WhiteHorse Finance, Inc. Announces First Quarter 2025 Earnings Results and Declares Quarterly Distribution of $0.385 Per Share

Core Viewpoint - WhiteHorse Finance reported its financial results for Q1 2025, highlighting challenges affecting earnings power while maintaining a focus on long-term value creation for shareholders [2][3]. Financial Results - Total investment income for Q1 2025 was $18.8 million, a decrease of 10.5% from $21.0 million in Q4 2024 [3]. - Total expenses, including excise tax, were $12.0 million, down 8.2% from $13.0 million in the previous quarter [3]. - Net investment income decreased by 14.2% to $6.8 million, with a per-share figure of $0.294, compared to $0.343 in Q4 2024 [3][4]. - The company declared a distribution of $0.385 per share for Q1 2025, consistent with the previous quarter [7][8]. Portfolio and Investment Activity - As of March 31, 2025, the fair value of the investment portfolio was $651.0 million, up 1.4% from $642.2 million at the end of 2024 [4]. - The portfolio consisted of 134 positions across 74 companies, with a weighted average effective yield of 12.1% on income-producing debt investments [4]. - During Q1 2025, the company invested $40.8 million in seven new portfolio companies and added $4.7 million to existing companies [5]. Asset Transfers - WhiteHorse Finance transferred assets totaling $17.0 million to STRS JV in exchange for cash during the quarter [6]. Management Commentary - The CEO noted that while earnings power has moderated, the company is addressing underperforming investments and remains active in the non-sponsor market [2].