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WhiteHorse Finance, Inc. Announces Third Quarter 2023 Earnings Results and Declares Increased Quarterly Distribution to $0.385 Per Share
Announces Base Management Fee Rate Reduction NEW YORK, Nov. 9, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq:
About this update from Whitehorse Finance, Inc.
[{"type":"text","content":"Announces Base Management Fee Rate Reduction\nNEW YORK, Nov. 9, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. (\"WhiteHorse Finance\" or the \"Company\") (Nasdaq: WHF) today announced its financial results for the quarter ended September 30, 2023. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ended December 31, 2023. The distribution will be payable on January 3, 2024 to stockholders of record as of December 20, 2023.\n\nRecent Highlights\nOn November 1, 2023, the Company's board of directors approved a decrease in the base management fee rate paid to H.I.G WhiteHorse Advisers, LLC (the \"Investment Adviser\"). The base management fee rate decreases to 1.75%, from 2.00%, and is effective January 1, 2024.The board of directors approved an increase in the quarterly distribution to $0.385 per share, from $0.37 per share.In August 2023, the Company completed a public offering of 7.875% 2028 Notes in the aggregate principal amount of $34.5 million.Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, \"I am pleased to report continued growth in WhiteHorse's core net investment income, which increased by 25% compared to the third quarter of 2022 and was well in excess of our regular dividend. Based on the portfolio's increased earnings power as well as the consistent strength of the platform, the Company's board of directors approved an increase in the quarterly distribution, the second increase since the start of the year. While we marked down certain assets during the quarter, the vast majority of our existing portfolio is generally well positioned to service our debt in a rising interest rate environment. We are seeing a continuing rebound in terms of both deal volume and quality in the lower middle markets, and our pipeline activity levels remain high, due in part to the significant advantages we derive from our three-tier sourcing architecture and our affiliation with H.I.G. Capital, a leader in the low and mid-markets. The strength of the pipeline enables us to be conservative in our deal selection as repayment activity picks up in the second half of 2023, and we are being cautious in the face of a weakening economy and remain focused on credits with compelling risk return characteristics.\"\nSummary Information as of September 30, 202...