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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.
Whitehorse Finance
Whitehorse Finance
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
- Meticulous in deal selection