Private Credit Portfolio Analysis | WhiteHorse Finance Reports 2024 Annual Results
- Editor
- Mar 7
- 2 min read
Whats New:
WhiteHorse Finance, Inc. has released its 2024 annual financial results, showing a decrease in total assets to $676.8 million from $730.8 million at the end of 2023. The fund reported net investment income of $37.2 million, down from $42.7 million in the previous year. Net asset value per share declined to $12.31 from $13.63 at the end of 2023.
Portfolio Dynamics:
Total assets decreased to $676.8 million as of December 31, 2024, compared to $730.8 million at the end of 2023.
Investments owned at fair value declined to $642.2 million from $696.2 million at the end of 2023.
Cash and cash equivalents increased to $12.4 million from $10.7 million at the end of 2023.
Investment Activty:
Payments for purchase of investments totaled $207.3 million in 2024, up from $145.0 million in 2023.
Proceeds from disposition of investments were $186.3 million in 2024, compared to $128.2 million in 2023.
Proceeds from disposition of investments to joint venture increased to $59.2 million from $69.4 million in 2023.
Capital Structure:
Long-term debt decreased to $353.1 million from $386.4 million at the end of 2023.
Stockholders' equity declined to $286.1 million from $316.8 million at the end of 2023.
The fund maintained its common stock shares outstanding at 23,243,088.
Performance Profile:
Net investment income decreased to $37.2 million in 2024 from $42.7 million in 2023.
Net asset value per share declined to $12.31 as of December 31, 2024, compared to $13.63 at the end of 2023.
The fund reported a net income of $10.9 million, down from $20.4 million in 2023.
Risk & Quality:
Realized investment losses increased to $18.0 million in 2024 from $30,000 in 2023.
Unrealized losses on investments decreased to $9.6 million from $22.0 million in 2023.
Incentive fee payable increased to $17.8 million from $10.5 million at the end of 2023.
The Wrap:
WhiteHorse Finance's 2024 annual results reflect a challenging year with decreased total assets, lower net investment income, and a decline in net asset value per share. While the fund increased its investment activity and saw some improvements in cash positions, it faced higher realized losses and a significant drop in net income compared to the previous year. The increase in incentive fees payable suggests potential performance improvements, but overall, the fund's financial metrics indicate a more difficult operating environment in 2024 compared to 2023.
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