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WhiteHorse Finance, Inc. Announces Second Quarter 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share
NEW YORK, Aug. 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, Aug. 10, 2022 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (Nasdaq: WHF) today announced its financial results for the quarter ended June 30, 2022. In addition, the Company's board of directors has declared a distribution of $0.355 per share with respect to the quarter ending September 30, 2022. The distribution will be payable on October 4, 2022 to stockholders of record as of September 20, 2022.\nSecond Quarter 2022 Summary Highlights\nNet Asset Value of $347.4 million, or $14.95 per shareInvestment portfolio(1) totaling $766.5 millionSTRS JV investment portfolio totaling $318.8 millionGross investment deployments(2) of $48.1 million for the second quarter, including new originations of $28.9 million and $19.2 million of fundings for add-ons to existing investmentsNet investment income of $7.9 million, or $0.339 per shareCore net investment income of $7.8 million, or $0.334 per share(3)Second quarter distribution of $0.355 per shareStuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, \"Despite economic headwinds, our well-diversified portfolio continued to perform well this past quarter, and WhiteHorse ended the quarter with no investments on non-accrual status. We believe, 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. Additionally, as a result of elevated repayment activity during the quarter, we remain comfortably below our leverage targets and have capacity to redeploy capital to higher yielding assets. While our pipeline for future deal flow is at record levels, due in part to our differentiated three-tiered sourcing approach and relationship with the leading H.I.G. platform, we have a cautious approach and are selectively taking advantage of market conditions. Our investment portfolio is also well-positioned to benefit from a rising interest rate environment as nearly 100% of our debt portfolio is comprised of floating rate debt investments. Combined with the reset of three-month LIBOR and SOFR contracts and the full impact of our increased ownership in the Ohio STRS JV, we expect to achieve earnings accretion in the coming quarters.\"\nPortfolio and Investment Activity\nAs of June 30, 2022, the fair value of WhiteHors...