Please wait while we load the requested 10-K report or click the link below:
WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2014 Earnings Results
NEW YORK, NY, March 3, 2015 – WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the "Company") (NASDAQ: WHF) today announced its financial results for the quarter and year ended December 31, 2014.
Fourth Quarter 2014 Summary Highlights
|·||New investments of $90.8 million and $261.0 million for the fourth quarter and year end 2014, respectively|
|·||Net investment income of $5.0 million in the fourth quarter|
|·||Quarterly distribution of $0.355 per share, consistent for the ninth consecutive quarter since the Company’s IPO|
Jay Carvell, WhiteHorse Finance’s Chief Executive Officer commented, “During the fourth quarter we were able to successfully deploy over $90 million in capital across a range of sectors, further diversifying our portfolio and enabling us to exceed our full year origination estimates. While we continued to originate loans within our target markets and the appropriate parameters, repayment activity was in line with expectations with no unanticipated early repayment activity. As we progress into 2015, we expect to continue benefitting from our association with H.I.G. Capital in assessing deals that will further optimize our portfolio. We are excited about the upcoming year and the opportunities we are seeing in our markets.”
Portfolio and Investment Activity
As of December 31, 2014, the fair value of WhiteHorse Finance’s investment portfolio was $403.5 million, compared with $272.4 million as of December 31, 2013. The portfolio at December 31, 2014 consisted of 37 positions across 31 companies with an average investment size of $10.9 million and a weighted average yield of 11.3%. The majority of the portfolio was comprised of senior secured loans and more than 96% of these loans were variable-rate investments (indexed to LIBOR) with interest rate floors, which should continue to position the portfolio well for a potential rising interest rate environment.
For the three months ended December 31, 2014, WhiteHorse Finance invested $90.8 million across nine portfolio companies. Gross proceeds from sales and repayments totaled $56.0 million for the quarter, which was in line with the Company’s expectations.
Results of Operations
For the quarter and year ended December 31, 2014, net investment income was $5.0 million and $17.0 million, respectively compared with $4.2 million and $19.3 million for the same periods in the prior year.
For the three months ended December 31, 2014, WhiteHorse Finance reported unrealized depreciation on investments of $1.3 million. For the year ended December 31, 2014, the Company reported unrealized appreciation on investments of $2.6 million. This compares with an unrealized appreciation on investments of $2.2 million and unrealized depreciation on investments of $0.3 million for the three months and year ended December 31, 2013, respectively.
For the quarter and year ended December 31, 2014, WhiteHorse Finance reported a net increase in net assets of $3.6 million and $19.5 million, respectively, which compares with $6.3 million and $19.0 million for the quarter and year ended December 31, 2013.
The following information was filed by Whitehorse Finance, Inc. (WHF) on Tuesday, March 3, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Whitehorse Finance, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Whitehorse Finance, Inc..