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WhiteHorse Finance: An Orphan BDC At A Deep Discount To Tangible Book Value
- WhiteHorse Finance trades for 0.75x tangible book, which is steep considering its underlying asset quality.
- WHF is an orphan stock after the Russell BDC Index deletion and low float due to high inside ownership.
- The Company is not currently earning its dividend on a net investment income basis yet that should change in the near future.
Tue, Nov. 11, 7:37 AM
- Monroe Capital (NASDAQ:MRCC) is upgraded to Outperform while WhiteHorse Finance (NASDAQ:WHF) is cut to Market Perform.
- It's been a tale of two stocks this year, with Monroe higher by 14.25% YTD and WhiteHorse lower by 14.25%. Both reported earnings yesterday, with Monroe outearning its payout and showing a boost in book value.
Mon, Nov. 10, 7:48 AM
- Q3 net investment income of $4.043M vs. $6.282M one year ago. Net increase in net assets from operations of $4.563M vs. $6.020M. EPS of $0.31 vs. $0.40. Dividends of $0.355.
- Net asset value per share of $15.16 flat from the start of the year. Friday's closing price was $12.98.
- New investments of $648M for the quarter. Investment portfolio of $369.2M vs. $272.4M at start of year. Weighted average yield of 10.3%.
- Conference call at 10 ET
- Previously: WhiteHorse Finance beats by $0.02, misses on revenue
- WHF no trades premarket
Mon, Nov. 10, 7:11 AM| Comment!
Wed, Aug. 6, 11:53 AM
- Q2 net investment income of $4M vs. $4.9M one year ago.
- Net increase in net assets from operations of $5M vs. $3.2M.
- Net asset value of $15.21 per share vs. $15.16 at the start of the year. Current stock price is $14.07.
- Investment portfolio of $347.1M up from $272.4M at start of year. 93.5% of portfolio is floating rate which should bode well in a rising-rate environment. Portfolio consists of 30 positions across 27 companies with average investment size of $11.6M and weighted average yield of 10.6%. $90M invested in Q2 across seven new companies. Gross proceeds from sales and repayments of $30.1M.
- Previously: WhiteHorse Finance beats by $0.07, beats on total investment income
- WHF +1.9%
Wed, Aug. 6, 7:14 AM| Comment!
Fri, Aug. 1, 2:00 PM
Wed, Apr. 16, 9:04 AM
Thu, Feb. 27, 7:24 AM
- WhiteHorse Finance (WHF): Q4 EPS of $0.42 beats by $0.14.
- Revenue of $8.6M (-46.0% Y/Y) beats by $0.4M.
Wed, Feb. 26, 1:16 PM
- WIth business development companies getting the boot from S&P indices, will the Russell follow suit? It's a significant issue as investors are far more heavily invested in BDCs though the Russell indices than through S&P, writes Brendan Conway. He notes ownership of BDCs by Russell-tracking index funds are as high as 38 days worth of trading volume, and Wells Fargo estimates there are 24 BDCs where 10 or more days of average volume would be required to unload them.
- Wells, however, does not see Russell following S&P's lead, with item #1 being Russell's desire to "represent small cap reality." "Russell Indices receive acclaim because they are willing to provide investors access to the true investable small cap universe. To the extent BDCs are excluded, this would deprive investors the opportunity to invest in what has become a very large/growing industry."
- The following list is those BDCs with 10 or more days of average volume in index funds tracking Russell indices.
- NGPC 38.23 days of volume, CSWC 29 days, SCM 23.5, FDUS 20.7, GARS 20, MVC 19.7, SUNS 18, WHF 17.8, SLRC 17.2, CPTA 16, MCGC 15.1, BKCC 14.9, TCRD 14, HRZN 14, TCAP 13.9, PNNT 13.3, HTGC 12.6, TICC 12.6, GLAD, 12.4, GBDC 12.3, KCAP 12.2, TAXI 11.8, MAIN 11.4, NMFC 9.98.
- Related ETFs: BDCL, BDCS, BIZD
- Other major names - no doubt included in the indices, but whose holdings are less than 10 days of average trading volume: PSEC, FSC, ARCC, AINV, MCC, HTGC, TCPC, FULL, GBDC
Nov. 12, 2013, 7:27 AM
Aug. 13, 2013, 7:15 AM| Comment!
Mar. 11, 2013, 5:37 PM
Dec. 5, 2012, 3:30 PM
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