hrzn20240222c_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 27, 2024
 
HORIZON TECHNOLOGY FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
814-00802
 
27-2114934
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
312 Farmington Avenue
Farmington, CT 06032
 
(Address of principal executive offices and zip code)
 
(860) 676-8654
 
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Ticker Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.001 per share
 
HRZN
 
The Nasdaq Stock Market LLC
4.875% Notes due 2026
 
HTFB
 
The New York Stock Exchange
6.25% Notes due 2027
 
HTFC
 
The New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
Section 2
 
Financial Information
Item 2.02
 
Results of Operations and Financial Condition
 
On February 27, 2024, Horizon Technology Finance Corporation (the “Company”) issued a press release announcing its financial results for the three months ended December 31, 2023. A copy of this press release is attached hereto as Exhibit 99.1.
 
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
 
Section 9
 
Financial Statements and Exhibits
Item 9.01
 
Financial Statements and Exhibits
 
 (d) Exhibits.
 
Exhibit No.   Description
99.1
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
2
 

 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: February 27, 2024
HORIZON TECHNOLOGY FINANCE
CORPORATION
 
     
     
 
By:
/s/ Robert D. Pomeroy, Jr.
 
   
Robert D. Pomeroy, Jr.
 
   
Chief Executive Officer
 
 
3
ex_629681.htm

 

EXHIBIT 99.1

https://cdn.kscope.io/49f8736028d7d04b8d00f5fac271592d-plogo01.jpg

Horizon Technology Finance Announces Fourth Quarter and Full Year 2023 Financial Results

 

- Fourth Quarter 2023 Net Investment Income per Share of $0.45; NAV per Share of $9.71 -

 

- Annual Debt Portfolio Yield of 16.6% -

 

- HRZN Ends Year with Committed Backlog of $218 Million -

 

- Declares Regular Monthly Distributions Totaling $0.33 per Share through June 2024 and $0.05 Special

Distribution Payable in April 2024

 

Farmington, Connecticut February 27, 2024 Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon” or the “Company”), an affiliate of Monroe Capital, and a leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and sustainability industries, today announced its financial results for the fourth quarter and full year ended December 31, 2023.

 

Fourth Quarter 2023 Highlights

 

 

Net investment income (“NII”) of $15.0 million, or $0.45 per share, compared to $10.7 million, or $0.40 per share for the prior-year period

 

Total investment portfolio of $709.1 million as of December 31, 2023

 

Net asset value of $324.0 million, or $9.71 per share, as of December 31, 2023

 

Annualized portfolio yield on debt investments of 16.8% for the quarter

 

Horizon funded six loans totaling $63.4 million

 

Experienced liquidity events from four portfolio companies

 

Cash of $73.1 million and credit facility capacity of $149.0 million as of December 31, 2023

 

Held portfolio of warrant and equity positions in 99 companies as of December 31, 2023

 

Undistributed spillover income of $1.25 per share as of December 31, 2023

 

Subsequent to quarter end, declared distributions of $0.11 per share payable in April, May and June 2024 and a special distribution of $0.05 per share payable in April 2024

 

Full Year 2023 Highlights

 

 

Net investment income of $61.4 million, or $1.98 per share for 2023, compared to $36.2 million, or $1.46 per share, for the prior year

 

Achieved annual portfolio yield on debt investments of 16.6% for 2023

 

Horizon funded 33 loans totaling $241.6 million; experienced liquidity events from 20 portfolio companies

 

“We capped 2023 with another quarter where our debt portfolio yield continued to generate net investment income that exceeded our distributions, while we originated new venture debt investments to add to our portfolio and committed backlog,” said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. “NAV per share was negatively impacted in the fourth quarter by stressed investments. We continue to actively manage all of our investments, while we support our borrowers and seek to maximize capital recovery in a difficult venture market. Looking ahead, we will remain prudent with respect to growing HRZN’s portfolio of debt investments, while we work to maximize NAV.”

 

Fourth Quarter 2023 Operating Results

 

Total investment income for the quarter ended December 31, 2023 grew 21.8% to $28.2 million, compared to $23.1 million for the quarter ended December 31, 2022, primarily due to growth in interest and fee income on investments resulting from an increase in the average size of the debt investment portfolio.

 

The Company’s dollar-weighted annualized yield on average debt investments for the quarter ended December 31, 2023 and 2022 was 16.8% and 14.5%, respectively. The Company calculates the dollar-weighted annualized yield on average debt investments for any period measured as (1) total investment income (excluding dividend 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 quarter ended December 31, 2023 were $12.2 million, compared to $12.0 million for the quarter ended December 31, 2022. The increase was primarily due to a $1.3 million increase in interest expense and a $0.2 million increase in the base management fee. The increase was partially offset by a $1.4 million decrease in performance-based incentive fees related to an Incentive Fee Cap for the three months ended December 31, 2023 due to the cumulative incentive fees paid exceeding 20% of cumulative pre-incentive fee net return during the applicable quarter and the 11 preceding full calendar quarters.

 

Net investment income for the quarter ended December 31, 2023 was $15.0 million, or $0.45 per share, compared to $10.7 million, or $0.40 per share, for the quarter ended December 31, 2022.

 

For the quarter ended December 31, 2023, net realized loss on investments was $1.2 million, or $0.04 per share, compared to no net realized gains or losses on investments for the quarter ended December 31, 2022. For the quarter ended December 31, 2023, net realized loss on extinguishment of debt was $0.2 million.

 

For the quarter ended December 31, 2023, net unrealized depreciation on investments was $24.3 million, or $0.73 per share, compared to net unrealized depreciation on investments of $6.7 million, or $0.25 per share, for the prior-year period.

 

Full Year 2023 Operating Results

 

Total investment income for the year ended December 31, 2023 was $113.5 million, an increase of 43.3% compared to $79.2 million for the year ended December 31, 2022.

 

Horizon’s dollar-weighted annualized yield on average debt investments for the year ended December 31, 2023 and 2022 was 16.6% and 14.4%, respectively.

 

For the full year ended December 31, 2023, net investment income was $61.4 million, or $1.98 per share, compared to net investment income of $36.2 million, or $1.46 per share, in the prior year.

 

For the full year ended December 31, 2023, net realized loss on investments was $29.7 million, or $0.97 per share, compared to net realized loss on investments of $9.5 million, or $0.38 per share, for the full year ended December 31, 2022. For the full year ended December 31, 2023, net realized loss on extinguishment of debt was $0.2 million.

 

For the full year ended December 31, 2023, net unrealized depreciation on investments was $48.8 million, or $1.57 per share, compared to net unrealized depreciation on investments of $5.6 million, or $0.22 per share, for the full year ended December 31, 2022.

 

Portfolio Summary and Investment Activity

 

As of December 31, 2023, the Company’s debt portfolio consisted of 56 secured loans with an aggregate fair value of $670.2 million. In addition, the Company’s total warrant, equity and other investments in 102 portfolio companies had an aggregate fair value of $38.9 million. Total portfolio investment activity for the three months and full year ended December 31, 2023 and 2022 was as follows:

 

($ in thousands)

For the Three Months Ended

December 31,

For the Year Ended

December 31,

 

2023

2022

2023

     2022

Beginning portfolio

$             729,053

$             634,624

$             720,026

$             458,075

 

 

 

 

 

New debt and equity investments

64,201

104,256

251,189

452,603

 

 

 

 

 

Less refinanced debt balances

(5,625)

(32,500)

(30,625)

         

Net new debt and equity investments

64,201

98,631

218,689

421,978

         

Principal payments received on investments

(13,247)

(3,800)

(35,258)

(15,716)

 

 

 

 

 

Payment-in-kind interest on investments

2,345

8,433

         

Early pay-offs and principal paydowns

(48,824)

(2,638)

(117,035)

(80,155)

 

 

 

 

 

Accretion of debt investment fees

1,844

1,152

6,862

5,684

 

 

 

 

 

New debt investment fees

(765)

(1,032)

(3,162)

(5,290)

 

 

 

 

 

Warrants and equity received in settlement of fee income

169

         

Proceeds from sale of investments

(3)

(283)

(11,066)

(49,964)

         

Net loss on investments

(1,189)

(29,702)

(9,127)

         

Net unrealized depreciation on investments

(24,332)

(6,628)

(48,780)

(5,459)

         

Other

2

(91)

 

 

 

 

 

Ending portfolio

$             709,085

$             720,026

$             709,085

$             720,026

 

Portfolio Asset Quality

 

The following table shows the classification of Horizon’s loan portfolio at fair value by internal credit rating as of December 31, 2023, September 30, 2023 and December 31, 2022:

 

($ in thousands)

December 31, 2023

 

September 30, 2023

 

December 31, 2022

 

Number of Investments

Debt Investments at Fair Value

Percentage of Debt Investments

 

Number of Investments

Debt Investments at Fair Value

Percentage of Debt Investments

 

Number of Investments

Debt Investments at Fair Value

Percentage of Debt Investments

Credit Rating

                     

4

11

$             150,367

22.4%

 

12

$             150,882

22.2%

 

8

$              93,832

13.7%

3

39

452,911

67.6%

 

37

437,158

64.3%

 

47

557,554

81.2%

2

2

39,343

5.9%

 

5

76,298

11.2%

 

2

26,822

3.9%

1

4

27,551

4.1%

 

2

15,500

2.3%

 

3

8,250

1.2%

Total

56

$             670,172

100.0%

 

56

$             679,838

100.0%

 

60

$             686,458

100.0%

 

As of December 31, 2023, September 30, 2023 and December 31, 2022, Horizon’s loan portfolio had a weighted average credit rating of 3.1, with 4 being the highest credit quality rating and 3 being the rating for a standard level of risk. A rating of 2 represents an increased level of risk and, while no loss is currently anticipated for a 2-rated loan, there is potential for future loss of principal. A rating of 1 represents deteriorating credit quality and high degree of risk of loss of principal.

 

As of December 31, 2023, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $72.5 million and an aggregate fair value of $27.6 million. As of September 30, 2023, there were two debt investments with an internal credit rating of 1, with an aggregate cost of $41.5 million and an aggregate fair value of $15.5 million. As of December 31, 2022, there were three debt investments with an internal credit rating of 1, with a cost of $20.9 million and a fair value of $8.3 million.

 

Liquidity and Capital Resources

 

As of December 31, 2023, the Company had $103.9 million in available liquidity, consisting of $73.1 million in cash and money market funds, and $30.8 million in funds available under existing credit facility commitments.

 

As of December 31, 2023, there was $70.0 million in outstanding principal balance under the $150.0 million revolving credit facility (“Key Facility”). The Key Facility allows for an increase in the total loan commitment up to an aggregate commitment of $300 million. There can be no assurance that any additional lenders will make any commitments under the Key Facility.

 

Additionally, as of December 31, 2023, there was $181.0 million in outstanding principal balance under the $250 million senior secured debt facility with a large U.S.-based insurance company at an interest rate of 5.96%.

 

Horizon Funding Trust 2022-1, a wholly-owned subsidiary of Horizon, previously issued $100.0 million of Asset-Backed Notes (the “2022 Notes”) rated A by a ratings agency. The 2022 Notes bear interest at a fixed interest rate of 7.56% per annum. The reinvestment period of the 2022 Notes ends November 15, 2024 and the stated maturity is November 15, 2030. As of December 31, 2023, the 2022 Notes had an outstanding principal balance of $100.0 million.

 

During the three months ended December 31, 2023, the Company sold 8,504 shares of common stock under its ATM offering program with Goldman Sachs & Co. LLC and B. Riley FBR, Inc. For the same period, the Company received total accumulated net proceeds of approximately $0.1 million, including de minimis offering expenses, from these sales.

 

As of December 31, 2023, the Company’s net debt to equity leverage ratio was 120%, at the Company’s 120% targeted leverage. The asset coverage ratio for borrowed amounts was 170%.

 

Liquidity Events

 

During the quarter ended December 31, 2023, Horizon experienced liquidity events from four portfolio companies. Liquidity events for Horizon may consist of the sale of warrants or equity in portfolio companies, loan prepayments, sale of owned assets or receipt of success fees.

 

In October, HRZN received a principal paydown of $11.0 million on its venture loans to Evelo Biosciences, Inc.

 

In December, Primary Kids, Inc. (“Primary Kids”) paid its outstanding principal balance of $5.1 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in Primary Kids.

 

In December, Infobionic, Inc. (“Infobionic”) paid its outstanding principal balance of $2.2 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in Infobionic.

 

In December, Magnolia Medical Technologies, Inc. (“Magnolia”) paid its outstanding principal balance of $30.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in Magnolia.

 

Net Asset Value

 

At December 31, 2023, the Company’s net assets were $324.0 million, or $9.71 per share, compared to $318.4 million, or $11.47 per share, as of December 31, 2022.

 

For the quarter ended December 31, 2023, net decrease in net assets resulting from operations was $10.7 million, or $0.32 per share, compared to a net increase in net assets resulting from operations of $4.0 million, or $0.15 per share, for the quarter ended December 31, 2022.

 

Stock Repurchase Program

 

During the quarter ended December 31, 2023, the Company did not repurchase any shares of its common stock. From the inception of the stock repurchase program through December 31, 2023, the Company has repurchased 167,465 shares of its common stock at an average price of $11.22 on the open market at a total cost of $1.9 million.

 

Recent Developments

 

On January 9, 2024, we funded a $0.8 million equity investment to an existing portfolio company, Better Place Forests Co.

 

Between January 18 and February 9, 2024, we made $0.9 million of new debt investments in Nexii Building Solutions, Inc., an existing portfolio company.

 

On February 7, 2024, we funded a $14.0 million debt investment to an existing portfolio company, Ceribell, Inc. in connection with the prepayment of its existing $11.3 million debt investment.

 

On February 20, 2024, HIMV LLC, or HIMV, sold BioVaxys Technology Corp., a British Columbia-registered company, or Purchaser all of its intellectual property and related assets, or IP, in consideration for (a) $750,000 in cash, (b) $250,000 in value of common shares of the Purchaser, at a price per share equal to the volume-weighted average price of the common shares in the capital of the Purchaser during the 20 trading day period immediately prior to the closing date of the sale and (c) certain other earn-out payments related to the development and use of the IP as set forth in the APA. The sale of the IP closed on February 20, 2024.

 

Monthly Distributions Declared in First Quarter 2024

 

On February 23, 2024, the Company’s board of directors declared monthly distributions of $0.11 per share payable in each of April, May and June 2024, and a special distribution of $0.05 per share payable in April 2024. The following tables show these monthly distributions, which total $0.38 per share:

 

Monthly Distributions

 

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

March 18, 2024

March 19, 2024

April 16, 2024

$0.11

April 17, 2024

April 18, 2024

May 15, 2024

$0.11

May 16, 2024

May 17, 2024

June 14, 2024

$0.11

   

Total:

$0.33

Special Distribution

 

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

March 18, 2024

March 19, 2024

April 16, 2024

$0.05

 

After paying distributions of $1.37 per share deemed paid for tax purposes in 2023, declaring on October 27, 2023 a distribution of $0.11 per share payable January 16, 2024, and generating taxable earnings of $2.01 per share in 2023, the Company's undistributed spillover income as of December 31, 2023 was $1.25 per share. Spillover income includes any ordinary income and net capital gains from the preceding tax years that were not distributed during such tax years.

 

When declaring distributions, Horizon’s board of directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

 

Conference Call

 

The Company will host a conference call on Wednesday, February 28, 2024, at 9:00 a.m. ET to discuss its latest corporate developments and financial results. To participate in the call, please dial (877) 407-9716 (domestic) or (201) 493-6779 (international). The access code for all callers is 13743029. The Company recommends joining the call at least 5 minutes in advance. In addition, a live webcast will be available on the Company’s website at www.horizontechfinance.com.

 

A webcast replay will be available on the Company’s website for 30 days following the call.

 

About Horizon Technology Finance

 

Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income 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 office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is an $18 billion asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.

 

Forward-Looking Statements

 

Statements included herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizons filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

 

 

Contacts:

 

Investor Relations:

ICR

Garrett Edson

ir@horizontechfinance.com

(646) 200-8885

 

Media Relations:

ICR

Chris Gillick

HorizonPR@icrinc.com

(646) 677-1819

 

 

 

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Horizon Technology Finance Corporation and Subsidiaries

Consolidated Statements of Assets and Liabilities
(Dollars in thousands, except share and per share data)

 

 

December 31,

December 31,

 
 

2023

 

2022

 
         

Assets

       

Non-affiliate investments at fair value (cost of $716,077 and $721,248, respectively)         

$             693,730

 

$             720,026

 

Non-controlled affiliate investments at fair value (cost of $28,677 and $0, respectively)         

1,132

 

 

Controlled affiliate investments at fair value (cost of $14,428 and $0, respectively)         

14,223

 

 

Total investments at fair value (cost of $759,182 and $721,248, respectively)         

709,085

 

720,026

 

Cash         

46,630

 

20,612

 

Investments in money market funds         

26,450

 

7,066

 

Restricted investments in money market funds         

2,642

 

2,788

 

Interest receivable         

13,926

 

13,573

 

Other assets         

3,623

 

2,761

 

Total assets         

$             802,356

 

$             766,826

 
         

Liabilities

       

Borrowings         

$             462,235

 

$             434,078

 

Distributions payable         

11,011

 

9,159

 

Base management fee payable         

1,052

 

1,065

 

Incentive fee payable         

 

1,392

 

Other accrued expenses         

4,077

 

2,684

 

Total liabilities         

478,375

 

448,378

 
         

Commitments and contingencies

       
         

Net assets

       

Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero

     shares issued and outstanding as of December 31, 2023 and 2022         

 

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized,

     33,534,854 and 27,920,838 shares issued and 33,367,389 and 27,753,373 shares outstanding as of December 31, 2023 and 2022, respectively         

36

 

29

 

Paid-in capital in excess of par         

450,949

 

385,921

 

Distributable earnings         

(127,004

)

(67,502

)

Total net assets         

323,981

 

318,448

 

Total liabilities and net assets         

$             802,356

 

$             766,826

 

Net asset value per common share         

$                   9.71

 

$                 11.47

 

 

 

 

 

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Horizon Technology Finance Corporation and Subsidiaries

Consolidated Statements of Operations
(Dollars in thousands, except share and per share data)

 

 

For the Three Months Ended

 

For the Year Ended

 
 

December 31,

 

December 31,

 
 

2023

 

2022

 

2023

 

2022

 

Investment income

               

From non-affiliate investments:

               

Interest income         

$              24,739

 

$              23,049

 

$             100,435

 

$              77,366

 

Payment-in-kind interest income         

2,183

 

 

8,113

 

 

Prepayment fee income         

1,032

 

26

 

1,880

 

1,568

 

Fee income         

58

 

70

 

1,465

 

257

 

From non-controlled affiliate investments:

               

Interest income         

 

 

1,245

 

 

From controlled affiliate investments:

               

Payment-in-kind interest income         

162

 

 

320

 

 

Interest income         

9

 

 

17

 

 

Total investment income         

28,183

 

23,145

 

113,475

 

79,191

 

Expenses

               

Interest expense         

7,564

 

6,215

 

28,971

 

19,202

 

Base management fee         

3,178

 

3,011

 

12,799

 

10,566

 

Performance based incentive fee         

 

1,392

 

3,094

 

7,745

 

Administrative fee         

409

 

520

 

1,658

 

1,667

 

Professional fees         

620

 

487

 

2,178

 

1,650

 

General and administrative         

453

 

371

 

1,837

 

1,459

 

Total expenses         

12,224

 

11,996

 

50,537

 

42,289

 

Net investment income before excise tax         

15,959

 

11,149

 

62,938

 

36,902

 

Provision for excise tax         

948

 

409

 

1,490

 

715

 

Net investment income         

15,011

 

10,740

 

61,448

 

36,187

 

Net realized and unrealized loss

               

Net realized loss on non-affiliate investments         

(1,189

)

— 

 

(29,702

)

(8,364

)

Net realized gain on non-controlled affiliate investments         

 

 

 

30

 

Net realized loss on controlled affiliate investments         

 

 

 

(1,150

)

Net realized loss on investments         

(1,189

)

 

(29,702

)

(9,484

)

Net realized loss on extinguishment of debt         

(151

)

 

(151

)

 

Net realized loss         

(1,340

)

 

(29,853

)

(9,484

)

Net unrealized depreciation on non-affiliate investments         

(16,833

)

(6,721

)

(24,489

)

(7,002

)

Net unrealized depreciation on non-controlled affiliate investments         

(8,364

)

 

(26,513

)

 

Net unrealized appreciation on controlled affiliate investments         

865

 

 

2,222

 

1,450

 

Net unrealized depreciation on investments         

(24,332

)

(6,721

)

(48,780

)

(5,552

)

Net realized and unrealized loss         

(25,672

)

(6,721

)

(78,633

)

(15,036

)

Net (decrease) increase in net assets resulting from operations         

$             (10,661

)

$               4,019

 

$             (17,185

)

$              21,151

 

Net investment income per common share         

$                  0.45

 

$                 0.40

 

$                  1.98

 

$                  1.46

 

Net (decrease) increase in net assets resulting from operations per common share         

$                 (0.32

)

$                 0.15

 

$                 (0.56

)

$                  0.86

 

Distributions declared per share         

$                  0.38

 

$                 0.38

 

$                  1.37

 

$                  1.28

 

Weighted average shares outstanding         

33,339,363

 

26,918,733

 

30,957,849

 

24,726,079