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Sep 30, 2021
Whitehorse Finance Q3 2021 Earnings Report
Reported strong gross capital deployments and maintained high origination activity.
Key Takeaways
WhiteHorse Finance announced its financial results for the third quarter ended September 30, 2021, reporting a net investment income of $7.6 million, or $0.366 per share, and core net investment income of $7.8 million, or $0.372 per share. The company's investment portfolio totaled $687.1 million, with gross investment deployments of $122.5 million. The board declared a distribution of $0.355 per share for the quarter ending December 31, 2021.
Net Asset Value of $323.7 million, or $15.46 per share
Investment portfolio totaling $687.1 million
STRS JV investment portfolio totaling $239.0 million
Net investment income of $7.6 million, or $0.366 per share
Forward Guidance
WhiteHorse Finance anticipates continuing rapid capital deployment, supported by a healthy pipeline and recent equity offering. The company believes its relationship with the H.I.G. platform and differentiated sourcing capabilities will drive growth, enabling disciplined deal sourcing and strong cash flow generation.
Positive Outlook
- Gross capital deployments remained strong
- Maintained a high level of origination activity
- Completed a follow-on equity offering, netting approximately $34 million in proceeds
- Pipeline remains very healthy
- New capital should enable continued growth through disciplined deal sourcing
Challenges Ahead
- Lending market has become more competitive in some segments
- Pricing, leverage and documentation terms have returned to pre-COVID levels in some segments
- Continuing repayments and refinancings within the portfolio offset gross capital deployments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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