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WhiteHorse Finance, Inc. (Nasdaq: WHF) is a non-diversified, closed-end management investment company that focuses on making debt investments in privately held, small-cap companies across the United States. The company's investment objective is to generate attractive risk-adjusted returns for investors, primarily by originating senior secured loans to small-cap companies spanning a broad range of industries. Managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, WhiteHorse Finance leverages its affiliation with a leading global alternative asset manager to source high-quality investment opportunities.
As of June 30, 2023, the fair value of WhiteHorse Finance's investment portfolio was $728.4 million, comprising 116 positions across 70 companies with a weighted average effective yield of 13.4% on income-producing debt investments. The portfolio is predominantly made up of first lien secured loans (81.3%), reflecting the company's conservative investment strategy. The loans are primarily variable rate investments indexed to benchmarks such as the London Interbank Offered Rate and the Secured Overnight Financing Rate, providing resilience in fluctuating interest rate environments.
WhiteHorse Finance recently reported a 34.2% year-over-year increase in net investment income for the quarter ended June 30, 2023, achieving $10.6 million. This performance underscores the company's strategic focus on well-positioned, non-cyclical, or lightly cyclical borrowers. The company continues to benefit from its three-tier sourcing architecture and affiliation with H.I.G. Capital, which provides a strong pipeline of investment opportunities. Furthermore, WhiteHorse Finance's board of directors has declared a distribution of $0.37 per share for the quarter, payable on October 3, 2023, marking the 44th consecutive quarter since its IPO with distributions declared at or above $0.355 per share.
In addition to its core investment activities, WhiteHorse Finance has undertaken several key initiatives, including a public offering of $30 million in notes due 2028, priced at 7.875% and tradable on The Nasdaq Global Select Market under the symbol WHFCL. The company aims to use the proceeds to repay amounts under its existing revolving credit facility and fund new investments. Another highlight is the company's involvement in the WHF STRS Ohio Senior Loan Fund LLC (STRS JV), an unconsolidated joint venture with a fair value of $324.5 million and a weighted average effective yield of 12.2% as of June 30, 2023.
WhiteHorse Finance continues to strategically position its portfolio to mitigate market risks and capitalize on emerging investment opportunities. The company's disciplined approach to credit selection and risk management, coupled with its robust financial performance, positions it well for continued growth and value creation for shareholders.
WhiteHorse Finance (WHF) reported strong financial results for the year ended December 31, 2021. The company achieved a net asset value of $349.8 million, or $15.10 per share, down from $15.23 in 2020. Gross investment deployments reached $199.2 million in Q4 2021, while annual net investment income rose to $28.8 million, yielding $1.361 per share. A distribution of $0.355 per share was declared for Q1 2022, payable on April 4, 2022. The investment portfolio saw a significant increase, totaling $819.2 million, with strong origination activity contributing to the overall performance.
WhiteHorse Finance, Inc. (Nasdaq: WHF) will release its fourth quarter and full year financial results for the period ended December 31, 2021, on March 3, 2022. A conference call to discuss these results will take place at 12:00 p.m. ET the same day. Investors can access the call by dialing 800-909-5202 or through the company’s investor relations website. A replay of the call will be available after it concludes, lasting until March 10, 2022. WhiteHorse Finance focuses on loans to privately held, lower middle market companies across various industries.
WhiteHorse Finance (WHF) announced a private offering of $25 million in 4.25% Notes due 2028. The offering is limited to qualified institutional buyers under Section 4(a)(2) of the Securities Act. Proceeds will be used for refinancing existing debt and general corporate purposes. The unsecured notes bear interest payable semiannually, with a potential rate increase to 5.25% if the notes lose their investment-grade rating. These notes will not be registered under the Securities Act.
WhiteHorse Finance, Inc. (Nasdaq: WHF) has priced a public offering of $75 million in 4.00% notes due 2026, expected to close on November 24, 2021. The net proceeds of approximately $73.3 million will primarily be used to repay existing indebtedness, including $35 million in 6.50% unsecured notes due 2025, and to fund new investments. The notes will mature on December 15, 2026, with interest payable semi-annually starting June 15, 2022.
WhiteHorse Finance, Inc. (Nasdaq: WHF) announced a registered public offering of notes, subject to market conditions. The interest rate and terms will be established at pricing. Proceeds will primarily be used to repay $35 million of unsecured notes due 2025 and to fund new investments aligned with the company's objectives. Raymond James & Associates, Inc. is the offering's sole book-running manager. Investors are encouraged to review the preliminary prospectus supplement and prospectus for detailed information on associated risks and charges.
WhiteHorse Finance (Nasdaq: WHF) announced plans to redeem its 6.50% Notes due 2025 totaling $35 million on December 17, 2021. This redemption will involve buying back 100% of the outstanding Notes at a price of $25 each, plus accrued interest. The Company intends to fund this redemption with additional debt. Following the redemption, the Notes will be delisted from the Nasdaq Global Select Market.
WhiteHorse Finance (WHF) reported its Q3 2021 financial results, revealing a net asset value of $323.7 million, equating to $15.46 per share. The investment portfolio totaled $687.1 million, with gross deployments reaching $122.5 million. Net investment income was $7.6 million, or $0.366 per share, marking a 28.8% increase year-over-year. A distribution of $0.355 per share was declared for the quarter ending December 31, 2021. The company completed a public offering, generating about $33.7 million. Despite competitive markets, WhiteHorse remains optimistic about its growth opportunities.
WhiteHorse Finance will release its third quarter financial results for the period ending September 30, 2021 on November 9, 2021, at 2:00 p.m. ET. The results will be discussed during a teleconference, which investors can join by calling 877-876-9177. A replay will be available until November 16, 2021. WhiteHorse Finance, managed by H.I.G. Capital, focuses on loans to lower middle-market companies.
WhiteHorse Finance, Inc. (Nasdaq: WHF) has announced the pricing of an underwritten primary offering of 1,900,000 shares at $15.81 each, aiming for net proceeds of approximately $29.1 million. The offering includes a 30-day option for underwriters to purchase an additional 285,000 shares. Proceeds will be utilized for investing in portfolio companies and general corporate purposes. The offering is scheduled to close on October 25, 2021. Joint book-running managers include Raymond James and Deutsche Bank.
WhiteHorse Finance, Inc. (Nasdaq: WHF) announced an underwritten primary offering of its common stock. The company plans to utilize the net proceeds from this offering primarily to invest in portfolio companies in line with its investment objectives and strategies. The offering will be made under the company’s shelf registration statement, which has been approved by the Securities and Exchange Commission. Leading investment firms such as Raymond James & Associates, Deutsche Bank Securities, and Keefe, Bruyette & Woods are acting as joint book-running managers for this offering.
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