've for what of

would difficult. So overall at what market all, conditions. here don't I say, and I to we I call, confident to are shoots too green relative seeing sound it's been want some, but

were months there IPOs same during only of instance, science year, period, were life first X. in this X For the X public last there year the

M&A there's activity marketplace Again, the -- say to well. are So the in stretch. some any and wouldn't as woods we of see we're starting out I by been

going be I M&A half really a to bit And more I becoming have a But attractive market seems think interesting think I some do now gotten as is showing it. of especially are point to to IPO first signs to mentioned, of valuations anyway. year, they the little even where life the this that be buyers. a

we where that's are. So

Paul Johnson

believe. mean That's color of rate some A -- there. I like has I kind very may lot recent prime I sounds the it higher the X.X% push does recovery there. out I do guess, mean, you that's that the for the testing I I longer out more commentary, mean recently, market? I again. there is does that . the I of just in further that think, helpful. of any in this more at waters But mean, be year, mean, guess,

Gerald Michaud

the to had half at be the we inflation mentioned up. higher going first the wars there's also has at. we're probably said, -- XXXX really is read, looking could to because I I our and -- all can impacts -- issues, It so of is as definitely as And how all going and interesting election read an rates go level, transactions interesting. new this been portfolio at you very point, the wish way coming like companies ground interest at X all I it's I things look and an -- be macroeconomic lowering wish this either I but of I same just do well

And our our we're try that all that through close maximize right assets, one stakeholders. staying in head we've it's really their difficult. of those of got portfolio management all to including distressed We're extremely value their way really of the the out to to looking relative that anyone down. companies. the But all now. future through to are predict teams, who's at investors, to our our this, trying XXXX, So to -- every so manage going to We're looking

Paul Johnson

Monroe Great. from cost there's it. of any incremental mean, Appreciate platform. for kind you ask, And last the just I potential think I just the savings some of G&A do one, that acquisition

Robert Pomeroy

take that I'll Paul. one, Rob. It's

management on costs the things it public think company fees that absolutely, But between that cost by and company seen but we to HTFM investment the the is borne relates helpful. and the established are advent some as and important. margin, insurance things other public I agreement have D&O,

those already but So we helpful. few a of not seen numbers, -- big have

Operator

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

Christopher Nolan

joined question, conference to late. going Back outlook I use the the leverage forward? the ATM Apologies, for ratio the what's

Daniel Trolio

So mentioned, cash, is leverage as target we net of our X.Xx.

what time. at level, And target, we again, a it's with point that is in a that so report always

we that, little feel X.X we're of cushion then Xx the above a comfortable significant regulatory because So amount a the and count. between there's

So to would within say be outlook is range. I that the

Christopher Nolan

you. know first dividend quarter. that a Got supplemental guys announced on dividend, And the the you I for

Given in and the what's spillover given high on dividend through your level but supplements year? the the thoughts also income, further -- nonaccruals rise

Daniel Trolio

Yes.

distribution of not exactly So supplemental each discussion you our on and a with the only also quarter outlook will quarter, this with out we it each felt the but level quarter. the quarterly and have the then have distribution need we the to was -- Board said, the And monthly to same Board what provide based distributions each determining time, for we coming the special along continue of XXXX, spillover for we XXXX, elevated at our do that prudent a distribution.

Christopher Nolan

the to spillover consideration? mean, into does fall related not and question excise you do terms final would the guess, I tax what distributing [indiscernible]. compare be how Your in or your spillover, I tax And consideration the guys excise

Daniel Trolio

isn't the but significant sheet. to of X%, Yes, it balance it's expense a the part consideration, at

capital a on balance say cost would it's lower sheet. to the Some keep way

time the the And the stay being period the distribute look at American so to spillover, with of where to required it in spillover current requirements. in level within able the BDC the we at and point is

Operator

question-and-answer turn the the to for gentlemen, and we Ladies I'd back of like closing Rob end the Pomeroy have session. reached remarks. call to

Robert Pomeroy

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

Operator

This concludes today's conference.

day. a now great disconnect. may You Have

Horizon Technology Finance (HRZN) 28 Feb 242023 Q4 Earnings call transcript