Cuộc họp công bố kết quả kinh doanh quý 3/2026 của Horizon Technology Finance (HRZN): NAV giảm khi backlog đạt 351 triệu USD

Điểm nhấn chính

• Horizon Technology Finance Corporation (NASDAQ: HRZN) công bố thu nhập đầu tư ròng (NII) quý 3/2026 đạt 0,19 USD/cổ phiếu, tăng so với mức 0,11 USD trong quý 2/2026 nhưng giảm so với mức 0,32 USD cùng kỳ năm trước.
• Giá trị tài sản ròng (NAV) giảm xuống còn 5,56 USD/cổ phiếu từ mức 6,23 USD ở quý trước và 7,12 USD cùng kỳ năm ngoái, chủ yếu do việc trích giảm giá trị các khoản đầu tư gặp khó khăn.
• Tổng danh mục đầu tư kết thúc quý ở mức 650 triệu USD sau 98 triệu USD giải ngân mới, 81 triệu USD trả trước và thanh toán một phần gốc, cùng 3 triệu USD trả nợ gốc theo lịch trình.
• Lượng hợp đồng chờ giải ngân đã cam kết, phê duyệt và cấp phép tăng hơn 42 triệu USD so với quý trước lên 351 triệu USD. Ban lãnh đạo cho biết điều này hỗ trợ danh mục đầu tư tiếp tục tăng trưởng trong quý 4/2026 và các giai đoạn tiếp theo, mặc dù phần lớn các cam kết tài trợ vẫn phụ thuộc vào việc các công ty trong danh mục đạt được những cột mốc phát triển nhất định.
• Danh mục nợ đạt tỷ suất sinh lời 14,7%, trong khi các khoản đầu tư mới được đưa vào danh mục với tỷ suất 12,6%. Gần như tất cả các khoản đầu tư nợ đều áp dụng lãi suất thả nổi.
• HRZN đã công bố mức chi trả hàng tháng là 0,06 USD/cổ phiếu cho tháng 1, tháng 2 và tháng 3/2027, được hỗ trợ bởi triển vọng kinh doanh khả quan và khoản thu nhập thặng dư chưa phân phối đạt 0,24 USD/cổ phiếu.

Dữ liệu tài chính cốt lõi

Hiệu quả kinh doanh và vận hành

HRZN đã giải ngân cho 9 khoản đầu tư nợ với tổng trị giá 98 triệu USD trong quý 3. Sáu đợt trả nợ trước hạn và thanh toán một phần đã hoàn trả 81 triệu USD tiền gốc và tạo ra khoản thu nhập được ghi nhận sớm, trong khi các khoản trả nợ gốc theo lịch trình đạt tổng cộng 3 triệu USD.

Vào cuối quý, danh mục đầu tư bao gồm các khoản đầu tư nợ vào 42 công ty với tổng giá trị hợp lý là 621 triệu USD. Chứng quyền, cổ phần và các khoản đầu tư khác tại 95 công ty có giá trị hợp lý là 29 triệu USD. Việc tất toán chứng quyền từ hai khoản đầu tư đã mang lại 2 triệu USD trong quý, nâng tổng số tiền thu được từ chứng quyền và cổ phần lên hơn 4,3 triệu USD trong vòng 6 tháng.

Lượng hợp đồng chờ giải ngân trị giá 351 triệu USD đã tăng từ mức 309 triệu USD vào cuối quý 2. Ban lãnh đạo đánh giá chuỗi cơ hội đầu tư đang ở mức mạnh nhất trong một thời gian qua và cho biết các cơ hội thường tiến triển theo chu kỳ cuốn chiếu 6 tháng, dù thời điểm và khả năng chuyển đổi thành công vẫn còn chưa chắc chắn.

HRZN đã mua lại hơn 2 triệu cổ phiếu phổ thông với mức giá trung bình 4,90 USD theo chương trình mua lại cổ phiếu trị giá 20 triệu USD. Công ty cũng đã bổ nhiệm ông Manuel Henriquez làm Giám đốc Tăng trưởng và Chiến lược tại đơn vị tư vấn, trong đó ban lãnh đạo nhấn mạnh vai trò của ông trong việc thúc đẩy giải ngân mới và phát triển chiến lược.

Triển vọng từ ban lãnh đạo

Ban lãnh đạo dự kiến hoạt động trả nợ trước hạn trong quý 4 sẽ thấp hơn so với quý 3. Tại thời điểm diễn ra cuộc gọi hội nghị, khi quý 4 đã trôi qua khoảng một nửa, công ty mới chỉ ghi nhận một khoản trả trước có quy mô tương đối nhỏ.

Dựa trên mức tăng trưởng danh mục trung bình khoảng 30 triệu USD trong ba quý vừa qua, Giám đốc Tài chính Daniel Trolio cho biết tăng trưởng quý 4 có thể cao hơn một chút, nhưng không vượt quá xa mức đó.

Công ty đặt mục tiêu phân bổ nguồn vốn khả dụng để đạt mức đòn bẩy mục tiêu và mang lại mức NII bằng hoặc cao hơn các khoản phân phối đã công bố theo thời gian. Ban lãnh đạo cho rằng triển vọng tăng trưởng này đến từ lượng hợp đồng chờ giải ngân mở rộng, đòn bẩy khả dụng và chiến lược định giá hiện tại, nhưng không đưa ra dự báo NII cụ thể.

Rủi ro và các điểm cần theo dõi

NAV tiếp tục chịu áp lực từ việc trích giảm giá trị các khoản đầu tư gặp khó khăn. Theo thang đánh giá tín dụng 5 bậc sửa đổi của HRZN, 12% giá trị hợp lý của danh mục nợ bị xếp hạng 4 hoặc 5 vào cuối quý, trong khi 88% được xếp hạng 1, 2 hoặc 3.

Ban lãnh đạo cho biết hầu hết, nếu không nói là tất cả, các khoản đầu tư đang trong quá trình tích cực xử lý thu hồi đều được xếp vào nhóm không ghi nhận lãi (non-accrual). Một số kết quả thực tế không đạt kỳ vọng và công ty không đưa ra mốc thời gian phục hồi hoặc ổn định cụ thể.

Thị trường vốn mạo hiểm vẫn tập trung mạnh vào các thương vụ huy động vốn quy mô lớn trong lĩnh vực trí tuệ nhân tạo. Ban lãnh đạo cho biết hoạt động thoái vốn của các công ty phi AI diễn ra trầm lắng giữa bối cảnh kinh tế vĩ mô và địa chính trị còn nhiều bất ổn, đồng thời dự báo thị trường IPO, ngoại trừ đợt chào bán được chờ đợi của Anthropic, sẽ tiếp tục ảm đạm trong phần còn lại của năm 2026.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

• Các khoản tín dụng gặp khó khăn: Ban lãnh đạo cho biết đang theo đuổi một số quy trình thu hồi riêng và nỗ lực tối đa hóa khả năng thu hồi vốn. Công ty từ chối đưa ra mốc thời gian cụ thể vì kết quả vẫn rất nhạy cảm và khó lường.
• Tăng trưởng danh mục trong quý 4: Công ty dự kiến hoạt động trả trước sẽ giảm bớt và cho biết mức tăng trưởng danh mục có thể vượt nhẹ mức trung bình hàng quý khoảng 30 triệu USD ghi nhận trong ba quý trước.
• Tỷ lệ chuyển đổi cơ hội đầu tư: Ban lãnh đạo mô tả chuỗi cơ hội đầu tư có tính biến động, trong đó các thương vụ có thể được đẩy nhanh hoặc bị trì hoãn. Quyết định đầu tư thường diễn ra trong khung thời gian cuốn chiếu 6 tháng.
• Báo cáo số liệu giải ngân mới: Chênh lệch giữa mức 98 triệu USD giải ngân mới được công bố và khoảng 89 triệu USD hiển thị trong một số dữ liệu hoạt động đầu tư là do có khoảng 9 triệu đến 10 triệu USD được giải ngân thông qua liên doanh.
• Lãnh đạo chiến lược: Ban lãnh đạo cho biết ông Manuel Henriquez đang đóng góp tích cực vào hoạt động giải ngân mới nhờ kinh nghiệm, mối liên hệ và các mối quan hệ của ông sau thương vụ Monroe Capital.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good afternoon and welcome to the Horizon Technology Finance third quarter 2026 earnings call. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Megan Bacon, Director, Investor Relations and Marketing. Please go ahead.

Megan Bacon

Thank you, and welcome to Horizon Technology Finance Corporation's third quarter 2026 conference call. Representing the company today are Mike Balkin, Chief Executive Officer, Paul Seitz, Chief Investment Officer, and Dan Trolio, Chief Financial Officer. I would like to point out that the Q3 earnings press release and Form 10-Q are available on the company's website at horizontechfinance.com.

Before we begin our formal remarks, I need to remind everyone that during this conference call, the company will make certain forward-looking statements, including statements with regard to the future performance of the company. Words such as believes, expects, anticipates, intends, or similar expressions are used to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements.

And some of these factors are detailed in the risk factor discussion in the company's filings with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2025. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. At this time, I would like to turn the call over to Horizon CEO, Mike Balkin.

Michael Balkin

Welcome everyone and thank you for your interest in Horizon. Today we will update you on our quarterly performance in the current operating environment. Paul Seitz, our Chief Investment Officer, will take us through recent business and portfolio developments as well as the current status of the venture lending market. And Dan Trolio, our Chief Financial Officer, will detail our operating performance and financial condition. We will then take questions.

We made significant progress in the third quarter in terms of increasing our pipeline of opportunities with our backlog building to $351 million at quarter end. That is a testament to our scalable platform, the relentless work of our originations and credit teams, as well as our ability to co-invest with Monroe Capital. We believe we are successfully laying the foundation for Horizon's long-term portfolio growth and increasing NII.

NAV per share remains under stress due to credit pressures from certain investments. We believe we have made material headway in addressing these challenges, which should become more apparent as we move into 2027. Turning to our specific results for the quarter, we grew our debt investment portfolio for the fourth consecutive quarter, funding 9 investments totaling $98 million, while our total portfolio size ended at $650 million. We finished the quarter with a backlog of $351 million, up over $42 million from the prior quarter end, and which positions us to materially grow our portfolio in the fourth quarter and beyond.

We generated net investment income of $0.19 per share, which covered our regular distributions in the quarter, while our NAV per share ended the quarter at $5.56. Our NAV per share was down $0.67 for the quarter, primarily due to write-down of certain investments. Based on our outlook and our undistributed spillover income, our board declared monthly distributions of $0.06 per share payable in January, February, and March of 2027. As we continue to deploy the capital and move towards our target leverage, it remains our goal to deliver NII at or above our declared distributions over time.

We achieved a portfolio yield on debt investments of just under 15% for the third quarter, at or near the top of the BDC industry. We repurchased just over 2 million shares of our common stock in the quarter, reflecting the continued confidence we have in our near and long-term outlook. And finally, we continue to win attractive venture debt and small cap public company investments as we further build the top of our funnel and pipeline of loan opportunities.

As we close out 2026 with our strong balance sheet and increasingly robust pipeline, we believe we are in an excellent position to further grow our portfolio and drive long-term value creation for shareholders. To support that effort, we are pleased to create the new role of Chief Growth and Strategy Officer at our advisor and to appoint Manuel Henriquez to this position. We have had the benefit of Manuel working with our advisor since June, and this new appointment will help accelerate his positive impact on Horizon. We look forward to his contributions as we build on our momentum.

With the backing of Monroe Capital, one of the premier asset management firms in the country, we have the right team firmly in place, and we are executing on our strategic vision, which we believe will create a sustainable growth engine that will increase our NII and NAV over time. Despite our challenges, we remain excited about Horizon's future and the opportunity to take our platform to the next level. Again, we appreciate your continued interest and support in the Horizon Technology Finance platform. I will now turn the call over to our Chief Investment Officer, Paul Seitz, to give you the details of our third quarter results and progress. Paul?

Paul Seitz

Thanks, Mike, and good afternoon to everyone. As Mike noted, our team made excellent progress in expanding our committed and awarded backlog and pipeline in the quarter, which positions Horizon to deliver sustainable and profitable growth on a consistent basis. At the same time, we continue to work diligently through a number of stressed credits to optimize returns on those investments and ultimately increase our NAV over time. At the end of the quarter, our current portfolio stood at $650 million, our fourth consecutive quarter of debt investment portfolio growth. Our growth was offset by write-downs of certain investments. As always, we remain focused on recovering as much value as possible from these investments. In the third quarter, we funded 9 debt investments in our target sectors, totaling $98 million.

Additionally, we made significant progress in further building our pipeline, including larger-size venture loan opportunities in our target sectors. In Q3, we increased our backlog by more than $42 million from the end of Q2. During the third quarter, we experienced 6 loan prepayments and partial paydowns, totaling $81 million in principal. We are pleased with these prepayments as they generated accelerated income, validated our investment structure, and provided us with additional capital to redeploy into new investments that can generate additional attractive risk-adjusted returns. Despite the uptick in prepayments in the third quarter, we anticipate a lower level of prepayment activity in the fourth quarter given the current macro environment.

Our onboarding debt investment yield of 12.6% during the third quarter was ahead of our second quarter's level, thanks in part to the current rising rate environment. We expect to continue to generate strong onboarding yields with our current pipeline of opportunities, which we believe will generate strong net investment income over time. Meanwhile, our debt portfolio yield of 14.7% for the quarter was once again among the highest yielding debt portfolios in the BDC industry. Our ability to generate industry-leading yields continues to be a testament to our venture lending strategy and our execution of such strategy across various market cycles and interest rate environments.

As of September 30th, we held warrants, equity, and other investments in 95 portfolio companies, as well as our RoHo joint venture, with a fair value of $29 million. During the quarter, we realized proceeds valued at $2 million from the redemption of warrants in 2 investments, and have now realized more than $4.3 million in proceeds from warrants and equity in just the last 6 months. Structuring investments with warrants and equity rights is a key component of our venture debt strategy and a potential generator of shareholder value.

As Mike mentioned, we ended the quarter with a committed, approved, and awarded backlog of $351 million, compared to $309 million at the end of the second quarter. We continue to believe our pipeline of investment opportunities, combined with our expanding committed backlog, with most of our funding commitments subject to companies achieving certain key milestones, provides a solid foundation to prudently grow our portfolio over time. As of quarter end under our new 1 to 5 credit scale, which we realigned to as of June 30th, 88% of the fair value of our debt portfolio consisted of 1, 2, or 3 rated debt investments, while 12% of the fair value of our portfolio was rated 4 or 5. We recognize the credit pressures on certain investments in the portfolio, and we continue to closely monitor all of our investments. As always, we are collaborating with investors in all of our portfolio companies and utilizing a variety of strategies to optimize recoveries and preserve value.

Turning to the venture capital environment, according to PitchBook, approximately $98 billion was invested in VC-backed companies in the third quarter. This results in year-to-date investments as of September 30th 44% higher than the prior record year of 2021, notably with 1 more quarter still to go. The impressiveness of this increase is tempered by the fact that nearly all of the investment consists of large investments in AI. Accordingly, the market is significantly bifurcated with certain companies at the very top receiving the lion's share of capital. Meanwhile, exit market activity remained muted for non-AI companies due to the ongoing uncertainty in the macro and geopolitical environment. Anthropic's anticipated IPO will almost certainly exit at a massive valuation later this quarter, but otherwise, we expect the IPO market will stay quiet for the remainder of 2026.

Despite the top-heavy market, we continue to believe significant opportunities remain for venture loan originations in both life sciences and tech, as evidenced by both our growing debt investment portfolio and the increase in our pipeline. We continue to believe venture debt remains a compelling option for high-quality companies to access additional capital. To sum up, we made significant progress in the third quarter in terms of expanding our pipeline, which positions us to sustainably grow our venture debt investment portfolio with high-quality investments. Combined with our strong balance sheet, we believe we are setting the stage to improve our financial performance over time and create more value for shareholders. With that, I will now turn the call over to our Chief Financial Officer, Dan Trolio.

Daniel Trolio

Thanks, Paul, and good afternoon, everyone. We are continuing to make progress in growing our origination pipeline as evidenced by our stronger backlog while we closely manage our current investment portfolio. Along with a strong balance sheet, we continue to lay the groundwork to deliver sustainable long-term growth and create additional value for our shareholders moving forward.

As of September 30th, we had $211 million in available liquidity consisting of $108 million in cash and $103 million in available borrowing-based capacity under our existing credit facilities. As of September 30th, we had no outstandings under our $150 million KeyBank credit facility, $181 million outstanding on our $250 million New York Life credit facility, and $90 million outstanding on our $150 million Nuveen credit facility, leaving us with ample capacity to grow our portfolio of debt investments. Our net debt equity ratio stood at 1.12 to 1 as of September 30th, and netting out cash on our balance sheet, our net leverage was 0.82 to 1, well below our target leverage. Based on our cash position and our borrowing capacity, our potential new investment capacity as of September 30th was $387 million.

During the quarter, we repurchased just over 2 million shares of our common stock at an average price of $4.90 under our $20 million stock repurchase program. We expect to remain opportunistic with respect to our stock repurchase program given the dislocation between our current valuation and our confidence in the near and long-term outlook of Horizon.

Turning to our operating results, for the third quarter, we earned investment income of $24.1 million compared to $26.3 million in the prior year period, primarily due to lower interest income on our debt investment portfolio. Our debt investment portfolio on a net cost basis stood at $690 million as of September 30th, up 1% compared to $682 million as of June 30th, 2026. For the third quarter of '26, we achieved onboarding yields of 12.6%, ahead of what we achieved in the second quarter of '26. Our loan portfolio yield was 14.7% for the third quarter compared to 18.6% for last year's third quarter.

Total expenses for the quarter were $12.5 million compared to $12 million in the third quarter of '25, with net expenses for the quarter totaling $11.5 million as the advisor waived $1 million of its base management fee. Our interest expense of $7.8 million was in line with last year's third quarter. As a reminder, in connection with our merger earlier this year, our advisor agreed to waive up to an aggregate of $4 million of fees, or up to $1 million per quarter, beginning with this third quarter.

Net investment income for the third quarter of '26 was $0.19 per share compared to $0.11 per share in the second quarter of '26 and $0.32 per share for the third quarter of '25. The company's undistributed spillover income as of September 30th was $0.24 per share. Based upon our outlook and undistributed spillover income, our board declared monthly distributions of $0.06 per share for January, February, and March 2027. We anticipate that our expanded capital base and available leverage, our expectation for growth, and our predictive pricing strategy will enable us to generate NII that covers our distribution over time.

To summarize our portfolio activities for the third quarter, new originations totaled $98 million, which were offset by $3 million in scheduled principal payments and $81 million in principal prepayments and partial paydowns. We ended the quarter with a total investment portfolio of $650 million. At September 30th, the portfolio consisted of debt investments in 42 companies with an aggregate fair value of $621 million and a portfolio of warrant, equity, and other investments in 95 companies with an aggregate fair value of $29 million.

Our NAV as of September 30th was $5.56 per share compared to $6.23 per share on June 30th and compared to $7.12 as of September 30th, 2025. The NAV reduction on a quarterly basis was primarily due to the write-down on certain stressed investments. As we've consistently noted, nearly 100% of the outstanding principal amount of our debt investments bear interest at floating rates. As of September 30th, 98% of our portfolio will benefit from additional increases in their applicable pricing index. This concludes our opening remarks. We'll be happy to take questions you may have at this time.

Operator

[Operator Instructions]

Our first question today will come from Melissa Wedel with UBS. Please go ahead.

Phần hỏi đáp

Melissa Wedel

You mentioned, obviously NAV is under pressure on a couple of credits, but you also talked about some turnaround plans on a few of those. Could you help us dimensionalize sort of a timeframe to the extent that you can provide detail around some of the efforts on stabilization and how investors should think about, you know, a timeline on not just a turnaround there, but a timeline of what's going to happen, but just even stabilizing that space?

Paul Seitz

Yes, Melissa. This is Paul Seitz speaking. Thanks for the question. So we were running a few processes on certain names. You'll see the names in the schedule of investments. Won't go into too much detail regarding those processes, given sensitivity and the fact that they're, you know, private right now, but we, we had run up against a few shortfalls in terms of the outcomes we were expecting. Definitely unfortunate, but we are working diligently and very hard to recover as much capital as possible. I think it was a little shocking and surprising that these all kind of came about all at once, but there's been a lot of effort on our end to stabilize that in terms of the outlook. I don't really want to provide any forward-looking statements, but suffice it to say that we are all hands on deck in terms of making sure that the portfolio is stabilizing effectively.

Melissa Wedel

Okay, I appreciate it can be -- those things can be sensitive and uncertain on timeline. Going back to a comment on the call about repayment activity being particularly elevated in 3Q and then expecting that to sort of normalize in the fourth quarter. Also looking to try to dimensionalize that in the context of some nice momentum on the origination side that you talked about headed into the fourth quarter. I mean, should we be thinking about that more in line with some of what we saw in 2Q earlier this year?

Daniel Trolio

Yes, you know, as far as the fourth quarter, we got a month and a half left. As we noted, we did have 1 prepayment to date on a smaller side. Nothing in our future projections right now, but it's still got a month and a half. When I -- if you're thinking about estimating it, I'd look back the last 3 quarters, you can see we've grown the portfolio by average about $30 million. I probably would be expecting a little bit higher than that this fourth quarter, but not significantly.

Melissa Wedel

Okay, got it. That's helpful. Thank you.

Operator

[Operator Instructions]

Our next question will come from Paul Johnson with KBW. Please go ahead.

Paul Seitz

So in terms of the processes you were running, I guess all these, the loans that you, or the companies that you've been managing out of the stressed credits, I mean are all of those found within the non-accruals today, or are there more of those investments, potentially some equity investments with just non-accrual income-generating investments attached to them?

Daniel Trolio

Yes, I'd say the majority of them, if not all, are in the non-accrual bucket that will be labeled as such on the schedule of investments.

Paul Seitz

Got it, okay. And then just 1 technical question, but you mentioned the $98 million originations quarter on the call, I think it's also in the press release too as well, but just looking at the investment activities it says $89 million. I mean, I'm just curious what the difference is there, is it just commitment versus funded or... But I guess what's like the $10 million sort of difference between the $98 million?

Daniel Trolio

That's probably just location, where that other $9 million to $10 million was funded in the joint venture. Okay. And so that is, yes, technically 98 as far as earning assets put on the books, it is just different locations of where they're sitting.

Paul Seitz

Got it. Okay. And then the pipeline, you know, it sounds like that's been building. You've been working to expand that as well. Just curious, so what's kind of like the expected timeline, I guess, in terms of how long you think it would take to start seeing some of those investments come through, and I guess how much of that activity went through this quarter as well?

Paul Seitz

Yes. So, you know, our pipeline is always fluid and so deals can be delayed. They can accelerate. There's, you know, it's a bit nuanced and idiosyncratic at times, but we're confident that our pipeline is strong and, you know, that we're going to have some decent conversion on it. You know, right now, I think the pipeline typically is on a rolling 6-month basis as far as the deal activities. So any deal that's on the pipeline now hopefully is, you know, we have some sort of decision within 6 months from now.

Michael Balkin

Yes, Paul, this is Mike. I would say that we're extremely encouraged by the backlog and the pipeline we have. It's the strongest we've had in quite a while. And so we're seeing lots of activity, and we're very pleased with how things are going right now.

Paul Seitz

Got it. Yes, that's great to hear. And the last one for me, I guess, would just be with the recent appointment of Manuel Henriquez to Chief Strategy Officer, I'm just curious, you know, what you're hoping to kind of get from that, you know, given there's obviously been a lot of, you know, changes and modifications here to the investment strategy with the Monroe merger. Yes. But just curious to get your thoughts there in terms of what you're hoping to benefit with the BDC?

Michael Balkin

Yes, well, sure. It's a good question. And actually, Manuel has been working with us for a little while here now, and we're very happy with having him on board. And he's, you know, obviously he built a great business at Hercules, and so we're able to take a lot of the learnings and experience he had there and try to apply them to things we're doing here at Horizon. Obviously, Horizon's gone through a lot of changes over the last several years, and so a lot of the experience that he brings to the table is valuable. He's helping significantly in the origination side of the business and we believe will continue to benefit from his contacts and relationships, so stay tuned, but it's incumbent upon us to put the numbers up on the board and we're excited about what we see happening.

Paul Seitz

Great. Appreciate it. I look forward to it. That's all from me. Thanks.

Michael Balkin

Thank you.

Operator

And this will conclude our question and answer session. I'd like to turn the call back over to Mike Balkin for any closing remarks.

Michael Balkin

Thank you all for joining us this afternoon. We appreciate your continued interest and support in Horizon, and we look forward to speaking with you again soon. This will conclude our call.

Operator

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

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