WhiteHorse Finance (WHF) Misses Q1 EPS by 9c

WhiteHorse Finance (NASDAQ: WHF) reported Q1 EPS of $0.27, $0.09 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $14.53 million versus the consensus estimate of $16.91 million.

First Quarter 2020 Summary Highlights

• Net Asset Value of $284.7 million, or $13.86 per share
• Investment portfolio(1) totaling $557.1 million
• STRS JV investment portfolio totaling $123.0 million
• Gross investment additions(2) of $26.8 million, including new originations of $26.1 million and $0.7 million of fundings for add-ons to existing investments
• Net investment income of $6.1 million, or $0.297 per share
• Core net investment income of $5.5 million, or $0.267 per share(3)
• First quarter distribution of $0.355 per share

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer commented, "The COVID-19 pandemic drove a correction within the debt markets that saw lower debt levels, tighter deal terms, and increased pricing. As a result, we are taking a very conservative view towards adding new assets, having originated 4 first lien loans during the quarter. Our liquidity position remains strong, and we have been working hand in hand to support our borrowers through this difficult time. Over the years we've taken deliberate action to build our portfolio upon rigorous underwriting, diversification in our underwriting strategy, a focus on first lien credits, selective sourcing that avoids aggressive credit terms, a focus on the lower middle market, and diligent management of our liquidity position. We are confident that staying true to these longstanding principles has prepared us to navigate the current volatility and deliver for our stakeholders."

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

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