Q1 2025 WhiteHorse Finance Inc Earnings Call Transcript

May 13, 2025 / 08:30 PM GMT

Release Date Price: $9.28 (-0.54%)

Transcript 10-Q8-K

Key Points

Positve

WhiteHorse Finance Inc (WHF) successfully deployed $45.5 million in gross capital, with net deployments of $26.1 million.
The company maintained a high-quality debt portfolio, with 99.3% being first lien, senior secured.
WhiteHorse Finance Inc (WHF) continues to leverage the STRS JV, which provides attractive returns with a fair value of $310.2 million.
The company has a strong pipeline of 175 deals, indicating ongoing opportunities for future investments.
WhiteHorse Finance Inc (WHF) has maintained its quarterly distribution of $0.38 per share, marking the 50th consecutive quarterly distribution since its IPO.

Negative

The company reported a decrease in NAV per share by 1.6% to $12.11, impacted by net realized and unrealized losses.
Non-accrual investments increased to 8.8% of the debt portfolio, affecting the earnings power of the BDC.
The weighted average effective yield on income-producing debt investments decreased to 12.1% from 12.5% in the previous quarter.
The market conditions, including tariffs and recession risks, have led to a slowdown in M&A activity, affecting deal flow.
The company experienced a shortfall in net investment income, reporting $6.8 million compared to a quarterly distribution of $8.95 million.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WHF.OQ - WhiteHorse Finance Inc
Q1 2025 WhiteHorse Finance Inc Earnings Call
May 13, 2025 / 08:30PM GMT

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Presentation
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Please stand by. Your program is about to begin. If you need audio assistance during today's program, please press 0.

Good afternoon. My name is Margot, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the White Horse Finance first quarter 2025 earnings conference call. Our hosts for today's conference are Stuart Aronson, Chief Executive Officer, and Joyceson Thomas, Chief Financial Officer. Today's call is being recorded, and I will be made available for replay beginning at 5 p.m. Eastern time. The replay dial-in number is 402.

2,200,464. No passcode is required at this time. All participants have been placed in a listen-only mode, and the floor will be open

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