WhiteHorse Finance, Inc. (Form: 8-K, Received: 05/03/2022 07:34:42)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 3, 2022

WhiteHorse Finance, Inc.

(Exact name of registrant as specified in its charter)


Delaware	814-00967	45-4247759
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

1450 Brickell Avenue, 31st Floor Miami, Florida		33131
(Address of principal executive offices)		(Zip Code)

(305) 381-6999

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	WHF	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02. Results of Operations and Financial Condition.

On May 3, 2022, WhiteHorse Finance, Inc. (the “Company”) issued a press release announcing its investment portfolio update as well as certain preliminary estimates of its financial results for the first quarter ended March 31, 2022. The Company also announced a scheduled conference call to discuss its first quarter financial results. A copy of this press release is attached hereto as Exhibit 99.1.

PRELIMINARY ESTIMATES OF CERTAIN FINANCIAL HIGHLIGHTS

●

As of May 3, 2022, the Company estimates net asset value as of March 31, 2022 to be in the range of $14.97 to $15.01 per share.

These estimates are subject to the completion of the Company’s financial closing procedures and are not a comprehensive statement of its financial position, results of operations or cash flows for the quarter ended March 31, 2022. Final results may differ materially from these estimates as a result of the completion of the Company’s financial closing procedures, as well as any subsequent events, including the discovery of information affecting fair values of its portfolio investments as of March 31, 2022, arising between the date hereof and the completion of the Company’s financial statements and the filing of its quarterly report on Form 10-Q for the quarter then ended.

The preliminary financial estimates provided herein have been prepared by, and are the responsibility of the Company’s management. Crowe LLP, the Company’s independent registered public accounting firm, has not audited, reviewed, compiled, or performed any procedures with respect to the accompanying preliminary financial data. Accordingly, Crowe LLP does not express an opinion or any other form of assurance with respect thereto. The Company’s first quarter earnings results are expected to be released on or about May 10, 2022.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1	Press Release of WhiteHorse Finance, Inc. dated May 3, 2022

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: May 3, 2022	WHITEHORSE FINANCE, INC.
	/s/ Joyson C. Thomas
	By:	Joyson C. Thomas
	Title:	Chief Financial Officer

WhiteHorse Finance Logo_RGB

Exhibit 99.1

WhiteHorse Finance, Inc. Provides Update on Portfolio Activity And Announces Date of

First Quarter 2022 Financial Results

NEW YORK, NY, May 3, 2022 – WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today provided an update on portfolio activity for the first quarter of 2022 and announced the date of its upcoming conference call to discuss the results of the quarter.

Portfolio Update

During the three months ended March 31, 2022, the Company had gross deployments of approximately $86.1 million and sales and principal repayments of approximately $47.7 million prior to the effects of transferring investments to the WHF STRS Ohio Senior Loan Fund LLC joint venture (“STRS JV”). The gross deployments of $86.1 million were comprised of $69.5 million in six new portfolio companies and $16.6 million in various add-on investments. The $47.7 million of sales and principal repayments were primarily driven by realizations in five portfolio companies including LHS Borrower, LLC, DCA Investment Holding, LLC, Epiphany Business Services, LLC, AST-Applications Software Technology LLC and Grupo HIMA San Pablo, Inc.

The Company estimates total investments at fair value to have decreased to approximately $800 million during the three months ended March 31, 2022 after factoring in purchases of investments, sales of securities, principal repayments, net fundings on revolvers and net change in unrealized gains (losses). The Company also estimates net asset value as of March 31, 2022 to be in the range of $14.97 to $15.01 per share. During the three months ended March 31, 2022, the realization from Grupo HIMA San Pablo, Inc. generated an approximate $6.9 million net loss, or approximately a net loss of 29.8 cents per share.

WhiteHorse Finance to Report First Quarter 2022 Results

The Company will release its first quarter financial results for the period ended March 31, 2022 on Tuesday, May 10, 2022. The Company will discuss its financial results on a conference call that day at 12:00 p.m. ET.

To access the teleconference, please dial 866-518-6930 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID #WHFQ122. Investors may also access the call on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through March 17, 2022. The teleconference replay can be accessed by dialing 800-938-2243 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with over $47 billion of capital under management^* across a number of funds focused on the small- and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts

Stuart Aronson

WhiteHorse Finance, Inc.

212-506-0500

saronson@higwhitehorse.com

Joyson Thomas

WhiteHorse Finance, Inc.

305-379-2322

jthomas@higwhitehorse.com

Robert Brinberg

Rose & Company

212-257-5932

whitehorse@roseandco.com

Source: WhiteHorse Finance, Inc.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.