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New Mountain Finance Corporation Announces Financial Results for the Quarter Ended September 30, 2021

Reports Net Investment Income of $0.31 per Share, Exceeding Previous Guidance

Announces a Permanent Decrease in the Base Management Fee from 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 1.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Extends Previously Announced Dividend Protection Program

NEW YORK, November 03, 2021–(BUSINESS WIRE)–New Mountain Finance Corporation (NASDAQ: NMFC) (the “Company”, “we”, “us” or “our”) today announced its financial results for the quarter ended September 30, 2021 and reported third quarter net investment income of $0.31 per weighted average share. At September 30, 2021, net asset value (“NAV”) per share was $13.26, compared to $13.33 at June 30, 2021. The Company also announced that its board of directors declared a fourth quarter distribution of $0.30 per share, which will be payable on December 30, 2021 to holders of record as of December 16, 2021. For additional details related to the quarter ended September 30, 2021, please refer to the New Mountain Finance Corporation Form 10-Q filed with the SEC and the supplemental investor presentation which can be found on the Company’s website at http://www.newmountainfinance.com.

Selected Financial Highlights

(in thousands, except per share data)

September 30, 2021

Investment Portfolio(1)

$

3,033,076

Total Assets

$

3,168,111

Total Statutory Debt(3)

$

1,529,828

NAV(2)

$

1,284,905

NAV per Share

$

13.26

Statutory Debt/Equity

1.19x

Investment Portfolio Composition

September 30, 2021

Percent of Total

First Lien

$

1,472,741

48.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Second Lien(1)

743,040

24.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Subordinated

38,863

1.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Preferred Equity

147,313

4.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Investment Fund

252,400

8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Common Equity and Other(4)

378,719

12.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Total

$

3,033,076

100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

_____________________________

(1) Includes collateral for securities purchased under collateralized agreements to resell.
(2) Excludes non-controlling interest in New Mountain Net Lease Corporation (“NMNLC”).
(3) Excludes the Company’s United States (“U.S.”) Small Business Administration (“SBA”)-guaranteed debentures. Includes premium received on additional convertible notes issued in June 2019.
(4) Includes investments held in NMNLC.

We believe that the strength of the Company’s unique investment strategy – which focuses on middle market defensive growth companies that are well researched by New Mountain Capital, L.L.C. (“New Mountain”), a leading alternative investment firm, is underscored by continued stable credit performance. The Company has had only twelve portfolio companies, representing approximately $276 million of the cost of all investments made since inception in October 2008, or approximately 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of $8.8 billion, go on non-accrual.

“We believe New Mountain’s strategy of focusing on ‘defensive growth’ industries and on companies that we know well continues to prove to be a successful strategy”, added Steven B. Klinsky, NMFC Chairman. “We believe one of our keys to success is the strength of the team, which we continue to build over time, now at approximately 190 employees.”

Robert A. Hamwee, CEO, commented: “The third quarter represented another solid quarter of performance for NMFC, which was highlighted by our $430 million in originations. With the launch of our at-the-market (“ATM”) program, we will continue to focus our efforts on investing in high-quality, defensive growth companies, which we believe is a major factor in being able to maintain a stable book value”.

John R. Kline, President and COO, commented: “We are pleased to announce a fourth quarter distribution of $0.30 per share based on our expectation that Q4 Net Investment Income will be at least $0.30 per share, prior to any fee waivers. Given our outlook for consistent operating performance and continued support, if needed, from our investment advisor, we remain confident that our Net Investment Income will continue to cover our quarterly dividend for the foreseeable future.”

Portfolio and Investment Activity1

As of September 30, 2021, the Company’s NAV was approximately $1,284.9 million and its portfolio had a fair value of approximately $3,033.1 million in 106 portfolio companies, with a weighted average YTM at Cost2 of approximately 8.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. For the three months ended September 30, 2021, the Company generated approximately $314.8 million of originations in fifteen new portfolio companies and approximately $114.1 million of originations, including commitments3 for follow-on investments in thirteen portfolio companies held as of June 30, 2021. For the three months ended September 30, 2021, the Company had $43.9 million of asset sales and cash repayments3 of approximately $446.9 million.

Consolidated Results of Operations4

The Company’s total investment income for the three months ended September 30, 2021 and 2020 was approximately $68.2 million and $65.3 million, respectively.

The Company’s total net expenses, after income tax expense, for the three months ended September 30, 2021 and 2020 were approximately $37.8 million and $36.5 million, respectively. Total net expenses, after income tax expense, for the three months ended September 30, 2021 and 2020 consisted of approximately $17.6 million and $18.1 million, respectively, of costs associated with the Company’s borrowings and approximately $17.7 million and $16.7 million, respectively, in net management and incentive fees. Since the Company’s initial public offering (“IPO”), the base management fee calculation has deducted the borrowings under the New Mountain Finance SPV Funding, L.L.C. credit facility (the “SLF Credit Facility”). The SLF Credit Facility had historically consisted of primarily lower yielding assets at higher advance rates. As part of an amendment to the Company’s existing credit facilities with Wells Fargo Bank, National Association, the SLF Credit Facility merged with and into the New Mountain Finance Holdings, L.L.C. credit facility (the “Holdings Credit Facility”) on December 18, 2014. Post credit facility merger and to be consistent with the methodology since the IPO, New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) will continue to waive management fees on the leverage associated with those assets held under revolving credit facilities that share the same underlying yield characteristics with investments that were leveraged under the legacy SLF Credit Facility. Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2022, the Investment Adviser has entered into a fee waiver agreement pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on gross assets (the “Reduced Base Management Fee”) as opposed to the Company’s current base management fee of 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on gross assets less the borrowings under the SLF Credit Facility and less cash and cash equivalents (the “Base Management Fee”). If, for any quarterly period during the term of the fee waiver agreement, the Reduced Base Management Fee would be greater than the Base Management Fee calculated under the terms of the Investment Management Agreement, the Investment Adviser shall only be entitled to the lesser of those two amounts. The Investment Adviser cannot recoup management fees and incentive fees that the Investment Adviser has previously waived. For the three months ended September 30, 2021 and 2020 management fees waived were approximately $3.8 million and $2.8 million, respectively. For the three months ended September 30, 2021 and 2020 incentive fees waived were approximately $0 and $0.5 million, respectively. The Company’s net direct and indirect professional, administrative, other general and administrative and income tax expenses for the three months ended September 30, 2021 and 2020 were approximately $2.5 million and $1.7 million, respectively.

For the three months ended September 30, 2021 and 2020, the Company recorded approximately ($8.5) million and $59.4 million, respectively, of net realized and unrealized (losses) gains.

Liquidity and Capital Resources

As of September 30, 2021, the Company had cash and cash equivalents of approximately $83.4 million and total statutory debt outstanding of approximately $1,529.8 million5, which consisted of approximately $493.3 million of the $730.0 million of total availability on the Holdings Credit Facility, $150.0 million of the $188.5 million of total availability on the Company’s senior secured revolving credit facility (the “NMFC Credit Facility”), $167.8 million of the $280.0 million of total availability on the Company’s secured revolving credit facility (the “DB Credit Facility”), $0 of the $50.0 million of total availability on the uncommitted revolving loan agreement (the “Unsecured Management Company Revolver”), $5.8 million of the $10.0 million of total availability on the senior secured revolving credit facility (the “NMNLC Credit Facility II”), $201.4 million6 of convertible notes outstanding and $511.5 million of unsecured notes outstanding. Additionally, the Company had $300.0 million of SBA-guaranteed debentures outstanding as of September 30, 2021.

Portfolio and Asset Quality1

The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four. Each investment is assigned an initial rating of a “2” under the assumption that the investment is performing materially in-line with expectations. Any investment performing materially below our expectations, where the risk of loss has materially increased since the original investment, would be downgraded from the “2” rating to a “3” or a “4” rating, based on the deterioration of the investment. An investment rating of a “4” could be moved to non-accrual status and the final development could be an actual realization of a loss through a restructuring or impaired sale.

As of September 30, 2021, seven portfolio companies had an investment rating of “3” and seven portfolio companies had an investment rating of “4”. The Company’s investments in the portfolio companies with an investment rating of “3” had an aggregate cost basis of approximately $168.4 million and an aggregate fair value of approximately $122.5 million. The Company’s investment in portfolio companies with an investment rating of “4” had an aggregate cost basis of approximately $138.7 million and an aggregate fair value of approximately $52.9 million.

Recent Developments

On October 27, 2021, the Company’s board of directors declared a fourth quarter 2021 distribution of $0.30 per share payable on December 30, 2021 to holders of record as of December 16, 2021.

On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement, pursuant to which the Base Management Fee will be reduced from 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s gross assets to 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s gross assets.

On November 2, 2021, the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2023, rather than the quarter ended December 31, 2022. Under the Fee Waiver Agreement, the Investment Adviser will continue to waive base management fees in order to reach a target base management fee of 1.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on gross assets.

On November 3, 2021, the Company entered into an equity distribution agreement (the “Distribution Agreement“) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. Under the Distribution Agreement, the Company may offer for sale, from time to time, and sell, by means of “at the market” offerings, up to $250,000,000 in aggregate amount of shares of its common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common stock, if any, may be made in transactions that are deemed to be an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended.

_________________________________

1 Includes collateral for securities purchased under collateralized agreements to resell.
2 References to “YTM at Cost” assume the accruing investments, including secured collateralized agreements, in our portfolio as of a certain date, the ‘‘Portfolio Date’’, are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity. This calculation excludes the impact of existing leverage. YTM at Cost uses the LIBOR curves at each quarter’s respective end date. The actual yield to maturity may be higher or lower due to the future selection of LIBOR contracts by the individual companies in the Company’s portfolio or other factors.
3 Originations exclude payment-in-kind (“PIK”); originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains / losses.
4 Excludes net income related to non-controlling interests in NMNLC. For the quarter ended September 30, 2021, $0.2 million of dividend income is excluded from investment income and $0.8 million of unrealized gains is excluded from net realized and unrealized gains. For the quarter ended September 30, 2020, $0.3 million of dividend income is excluded from investment income and $1.1 million of unrealized gains is excluded from net realized and unrealized gains.
5 Excludes the Company’s United States (“U.S.”) Small Business Administration (“SBA”)-guaranteed debentures.
6 Includes premium received on additional convertible notes issued in June 2019.

Conference Call

New Mountain Finance Corporation will host a conference call at 10 a.m. Eastern Time on Thursday, November 4, 2021, to discuss its third quarter 2021 financial results. All interested parties may participate in the conference call by dialing +1 (877) 443-9109 approximately 15 minutes prior to the call. International callers should dial +1 (412) 317-1082. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the Company’s website, http://ir.newmountainfinance.com. To listen to the live call, please go to the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. Following the call, you may access a replay of the event via audio webcast on our website. We will be utilizing a presentation during the conference call and we have posted the presentation to the investor relations section of our website.

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)

September 30, 2021

December 31, 2020

Assets

Investments at fair value

Non-controlled/non-affiliated investments (cost of $2,260,975 and $2,281,184 respectively)

$

2,206,300

$

2,249,615

Non-controlled/affiliated investments (cost of $79,591 and $115,543, respectively)

111,605

103,012

Controlled investments (cost of $663,216 and $600,942, respectively)

693,749

600,875

Total investments at fair value (cost of $3,003,782 and $2,997,669, respectively)

3,011,654

2,953,502

Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)

21,422

21,422

Cash and cash equivalents

83,357

78,966

Interest and dividend receivable

32,773

28,411

Receivable from unsettled securities sold

8,990

9,019

Receivable from affiliates

–

117

Deferred tax asset

–

101

Other assets

9,915

5,981

Total assets

$

3,168,111

$

3,097,519

Liabilities

Borrowings

Unsecured Notes

$

511,500

$

453,250

Holdings Credit Facility

493,263

450,163

SBA-guaranteed debentures

300,000

300,000

Convertible Notes

201,443

201,520

DB Credit Facility

167,800

244,000

NMFC Credit Facility

149,977

165,500

NMNLC Credit Facility II

5,845

–

Deferred financing costs (net of accumulated amortization of $38,985 and $33,325, respectively)

(21,337)

(16,839)

Net borrowings

1,808,491

1,797,594

Payable for unsettled securities purchased

24,658

26,842

Management fee payable

9,988

10,419

Interest payable

9,528

15,587

Incentive fee payable

7,661

7,354

Payable to affiliates

316

867

Deferred tax liability

13

–

Other liabilities

2,498

1,967

Total liabilities

1,863,153

1,860,630

Commitments and contingencies

Net Assets

Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued

–

–

Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 96,906,988 and 96,827,342 shares issued and outstanding, respectively

969

968

Paid in capital in excess of par

1,270,719

1,269,671

Accumulated undistributed (overdistributed) earnings

13,217

(48,764)

Total net assets of New Mountain Finance Corporation

$

1,284,905

$

1,221,875

Non-controlling interest in New Mountain Net Lease Corporation

20,053

15,014

Total net assets

$

1,304,958

$

1,236,889

Total liabilities and net assets

$

3,168,111

$

3,097,519

Number of shares outstanding

96,906,988

96,827,342

Net asset value per share of New Mountain Finance Corporation

$

13.26

$

12.62

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

Investment income

From non-controlled/non-affiliated investments:

Interest income (excluding Payment-in-kind (“PIK”) interest income)

$

40,540

$

41,854

$

119,919

$

144,383

PIK interest income

1,903

2,547

6,501

6,464

Dividend income

867

–

867

–

Non-cash dividend income

1,956

2,274

7,324

6,898

Other income

5,249

1,497

9,651

4,085

From non-controlled/affiliated investments:

Interest income (excluding PIK interest income)

296

781

1,322

1,963

PIK interest income

182

217

182

(1,131)

Dividend income

288

687

288

2,096

Non-cash dividend income

831

–

3,881

(3,418)

Other income

79

427

284

1,002

From controlled investments:

Interest income (excluding PIK interest income)

1,253

2,011

3,570

4,581

PIK interest income

3,614

2,244

10,384

6,393

Dividend income

9,686

8,107

31,278

24,061

Non-cash dividend income

918

1,576

3,533

5,716

Other income

812

1,299

3,759

2,479

Total investment income

68,474

65,521

202,743

205,572

Expenses

Incentive fee

7,661

7,135

22,207

21,857

Management fee

13,740

12,877

40,885

39,869

Interest and other financing expenses

17,693

18,077

54,949

59,500

Administrative expenses

1,082

1,024

3,240

3,303

Professional fees

923

731

2,413

2,605

Other general and administrative expenses

490

442

1,398

1,383

Total expenses

41,589

40,286

125,092

128,517

Less: management fees waived

(3,752)

(3,341)

(11,193)

(10,067)

Less: expenses waived and reimbursed

–

(589)

–

(924)

Net expenses

37,837

36,356

113,899

117,526

Net investment income before income taxes

30,637

29,165

88,844

88,046

Income tax (benefit) expense

(8)

123

15

116

Net investment income

30,645

29,042

88,829

87,930

Net realized gains (losses):

Non-controlled/non-affiliated investments

2,459

30

2,797

(4,431)

Non-controlled/affiliated investments

20,549

12

8,338

12

Controlled investments

–

5

1,557

12

New Mountain Net Lease Corporation

–

–

–

812

Net change in unrealized (depreciation) appreciation:

Non-controlled/non-affiliated investments

(19,951)

21,410

(22,601)

(67,407)

Non-controlled/affiliated investments

(20,469)

(1,111)

44,545

(14,718)

Controlled investments

9,684

39,943

30,600

(8,278)

New Mountain Net Lease Corporation

–

–

–

(812)

Foreign Currency

(13)

–

(13)

–

Benefit (provision) for taxes

1

257

(114)

778

Net realized and unrealized (losses) gains

(7,740)

60,546

65,109

(94,032)

Net increase (decrease) in net assets resulting from operations

22,905

89,588

153,938

(6,102)

Less: Net increase in net assets resulting from operations related to non-controlling interests in New Mountain Net Lease Corporation

(1,058)

(1,398)

(4,789)

(1,584)

Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation

$

21,847

$

88,190

$

149,149

$

(7,686)

Basic earnings (loss) per share

$

0.23

$

0.91

$

1.54

$

(0.08)

Weighted average shares of common stock outstanding-basic

96,906,988

96,827,342

96,854,474

96,827,342

Diluted earnings (loss) per share

$

0.22

$

0.82

$

1.42

$

(0.08)

Weighted average shares of common stock outstanding-diluted

110,164,573

110,084,927

110,112,059

110,084,927

Distributions declared and paid per share

$

0.30

$

0.30

$

0.90

$

0.94

ABOUT NEW MOUNTAIN FINANCE CORPORATION

New Mountain Finance Corporation is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The Company’s first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent it invests in the “last out” tranche. In some cases, the investments may also include small equity interests. The Company’s investment activities are managed by its Investment Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. More information about New Mountain Finance Corporation can be found on the Company’s website at http://www.newmountainfinance.com.

ABOUT NEW MOUNTAIN CAPITAL

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $35 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.

FORWARD-LOOKING STATEMENTS

Statements included herein may contain “forward-looking statements”, which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006296/en/

Contacts

New Mountain Finance Corporation
Investor Relations
Shiraz Y. Kajee, Authorized Representative
NMFCIR@newmountaincapital.com
(212) 220-3505

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Set up in 1985, Mercer Global Advisors Inc. (“Mercer Advisors”) is a comprehensive-service prosperity management business that specializes in providing financial commitment advice, fiscal and estate scheduling, and taxes, and corporate trustee and have confidence in administration products and services. It is a person of the largest Registered Expenditure Advisers and financial preparing firms in the U.S. with ~$33.5 billion in client property. Headquartered in Denver, Mercer Advisors is privately held, has more than 600 workers, and operates nationally across the state with 60 spots. Mercer Advisors, Inc. is a father or mother enterprise of Mercer World Advisors Inc. (RIA), the greater part-owned by the two Oak Hill Cash and Genstar Money. Mercer International Advisors has a similar coverage agency. Mercer Advisors Insurance coverage Solutions, LLC (MAIS) is a wholly-owned subsidiary of Mercer Advisors Inc. Employees of Mercer International Advisors serve as officers of MAIS. For Mercer International Advisors consumers who want to invest in insurance goods, MAIS has entered into a non-exceptional referral settlement with Strategic Husband or wife(s). Extra information and facts about MAIS and our Strategic Companions may perhaps be discovered in our Form ADV 2A. Take a look at us at http://www.merceradvisors.com.

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Horizon Technology Finance Corporation Announces Third Quarter 2021 Financial Results

– Net Investment Income per Share of $0.40; NAV per Share of $11.63 –

– Debt Portfolio Yield of 16.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} –

– Declares Regular Monthly Distributions of $0.10 per Share through March 2022 and $0.05 Special Distribution Payable in December 2021 –

– Grew Portfolio to Record $452 Million –

FARMINGTON, Conn., Oct. 26, 2021 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“HRZN” or the “Company”), 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 third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

  • Net investment income (“NII”) of $8.0 million, or $0.40 per share, compared to $5.9 million, or $0.34 per share for the prior-year period

  • Total investment portfolio of $452.3 million as of September 30, 2021

  • Net asset value of $237.6 million, or $11.63 per share, as of September 30, 2021

  • Annualized portfolio yield on debt investments of 16.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the quarter

  • HRZN funded 15 loans totaling $98.9 million

  • HRZN’s investment adviser, Horizon Technology Finance Management LLC (“HTFM”), originated $141.4 million through its lending platform (“Horizon Platform”), inclusive of the HRZN loans

  • Raised total net proceeds of approximately $6.6 million with “at-the-market” (“ATM”) offering program

  • Experienced liquidity events from five portfolio companies

  • Cash of $42.9 million and credit facility capacity of $121.8 million as of September 30, 2021

  • Held portfolio of warrant and equity positions in 74 companies as of September 30, 2021

  • Undistributed spillover income of $0.44 per share as of September 30, 2021

  • Subsequent to quarter end, declared monthly distributions of $0.10 per share payable in January, February and March 2022 and a special distribution of $0.05 per share payable in December 2021

“We had an excellent third quarter, as HRZN generated net investment income of $0.40 per share, significantly grew its portfolio and increased its NAV per share,” said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of HRZN. “The momentum of the ‘Horizon’ brand and the Horizon Platform continued to accelerate, which was clearly evidenced by HRZN’s quarterly record of $99 million of originated loans. HRZN also completed five portfolio exits, leading to a debt portfolio yield of over 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, once again among the leaders in the industry. HTFM’s predictive pricing strategy continues to generate best-in-class yields, and the power of the Horizon Platform has created a portfolio for HRZN that is the largest in its history and is producing attractive yields for HRZN’s shareholders.”

“In addition to the strong growth in its portfolio, the credit quality of HRZN’s portfolio remains very solid, with nearly 97{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its portfolio 3-rated or better,” continued Mr. Pomeroy. “Demand for venture debt remains robust, and with HRZN’s deep committed backlog and ample capacity to originate loans on its platform, as well as HTFM’s pipeline of opportunities, HRZN is in a prime position to continue delivering compelling returns to its shareholders.”

Third Quarter 2021 Operating Results

Total investment income for the quarter ended September 30, 2021 grew 33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $16.4 million, compared to $12.3 million for the quarter ended September 30, 2020, primarily due to growth in interest income on investments resulting from an increase in the average size of the debt investment portfolio, as well as higher fee income.

The Company’s dollar-weighted annualized yield on average debt investments for the quarter ended September 30, 2021 and 2020 was 16.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 15.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, 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 September 30, 2021 were $8.3 million, compared to $6.5 million for the quarter ended September 30, 2020. The increase was primarily due to a $0.5 million increase in interest expense, a $0.4 million increase in the base management fee and a $0.5 million increase in the performance based incentive fee.

Net investment income for the quarter ended September 30, 2021 was $8.0 million, or $0.40 per share, compared to $5.9 million, or $0.34 per share, for the quarter ended September 30, 2020.

For the quarter ended September 30, 2021, net realized gain on investments was $1.3 million, or $0.07 per share, compared to $1.2 million, or $0.07 per share, for the quarter ended September 30, 2020.

For the quarter ended September 30, 2021, net unrealized appreciation on investments was $3.4 million, or $0.17 per share, compared to net unrealized depreciation on investments of $10.3 million, or $0.60 per share, for the prior-year period.

Portfolio Summary and Investment Activity

As of September 30, 2021, the Company’s debt portfolio consisted of 43 secured loans with an aggregate fair value of $429.9 million. In addition, the Company’s total warrant, equity and other investments in 76 portfolio companies had an aggregate fair value of $22.4 million. Total portfolio investment activity for the three and nine months ended September 30, 2021 and 2020 was as follows:

($ in thousands)

For the Three Months Ended

September 30,

For the Nine Months Ended
September 30,

2021

2020

2021

2020

Beginning portfolio

$ 404,121

$ 355,880

$ 352,545

$ 319,551

New debt investments

98,592

16,094

217,252

121,648

Principal payments received on investments

(3,221)

(6,419)

(11,303)

(20,344)

Early pay-offs

(50,367)

(43,542)

(107,957)

(90,785)

Accretion of debt investment fees

1,016

795

3,186

3,080

New debt investment fees

(962)

(202)

(2,332)

(1,415)

Warrants received in settlement of fee income

—

—

—

978

Proceeds from sale of investments

(1,553)

(1,945)

(5,285)

(8,200)

Dividend income from controlled affiliate
investment

—

—

—

118

Net realized gain (loss) on investments

1,344

1,178

(1,882)

3,945

Net unrealized appreciation (depreciation) on
investments

3,376

(10,288)

8,122

(16,827)

Other

—

199

—

1

Ending portfolio

$ 452,346

$ 311,750

$ 452,346

$ 311,750

Portfolio Asset Quality

The following table shows the classification of HRZN’s loan portfolio at fair value by internal credit rating as of September 30, 2021, June 30, 2021 and December 31, 2020:

($ in
thousands)

September 30, 2021

June 30, 2021

December 31, 2020

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

5

$ 56,337

13.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

3

$ 44,286

11.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

6

$ 77,950

23.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

3

35

359,658

83.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

32

318,448

82.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

24

240,933

72.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

2

2

11,141

2.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

4

23,080

6.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

3

12,875

3.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

1

1

2,800

0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

—

—

1

1,737

0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Total

43

$ 429,936

100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

39

$ 385,814

100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

34

$ 333,495

100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

As of September 30, 2021, HRZN’s loan portfolio had a weighted average credit rating of 3.1, compared to 3.1 as of June 30, 2021 and 3.2 as of December 31, 2020, respectively, 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 September 30, 2021, there was one debt investment with an internal credit rating of 1, with a cost of $3.0 million and a fair value of $2.8 million. As of June 30, 2021 there were no debt investments with an internal credit rating of 1. As of December 31, 2020, there was one debt investment with an internal credit rating of 1, with a cost of $6.8 million and a fair value of $1.7 million.

Liquidity and Capital Resources

As of September 30, 2021, the Company had $88.1 million in available liquidity, consisting of $42.9 million in cash and money market funds, and $45.2 million in funds available under existing credit facility commitments.

As of September 30, 2021, there was $37.5 million in outstanding principal balance under our $125.0 million revolving credit facility (“Key Facility”). The Key Facility allows for an increase in the total loan commitment up to an aggregate commitment of $150.0 million. There can be no assurance that any additional lenders will make any commitments under the Key Facility.

Additionally, as of September 30, 2021, there was $65.8 million in outstanding principal balance under our $100 million senior secured debt facility with a large U.S.-based insurance company at an interest rate of 4.60{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Horizon Funding Trust 2019-1, a wholly-owned subsidiary of HRZN, previously issued $100.0 million of Asset-Backed Notes (the “Notes”) rated A+(sf) by Morningstar Credit Ratings, LLC, and backed by $141.1 million of secured loans originated by HRZN. The Notes bear interest at a fixed interest rate of 4.21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} per annum and have a stated maturity date of September 15, 2027. As of September 30, 2021, the Notes had an outstanding principal balance of $100.0 million.

During the three months ended September 30, 2021, the Company sold 395,068 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 $6.6 million, including $0.2 million of offering expenses, from these sales.

As of September 30, 2021, the Company’s debt to equity leverage ratio was 110{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, within the Company’s 80-120{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} targeted leverage range. The asset coverage ratio for borrowed amounts was 191{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Liquidity Events

During the quarter ended September 30, 2021, HRZN experienced liquidity events from five portfolio companies. Liquidity events for HRZN may consist of the sale of warrants or equity in portfolio companies, loan prepayments, sale of owned assets or receipt of success fees.

In July, Revinate, Inc. prepaid its outstanding principal balance of $10.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in the company.

In August, Bardy Diagnostics, Inc. was acquired by Hill-Rom Holdings, Inc. and prepaid its outstanding principal balance of $25.0 million on its venture loan, plus interest, end-of-term payment, prepayment and success fee. HRZN also received proceeds totaling $1.2 million from the redemption of warrants it held in the company.

In September, Silk Technologies, Inc. prepaid its outstanding principal balance of $9.5 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in the company.

In September, OutboundEngine, Inc. was acquired by Elm Street Technology, LLC and prepaid its outstanding principal balance of $5.9 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN also received proceeds totaling $0.3 million from the redemption of warrants it held in the company.

In September, HRZN received a $0.5 million success fee from its investment in Silkroad Technology, Inc.

Net Asset Value

At September 30, 2021, the Company’s net assets were $237.6 million, or $11.63 per share, compared to $205.2 million, or $11.17 per share, as of September 30, 2020, and $212.6 million, or $11.02 per share, as of December 31, 2020.

For the quarter ended September 30, 2021, net increase in net assets resulting from operations was $12.8 million, or $0.63 per share, compared to a net decrease in net assets resulting from operations of $3.3 million, or $0.19 per share, for the quarter ended September 30, 2020.

Stock Repurchase Program

On April 23, 2021, the Company’s board of directors extended the Company’s previously authorized stock repurchase program until the earlier of June 30, 2022 or the repurchase of $5.0 million of the Company’s common stock. During the quarter ended September 30, 2021, the Company did not repurchase any shares of its common stock. From the inception of the stock repurchase program through September 30, 2021, 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 October 5, 2021, the Company funded a $2.5 million debt investment to an existing portfolio company, Branded Online, Inc.

On October 8, 2021, Getaround, Inc. prepaid its outstanding principal balance of $25.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee. The Company continues to hold warrants in Getaround, Inc.

On October 12, 2021, Topia Mobility, Inc. prepaid its outstanding principal balance of $10.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee. The Company continues to hold warrants in Topia Mobility, Inc.

Monthly and Special Distributions Declared in Fourth Quarter 2021

On October 22, 2021, the Company’s board of directors declared monthly distributions of $0.10 per share payable in each of January, February and March 2022 and a special distribution of $0.05 per share payable in December 2021. The following tables shows these monthly and special distributions, which total $0.35 per share:

Monthly Distributions

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

December 16, 2021

December 17, 2021

January 14, 2022

$0.10

January 18, 2022

January 19, 2022

February 16, 2022

$0.10

February 17, 2022

February 18, 2022

March 16, 2022

$0.10

Total:

$0.30

Special Distribution

Ex-Dividend Date

Record Date

Payment Date

Amount per Share

November 17, 2021

November 18, 2021

December 15, 2021

$0.05

After paying distributions of $0.30 per share and earning net investment income of $0.40 per share for the quarter, the Company’s undistributed spillover income as of September 30, 2021 was $0.44 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, the HRZN 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, October 27, 2021, 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 13724271. 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 atwww.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) 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 HRZN 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 Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit www.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 HRZN’s filings with the Securities and Exchange Commission. HRZN 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
(860) 284-6450

Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819

Horizon Technology Finance Corporation and Subsidiaries
Consolidated Statements of Assets and Liabilities
(Dollars in thousands, except share and per share data)

September 30,

December 31,

2021

2020

(unaudited)

Assets

Non-affiliate investments at fair value (cost of $437,919 and $343,158, respectively)

$ 448,421

$ 343,498

Non-controlled affiliate investments at fair value (cost of $3,820 and $6,854, respectively)

2,800

7,547

Controlled affiliate investments at fair value (cost of $1,450 and $1,500, respectively)

1,125

1,500

Total investments at fair value (cost of $443,189 and $351,512, respectively)

452,346

352,545

Cash

20,817

19,502

Investments in money market funds

22,057

27,199

Restricted investments in money market funds

1,504

1,057

Interest receivable

6,397

4,946

Other assets

2,652

1,908

Total assets

$ 505,773

$ 407,157

Liabilities

Borrowings

$ 257,852

$ 185,819

Distributions payable

6,128

5,786

Base management fee payable

698

563

Incentive fee payable

2,012

975

Other accrued expenses

1,493

1,417

Total liabilities

268,183

194,560

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 September 30, 2021 and December 31, 2020

—

—

Common stock, par value $0.001 per share, 100,000,000 shares authorized,
 20,592,640 and 19,453,821 shares issued and 20,425,175 and 19,286,356 shares outstanding as of
September 30, 2021 and December 31, 2020, respectively

21

19

Paid-in capital in excess of par

288,861

271,287

Distributable earnings

(51,292)

(58,709)

Total net assets

237,590

212,597

Total liabilities and net assets

$ 505,773

$ 407,157

Net asset value per common share

$ 11.63

$ 11.02

Horizon Technology Finance Corporation and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except share and per share data)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Investment income

Interest income on investments

Interest income on non-affiliate investments

$ 14,035

$ 10,974

$ 38,965

$ 32,286

Interest income on affiliate investments

—

175

213

532

Total interest income on investments

14,035

11,149

39,178

32,818

Fee income

Prepayment fee income on non-affiliate investments

1,204

1,156

2,460

1,911

Success fee income on non-affiliate investments

1,100

—

1,100

—

Fee income on non-affiliate investments

28

23

320

1,112

Fee income on affiliate investments

—

3

12

10

Total fee income

2,332

1,182

3,892

3,033

Dividend income

Dividend income on controlled affiliate investments

—

—

—

118

Total dividend income

—

—

—

118

Total investment income

16,367

12,331

43,070

35,969

Expenses

Interest expense

3,112

2,607

8,781

7,331

Base management fee

1,997

1,616

5,595

4,865

Performance based incentive fee

2,012

1,465

5,040

4,212

Administrative fee

251

234

829

740

Professional fees

559

247

1,348

1,095

General and administrative

333

302

1,142

877

Total expenses

8,264

6,471

22,735

19,120

Net investment income before excise tax

8,103

5,860

20,335

16,849

Provision for excise tax

56

—

174

—

Net investment income

8,047

5,860

20,161

16,849

Net realized and unrealized gain (loss)

Net realized gain (loss) on non-affiliate investments

1,344

1,178

(2,372)

3,957

Net realized loss on controlled affiliate investments

—

—

—

(12)

Net realized gain (loss) on investments

1,344

1,178

(2,372)

3,945

Net realized loss on extinguishment of debt

—

—

(395)

—

Net realized gain (loss)

1,344

1,178

(2,767)

3,945

Net unrealized appreciation (depreciation) on non-affiliate
investments

3,929

(10,629)

10,314

(15,435)

Net unrealized (depreciation) appreciation on non-controlled affiliate
investments

(228)

341

(1,867)

(1,134)

Net unrealized depreciation on controlled affiliate investments

(325)

—

(325)

(258)

Net unrealized appreciation (depreciation) on investments

3,376

(10,288)

8,122

(16,827)

Net realized and unrealized gain (loss)

4,720

(9,110)

5,355

(12,882)

Net increase (decrease) in net assets resulting from operations

$ 12,767

$ (3,250)

$ 25,516

$ 3,967

Net investment income per common share

$ 0.40

$ 0.34

$ 1.02

$ 0.98

Net increase (decrease) in net assets per common share

$ 0.63

$ (0.19)

$ 1.29

$ 0.23

Distributions declared per share

$ 0.30

$ 0.30

$ 0.90

$ 0.95

Weighted average shares outstanding

20,269,813

17,245,662

19,826,790

17,111,359
Cision

Cision

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SOURCE Horizon Technology Finance Corporation

Posted on

CI Financial Announces Third Quarter Earnings Conference Call and Webcast

TORONTO–(Small business WIRE)–CI Economical Corp. (“CI”) (TSX:CIX NYSE:CIXX) will release its economical final results for the third quarter of the 2021 fiscal year on Thursday, November 11, 2021.

CI will keep a convention contact with analysts that day at 10:00 a.m. Jap Time, led by Chief Government Officer Kurt MacAlpine and Main Economic Officer Amit Muni. A reside webcast of the connect with and slide presentation can be accessed right here, or by the Investor Relations part of CI’s web page.

Alternatively, buyers may well listen to the dialogue via the subsequent quantities (passcode: 676295):

  • Canada toll-free of charge: 1-833-950-0062
  • United States: 1-844-200-6205
  • United States (New York local): 1-646-904-5544
  • All other spots: +1 929-526-1599.

About CI Monetary

CI Money Corp. is an independent enterprise providing world wide asset administration and wealth administration advisory providers. CI managed and advised on roughly C$320.4 billion (US$252.7 billion) in shopper assets as at September 30, 2021. CI’s primary asset administration organizations are CI Global Asset Administration (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian prosperity management through CI Assante Prosperity Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), and CI Investment decision Products and services Inc.

CI’s U.S. prosperity management organizations consist of Barrett Asset Management, LLC, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Prosperity Administration, LLC, Dowling & Yahnke, LLC, Doyle Prosperity Administration, LLC, 1 Cash Management, LLC, Portola Companions Team LLC, Radnor Monetary Advisors, The Roosevelt Expense Team, LLC, RGT Prosperity Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Non-public Wealth, LLC, and Surevest LLC.

CI is detailed on the Toronto Stock Exchange beneath CIX and on the New York Inventory Trade underneath CIXX. Even further details is readily available at www.cifinancial.com.

This push release contains ahead-seeking statements concerning anticipated future activities, final results, instances, efficiency or expectations with respect to CI Financial Corp. (“CI”) and its merchandise and providers, together with its organization operations, system and financial efficiency and situation. Ahead-seeking statements are ordinarily determined by text such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to long run durations, or conditional verbs these as “will”, “may”, “should”, “could” or “would”. These statements are not historic info but rather represent management beliefs concerning foreseeable future activities, several of which by their nature are inherently uncertain and outside of management’s handle. Though administration thinks that the anticipations mirrored in these kinds of ahead-searching statements are based mostly on fair assumptions, these kinds of statements include challenges and uncertainties. The content things and assumptions used in reaching the conclusions contained in these forward-hunting statements include things like that the investment fund market will continue being secure and that desire fees will stay reasonably secure. Factors that could lead to actual results to vary materially from expectations incorporate, amongst other factors, general economic and marketplace disorders, which includes desire and overseas trade costs, international fiscal marketplaces, adjustments in federal government rules or in tax laws, field competition, technological developments and other factors explained or discussed in CI’s disclosure products filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to look at these and other aspects thoroughly and not to location undue reliance on forward- searching statements. Other than as precisely essential by applicable law, CI undertakes no obligation to update or change any forward-hunting assertion right after the day on which it is designed, no matter if to mirror new data, long run gatherings or normally.

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Alternative Finance Network Announces Groundbreaking M&A Financing For Cannabis Companies

Existing M&A Transactions Beneath AFN Complete More than $80 Million

DENVER, Oct. 12, 2021 /PRNewswire/ — Different Finance Community (AFN), an unbiased financing network serving hashish and hemp providers in the U.S. and Canada, introduced right now that it is bringing new Merger & Acquisition (M&A) financing solutions to cannabis firms as the M&A market place carries on to soar in the hashish space.

AFN’s new M&A funding is the initially of its kind for the hashish sector with no dilution of equity for the purchaser.

AFN’s new M&A financing is the first of its type for the cannabis market with no dilution of fairness for the purchaser and will help general public corporations and multi-point out operators (MSOs) with merger and acquisition transactions. AFN Founder, Scott Jordan, is currently doing work on M&A transactions totaling above $80 million for hashish businesses.

“This funding is actually groundbreaking for hashish providers and like practically nothing we have ever noticed ahead of in the sector,” stated Scott Jordan, founder of Colorado-dependent Option Finance Network. “With the the latest fantastic news on the Harmless Banking Act, I imagine will we proceed to see a very lively M&A market place in the hashish industry, and we seem forward to assisting extra and a lot more firms with this kind of financing.”

AFN is currently performing on a $39 million M&A financing transaction for a large public cannabis firm to get actual estate property with 100 per cent financing. Three extra lively transactions AFN is arranging total $42 million.

“These examples illustrate the pink-warm M&A current market in the cannabis area,” states Jordan. “In my feeling, it is similar to the authentic estate current market in 2007 when purchasers have been flipping homes prior to they were being completed for a considerable income. A single instance of this is the latest 4Front Ventures Corp. transaction for $55 million for a 55,000 sq. foot cultivation facility that is not however operational. We have not found anything like this in the cannabis place to date.”

About The Alternative Finance Community
The Option Finance Network (AFN), was established by Scott Jordan in 2019 with the mission of leveling the playing industry and offering a number of funding options to hashish business house owners at the cheapest feasible rates making use of a network of financing companions to aid its shoppers obtain the debt capital they need to have to develop their corporations and meet their corporate development goals. AFN delivers obtain to banks, credit score unions, life insurance policy firms and personal lenders who want to present personal debt money to cannabis enterprises looking for funding for serious estate, sale leasebacks, devices funding and performing funds traces of credit history. AFN founder, Scott Jordan, has a very long history in the hashish funding area and has participated in over 100 financing transactions furnishing about $80 million in personal debt funds to hashish company house owners and is at the moment working with some of the major MSOs in cannabis. For much more info, check out alternativefinancenetwork.com.

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Check out authentic articles:https://www.prnewswire.com/information-releases/substitute-finance-network-announces-groundbreaking-ma-financing-for-cannabis-organizations-301398250.html

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