Discounts exits for a reason (usually) and in this case the discount exists because the The Street does not like HRZN management's track record or promotional stye. And for good reason IMHO.
That said, I just re-entered for the first time in a long time at $13. I look at KIPO and SVVC and the other VC type BDCs and conclude that unless HRZN really, really suck they MUST hve some warrant winners in the portfolio. The dividend is sustainable as long as undewriting which used to be great goes back to being at least good.
So I am back in with a toe, fulling expecting to be able to average down into the 12s and maybe the 11s on this.
HRZN is my only BDC right now and represents about 3% of my IRA account. I've held FSC, PSEC, and several other BDCs in the past. Skeptical of this group right now with so many selling at premiums to NAV, some pretty big. Thanks for your comments.