WhiteHorse Finance (WHF) Misses Q2 EPS by 2.5c

WhiteHorse Finance (NASDAQ: WHF) reported Q2 EPS of $0.26, $0.03 worse than the analyst estimate of $0.28.

Second Quarter 2020 Summary Highlights

• Net Asset Value of $300.2 million, or $14.61 per share
• Investment portfolio(1) totaling $547.4 million
• STRS JV investment portfolio totaling $160.8 million
• Gross investment additions(2) of $39.4 million, including new positions of $33.6 million and $5.8 million of fundings for add-ons to existing investments
• Net investment income of $5.2 million, or $0.255 per share
• Core net investment income of $5.2 million, or $0.255 per share(3)
• Second quarter distribution of $0.355 per share

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer commented, "Five months into the COVID-19 pandemic, we have seen the market slowly recover from the first shock with moderate pricing and slightly higher deal activity. While NII for the quarter was below our goal, NAV increased materially and liquidity dramatically improved. During the quarter, we continued to grow our portfolio with three new first lien positions and our portfolio is now comprised of 93.8% first lien loans. Recently, we also reduced outstanding borrowings on our credit facility to its minimum requirement and this influx of liquidity will allow us to rebuild our pipeline and take advantage of the better deals we are now seeing in the marketplace. We will continue leveraging our three-tiered sourcing approach and rigorous underwriting standards while continuing to build value for our shareholders."

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

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