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WhiteHorse Finance, Inc. Announces First Quarter 2023 Earnings Results and Increases Quarterly Distribution to $0.37 Per Share and Introduces Quarterly Variable Supplemental Dividend Policy
NEW YORK, May 9, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for
About this update from Whitehorse Finance, Inc.
[{"type":"text","content":"NEW YORK, May 9, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (Nasdaq: WHF) today announced its financial results for the quarter ended March 31, 2023. In addition, the Company's board of directors has declared a distribution of $0.37 per share with respect to the quarter ending March 31, 2023. The distribution will be payable on July 5, 2023 to stockholders of record as of June 21, 2023. Going forward, in addition to a quarterly base distribution of $0.37 per share, the Company's board of directors expects to also declare, when applicable, a formula-based quarterly variable supplemental dividend in an amount to be determined each quarter.\nFirst Quarter 2023 Summary Highlights\nNet Asset Value of $330.0 million, or $14.20 per shareInvestment portfolio(1) totaling $749.2 millionSTRS JV investment portfolio totaling $308.9 millionGross investment deployments(2) of $34.1 million for the first quarter, including new originations of $18.8 million and $15.3 million of fundings for add-ons to existing investmentsNet investment income of $10.7 million, or $0.461 per shareCore net investment income of $10.7 million, or $0.461 per share(3)First quarter distributions of $0.425 per share, including special distribution of $0.07 per shareStuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, \"I am pleased to report WhiteHorse recorded another strong quarter with core net investment income well above our dividend. Given the increase in base rates and the corresponding increase in our portfolio's earning power, the Company's board of directors has elected to increase the BDC's regular dividend to $0.37 per share and to also introduce a variable supplemental dividend. This new dividend policy will allow WhiteHorse Finance to maximize distributions to shareholders while preserving the stability of our Net Asset Value, a factor we believe to be an important driver of shareholder economics over time. Barring circumstances that are currently unforeseen, management is confident in the ability to reliably earn the revised dividend on an annual basis. While some assets were marked down during the quarter, we have always underwritten at very conservative levels and factored in downside scenarios. As demonstrated by our successful exit from a formerly troubled asset subsequent to the end o...