Private Credit Portfolio Analysis | WhiteHorse Finance Reports Q1 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
WhiteHorse Finance reported its Q1 2025 financial results, showing a slight increase in total assets compared to the previous quarter. The fund's total assets rose to $678.77 million as of March 31, 2025, up from $676.82 million at the end of 2024. However, the fund experienced a decrease in net asset value per share to $12.11 from $12.31 at the end of the previous quarter.
Portfolio Dynamics:
Total assets increased marginally to $678.77 million as of March 31, 2025, compared to $676.82 million at the end of 2024.
Investments owned at fair value grew to $651.00 million, up from $642.21 million at the end of 2024.
Cash and cash equivalents decreased to $11.44 million from $12.42 million at the end of 2024.
Investment Activity:
Receivables from brokers, dealers, and clearing organizations increased to $1.70 million from $0.11 million at the end of 2024.
Interest and dividend receivable decreased slightly to $5.49 million from $5.63 million at the end of 2024.
Derivative instruments unrealized appreciation decreased to $0 from $0.02 million at the end of 2024.
Capital Structure:
Long-term debt increased to $361.13 million from $353.12 million at the end of 2024.
Stockholders' equity decreased to $281.45 million from $286.13 million at the end of 2024.
The fund maintained its common stock value at $0.023 million.
Performance Profile:
Net asset value per share decreased to $12.11 as of March 31, 2025, compared to $12.31 at the end of 2024.
Net investment income for Q1 2025 was $6.84 million, down from $10.82 million in Q1 2024.
Net income for Q1 2025 was $4.26 million, compared to $5.97 million in Q1 2024.
Risk & Quality:
Incentive fee payable increased slightly to $17.98 million from $17.85 million at the end of 2024.
Management fee payable decreased to $2.83 million from $2.93 million at the end of 2024.
The fund reported unrealized losses on investments of $2.20 million for Q1 2025.
The Wrap:
WhiteHorse Finance's Q1 2025 results show a mixed performance with a slight increase in total assets and investments at fair value, but a decrease in net asset value per share and net income compared to the previous year. The fund increased its long-term debt while experiencing a reduction in stockholders' equity. Despite challenges, the fund maintained its investment activity, though with lower net investment income compared to the same quarter in the previous year.
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