Business
WhiteHorse Finance, Inc. Announces First Quarter 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share
NEW YORK, May 10, 2022 /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 10, 2022 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (Nasdaq: WHF) today announced its financial results for the quarter ended March 31, 2022. In addition, the Company's board of directors has declared a distribution of $0.355 per share with respect to the quarter ending June 30, 2022. The distribution will be payable on July 5, 2022 to stockholders of record as of June 20, 2022.\nFirst Quarter 2022 Summary Highlights\nNet Asset Value of $347.9 million, or $14.99 per share Investment portfolio(1) totaling $800.4 million STRS JV investment portfolio totaling $312.8 million Gross investment deployments(2) of $83.6 million for the first quarter, including new originations of $69.5 million and $14.1 million of fundings for add-ons to existing investments Net investment income of $8.5 million, or $0.368 per share Core net investment income of $7.9 million, or $0.344 per share(3) First quarter distribution of $0.355 per shareStuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, \"This past quarter was another active period for capital deployments with WhiteHorse successfully deploying a total of $83.6 million, a record amount for any first quarter in our history. Following the exit from our position in Grupo HIMA and the restructuring of PlayMonster, we ended the quarter with no debt investment on non-accrual status, allowing us to focus all of our resources on managing our directly originated assets that make up the majority of our portfolio as well as sourcing future originations. Importantly, we believe our investment portfolio is well-positioned to benefit from a rising interest rate environment as nearly 100% of our debt portfolio is comprised of floating rate debt investments. We are likewise confident, given the modest leverage levels that we underwrite our loans to, that the majority of our portfolio companies will be able to service our debt in a rising interest rate environment. The lending market remains active and competitive, and our pipeline for future deal flow remains strong due in part to our differentiated three-tiered sourcing approach and relationship with the leading H.I.G. platform. This has allowed us to adhere to our disciplined deal sourcing and rigorous underwriting standards to maintain and grow a healthy portfolio, generating robust c...