WhiteHorse Finance (WHF) Tops Q4 EPS by 3.5c

WhiteHorse Finance (NASDAQ: WHF) reported Q4 EPS of $0.385, $0.03.5 better than the analyst estimate of $0.35.

Fourth Quarter 2019 Summary Highlights

• Net Asset Value of $313.0 million, or $15.23 per share, compared to $15.35 per share in 2018
• Investment portfolio(1) totaling $589.7 million
• STRS JV investment portfolio totaling $97.3 million
• Gross investment deployments(2) of $150.6 million for the fourth quarter, including new originations of $137.8 million and $12.8 million of fundings for add-ons to existing investments
• Gross investment deployments(2) of $358.2 million for the year, including new originations of $288.6 million and $69.6 million of fundings for refinancings and add-ons to existing investments
• Net investment income of $7.7 million, or $0.375 per share, for the fourth quarter
• Core net investment income of $7.9 million, or $0.385 per share(3), for the fourth quarter
• Annual net investment income of $31.2 million, or $1.518 per share
• Annual core net investment income of $31.1 million, or $1.515 per share(3)
• Annual distributions of $1.615 per share, including special distributions of $0.195 per share

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer commented, "During the fourth quarter, we maintained our focus on strong credit quality and successfully originated 13 new first-lien loans. We continue to transfer qualified assets to our joint venture. At end of the quarter, the joint venture has a total of 10 portfolio companies in its portfolio. Due to the strong deployment in the quarter, our net leverage increased markedly from 68% to 88%, further closing the gap to our target leverage range. With the uncertainty in global trade environment and potential pandemic risk, we will continue leveraging our differentiated three-tiered sourcing infrastructure backed by H.I.G. to prudently deploy capital into high credit quality opportunities, further increase portfolio diversification and ultimately enhance shareholder value."

For earnings history and earnings-related data on WhiteHorse Finance (WHF) click here.

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