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WhiteHorse Finance Inc. (WHF+1.94%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in total investment income to $92.8 million from $103.3 million in the previous year. The decrease is attributed to lower yields and investments placed on non-accrual status.
Net investment income for the year was $37.2 million, down from $42.7 million in the previous year, primarily due to lower interest income and higher general and administrative expenses.
The company reported net realized losses on investments and foreign currency transactions of $18.0 million, compared to net realized gains of $0.9 million in the previous year. The losses were primarily due to write-downs in several portfolio companies.
Net change in unrealized losses on investments and foreign currency transactions was $8.4 million, an improvement from $23.2 million in the previous year, reflecting better valuation adjustments.
Total expenses, including interest and management fees, decreased to $55.6 million from $60.5 million, driven by lower interest expenses and management fee reductions.
WhiteHorse Finance's portfolio consisted primarily of senior secured loans across 127 positions in 71 companies, with an aggregate fair value of approximately $642.2 million as of December 31, 2024.
The filing outlines the company's investment strategy, focusing on originating secured loans to lower middle market companies, aiming for attractive risk-adjusted returns.
WhiteHorse Finance continues to operate as a business development company under the Investment Company Act of 1940 and has elected to be treated as a regulated investment company for tax purposes.
The company maintains a credit facility and various notes, with total outstanding indebtedness of $356.0 million as of December 31, 2024, and an asset coverage ratio of 180.4%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WhiteHorse Finance Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.