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Dec 31, 2022
Whitehorse Finance Q4 2022 Earnings Report
WhiteHorse Finance reported its highest quarterly Core NII since IPO in 2012.
Key Takeaways
WhiteHorse Finance reported net investment income of $11.1 million, or $0.476 per share, and core net investment income of $11.1 million, or $0.476 per share for Q4 2022. The company's investment portfolio totaled $760.2 million and the STRS JV investment portfolio totaled $284.3 million.
Net Asset Value of $332.4 million, or $14.30 per share.
Investment portfolio totaling $760.2 million.
STRS JV investment portfolio totaling $284.3 million.
Net investment income and Core net investment income of $11.1 million, or $0.476 per share.
Forward Guidance
WhiteHorse is equipped to take advantage of the current lender friendly market conditions as our pipeline activity remains high, and our three-tier architecture continues to provide the BDC differentiated sourcing capabilities.
Positive Outlook
- Positive impact of an interest rate environment on debt portfolio
- Investments in existing portfolio were underwritten at modest leverage levels
- Portfolio remains overwhelmingly represented by non-cyclical or light cyclical borrowers
- Increased capital commitments to joint venture by $25 million
- Pipeline activity remains high
Challenges Ahead
- Marked down some assets during the quarter
- Challenging economic backdrop
- Being cautious in the face of a weakening economy
- Focus on credits with compelling risk return characteristics
Historical Earnings Impact
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Avg. Return Before/After Earnings
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