Business
WhiteHorse Finance, Inc. Announces Third Quarter 2019 Earnings Results
NEW YORK, Nov. 7, 2019 /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, Nov. 7, 2019 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (NASDAQ: WHF) today announced its financial results for the quarter ended September 30, 2019. \nThird Quarter 2019 Summary Highlights\nNet Asset Value of $315.5 million, or $15.36 per share Investment portfolio(1) totaling $527.5 million STRS JV investment portfolio totaling $54.9 million Gross investment additions(2) of $80.5 million, including new originations of $47.0 million and $32.8 million of fundings for refinancings and add-ons to existing investments Net investment income of $8.7 million, or $0.421 per share Core net investment income of $8.3 million, or $0.403 per share(3) Third quarter distribution of $0.355 per shareStuart Aronson, WhiteHorse Finance's Chief Executive Officer commented, \"During the third quarter, we transferred 5 assets into our recently-launched joint venture, increasing our investment by $24.4 million. Following the close of the third quarter we contributed another 4 assets into the JV, allowing us to quickly ramp up and directly originate into the JV portfolio going forward, offering a wider range of sourcing opportunities. In addition to the JV transfers, we added four new first-lien originations and 3 add-on investments to our portfolio during the quarter to stabilize NAV relative to the JV asset transfers. Our fourth quarter pipeline is as strong as it has ever been, which we credit to our differentiated three-tiered sourcing infrastructure backed by H.I.G. that offers stable and attractive risk-adjusted returns and ultimately enhance shareholder value.\"\nPortfolio and Investment Activity\nAs of September 30, 2019, the fair value of WhiteHorse Finance's investment portfolio was $527.5 million, compared with $534.8 million as of June 30, 2019. The portfolio at September 30, 2019 consisted of 65 positions across 48 companies with a weighted average effective yield of 11.0% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV) was $9.9 million with the overall portfolio comprised of 80% in first lien secured loans, 12% in second lien secured loans, 3% in equity and 5% in investments in STRS JV. All loans were substantially all variable-rate investments (primarily indexed to LIBOR), with nearly all performing floating rate investments hav...