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WhiteHorse Finance, Inc. Announces First Quarter 2018 Earnings Results
NEW YORK, NY, May 8, 2018 – WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (NASDAQ: WHF) today announced its financial results for the quarter ended March 31, 2018.
First Quarter 2018 Summary Highlights
|·||New investments of $54.1 million|
|·||Net investment income of $8.6 million|
|·||First quarter net investment income of $0.418 per share|
|·||First quarter distribution of $0.355 per share|
Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer commented, “Our strong first quarter results were driven by our successful pursuit of high-yielding senior-secured direct originations. This transaction activity validates our rigorous and dynamic approach to sourcing, which facilitates business development in less competitive areas of the lower mid-market at leverage levels consistent with our historical averages. Our focus on companies with limited cyclicality, high free cash flow conversion, and no binary outcome risk is a meaningful differentiator that has created value for our shareholders.”
Portfolio and Investment Activity
As of March 31, 2018, the fair value of WhiteHorse Finance’s investment portfolio was $467.7 million, compared with $440.7 million as of December 31, 2017. The portfolio at March 31, 2018 consisted of 48 positions across 34 companies with an average investment size of $9.7 million and a weighted average effective yield of 12.0%. The majority of the portfolio was comprised of senior secured loans, and these loans were substantially all variable-rate investments (primarily indexed to LIBOR), which should continue to position the portfolio well for a rising interest rate environment.
During the three months ended March 31, 2018, WhiteHorse Finance made investments in four new portfolio companies totaling $54.1 million. Gross proceeds from sales and repayments totaled $33.0 million for the quarter primarily driven by full repayment on three positions. In addition, WhiteHorse Finance refinanced two of its existing positions. The first, Clarus Commerce, LLC, was a net increase of $10.9 million (after taking into account refinancing proceeds of $6.0 million). The second was to Fluent, LLC which reduced the Company’s position by $13.2 million (after taking into account refinancing proceeds of $25.7 million). The Company remained highly selective in deploying new investments.
The following information was filed by Whitehorse Finance, Inc. (WHF) on Tuesday, May 8, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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