WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2017 Earnings Results

Results of Operations

For the three months and year ended December 31, 2017, net investment income was approximately $6.8 million and $26.2 million, respectively, compared with approximately $6.6 million and $27.0 million for the same period in the prior year. The decrease in net investment income for the year-over-year period was primarily attributable to an increase in interest expense resulting from higher interest rates and higher borrowing balances on the Company's line of credit facility as well as a lower average on the total principal amount of investments as compared to the prior year.

For the three months and year ended December 31, 2017, WhiteHorse Finance reported net realized and unrealized gains on investments of $1.7 million and $8.2 million, respectively. This compares with net realized and unrealized gains on investments of $2.5 million and $4.3 million for the three months and year ended December 31, 2016, respectively. The increase in net realized and unrealized gains on investments for the year-over-year period was primarily attributable to favorable fair value adjustments on an aggregate basis.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $8.5 million and $34.4 million for the three months and year ended December 31, 2017, respectively, which compares with a net increase of $9.1 million and $31.3 million for the three months and year ended December 31, 2016, respectively.

WhiteHorse Finance's NAV was $287.0 million, or $13.98 per share, as of December 31, 2017, as compared with $285.5 million, or $13.92 per share, as of September 30, 2017. As of December 31, 2016, WhiteHorse Finance's NAV was $249.4 million, or $13.63 per share.

Liquidity and Capital Resources

As of December 31, 2017, WhiteHorse Finance had cash and cash equivalents of $38.9 million, as compared with $41.9 million as of September 30, 2017, inclusive of restricted cash.  As of December 31, 2017, the Company also had $45.0 million of undrawn capacity under its revolving credit facility.

Distributions

On December 6, 2017, the Company declared a distribution of $0.355 per share for the quarter ended December 31, 2017, consistent for the twenty-first consecutive quarter since the Company's IPO. The distribution was paid on January 2, 2018 to shareholders of record as of December 18, 2017.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains.  The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its fourth quarter and fiscal year-end results at 10:00 am ET on Friday, March 2, 2018. To access the teleconference, please dial 706-758-9224 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #9589848. Investors may also access the call on the investor relations portion of the Company's website at www.whitehorsefinance.com.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through March 9, 2018. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering ID #9589848. A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries.  The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, ("H.I.G. Capital"). H.I.G. Capital is a leading global alternative asset manager with $24 billion of capital under management⁽¹⁾ across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com.  For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

(1) Based on total capital commitments managed by H.I.G. Capital and affiliates.

WhiteHorse Finance, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data)
		December 31, 2017				December 31, 2016
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments		$	404,434			$	385,216
Non-controlled affiliate company investments			36,246				26,498
Total investments, at fair value (amortized cost $448,522 and $427,689, respectively)			440,680				411,714
Cash and cash equivalents			35,219				17,036
Restricted cash and cash equivalents			3,717				11,858
Interest receivable			4,947				3,891
Receivables from investments sold			783				881
Prepaid expenses and other receivables			185				854
Total assets		$	485,531			$	446,234
Liabilities
Debt		$	182,122			$	182,338
Distributions payable			7,289				6,498
Management fees payable			7,848				5,476
Payables for investments purchased			—				995
Interest payable			527				480
Accounts payable and accrued expenses			701				1,058
Advances received from unfunded credit facilities			92				—
Total liabilities			198,579				196,845
Commitments and contingencies (See Note 7)
Net assets
Common stock, 20,531,948 and 18,303,890 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized			20 Werbung Mehr Nachrichten zur Whitehorse Financial Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 10:30 - PR Newswire Fidelity China Special Situations Plc - Monthly Factsheet 08:13 - PR Newswire Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59