– Fourth Quarter 2022 Web Funding Earnings per Share of $0.40; NAV per Share of $11.47 –
– Grew Portfolio 12 months over 12 months by 57% to File $720 Million –
– Horizon Platform Ends 2022 with Dedicated Backlog of $255 Million, Together with $220 Million in Horizon Commitments –
– Annual Debt Portfolio Yield of 14.4% –
– Declares Common Month-to-month Distributions Totaling $0.33 per Share –
FARMINGTON, Conn., Feb. 28, 2023 /PRNewswire/ — Horizon Expertise Finance Company (NASDAQ: HRZN) (“Horizon” or the “Firm”), a number one specialty finance firm that gives capital within the type of secured loans to enterprise capital backed corporations within the know-how, life science, healthcare info and providers, and sustainability industries, immediately introduced its monetary outcomes for the fourth quarter and full 12 months ended December 31, 2022.
Fourth Quarter 2022 Highlights
- Web funding revenue (“NII”) of $10.7 million, or $0.40 per share, in comparison with $8.1 million, or $0.39 per share for the prior-year interval
- Whole funding portfolio of $720.0 million as of December 31, 2022
- Web asset worth of $318.4 million, or $11.47 per share, as of December 31, 2022
- Annualized portfolio yield on debt investments of 14.5% for the quarter
- Funded ten loans totaling $103.9 million
- Horizon’s funding adviser, Horizon Expertise Finance Administration LLC (“HTFM” or the “Advisor”), originated $113.5 million via its lending platform (“Horizon Platform”), inclusive of the loans funded by Horizon
- Efficiently accomplished $100 million issuance of asset-backed notes, backed by $158 million of secured loans
- Raised complete internet proceeds of roughly $17.1 million with “at-the-market” (“ATM”) providing program
- Skilled liquidity occasions from two portfolio corporations
- Money of $27.7 million and credit score facility capability of $143.2 million as of December 31, 2022
- Held portfolio of warrant and fairness positions in 98 corporations as of December 31, 2022
- Undistributed spillover revenue of $0.68 per share as of December 31, 2022
- Subsequent to quarter finish, declared distributions of $0.11 per share payable in April, Could and June 2023
Full 12 months 2022 Highlights
- Web funding revenue of $36.2 million, or $1.46 per share for 2022, in comparison with $28.2 million, or $1.41 per share, for the prior 12 months
- Achieved portfolio yield on debt investments of 14.4% for 2022
- Horizon funded 48 loans totaling $402.8 million; skilled liquidity occasions from 13 portfolio corporations
“The fourth quarter offered a strong near the 12 months for Horizon as its portfolio continued to develop and its internet funding revenue continued to exceed its distributions regardless of the difficult setting,” mentioned Robert D. Pomeroy, Jr., Chairman and Chief Government Officer of Horizon. “For the quarter, Horizon generated NII of $0.40 per share, whereas producing a debt portfolio yield of 14.5%. As well as, we generated strong portfolio development, as we completed the 12 months with a document funding portfolio of $720 million, a 57% improve from year-end 2021. Our efficiency for the quarter and the 12 months is a testomony to the rising energy of the ‘Horizon’ model and our workforce’s dedication.”
“Together with our development, we maintained strong funding portfolio credit score high quality, with 95% of the truthful worth of Horizon’s mortgage portfolio 3-rated or higher on the finish of 2022,” continued Mr. Pomeroy. “We additionally elevated our funding capability throughout the quarter via our profitable issuance of $100 million of asset-backed notes via a securitization. As we progress via 2023, we consider our sturdy stability sheet, strong dedicated backlog and pipeline, and our disciplined underwriting positions Horizon to proceed rising its portfolio and ship long-term worth to our shareholders.”
Fourth Quarter 2022 Working Outcomes
Whole funding revenue for the quarter ended December 31, 2022 grew 36.6% to $23.1 million, in comparison with $16.9 million for the quarter ended December 31, 2021, primarily resulting from development in curiosity revenue on investments ensuing from a rise within the common measurement of the debt funding portfolio and an improve within the base fee for many of the Firm’s variable fee debt investments.
The Firm’s dollar-weighted annualized yield on common debt investments for the quarter ended December 31, 2022 and 2021 was 14.5% and 16.2%, respectively. The Firm calculates the dollar-weighted annualized yield on common debt investments for any interval measured as (1) complete funding revenue (excluding dividend revenue) throughout the interval divided by (2) the common of the truthful worth of debt investments excellent on (a) the final day of the calendar month instantly previous the primary day of the interval and (b) the final day of every calendar month throughout the interval. The dollar-weighted annualized yield on common debt investments is greater than what traders will notice as a result of it doesn’t mirror bills or any gross sales load paid by traders.
Whole bills for the quarter ended December 31, 2022 have been $12.0 million, in comparison with $8.7 million for the quarter ended December 31, 2021. The rise was primarily resulting from a $3.0 million improve in curiosity expense and a $1.0 million improve within the base administration charge, partially offset by a $0.6 million lower in performance-based incentive charges.
Web funding revenue for the quarter ended December 31, 2022 was $10.7 million, or $0.40 per share, in comparison with $8.1 million, or $0.39 per share, for the quarter ended December 31, 2021.
For the quarter ended December 31, 2022, there have been no internet realized features or losses on investments, in comparison with a internet realized loss on investments of $0.9 million, or $0.04 per share, for the quarter ended December 31, 2021.
For the quarter ended December 31, 2022, internet unrealized depreciation on investments was $6.7 million, or $0.25 per share, in comparison with $4.9 million, or $0.24 per share, for the prior-year interval.
Full 12 months 2022 Working Outcomes
Whole funding revenue for the 12 months ended December 31, 2022 was $79.2 million, a rise of 32.0% in comparison with $60.0 million for the 12 months ended December 31, 2021.
Horizon’s dollar-weighted annualized yield on common debt investments for the 12 months ended December 31, 2022 and 2021 was 14.4% and 15.7%, respectively.
For the total 12 months ended December 31, 2022, internet funding revenue was $36.2 million, or $1.46 per share, in comparison with internet funding revenue of $28.2 million, or $1.41 per share, within the prior 12 months.
For the total 12 months ended December 31, 2022, internet realized loss on investments was $9.5 million, or $0.38 per share, in comparison with internet realized loss on investments of $3.2 million, or $0.16 per share, for the total 12 months ended December 31, 2021.
For the total 12 months ended December 31, 2022, internet unrealized depreciation on investments was $5.6 million, or $0.22 per share, in comparison with internet unrealized appreciation on investments of $3.2 million, or $0.16 per share, for the total 12 months ended December 31, 2021.
Portfolio Abstract and Funding Exercise
As of December 31, 2022, the Firm’s debt portfolio consisted of 60 secured loans with an combination truthful worth of $686.5 million. As well as, the Firm’s complete warrant, fairness and different investments in 100 portfolio corporations had an combination truthful worth of $33.6 million. Whole portfolio funding exercise for the three months and full 12 months ended December 31, 2022 and 2021 was as follows:
($ in 1000’s)
|
For the Three Months Ended
December 31,
|
For the 12 months Ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
Starting portfolio
|
$ 634,624
|
$ 452,346
|
$ 458,075
|
$ 352,545
|
|
|
|
|
|
New debt investments
|
104,256
|
88,693
|
452,603
|
344,445
|
|
|
|
|
|
Much less refinanced debt balances
|
(5,625)
|
—
|
(30,625)
|
—
|
|
|
|
|
|
Web new debt investments
|
98,631
|
88,693
|
421,978
|
344,445
|
|
|
|
|
|
Principal funds obtained on investments
|
(3,800)
|
(2,171)
|
(15,716)
|
(13,474)
|
|
|
|
|
|
Early pay-offs and principal paydowns
|
(2,638)
|
(66,579)
|
(80,155)
|
(174,536)
|
|
|
|
|
|
Accretion of debt funding charges
|
1,152
|
1,370
|
5,684
|
4,556
|
|
|
|
|
|
New debt funding charges
|
(1,032)
|
(930)
|
(5,290)
|
(3,261)
|
|
|
|
|
|
Proceeds from sale of investments
|
(283)
|
(9,169)
|
(49,964)
|
(52,954)
|
|
|
|
|
|
Web realized loss on investments
|
—
|
(568)
|
(9,127)
|
(2,451)
|
|
|
|
|
|
Web unrealized (depreciation) appreciation on investments
|
(6,628)
|
(4,917)
|
(5,459)
|
3,205
|
|
|
|
|
|
Ending portfolio
|
$ 720,026
|
$ 458,075
|
$ 720,026
|
$ 458,075
|
Portfolio Asset High quality
The next desk reveals the classification of Horizon’s mortgage portfolio at truthful worth by inner credit standing as of December 31, 2022, September 30, 2022 and December 31, 2021:
($ in 1000’s)
|
December 31, 2022
|
|
September 30, 2022
|
|
December 31, 2021
|
|
Variety of Investments
|
Debt Investments at Honest Worth
|
Proportion of Debt Investments
|
|
Variety of Investments
|
Debt Investments at Honest Worth
|
Proportion of Debt Investments
|
|
Variety of Investments
|
Debt Investments at Honest Worth
|
Proportion of Debt Investments
|
Credit score Ranking
|
|
|
|
|
|
|
|
|
|
|
|
4
|
8
|
$ 93,832
|
13.7 %
|
|
6
|
$ 95,996
|
15.8 %
|
|
9
|
$ 104,863
|
24.0 %
|
3
|
47
|
557,554
|
81.2 %
|
|
48
|
495,118
|
81.3 %
|
|
34
|
322,084
|
73.6 %
|
2
|
2
|
26,822
|
3.9 %
|
|
3
|
17,918
|
2.9 %
|
|
1
|
3,470
|
0.8 %
|
1
|
3
|
8,250
|
1.2 %
|
|
–
|
—
|
—
|
|
1
|
6,900
|
1.6 %
|
Whole
|
60
|
$ 686,458
|
100.0 %
|
|
57
|
$ 609,032
|
100.0 %
|
|
45
|
$ 437,317
|
100.0 %
|
As of December 31, 2022, Horizon’s mortgage portfolio had a weighted common credit standing of three.1, in comparison with 3.1 as of September 30, 2022 and three.2 as of December 31, 2021, respectively, with 4 being the best credit score high quality score and three being the score for the standard stage of danger. A score of two represents an elevated stage of danger and, whereas no loss is presently anticipated for a 2-rated mortgage, there may be potential for future lack of principal. A score of 1 represents deteriorating credit score high quality and excessive diploma of danger of lack of principal.
As of December 31, 2022, there have been three debt investments with an inner credit standing of 1, with an combination price of $20.9 million and an combination truthful worth of $8.3 million. As of September 30, 2022, there have been no debt investments with an inner credit standing of 1. As of December 31, 2021, there was one debt funding with an inner credit standing of 1, with a price of $11.5 million and a good worth of $6.9 million.
Liquidity and Capital Assets
As of December 31, 2022, the Firm had $91.1 million in obtainable liquidity, consisting of $27.7 million in money and cash market funds, and $63.4 million in funds obtainable underneath current credit score facility commitments.
As of December 31, 2022, there was $5.0 million in excellent principal stability underneath the $125.0 million revolving credit score facility (“Key Facility”). The Key Facility permits for a rise within the complete mortgage dedication as much as an combination dedication of $150.0 million. There may be no assurance that any further lenders will make any commitments underneath the Key Facility.
Moreover, as of December 31, 2022, there was $176.8 million in excellent principal stability underneath the $200 million senior secured debt facility with a big U.S.-based insurance coverage firm at an rate of interest of 5.57%.
Horizon Funding Belief 2019-1, a wholly-owned subsidiary of Horizon, beforehand issued $100.0 million of Asset-Backed Notes (the “2019 Notes”) rated A+(sf) by a scores company. The 2019 Notes bear curiosity at a set rate of interest of 4.21% every year and have a said maturity date of September 15, 2027. The reinvestment interval of the 2019 Notes ended July 15, 2021 and the maturity is September 15, 2027. As of December 31, 2022, the 2019 Notes had an excellent principal stability of $42.6 million.
Horizon Funding Belief 2022-1, a wholly-owned subsidiary of Horizon, beforehand issued $100.0 million of Asset-Backed Notes (the “2022 Notes”) rated A by a scores company. The 2022 Notes bear curiosity at a set rate of interest of seven.56% every year and have a said maturity date of November 15, 2030. The reinvestment interval of the 2022 Notes ends November 15, 2024 and the maturity is November 15, 2030. As of December 31, 2022, the 2022 Notes had an excellent principal stability of $100.0 million.
Through the three months ended December 31, 2022, the Firm offered 1,340,764 shares of widespread inventory underneath its ATM providing program with Goldman Sachs & Co. LLC and B. Riley FBR, Inc. For a similar interval, the Firm obtained complete amassed internet proceeds of roughly $17.1 million, together with $0.4 million of providing bills, from these gross sales.
As of December 31, 2022, the Firm’s debt to fairness leverage ratio was 138%, above the Firm’s 120% focused leverage. The asset protection ratio for borrowed quantities was 172%.
Liquidity Occasions
Through the quarter ended December 31, 2022, Horizon skilled liquidity occasions from two portfolio corporations. Liquidity occasions for Horizon could encompass the sale of warrants or fairness in portfolio corporations, mortgage prepayments, sale of owned belongings or receipt of success charges.
In November, LogicBio Therapeutics, Inc. pay as you go its excellent principal stability of $2.6 million on its enterprise mortgage, plus curiosity, end-of-term cost and prepayment charge.
In December, Horizon obtained a paydown of $5.6 million on its enterprise mortgage to Inside Outline, Inc. from the sale of sure belongings of Inside Outline, Inc. to a brand new borrower of Horizon, whose buy of such belongings was financed by Horizon with a brand new debt funding.
Web Asset Worth
At December 31, 2022, the Firm’s internet belongings have been $318.4 million, or $11.47 per share, in comparison with $245.3 million, or $11.56 per share, as of December 31, 2021.
For the quarter ended December 31, 2022, internet improve in internet belongings ensuing from operations was $4.0 million, or $0.15 per share, in comparison with $2.3 million, or $0.11 per share, for the quarter ended December 31, 2021.
Inventory Repurchase Program
Through the quarter ended December 31, 2022, the Firm didn’t repurchase any shares of its widespread inventory. From the inception of the inventory repurchase program via December 31, 2022, the Firm has repurchased 167,465 shares of its widespread inventory at a median worth of $11.22 on the open market at a complete price of $1.9 million.
Current Developments
In January 2023, the Firm offered 555,654 shares of widespread inventory underneath the ATM providing program. For a similar interval, the Firm obtained complete amassed internet proceeds of roughly $6.6 million, together with $0.1 million of providing bills, from these gross sales.
On January 24, 2023, pursuant to the phrases of an Asset Buy Settlement dated August 18, 2022 by and between HESP LLC, the Firm’s wholly-owned subsidiary (“HESP”) and Cadrenal Therapeutics, Inc. (“CVKD”), HESP obtained 600,000 shares of widespread inventory of CVKD upon CVKD’s completion of its preliminary public providing.
On February 1, 2023, Canary Medical Inc. pay as you go its excellent principal stability of $7.5 million on its enterprise mortgage, plus curiosity, end-of-term cost and prepayment charge. The Firm continues to carry warrants in Canary Medical Inc.
On February 3, 2023, Unagi Inc. (“Unagi”) pay as you go $3.2 million of the excellent principal of its enterprise mortgage. The present excellent principal stability of the Unagi’s enterprise mortgage as of the date hereof is $2.1 million. The Firm and Unagi additionally amended the phrases of the enterprise mortgage to, amongst different issues, present for cost in sort (PIK) curiosity and lengthen the maturity date of the excellent principal stability of the mortgage.
On February 14, 2023, Embody, Inc. pay as you go its excellent principal stability of $2.5 million on its enterprise mortgage, plus curiosity and exit cost.
On February 20, 2023, the Board unanimously authorized a brand new funding advisory settlement with the Advisor, considerably just like the prevailing Funding Administration Settlement, topic to stockholder approval and the closing of the sale of the Advisor to associates of Monroe Capital LLC (the “Transaction”). The Firm doesn’t anticipate the Transaction will considerably or adversely have an effect on the Firm. It’s anticipated that the entire officers and funding professionals on the Advisor will stay on the Advisor and that the Advisor and the Firm will keep their enterprise lending-focused funding technique.
On February 24, 2023, the Firm funded a $5.0 million debt funding to an current portfolio firm, BriteCore Holdings, LLC.
On February 24, 2023, the Firm funded a $20.0 million debt funding to a brand new portfolio firm, Noodle Companions, Inc.
Month-to-month Distributions Declared in First Quarter 2023
On February 23, 2023, the Firm’s board of administrators declared month-to-month distributions of $0.11 per share, payable in every of April, Could and June 2023. The next tables present these month-to-month distributions, which complete $0.33 per share:
Month-to-month Distributions
Ex-Dividend Date
|
File Date
|
Cost Date
|
|
Quantity per Share
|
March 16, 2023
|
March 17, 2023
|
April 14, 2023
|
|
$0.11
|
April 17, 2023
|
April 18, 2023
|
Could 16, 2023
|
|
$0.11
|
Could 17, 2023
|
Could 18, 2023
|
June 14, 2023
|
|
$0.11
|
|
|
|
Whole:
|
$0.33
|
After paying distributions of $1.25 per share deemed paid for tax functions in 2022, declaring on October 28, 2022 a distribution of $0.11 per share payable January 13, 2023, and producing taxable earnings of $1.60 per share in 2022, the Firm’s undistributed spillover revenue as of December 31, 2022 was $0.68 per share. Spillover revenue contains any strange revenue and internet capital features from the previous tax years that weren’t distributed throughout such tax years.
When declaring distributions, the Horizon board of administrators opinions estimates of taxable revenue obtainable for distribution, which can differ from consolidated internet revenue underneath typically accepted accounting ideas resulting from (i) modifications in unrealized appreciation and depreciation, (ii) short-term and everlasting variations in revenue and expense recognition, and (iii) the quantity of spillover revenue carried over from a given 12 months for distribution within the following 12 months. The ultimate willpower of taxable revenue for every tax 12 months, in addition to the tax attributes for distributions in such tax 12 months, can be made after the shut of the tax 12 months.
Convention Name
The Firm will host a convention name on Wednesday, March 1, 2023, at 9:00 a.m. ET to debate its newest company developments and monetary outcomes. To take part within the name, please dial (877) 407-9716 (home) or (201) 493-6779 (worldwide). The entry code for all callers is 13735031. The Firm recommends becoming a member of the decision at the least 5 minutes upfront. As well as, a stay webcast can be obtainable on the Firm’s web site at www.horizontechfinance.com.
A webcast replay can be obtainable on the Firm’s web site for 30 days following the decision.
About Horizon Expertise Finance
Horizon Expertise Finance Company (NASDAQ: HRZN) is a number one specialty finance firm that gives capital within the type of secured loans to enterprise capital backed corporations within the know-how, life science, healthcare info and providers, and sustainability industries. The funding goal of Horizon is to maximise its funding portfolio’s return by producing present revenue from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional workplace in Pleasanton, California, and funding professionals positioned in Austin, Texas, Chicago, Illinois, Reston, Virginia and Portland, Maine. To study extra, please go to horizontechfinance.com.
Ahead-Trying Statements
Statements included herein could represent “forward-looking statements” inside the that means of the Non-public Securities Litigation Reform Act of 1995. Statements apart from statements of historic info included on this press launch could represent forward-looking statements and should not ensures of future efficiency, situation or outcomes and contain plenty of dangers and uncertainties. Precise outcomes could differ materially from these within the forward-looking statements on account of plenty of components, together with these described every so often in Horizon’s filings with the Securities and Alternate Fee. Horizon undertakes no responsibility to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.
Contacts:
Investor Relations:
ICR
Garrett Edson
[email protected]
(860) 284-6450
Media Relations:
ICR
Chris Gillick
[email protected]
(646) 677-1819
Horizon Expertise Finance Company and Subsidiaries
Consolidated Statements of Belongings and Liabilities ({Dollars} in 1000’s, besides share and per share knowledge)
|
|
|
December 31,
|
December 31,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
Belongings
|
|
|
|
|
Non-affiliate investments at truthful worth (price of $721,248 and $452,387, respectively)
|
$ 720,026
|
|
$ 458,075
|
|
Managed affiliate investments at truthful worth (price of $0 and $1,450, respectively)
|
—
|
|
—
|
|
Whole investments at truthful worth (price of $721,248 and $453,837, respectively)
|
720,026
|
|
458,075
|
|
Money
|
20,612
|
|
38,054
|
|
Investments in cash market funds
|
7,066
|
|
7,868
|
|
Restricted investments in cash market funds
|
2,788
|
|
1,359
|
|
Curiosity receivable
|
13,573
|
|
6,154
|
|
Different belongings
|
2,761
|
|
2,450
|
|
Whole belongings
|
$ 766,826
|
|
$ 513,960
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Borrowings
|
$ 434,078
|
|
$ 257,613
|
|
Distributions payable
|
9,159
|
|
6,365
|
|
Base administration charge payable
|
1,065
|
|
706
|
|
Incentive charge payable
|
1,392
|
|
2,015
|
|
Different accrued bills
|
2,684
|
|
1,926
|
|
Whole liabilities
|
448,378
|
|
268,625
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Web belongings
|
|
|
|
|
Most well-liked inventory, par worth $0.001 per share, 1,000,000 shares licensed, zero
shares issued and excellent as of December 31, 2022 and December 31, 2021
|
—
|
|
—
|
|
Frequent inventory, par worth $0.001 per share, 100,000,000 shares licensed,
27,920,838 and 21,384,925 shares issued and 27,753,373 and 21,217,460 shares excellent as of December 31, 2022 and December 31, 2021, respectively
|
29
|
|
22
|
|
Paid-in capital in extra of par
|
385,921
|
|
301,359
|
|
Distributable earnings
|
(67,502)
|
|
(56,046)
|
|
Whole internet belongings
|
318,448
|
|
245,335
|
|
Whole liabilities and internet belongings
|
$ 766,826
|
|
$ 513,960
|
|
Web asset worth per widespread share
|
$ 11.47
|
|
$ 11.56
|
|
|
|
|
|
|
|
Horizon Expertise Finance Company and Subsidiaries
Consolidated Statements of Operations ({Dollars} in 1000’s, besides share and per share knowledge)
|
|
|
For the Three Months Ended
|
|
For the 12 months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Funding revenue
|
|
|
|
|
|
|
|
|
Curiosity revenue on investments
|
|
|
|
|
|
|
|
|
Curiosity revenue on non-affiliate investments
|
$ 23,049
|
|
$ 15,194
|
|
$ 77,366
|
|
$ 54,159
|
|
Curiosity revenue on affiliate investments
|
—
|
|
39
|
|
—
|
|
252
|
|
Whole curiosity revenue on investments
|
23,049
|
|
15,233
|
|
77,366
|
|
54,411
|
|
Charge revenue
|
|
|
|
|
|
|
|
|
Prepayment charge revenue on non-affiliate investments
|
26
|
|
1,651
|
|
1,568
|
|
4,111
|
|
Charge revenue on non-affiliate investments
|
70
|
|
61
|
|
257
|
|
1,481
|
|
Charge revenue on affiliate investments
|
—
|
|
—
|
|
—
|
|
12
|
|
Whole charge revenue
|
96
|
|
1,712
|
|
1,825
|
|
5,604
|
|
Whole funding revenue
|
23,145
|
|
16,945
|
|
79,191
|
|
60,015
|
|
Bills
|
|
|
|
|
|
|
|
|
Curiosity expense
|
6,215
|
|
3,253
|
|
19,202
|
|
12,034
|
|
Base administration charge
|
3,011
|
|
2,022
|
|
10,566
|
|
7,617
|
|
Efficiency based mostly incentive charge
|
1,392
|
|
2,015
|
|
7,745
|
|
7,055
|
|
Administrative charge
|
520
|
|
456
|
|
1,667
|
|
1,285
|
|
Skilled charges
|
487
|
|
544
|
|
1,650
|
|
1,892
|
|
Basic and administrative
|
371
|
|
369
|
|
1,459
|
|
1,511
|
|
Whole bills
|
11,996
|
|
8,659
|
|
42,289
|
|
31,394
|
|
Web funding revenue earlier than excise tax
|
11,149
|
|
8,286
|
|
36,902
|
|
28,621
|
|
Provision for excise tax
|
409
|
|
227
|
|
715
|
|
401
|
|
Web funding revenue
|
10,740
|
|
8,059
|
|
36,187
|
|
28,220
|
|
|
Web realized and unrealized loss
|
|
|
|
|
|
|
|
|
Web realized loss on non-affiliate investments
|
—
|
|
(486)
|
|
(8,364)
|
|
(2,858)
|
|
Web realized (loss) acquire on non-controlled affiliate investments
|
—
|
|
(390)
|
|
30
|
|
(390)
|
|
Web realized loss on managed affiliate investments
|
—
|
|
—
|
|
(1,150)
|
|
—
|
|
Web realized loss on investments
|
—
|
|
(876)
|
|
(9,484)
|
|
(3,248)
|
|
Web realized loss on extinguishment of debt
|
—
|
|
—
|
|
—
|
|
(395)
|
|
Web realized loss
|
—
|
|
(876)
|
|
(9,484)
|
|
(3,643)
|
|
Web unrealized (depreciation) appreciation on non-affiliate investments
|
(6,721)
|
|
(4,811)
|
|
(7,002)
|
|
5,503
|
|
Web unrealized appreciation (depreciation) on non-controlled affiliate investments
|
—
|
|
1,019
|
|
—
|
|
(848)
|
|
Web unrealized (depreciation) appreciation on managed affiliate investments
|
—
|
|
(1,125)
|
|
1,450
|
|
(1,450)
|
|
Web unrealized (depreciation) appreciation on investments
|
(6,721)
|
|
(4,917)
|
|
(5,552)
|
|
3,205
|
|
Web realized and unrealized loss
|
(6,721)
|
|
(5,793)
|
|
(15,036)
|
|
(438)
|
|
|
Web improve in internet belongings ensuing from operations
|
$ 4,019
|
|
$ 2,266
|
|
$ 21,151
|
|
$ 27,782
|
|
Web funding revenue per widespread share
|
$ 0.40
|
|
$ 0.39
|
|
$ 1.46
|
|
$ 1.41
|
|
Web improve in internet belongings per widespread share
|
$ 0.15
|
|
$ 0.11
|
|
$ 0.86
|
|
$ 1.39
|
|
Distributions declared per share
|
$ 0.38
|
|
$ 0.35
|
|
$ 1.28
|
|
$ 1.25
|
|
Weighted common shares excellent
|
26,918,733
|
|
20,622,770
|
|
24,726,079
|
|
20,027,420
|
|
SOURCE Horizon Expertise Finance Company