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Horizon Finance (HRZN) investor relations material
Horizon Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Announced a pending merger with Monroe Capital Corporation (MRCC), expected to close in early 2026, aiming to expand scale and support larger venture lending transactions, subject to shareholder approval and customary conditions.
Net investment income for Q3 2025 was $14.0 million ($0.32 per share), up from $11.8 million in Q3 2024, with NAV per share at $7.12 as of September 30, 2025.
Total investment income for Q3 2025 was $26.3 million, a 7.1% increase year-over-year, driven by higher interest and fee income.
Declared regular monthly distributions of $0.11 per share through March 2026, totaling $0.33 per share, supported by strong portfolio yield and spillover income.
Reinforced team with new originators and a focus on originating larger venture loans to early- and late-stage companies.
Financial highlights
Net investment income per share was $0.32 for Q3 2025; net increase in net assets from operations per share was $0.71.
Net asset value per share was $7.12 at September 30, 2025, down from $8.43 at year-end 2024 and $9.06 a year earlier.
Portfolio at fair value was $603.5 million, with debt investments comprising 92.9% of the portfolio.
Dollar-weighted annualized yield on debt investments for Q3 2025 was 18.6%, up from 15.9% in Q3 2024.
Net realized loss on investments was $22.5 million, improved from $33.9 million loss in Q3 2024; net unrealized appreciation was $40.5 million, up from $29.3 million in Q3 2024.
Outlook and guidance
Board declared monthly distributions of $0.11 per share for Q4 2025 and Q1 2026, with future levels to be reassessed in February 2026 based on Q4 results and the merger impact.
Management expects the MRCC merger and Monroe Capital relationship to drive portfolio growth and larger transactions.
Expect to grow the portfolio in Q4 2025, with a strong pipeline and $50 million in new venture loan commitments already awarded in October.
Anticipate originations to exceed prepayments, with leverage expected to return to the 1.2–1.3x target range in the next quarter or two.
Management expects current cash, operations, and credit facilities to be sufficient for at least the next 12 months.
Quantify NII growth from Monroe merger.
What is the normalized portfolio yield expectation?
Strategy for 13% stressed debt investments.
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Next Horizon Finance earnings date
Q4 202525 Feb, 2026
Next Horizon Finance earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Horizon Technology Finance Corporation is a closed-end investment company that provides secured loans to venture capital-backed companies. Its portfolio includes businesses in technology, life sciences, healthcare information and services, and cleantech industries. The company offers financing solutions tailored to high-growth companies in the expansion stage. The company is headquartered in Farmington, Connecticut, and its shares are listed on the NASDAQ.
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