2024-06-21 14:31:31 ET
Summary
- Horizon Technology Finance has underperformed the BDC market by 15% since December, with worsening portfolio quality and yield compression.
- Q1, 2024 earnings report shows continued decline in net investment income, with NAV dropping and portfolio stagnating at lower yield levels.
- Despite sourcing fresh equity, HRZN's underlying portfolio profile has deteriorated, making it still a risky investment choice with uncertain fundamentals.
I have been bearish on Horizon Technology Finance ( HRZN ) since December last year, when I issued my first article on this BDC, arguing that the above-average yield does not compensate the underlying risk exposures....
Read the full article on Seeking Alpha
For further details see:
Horizon Technology: The Risks Have Increased, While Yield Has Remained Unattractive