Business
WhiteHorse Finance, Inc. Announces First Quarter 2020 Earnings Results
NEW YORK, May 11, 2020 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results
About this update from Whitehorse Finance, Inc.
[{"type":"text","content":"NEW YORK, May 11, 2020 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (Nasdaq: WHF) today announced its financial results for the quarter ended March 31, 2020.\nFirst Quarter 2020 Summary Highlights\nNet Asset Value of $284.7 million, or $13.86 per share Investment portfolio(1) totaling $557.1 million STRS JV investment portfolio totaling $123.0 million Gross investment additions(2) of $26.8 million, including new originations of $26.1 million and $0.7 million of fundings for add-ons to existing investments Net investment income of $6.1 million, or $0.297 per share Core net investment income of $5.5 million, or $0.267 per share(3) First quarter distribution of $0.355 per share(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (\"STRS JV\"), an unconsolidated joint venture, totaling $42.1 million, at fair value.(2) Excludes investments made in STRS JV. (3) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.\nStuart Aronson, WhiteHorse Finance's Chief Executive Officer commented, \"The COVID-19 pandemic drove a correction within the debt markets that saw lower debt levels, tighter deal terms, and increased pricing. As a result, we are taking a very conservative view towards adding new assets, having originated 4 first lien loans during the quarter. Our liquidity position remains strong, and we have been working hand in hand to support our borrowers through this difficult time. Over the years we've taken deliberate ...