Horizon Technology Finance Corporation

Greetings and welcome to the Horizon Technology Finance first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Megan Bacon, Director of Investor Relations and Marketing. Please go ahead.

Thank you, and welcome to Horizon Technology Finance Corporation's first quarter 2026 conference call. Representing the company today are Mike Balkin, Chief Executive Officer, Paul Seitz, Chief Investment Officer, and Dan Trollio, Chief Financial Officer. I would like to point out that the Q1 earnings press release and Form 10-Q are 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.

Thank you, Megan, and 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 Trollio, our Chief Financial Officer, will detail our operating performance and financial condition. We will then take questions. It has certainly been a very newsworthy and exciting couple of months for Horizon. In March, we were pleased to form ROHO, a new joint venture with Roth Capital, which will provide growth financing solutions to small and micro-cap public companies. Then in April, we successfully completed our merger with Monroe Capital Corp., or MRCC, officially embarking on an exciting growth path for the combined new horizons. The merger provided us with significant increase in Horizons equity capital available for investment and earning assets. This larger capital base affords us greater economies of scale to compete for larger cutting edge early and later stage venture capital deals backed by some of the leading venture capital and private equity funds. We are also increasing our lending to small cap public companies as evidenced by some of our latest announced transactions. Aided by the full support and backing of Monroe, we are taking the Horizon platform to the next level and are well positioned to succeed over the longer term. Turning to our specific results for the quarter, we grew our portfolio for the second consecutive quarter, funding five investments totaling $120 million and bringing our total portfolio size to almost $700 million. We generated net investment income of $0.19 per share, exceeding our distributions, while our NAV per share ended the quarter at $6.98. Based on our outlook and our undistributed spillover income, our board declared regular monthly distributions of $0.06 per share payable in July, August, and September of 2026. Consistent with our announcement prior to the closing of the merger, our Board also declared special monthly distributions of $0.03 per share payable in July, August, and September 2026. As we prudently work to deploy the incremental capital from the merger and move to 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 over 15% for the first quarter. Once again, at or near the top of the BDC industry. We finished the quarter with a committed and approved backlog of $180 million. And finally, we continue to close attractive venture debt and small cap public company investments while our pipeline of loan opportunities continue to grow. Moving forward, we believe we are stronger than we have been in years and are excited for the long-term growth path we see ahead. To that end, given the dislocation between our stock price and the current net asset value, we intend to utilize our $10 million stock repurchase program in the near term. 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 first quarter results and progress. Paul?