Q4 2024 WhiteHorse Finance Inc Earnings Call Transcript
Key Points
- WhiteHorse Finance Inc (WHF) maintained a high percentage of first lien, senior, and secured debt in its portfolio, accounting for 98.4% of the debt portfolio.
- The company successfully utilized the STRS JV, which continues to provide attractive returns for shareholders.
- WhiteHorse Finance Inc (WHF) declared a first-quarter distribution of $0.385 per share, marking the 50th consecutive quarterly distribution since its IPO.
- The company has a solid pipeline of about 170 deals, with seven new mandates and three add-ons to existing deals.
- WhiteHorse Finance Inc (WHF) has approximately $40 million of capacity for new assets on its balance sheet and an additional $40 million in the JV.
- The fourth quarter results were disappointing, with a decline in the investment portfolio due to net realized and unrealized losses.
- Net Asset Value (NAV) per share decreased by approximately 3.6% from the prior quarter.
- The company experienced net realized losses and markdowns totaling $4.9 million, impacting financial performance.
- Non-accrual investments increased to 7.2% of the debt portfolio, up from 6.5% in the previous quarter.
- The weighted average effective yield on income-producing debt investments decreased to 12.5% from 13.1% in the third quarter.
Good afternoon. My name David, I'll be your conference operator today. At this time I would like to welcome everyone to the WhiteHorse Finance fourth-quarter 2024 earnings conference call. Our host for today's call are Stuart Aronson, Chief Executive Officer; Joyson Thomas, Chief Financial Officer. Today's call is being recorded and will be made available for replay beginning at 4 PM Eastern Time.
(Operator Instructions)
It is now my pleasure to turn the floor over to Robert Brinberg of Rose and Company. Please go ahead.
Thank you, David, and thank you everyone for joining us today to discuss Whitehorse Finance's fourth quarter 2024 earnings results.
Before we begin, I'd like to remind everyone that certain statements, which were not based on historical facts made during this call, including any statements relating to financial guidance may be deemed forward-looking statements being of the Private Securities Litigation Reform Act of 1995.
Because these forward
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