Overview

• U.S. business lender's Q1 total investment income fell 8.5% from prior quarter

• Company declared Q1 distribution of $0.25 per share; incentive fee reduced for next quarter

Outlook

• WhiteHorse Advisers to reduce incentive fee rate to 17.5% for next fiscal quarter

• Company says it remains focused on preserving liquidity and managing risk

Result Drivers

• PORTFOLIO MARKDOWNS - Co said results reflected anticipated portfolio markdowns, with most of the portfolio remaining stable

• CREDIT MANAGEMENT - Co continued to actively manage previously identified credit situations and maintained discipline in new originations

Company press release: ID:nPncdvmGKa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Asset Value Per Share		$11.47

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• Wall Street's median 12-month price target for WhiteHorse Finance Inc is $7.50, about 1.3% below its May 6 closing price of $7.60

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.