On Friday, Horizon Technology Finance Corporation (NASDAQ: HRZN) oscillated between $10.00 and $10.19 before concluding trading period higher +0.60% at $10.08. The stock recorded total trading quantity of 119,098 shares as compared to its average volume of 74,203 shares. The firm has a total market worth of $74.2k and $116.174M shares remain outstanding.

Horizon Technology Finance Corporation (HRZN) recently reported its financial results for the first quarter ended March 31, 2018.

First Quarter 2018 Highlights

• Earned net investment income of $3.2M, or $0.28per share, for the quarter
• Net asset value equaled $134.3M, or $11.65per share, at quarter end
• Funded $11.0Min loans to three companies
• Achieved an annualized portfolio yield on debt investments of 14.4% for the quarter
• Ended the quarter with an investment portfolio of $211.9M
• Experienced liquidity events from three portfolio companies
• Total liquidity as of March 31, 2018was $40.1M
• Floating rate loans comprised 99% of the outstanding principal of the loan portfolio at quarter end
• At quarter end, held a portfolio of warrant and equity positions in 76 portfolio companies
• Asset coverage for borrowed amounts of 241% as of March 31, 2018
• Reported distributions of $0.10per share payable in each of July, August and September 2018, increasing cumulative reported distributions to $10.82 per share since going public in 2010

Operating Results
Total investment income was $7.2M for the three months ended March 31, 2018, as contrast to $7.0M for the three months ended March 31, 2017. The year-over-year raise in total investment income is primarily Because of higher interest income on investments resulting from the larger average size of the loan portfolio, partially offset by a decrease in accelerated end-of-term payments related to prepayments.

• The Company’s dollar-weighted annualized portfolio yield on debt investments for the three months ended March 31, 2018and 2017 was 14.4% and 15.5%, respectively.
• The Company calculates the yield on dollar-weighted average debt investments for any period measured as (1) total investment income during the period divided by (2) the average of the fair value of debt investments outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The dollar-weighted annualized yield on average debt investments is higher than what investors will realize because it does not reflect expenses or any sales load paid by investors.
• Total expenses for the three months ended March 31, 2018were $4.0M, as contrast to $3.6M for the three months ended March 31, 2017. Interest expense raised year-over-year primarily Because of an raise in average borrowings. Base management fee raised year-over-year primarily Because of an raise in the average size of the investment portfolio. For the three months ended March 31, 2018, incentive fee expense was $0.5M, as contrast to $0.4M for the three months ended March 31, 2017. The incentive fee on pre-incentive fee net investment income was subject to the incentive fee cap and deferral mechanism under the Investment Management Contract, which resulted in $0.2M and $0.3M, respectively, of reduced expense and additional net investment income for the three months ended March 31, 2018 and 2017.
• Net investment income for the three months ended March 31, 2018was $3.2M, or $0.28 per share, as contrast to $3.4M, or $0.29 per share, for the three months ended March 31, 2017.
• For the three months ended March 31, 2018, the net realized loss on investments was $0.1M, or $0.01per share, as contrast to net realized loss on investments of $10.8M, or $0.94 per share, for the three months ended March 31, 2017.
• For the three months ended March 31, 2018, the net unrealized depreciation on investments was $0.5M, or $0.04per share, as contrast to net unrealized appreciation on investments of $11.1M, or $0.97 per share, for the three months ended March 31, 2017.

EPS growth ratio for the past five years was 12.10% while Sales growth for the past five years was 4.30%. Return on equity (ROE) was noted as 6.30% while return on investment (ROI) was 4.20%. The stock’s institutional ownership stands at 15.60%.