Business
WhiteHorse Finance, Inc. Announces Third Quarter 2021 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share
NEW YORK, Nov. 9, 2021 /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. 9, 2021 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (Nasdaq: WHF) today announced its financial results for the quarter ended September 30, 2021. In addition, the Company's board of directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31, 2021. The distribution will be payable on January 4, 2022 to stockholders of record as of December 20, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Summary Highlights\nNet Asset Value of $323.7 million, or $15.46 per share Investment portfolio(1) totaling $687.1 million STRS JV investment portfolio totaling $239.0 million Gross investment deployments(2) of $122.5 million for the third quarter, including new originations of $47.9 million and $74.6 million of fundings for refinancings and add-ons to existing investments Net investment income of $7.6 million, or $0.366 per share Core net investment income of $7.8 million, or $0.372 per share(3) Third quarter distribution of $0.355 per shareRecent Developments \nSubsequent to the end of the quarter, the Company issued 1,900,000 shares of its common stock in a public offering at an offering price of $15.81 per share (the \"Offering\"). The Offering generated net proceeds of approximately $29.4 million. Under the existing underwriting agreement, the underwriters executed the option to purchase an additional 282,300 shares, generating another $4.3 million of net proceeds. The Company's aggregate net proceeds of the Offering were approximately $33.7 million, inclusive of underwriting discounts and commissions and before offering expenses.\nStuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, \"Gross capital deployments remained strong in the third quarter, offset in part by continuing repayments and refinancings within the portfolio, and we maintained a high level of origination activity. In anticipation of continuing rapid capital deployment, we completed a follow-on equity offering earlier this month, netting approximately $34 million in proceeds. Our pipeline remains very healthy, and this new capital should enable us to continue to grow WhiteHorse Finance through disciplined deal sourcing. Although the lending market has become more competitive in some segments, where pricing, leverage and documentation terms have retur...