Horizon Know-how Finance (HRZN) Q3 2021 Earnings Name Transcript

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Horizon Know-how Finance (NASDAQ:HRZN)
Q3 2021 Earnings Name
Oct 27, 2021, 9:00 a.m. ET


  • Ready Remarks
  • Questions and Solutions
  • Name Individuals

Ready Remarks:


Greetings. Welcome to Horizon Know-how Finance Company third-quarter 2021 earnings name. [Operator instructions] Please notice this convention is being recorded. I’ll now flip the convention over to Megan Bacon to start.


Megan BaconDirector of Investor Relations and Advertising

Thanks, and welcome to the Horizon Know-how Finance Company third-quarter 2021 convention name. Representing the corporate in the present day are Rob Pomeroy, chairman and chief govt officer; Jerry Michaud, president; and Dan Trolio, chief monetary officer. I want to level out that the Q3 earnings press launch and Type 10-Q can be found on the corporate’s web site at Earlier than we start our formal remarks, I must remind everybody that in this convention name, the corporate will make sure forward-looking statements, together with statements on the subject of the longer term efficiency of the corporate.

Phrases akin to believes, expects, anticipates, intends, or related expressions are used to determine forward-looking statements. These forward-looking statements are topic to the inherent uncertainties in predicting future outcomes and situations. Sure elements may trigger precise outcomes to vary on a fabric foundation from these projected in these forward-looking statements. And a few of these elements are detailed within the threat issue dialogue within the firm’s filings with the Securities and Change Fee, together with the corporate’s Type 10-Okay for the yr ended December 31, 2020.

The corporate undertakes no obligation to replace or revise any forward-looking statements whether or not on account of new info, future occasions, or in any other case. Presently, I want to flip the decision over to Rob Pomeroy.

Rob PomeroyChairman and Chief Govt Officer

Good morning. Thanks for becoming a member of us and to your continued curiosity in Horizon. At the moment, I’ll replace you on our efficiency and our present general working atmosphere. Jerry will then talk about our enterprise growth efforts, our portfolio occasions, and our markets.

Dan will element our working efficiency and monetary situation. After which we’ll take some questions. Our third quarter was a testomony to the facility of the Horizon model and the lending platform of our advisor, Horizon Know-how Finance Administration, in addition to our persevering with efforts to develop our portfolio. We executed in all elements of our operations, and we’re pleased with the outcomes.

Through the quarter, our portfolio grew to greater than $450 million, a 12% improve from the top of the second quarter and up 28% from the top of 2020. These numbers are much more spectacular when you think about that the portfolio skilled $50 million in prepayments in the course of the third quarter. We completed the third quarter with a dedicated backlog of $101 million, offering us with momentum to proceed our portfolio development. We generated web funding revenue of $0.40 per share, properly in extra of our distribution degree for the quarter, because of the continued success of our predictive pricing technique.

Based mostly on our outlook and our undistributed spillover revenue of $0.44 per share as of September 30, we declared month-to-month distributions by means of March of 2022, which marks 63 consecutive months at $0.10 per share. As well as, we declared a particular distribution of $0.05 per share payable in December. We achieved a portfolio yield on our debt investments of 16.2% at or close to the highest of the BDC trade. We maintained a secure portfolio credit score profile with 97% of our portfolio rated three or increased.

We’re constantly and actively managing our portfolio of investments to take care of its credit score high quality. We ended the quarter with NAV of $11.63 per share, a $0.43 per share improve from June 30, ensuing from a mixture of outearning our distributions, accretive share issuances, and will increase in truthful worth of a few of our investments. Lastly, our stability sheet stays sturdy with ample capability to fund extra development in our portfolio and transfer nearer to our goal leverage of 1.2 to 1. We achieved a portfolio yield on our debt investments of 16.2% at or close to the highest of the BDC trade.

We maintained a secure portfolio credit score profile with 97% of our portfolio rated three or increased. We’re constantly and actively managing our portfolio of investments to take care of its credit score high quality. We ended the quarter with NAV of $11.63 per share, a $0.43 per share improve from June 30, ensuing from a mixture of outearning our distributions, accretive share issuances, and will increase in truthful worth of a few of our investments. Lastly, our stability sheet stays sturdy with ample capability to fund extra development in our portfolio and transfer nearer to our goal leverage of 1.2 to 1.

We achieved these glorious outcomes resulting from our advisor’s unbelievable staff, centered predictive pricing technique, self-discipline in deciding on high quality investments and expanded lending platform. For the quarter, the advisor’s platform funded a document $141 million in new enterprise in what is often a lighter quarter for originations. Our advisor is competing for and profitable bigger, high-quality enterprise debt investments, whereas on the similar time, persevering with to diversify our portfolio and additional lowering focus threat. Given the momentum generated within the third quarter, we consider we stay properly positioned to proceed rising our portfolio of investments and to proceed producing sturdy web funding revenue.

Our perception is supported by the next: our advisor continues to strengthen the Horizon platform with new hires; demand for enterprise debt inside our goal industries stays strong; our dedicated backlog and pipeline of investments continues to be sturdy; our advisors expanded lending platform; and the growing recognition of the Horizon model is enabling us to entry a significantly bigger variety of funding alternatives; and we proceed to take care of ample capability to execute on our backlog of commitments in addition to our advisor’s pipeline of recent alternatives. Whereas we have been excited and optimistic for Horizon’s future, we stay conscious of potential headwinds from macroeconomic points, together with the provision chain, world inflation, labor points, and the pandemic. Through the years, our advisors’ skilled staff has efficiently managed portfolios by means of numerous financial cycles. I’m pleased with our complete staff’s efforts, which resulted on this glorious quarter for us and our shareholders.

I’ll now flip the decision over to Jerry and Dan to offer you extra particulars and shade on our efficiency. Jerry?

Jerry MichaudPresident

Thanks, Rob, and good morning to everybody. The third quarter is often the lightest quarter for us by way of originations, which makes our origination efficiency within the third quarter all of the extra spectacular. Our portfolio topped $450 million for the primary time ever on the finish of Q3. With the strong demand for enterprise debt, we funded a document 15 transactions totaling $99 million in the course of the quarter.

Our onboarding yield of 11.5% in the course of the quarter mirrored our advisors predictive pricing technique and continued self-discipline in pricing transactions that we consider will produce sturdy NII. We skilled 4 mortgage prepayments in the course of the quarter, totaling $50 million. And the prepayment charges and accelerated revenue from the prepayments contributed to our debt portfolio yield for the quarter of 16.2%, once more, among the many high within the BDC trade. As well as, we acquired proceeds of $1.5 million from the train or termination of warrants in addition to proceeds of $1.1 million from success charges associated to 2 debt investments, an extra testomony to our technique of structuring investments to generate extra yield.

As of September 30, we held warrant and fairness positions in 74 portfolio firms with a good worth of $21 million. For the reason that starting of 2020, the corporate has acquired roughly $13 million in proceeds from warrant and fairness investments. As we have constantly famous, structuring investments with warrants and fairness rights is a key side of our enterprise debt technique and an extra worth generator. Within the third quarter, we closed $91 million in new mortgage commitments and approvals and ended the quarter with a dedicated and accepted backlog of $101 million in comparison with $144 million on the finish of the second quarter.

Our advisor additionally ended the quarter with an extra $48 million in newly awarded transactions. Whereas there isn’t any assure we’ll fund the entire transactions within the dedicated or awarded backlogs, the whole helps a optimistic funding outlook. As well as, our advisor ended the quarter with a pipeline of recent alternatives totaling $734 million. Subsequent to the top of Q3, we funded a $2.5 million enterprise debt mortgage and acquired $35 million in mortgage prepayments, together with the prepayment in stuffed with our debt funding in Topia, which was two rated on the finish of Q2.

These early prepayments within the fourth quarter will clearly profit NII in This autumn, however may also present a problem to our efforts to develop our portfolio in the course of the quarter. Nonetheless, as of in the present day, our dedicated backlog has grown to $146 million and our advisor’s awarded backlog has elevated to $50 million. As well as, our advisor’s pipeline of recent alternatives in the present day is roughly $697 million, offering us with a stable base of alternatives to additional develop our enterprise debt portfolio over the approaching quarters. The numerous development in our portfolio has been achieved whereas sustaining its strong credit score high quality because the truthful worth of 97% of the corporate’s debt portfolio consisted of three and 4 rated loans as of September 30, a rise from the prior quarter’s finish.

As additional indication of the credit score high quality of our portfolio, one among our portfolio firms, CVRx went public in the course of the third quarter, two of our portfolio firms, Bardy Diagnostics and OutboundEngine’s, accomplished M&A transactions, and three of our portfolio firms have entered into SPAC transactions. Through the quarter, one smaller funding migrated all the way down to the one rated bucket, whereas a bigger two rated credit score was upgraded to a 3 ranking. As at all times, we and our advisor are aggressively managing the remaining one and two rated credit with a view to obtain the very best consequence. Turning now to the enterprise capital atmosphere.

It virtually, throughout the board, hit new full document highs in solely 9 months. In accordance with PitchBook, roughly $83 billion was invested in VC-backed firms within the third quarter, a rise over final quarter’s complete. From the start of the yr by means of the third quarter, roughly $239 billion of enterprise capital has been invested, placing it on tempo to double final yr’s document of $166 billion. By way of VC fundraising, $22 billion was raised within the third quarter and $96 billion has been raised by means of September 30, already breaking final yr’s full-year document and nearly assuring the VC fundraising will clear the $100 billion milestone earlier than the top of the yr.

Bigger VC funds proceed to drive the majority of elevated fundraising. Relating to VC-backed exit exercise, the IPO and SPAC window stayed open within the third quarter with venture-backed IPOs and SPACs serving to to drive a complete extra worth within the quarter of over $187 billion. For the yr by means of September 30, exit worth has shadowed the $500 billion mark, though latest underperformance by some SPAC combos is elevating questions as as to if the SPACs are a viable long-term different to IPOs. There are a wealth of choices for venture-backed firms to generate extra liquidity which offers us with each a possibility and competitors for expertise and life science investments.

With our advisor sturdy and energetic lending platform, we consider we’re properly positioned to compete and win on this atmosphere. Turning now to our lending markets. They proceed to supply many high quality funding alternatives to restock our dedicated backlog and our advisor’s pipeline. Through the quarter, we made $63 million in debt investments to eight new portfolio firms consisting of three new life science investments, one new sustainability funding, and 4 new expertise investments offering additional diversification to our portfolio.

We additionally funded $36 million to seven of our current portfolio firms. Provide chain challenges, COVID dangers, and inflation issues all have the potential to disrupt our markets and affect our portfolio firms. Accordingly, we’re taking the potential affect of every of those points under consideration as we underwrite new investments, together with clear discussions with our potential portfolio firms and their buyers. That stated, demand for enterprise debt stays plentiful within the life science, expertise and sustainability markets.

Our advisor stays disciplined in its advertising and marketing and underwriting. And we count on to onboard new high quality investments over time, which can proceed to develop our portfolio with ample capability. A deep pipeline and a predictive pricing technique, we stay properly positioned getting into This autumn to ship extra long-term shareholder worth. With that, I’ll now flip the decision over to Dan.

Dan TrolioChief Monetary Officer

Thanks, Jerry, and good morning, everybody. As Rob and Jerry talked about, we had one other glorious efficiency in Q3, as we considerably grew our portfolio and generated sturdy NII whereas sustaining a robust general stability sheet. As of September 30, we had $88 million in out there liquidity, consisting of $43 million in money and $45 million in funds out there to be drawn beneath our current credit score services. As of September 30, there was $38 million excellent beneath our $125 million KeyBank credit score facility and $66 million excellent on our $100 million New York Life credit score facility, leaving us with ample capability to develop the portfolio.

Moreover, by means of our ATM program, we efficiently and accretively bought 395,000 shares opportunistically elevating practically $7 million. Our debt-to-equity ratio stood at 1.1 to 1 as of September 30, which is decrease than our goal leverage of 1.2 to 1. Based mostly on our money place and our borrowing capability on our revolving credit score services, our potential new funding capability at September 30 was $165 million. As you go towards our goal leverage, we might count on that our NII may also improve.

For the third quarter, the corporate earned complete funding revenue of $16.4 million, a rise of 33% in comparison with the prior-year interval. Curiosity revenue on investments elevated, primarily on account of increased common incomes debt funding portfolio for the quarter. And charge revenue additionally elevated resulting from increased prepayment and success charges acquired from two of our debt investments. Our debt funding portfolio on a web price foundation stood at $431 million as of September 30, an 11% improve from June 30, 2021.

For the third quarter of ’21, we achieved onboarding yields of 11.5% in comparison with 12.2% achieved within the second quarter. Our mortgage portfolio yield was 16.2% for the third quarter, up 110 foundation factors from 15.1% for final yr’s third quarter. Turning to our bills. For the third quarter, complete bills have been $8.3 million, in comparison with $6.5 million within the third quarter of 2020.

Our performance-based incentive charge was $2 million, a rise from $1.5 million for final yr’s third quarter primarily based on increased NII generated within the third quarter of ’21. Our curiosity expense elevated to $3.1 million from $2.6 million in final yr’s third quarter resulting from a rise in common borrowings. Our base administration charge was $2 million, up from $1.6 million in final yr’s third quarter resulting from a rise within the common dimension of our portfolio. Web funding revenue for the third quarter was $0.40 per share, in comparison with $0.31 per share within the second quarter of ’21 and $0.34 per share for the third quarter of 2020.

The corporate’s undistributed spillover revenue as of September 30 was $0.44 per share. To summarize our portfolio actions for the third quarter, new originations totaled $99 million, which have been partially offset by $3 million in scheduled principal funds and $50 million in principal prepayments. We ended the quarter with a complete funding portfolio of $452 million. The portfolio consisted of debt investments in 43 firms with an mixture truthful worth of $430 million and a portfolio of warrant, fairness, and different investments in 76 firms with an mixture truthful worth of $21 million.

Based mostly on our outlook for NII, our board declared month-to-month distributions of $0.10 per share for January, February, and March 2022. And primarily based upon our liquidity forecast and our spillover revenue ranges, our board additionally declared a particular distribution of $0.05 per share payable in December. We’ve now declared month-to-month distributions of $0.10 per share for 63 consecutive months. We stay dedicated to offering our shareholders with distributions which can be coated by our web funding revenue over time.

Our NAV as of September 30 was $11.63 per share, in comparison with $11.20 as of June 30, 2021 and $11.17 as of September 30, 2020. The $0.43 improve in NAV on a quarterly foundation was primarily resulting from sure portfolio firms closing funding rounds at increased valuations, which drove increased valuation and warrants our web funding revenue exceeding paid distributions and accretion from the sale of our shares by means of our ATM program. As we have constantly famous, 99% of our excellent principal quantity of our debt investments bear curiosity at floating charges with coupons are structured to extend as rates of interest rise with rate of interest flooring. As of September 30, 100% of our portfolio is at their particular flooring.

This concludes our opening remarks. We’ll be completely happy to take questions you will have right now.

Questions & Solutions:


Thanks. [Operator instructions] Our first query is from Sarkis Sherbetchyan with B. Riley. Please proceed.

Sarkis SherbetchyanB. Riley Monetary — Analyst

Hello. Good morning and thanks for taking my query right here. Simply wished to begin off by clearly highlighting the sturdy origination exercise within the third quarter. Perhaps any feedback on going into the fourth quarter, if you happen to count on that degree to proceed simply sort of given your dedicated backlog? I do know within the launch and the latest developments, it looks like the prepayments are sort of outpacing perhaps what was disclosed from an origination standpoint. However simply wish to get your ideas round that.

Rob PomeroyChairman and Chief Govt Officer

Yeah. An excellent query. I believe we’re positively experiencing the next degree of prepayment exercise. Our portfolio firms have plenty of choices relative to how they finance their companies going ahead, and we have talked about lots of them, whether or not it is the IPO market being open or a SPAC, clearly debt being a part of that, and in addition to non-public fairness by means of vital enterprise capital investments.

So the speed at which firms are elevating cash, utilizing their liquidity to develop their merchandise and get these merchandise to market and fund exits is considerably increased than it has traditionally been. And in order that creates each a possibility for us as a result of I believe enterprise debt has an excellent place in that sort of menu to mainly fill holes in financing methods that expertise, life science firms have these days. So whereas we do count on increased prepayments and positively skilled that to date this yr and even going into the fourth quarter, we have already had a pair. We additionally see a market that has grown considerably relative to the sizing the enterprise debt market, which in the present day, we dimension someplace round $20 billion to $25 billion.

So once we take into consideration that market dimension, there may be loads of alternative available in the market to interchange these transactions which can be paying off and with new offers. And I believe our portfolio, in all probability, from a historic standpoint, in all probability has relative to how a lot of the portfolio makes up new offers versus older portfolio. I believe we’re on the newer facet, the place we have been in a position to full to usually change transactions. So we see that persevering with.

We nonetheless see plenty of alternative, we consider, that we are able to proceed to develop the portfolio with — and count on to have increased prepayments than we had traditionally have. And to date, definitely in the course of the course of this yr, we now have. And I’d simply lastly point out that we now have expanded — our advisor has expanded the platform significantly by way of variety of originators we now have within the subject, their expertise, their data of the market. We predict we’re proper on the high of the pack relative to that.

And I believe that is also mirrored in our origination functionality.

Sarkis SherbetchyanB. Riley Monetary — Analyst

Thanks for that. And simply sort of considering by means of among the latest releases. I believe in September, you had a launch the place you and Trinity Capital offered a $40 million enterprise mortgage to a sure firm. I consider that was for Nexii. For those who sort of step again and take into consideration potential partnership alternatives or underwriting transactions with potential companions, is that this a part of the technique sort of going ahead? Would you dip into this extra typically? Simply wish to get your ideas round that.

Rob PomeroyChairman and Chief Govt Officer

Yeah. So traditionally, that has been. That is a great catch. That transaction, you bought the identify proper.

And we now have partnered with plenty of lenders that we predict are — symbolize good each competitors and companions within the market traditionally. I do not — it is not a lot having a selected technique associated to that. However I believe we — our data of the general market, each the kinds of firms we’re going after and the competitors and potential companions available in the market, we glance ahead is the perfect transaction for the client as a result of on the finish of the day, we consider that is going to — that is what is going on to win the day. And so we’ll at all times speak to and look to take part sure sorts of transactions.

It helps handle our focus dangers in our public firm portfolio. And so I do not suppose there’s any shift there in technique. We’ve traditionally achieved that if you happen to look again at our historical past. So we count on that to proceed at some degree.

Sarkis SherbetchyanB. Riley Monetary — Analyst

Nice. Thanks for that. One ultimate one for me. I am going to hop again into queue.

As you are wanting on the pipeline of alternatives to underwrite debt, clearly you may have a reasonably good historical past with among the current firms that you have underwritten. However as you take a look at the brand new firms, any issues popping up in your thoughts concerning enterprise fashions or sort of valuations? Or do you suppose that there is loads of alternatives sort of given the flush liquidity atmosphere?

Jerry MichaudPresident

Effectively, definitely, the flush liquidity atmosphere can, I believe, skew the passion you may have for the market. However I believe we’re fairly properly grounded within the sorts of transactions that we’re taking a look at relative to mortgage to worth, we’ll be — fundamental tenants of underwriting a enterprise debt transaction. I believe we try this in addition to anyone available in the market, and that is one thing that we are going to proceed to do. As I believe Rob talked about and I’ll have talked about properly in my opening remarks, we’re conscious clearly of a few of these macro points relative to produce chain, COVID, hiring, all of these points which can be on the market that we hear about on daily basis available in the market.

And we’re usually — our portfolio managers are usually involved with our portfolio firms to see if these specific kinds of points are straight impacting these firms. And so we’re definitely making an attempt to remain forward of that. And positively, once we’re underwriting new offers, all of these elements come into play as we underwrite the transaction. 

Sarkis SherbetchyanB. Riley Monetary — Analyst

Nice. Thanks. That is all for me. 


[Operator instructions] Our subsequent query is from Ryan Lynch with KBW. Please proceed.

Ryan LynchKeefe, Bruyette & Woods — Analyst

Good morning and thanks for taking my questions. First one I had was, you talked about sort of document ranges of enterprise capital being raised, which we have seen excessive ranges for fairly a little bit of time in the present day. I am simply questioning how does the aggressive panorama look from that standpoint as a result of one of many huge opponents in your house will be fairness capital from BDC going that route versus the debt route. And on high of that, how has these type of — these aggressive panorama in the present day, how has that doubtlessly impacted the extent of prepayments that you simply guys are experiencing, which clearly are a great factor since you’re getting a reimbursement and getting very nice returns on these loans? However clearly, it could current a headwind for portfolio development.And it’s definitely pretty excessive within the third quarter and appear to be they’re beginning off within the fourth quarter pretty sturdy as properly.

Rob PomeroyChairman and Chief Govt Officer

Sure. Good query there. So it is a double-edged story. Clearly, there is a substantial quantity of enterprise capital that is gone into our market.

I imply, actually, since we began, Ryan, has grown tenfold. And that has additionally led to a tenfold development in enterprise debt demand as properly. So we sort of dimension our market in the present day round $20 billion to $25 billion relative to enterprise debt. And in order that’s a a lot greater market than we traditionally have.

And so sure, there are — there may be extra competitors within the market from enterprise debt lenders by way of new individuals coming into {the marketplace}, but it surely’s a a lot greater sized market as properly. So we’re seeing loads of demand there. Because it pertains to enterprise capital, what we’re discovering is and this has traditionally been true that firms in the present day like to reinforce that enterprise capital that is coming into the corporate with extra debt to mainly clearly broaden the runway, but in addition decrease the general price of capital. That is actually necessary, particularly to the entrepreneurs who perhaps may give up just a little bit much less fairness within the firm as they’re doing that.

Enterprise capital, for probably the most half, I am not saying it by no means occurs. Most half, when enterprise capital is put into an organization, the enterprise capitalist actually don’t need that cash going to repay debt. More often than not once we’re getting repaid, and if you happen to take a look at the fourth quarter for example, most of these repayments got here — I believe all of these repayments got here from both M&A exercise if our firms went public. So there was an IPO and we acquired — that we doubtlessly may receives a commission out from after which doubtlessly SPACs getting achieved and issues like that.

That might affect. After which the final one could be being refinanced by cheaper price of capital as a few of our four-rated credit have matured and turn into extra bankable. So many of the reimbursement exercise comes from these sources. The enterprise capital goes into these firms the place the speed of which they’re utilizing their liquidity has additionally grown fairly a bit.

So that they’re utilizing the cash sooner. They’re creating their merchandise sooner. They’re getting them to market sooner, which suggests they want extra liquidity with a view to do all of that. And enterprise debt has a pleasant, we consider, in the present day.

And proper now, available in the market, because it sits in the present day, there is a very nice house for enterprise debt. And it is a reasonably large house on a comparative foundation to our — what it has been traditionally.

Ryan LynchKeefe, Bruyette & Woods — Analyst

Gotcha. That is useful backdrop and commentary on that. As we take a look at the fourth quarter, $35 million of prepayments already acquired. In your launch, you talked about finish of time period funds and prepayment charges.

Might you quantify what these complete simply so we now have a way of what you guys have already acquired from an revenue standpoint that was accelerated within the fourth quarter?

Dan TrolioChief Monetary Officer

Sure. So each prepayment is in just like every quarter could be very totally different. However on common, you possibly can estimate so far as prepayment charges, about 2% to 2.5% finish of time period funds, and different accelerated charges, sort of within the 4%, 5.5%. And from there, you possibly can sort of again into the affect of the revenue for the quarter.

Ryan LynchKeefe, Bruyette & Woods — Analyst

OK. That is useful. After which only a ultimate one. Are your guys realized and unrealized good points that you simply guys acknowledged this quarter, are you able to simply describe sort of what was the principle driver behind these? Was it one or two firms? Or was it all kinds of firms being written out?

Dan TrolioChief Monetary Officer

Sure. It was each. For realized good points, we had two to a few firms that had occasions the place we realized warrant good points. After which on the unrealized facet, there is a handful of firms which have raised substantial capital at increased valuations that drove our truthful worth mark for every one of many warrants that we maintain. 

Ryan LynchKeefe, Bruyette & Woods — Analyst

That is useful. Understood. I respect the time in the present day, and very nice quarter, guys. Thanks.

Dan TrolioChief Monetary Officer

Thanks, Ryan.


There are not any extra questions right now. I want to flip the decision again over to Robert Pomeroy, chairman and CEO, for closing feedback.

Rob PomeroyChairman and Chief Govt Officer

Thanks all for becoming a member of us this morning. We respect your continued curiosity and help in Horizon. We hope you and your households proceed to stay secure and wholesome. And we sit up for talking with you once more quickly.

It will finish our name.


[Operator signoff]

Length: 34 minutes

Name members:

Megan BaconDirector of Investor Relations and Advertising

Rob PomeroyChairman and Chief Govt Officer

Jerry MichaudPresident

Dan TrolioChief Monetary Officer

Sarkis SherbetchyanB. Riley Monetary — Analyst

Ryan LynchKeefe, Bruyette & Woods — Analyst

Extra HRZN evaluation

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