WHF - Earnings call transcript Q3 2021 | WhiteHorse Finance, Inc.

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Operator

Good afternoon. My name is Britney, and I will be your conference operator today. At this time, I would like to welcome everyone to the WhiteHorse Finance Third Quarter 2021 Earnings Conference Call. At this time, our host for today's call are Stuart Aronson, Chief Executive Officer; and Joyson Thomas, Chief Financial Officer. Today's call is being recorded and will be available for replay beginning at 5:00 p.m. Time. Standard Eastern number dial-in XXX-XXXX Instructions]. [Operator The is replay (XXX) to floor & over It is Robert the pleasure my Rose now to turn Brinberg Company. of

Robert Brinberg

us Finance's operator, everyone, Results. you, thank today joining to Thank discuss Quarter Third and WhiteHorse XXXX Earnings for you,

Finance of would any begin, remind to the the be Finance Stuart guidance, statements WhiteHorse are related I forward-looking this to Web to from site XXXX. statements, actual differ made during forward-looking Third Earnings assumes posted introduce everyone Today's uncertainties, Securities historical Act was implied Finance's deemed statements. XXXX that those that, to may within obligation materially on Litigation based known involve of to WhiteHorse by may on or the Presentation, Before begin. Finance's facts may certain these this Stuart, me you WhiteHorse factors which and these like from update Private the or we Because With material and statements responsibility that meaning Quarter refer statements. important could to risks not statements any morning. call which including financial cause results forward-looking allow expressed Aronson. no Reform speakers WhiteHorse unknown are CEO, these forward-looking

Stuart Aronson

Thank and today. you thank Good you, afternoon, Rob. all for us joining

Officer, greater the pleased after OID higher for Joyson conditions up quarter share, third our which we'll with a performance results $X.XXX call, to which on morning activity. our today's quarter performance. million dividend or I'm this Thomas, our release XXXX, you're to chance due in be quarter, per accelerated addressing results XXXX paid $X.X and to found primarily market detail, core consecutive $X.XXX IPO I'll our from the quarter, NII prior discuss September per and million by As our questions. review I the report third site. the press of Financial our In Chief share was our $X QX rate then open. distributions NII in market you've XXth quarter. strong we $X.XXX this $X.XXX and at is previous covering or will third issued higher since On also than to was a aware, consistent the quarterly floor open per hope core had period can our fee driven of note NII Web XX, and from ended income all I distribution by the that of start amortization company's per repayment share.

I think as sourcing this historically as both speaks well deal strength our platform the the to deal capabilities structuring. the approach to conservative of and

by of capital dividends quarter. XXXX us to in enabled level record as to an $X We deployments in with investments. stockholders October NII of NAV compared modest share of gross million million by refinancings in $XX new $X.XXX I offset million, all another reached prior included impact on October repayments gains declare leverage unrealized $XXX first average distribution of were was the of of net gains grow note third $XX our $X.XXX favorable from our level lien QX. will of debt increase only share, activity portfolio second which As nonsponsor of and portfolio, period deals first to the and originations, QX our for excess sponsor the of special adjusting When dispositions our The we strong at consecutive five XX, and were seven was $XX $XX for million payable times. partially years, X.X% which senior originations. be investment markups driven quarter, by XX.XX Sponsor portfolio. of for Of these was which QX, million portfolio XXth, X.X announced quarter new This and value of result XX% million. that forma deployment per repayments XXX% share a EducationDynamics of of in our a seven in were us deployments XX.XX from excluding totaling NAV to NNA special achieved investment and loans income of was lien. and end secured. it after on accretion caused the increasing comprise our per December principal across and Source QX repayments were to $XXX.X of paid Services, the revolvers. XXXX. with of realized was XX% net two with on net line of the dividend per QX record million, our XX, within pro NAV the Code, And in

repayments. be to continue market We elevated of deployment pleased despite pace M&A with driving capital the active our

X.X% average debt QX, slightly QX was effective weighted X.X%. on in at income producing yield investments Our levels below

stepping into back to our Now entire portfolio investment bring focus.

million portfolio at primarily our Our reaching of the QX. nonaccrual value remains investment to of the fair on end the fair at the value investment $XXX X.X% increase in This QX, of end Nonaccruals only compared of as HIMA fair represented up driven increase decrease debt in achieved of portfolio QX. from XXth. the our value based X.X% as an portfolio Grupo only $XXX by September the is in million

of experienced able to restructuring these Many supply portfolio offset higher conclude. of nonaccrual on with to HIMA. another on par most chain borrowers performance quarter the updated company so far, information market costs. these cost our have until closed, to expected down received their have investment QX. pass including and costs. customers on end $X.XX companies negotiations and we been by further to issues of to The subject is market updates we information be of the pressures, Based after and conditions, expect inflationary the Grupo by this $X.XX increases Thankfully, the higher to Now shipping position

our $X.X QX. to Ohio, investment in STRS to generated income million with which continue BDC in successfully as JV the approximately million of We compared $X.X quarter the utilize to

and $XX the quarter, comprised of contributed million $XXX of of yield end QX, X% its portfolio we additional at JV's more decline commitments commitment the given WHF yield backdrop. average is The The additional to first the returns into from average the is deployed, into JV program a portfolio unlevered of lien WHF generate existing Once likely senior portfolio. an shareholders. this JV of also third $XX The market We to September current had continue exclusively a million attractive slight is an investments particularly as contribution X.X% an income at our of the the million the XXth. for capital of supports for JV's During believe 'XX We million for of compared $XXX is or portfolio the WhiteHorse to portfolio secured size JV's value was relevant fair market returns and $XX of shareholders, QX remain million. allocate with it pleased Finance JV. the to loans. of higher

range investments repayments end times the WHF leverage of our X.XX of As target X.XX QX at of certain transfer JV, and for times. was a the approaching result of into

to leverage our around or top repayments. term the the evolving previewed backdrop may our that exceed last expectations in short of range During market we targeted future the approach quarter, and due near

more the is documentation pricing, We two market XXX and and than strong due fully credits M&A certain terms a process mix Offsetting in have an to repayments, expect and and includes the quite build competitive, repayments pre-COVID is with deals. increase in the the of particularly the quarters our where deals sponsor in The deals, next returned refinancing pipeline. often for Run over to to existing uptick to sourcing The across sponsor investment pipeline see becoming QX. continue the expected more activity we leverage levels. On nonsponsor weekly busy

are addition, offered we by adjusted being recent EBITDA away past. walking levels competitors, and In frankly in are deals than from we the heavily more have often

cautious Documentation to EBITDA aggressive. conservative the terms have high, and smaller Run our continue the sponsors, the in origination are and we activity are to adjustments remain market, expect we levels to which generally scenarios. While sponsor downside underwrite a Off approach less

off-the-run markets. is attractive at less to Consistent leverage for prior differentiated there our nonsponsor where we have continues transactions sourcing significant regional through attractively capabilities architecture. our as quarters, due profiles. competition have to We with in to X-tier presence well deals continue priced advantage source XX a WhiteHorse continue to sourcing

over we H.I.G. database person gives also us a prospect proprietary from firm. leader XXX shared the team, the professionals the in development lending get leveraging We and H.I.G. across H.I.G.'s business to WhiteHorse and additional investment and continue platform a deal professionals significant midmarket. advantages H.I.G., to who dedicated from The includes derive is with XX affiliation direct the sourcing resources at XX-plus level

competition in for drives markets quality a high sourcing mandates. less Our pipeline with

our lead standards our one Thus XXXX Our we're underwriting deals we continue five strategy mandated the will issuance shares. split well highest executing add-ons. business. the volume new proceeds of This an are continue new pipeline in greater generated deals to eight which drive recent through and we've result five advantages year. far XXXX. and the in to with into and originations originations this sponsor platform, produce quarters which the on and higher and X-tiered these growth of closed income the between competitive the primary positioned exceptional last mandates targeted closing, well JV, of mandated quarter are in In levels deals are to the additional our expect the approach momentum quarter will of sourcing closings stage, grow origination enabling fourth our and sponsor working ultimately At that Three deploy the of QX, growth have and dividend. are deals rigorous to and we to positions BDC portfolio ever QX in through us XX QX from a of of our coverage closed in

our ahead. drive environment platform and I'll believe Together review in performance new by NII. portfolio The dividend income industries high to of the risks remain for final a opportunities details in returns with both about as due mind. uncertainty Nonetheless, performance the go With compelling create to our a the we origination. pipeline fee remains and continued our deals up quarter, also and continues whole positioned impact and We ramp and lingering call and repayments, very shareholders. the Joyson, pandemic expected rate the investment underwriting cyclical portfolio portfolio quality allowing is of turn evolving these Joyson of strong healthy. to with could to our a to portfolio effects growth composition. well asset and additional Our could cautious coverage that, core for credit our of

Joyson Thomas

you, Stuart, Thanks, call. thank and everyone, joining today's for

million share. This or per gains recorded to During $X.XXX accrual. adjusting the $X.XXX an reported million. fee we activities increase more in quarter. share NII income second for GAAP net $X.X $X.X per the compared $X.X million in meaningful quarter. million The of during $X.X quarter, quarter. the to the QX million million was largely compares Core after with income from of investment $X.X current due capital fee share net increase resulting or We $X.X and was amendment incentive operations in assets was prepayment per $X.XXX prior

during ratings a QX. XX% XX% the our either portfolio that risk X positions rating quarter or compared X Our of to carried showed in

million a we new of JV four as $XX.X $XX.X transferred and which deals, specifically, $X.X proceeds remaining previously as our transferred approximately two three cash million. investment. portions the to well for add-on in continue the in the aggregated of million of JV, investment We to approximately net Regarding transactions exchange grow deals,

the $XXX the XX portfolio compared As companies positions of XX, with value portfolio million XX an of companies portfolio December million investment the JV's fair held earnings. aggregate JV accretive in to to be at The QX. to fair in a of continues value in XXXX, $XXX.X BDC's

our on additional as changes investment period-over-period performance the a JV investment of overall in the fluctuate portfolio as JV's the may yield the well invested, result the capital of asset timing in expect in portfolio. of the the underlying We as yields

December restricted approximately of $XX.X in cash. balance million XX, to as had $X of sheet. our million We resources XXXX, Turning including cash

at our during a amendment the on our beginning existing last November As November impact period the our to completed reported extended cost XXX period to to credit differences a things, $X.X call, to to end, quarter of points. historical our Xth, annual in by to interest period provides BDC QX, the line basis We allow utilized for this XXXX, upsize reduced three Subsequent credit end, October better terms anticipated facility to JPMorgan the at pushed and margin to had allowing to revolving we million, the approximately again anticipate were other $XX.X At with revolving to, XXXX credit non-call for the facility prepayments beginning million between quarter credit result us an undrawn savings $XXX to account we assuming originations. among The million reinvestment continues and million, on X, approximately facility. temporarily flexibility out under from facility. levels. us be XXX of October month This on up XXXX. borrow significant $XX timing amended

XX, XXXX, minimum December coverage borrowed defined XXX.X%, asset of of XXX%. by as the As company's XXXX which ratio Act, ratio coverage amounts, the the asset for is was above

This shares Subsequent we was Our net ratio on offering further capital completed QX provides cash debt-to-equity new offering investments. of primary at of stock X.X into to effective offering million share. $XX offering deploy X.XX the hand of common Finance times. our a after expenses generated follow-on net for million approximately per and of quarter, before the adjusting of $XX.XX to proceeds end WhiteHorse price approximately an

conclude paid call of I and XXth. to for ended Before XXXX share on would the XX, September a like per X, was million of a X, record $X.XXX I our open for XXXX. distributions. to dividend October August declared total distribution quarter On up we as distribution to XXXX, questions, The highlight September of of stockholders $X.X the

was have record special In payable to to income XXXX. earned share taxable. declare stockholders XX, would to per distribution, which addition of that as been year, quarterly we December The of taxable be otherwise distribution last elected related $X.XXX XXth to our October was a of on to distribution

total on the to of December with This the our quarterly consecutive stockholders this X, special XXth per per $X.XXX in at year's distribution $X.XXX morning, Inclusive share. all of rate XXXX. quarter Finally, Board paid our $X.XXX mark IPO record payable that January December distribution since per will fourth XXXX of to announced share distribution, in we this a quarter. declared and XX, per declared to of XXXX as of share XXXX company's aggregate will distribution distributions consist this distributions be

now on back our both previously, evaluate quarterly relevant term that warrant said we our may the consideration. in to continue will addition based the and for your the to that, medium of to turn earnings we factors near the in As other portfolio core call over distribution, Operator? power I'll With operator questions.

Operator

Hovde first we And Group. from Instructions] take [Operator question Rowe with will our Bryce

Bryce Rowe

on sheet. I thinking of just well, temporary that appreciate taking certainly credit being of the liability notes the year right Stuart was into and maybe unsecured the more you advantage able within here here here. facility. layering some early about and of curious upsizing year side how end mix. of we the unsecured you're the taking and I the get even lift balance appreciate maybe questions Joyson October as help as in to to next I wanted equity in the Appreciate to of the touch raise level

Stuart Aronson

are of to the we debt. aware issue opportunity unsecured actively Bryce,

now will And you under BDC. take of solution agree market best we'd we debt. are more unsecured like with the on conditions, capitalization advisement have bonds for callable. based to that the the do We baby Our generally

So I year-end. offering that between is proceed certain, likely, it now not but say with and would unsecured an we likely will

Bryce Rowe

a the to I originations see the repayments. growth of should repayments? the think are the repayments. sure It expect parts be likely do heavy sounds in about we do think to the not expected you next, obviously, And next moving over to like some level of that's yes, terms outweigh and But just of necessarily How portfolio lot maybe but wanted originations of level a with you net quarter. net that

Stuart Aronson

second. in am don't that that deals, due to credits Joyson to pass a going nonsponsor we caution, on But especially have I'll found I just work a during diligence, out. of lot

if portfolio close. QX it at though no or and even in many looking does mandated have grow likely as looking deals deals there would be those project QX, so in can that know, at deals, the But how the And would be mandated we we Joyson, XX repayments certainty mandated to of stable? the you

Joyson Thomas

Stuart, I or quarter. the net look it now, think for have like we'd right net deployment increase does a

not I currently, be into depend get net these there or not extent pushed right we on deployments. think to whether also And the that that mandated that accelerated some point, QX. repayments though, may a some are are do to then But to does forecasting out it consider. that now, deals that had we of forecasted wildcard is

Bryce Rowe

maybe for equity one haven't particular little many your lower maybe It quarter, as just And just typically third peers. of middle in had the those that some more an or companies or some change added equity here looks like Is you interest some perspective? relative more positions strategy from a added in equity a in market as me. you've

Stuart Aronson

gotten potential feedback like is to to us from we've a but create diversified future gains losses. the offset can BDC that Bryce, provide help equity that positions shareholders modest both in of and pool analysts they would

And the H.I.G. co-investments, investing and very equity invest forward. hopefully strong continue equity that we to to Our of history with expect and wherewithal smart record should performance be is generate looking strong. able track of make we knowledge a to

a you'll past quarter. based have taken nice performance on in some been our up Ascalon we've of markup positions that on our As the including, marked already equity notice equity strong I remarks, believe, this

Operator

from Ladenburg. Mike We will with our take question Schleien next

Mike Schleien

very repayments, theme BDCs just first sector, one low default lot a this Actually, questions Stuart. trends, of say environment. from of apart the a at year, a the economic positive I'd look including Perhaps which had a growth from across have Joyson, for couple We me. and rate strong is

activity tightening volatility. the challenging more the with be election Fed may and and certainly year economic potentially start lower Next

sheet style originations of the risks and I'm about how what terms balance in So or on? your these leverage you're focused thinking curious you're particular

Stuart Aronson

economy two and seen leverage companies. three for will on cyclical being put we've the on next we're that years, going Mickey, multiples be to seem market to what assumption the that based make strong is the in the of terms seeing to be

is underwrite We And that there continue but risk a one to think with out. we belief deal. recession going it's the year deals the happen, a that's a deal if the don't repeat we underwrite with don't downside. always a a of do to mind's of We repeat survive Recession, every the would And Recession. potential of to our a of then eye Great not one Great

and we cyclical careful underwrite to moderate pandemic So focused trying to about we also we cyclicals well. and, as downside on to underwrite be cyclicals noncyclicals, do, waves, lesser very light extent, to a and what are we

balance a the what's we of debt. less Obviously, constructive the unsecured the debt have going is We sheet, secured of know just secured debt want terms In don't and to happen in because to future. expensive. mix much

to it issuing we use Bryce, secured unsecured But So to more make potential the relative as actively sense does to in market unsecured mentioned make for sure volatility. that to optimized are I debt that. our of considering is ratio

Mike Schleien

I'm or that case Is And your have you still to is the if at X mistaken, X.XX. target leverage, not from adjusted all? that

Stuart Aronson

would we expect X.XX right given so BDC doing, around of much current first conditions would lien, market to operate I being portfolio leverage. and the with what we're say, the at

Mike Schleien

you from JV, appreciate the GAAP tax, et Could was relates and there's last I JV? were JV cash dividend nonaccrual. the dividend comment reduced. the on cetera, size the of on and grew and just differences none between you is outlook to but put to of the the its and for its what that my And investments question

Stuart Aronson

answer I'll well. you him question, back same to I to so asked Joyson pass the as for it

Joyson Thomas

JV bit. my remarks, may the on Yes. Mickey, a in prepared quarter-over-quarter, yield as period-over-period, I fluctuate little the mentioned

of earned it, to the a number alluded the a JV owners. be of and up So The we entity kind dividend, from may the of the declaration upstreamed a about reasons. to upon timing think basis you income, JV’s cash there is way for difference portfolio when underlying record the and that and to that's the dividend its

a in actually And the than be so of It was expect towards the to is seen to QX dividend really why about at right since to QX, JV decrease and to to that end capital That's we repayments way it's BDC. kind slight BDC. happened on slightly the the QX that though of income this you've deploying work, QX back due lower this into the largely to be level was QX the quarter. again, the of quarter lag the up think some up kind of kind back which, received tail for income to like back

Mike Schleien

Historically, over Is you both the return for Joyson. a understand, on investment that notes be on expect that the the and I long XX%. Blended, of interest dividend to term? you. on JVs the where it meaning equity blended around generated the

Joyson Thomas

Yes, that's correct.

we plus. of it in So now, where currently, XX% long-term at still right terms of kind forecast, to, consistent underwrote it's

Mike Schleien

Okay. That's for me… it

Stuart Aronson

And XX%. Joyson? the they, numbers are higher than actual Aren't

Joyson Thomas

They are, right.

time, be And low. so in again, may like at any it point

but you kind if XX%. XX% So performing just why the think a tempered above that's prior quarters, it's of And to plus, -- yes. like more is approaching guided of XX%, probably more it in I’ve

Operator

will question Securities. And Sherbetchyan Sarkis with Riley from we B. our next take

Sarkis Sherbetchyan

fee I going I to just ramp-up to stepping in on I touch the repayments. mentioned back, quarter a here want sounded get to it's just income. final because like you of It wanted the and you repayments going for you do repayments be of if think are it elevated environment sense, given elevated, into relatively year? current the to next if to positioning think even general kind remain your guess, continues

Stuart Aronson

as an are the that We It's as busy a there an process. do really But of of end active of those quarter lot process intending hard those M&A Generally, undoubtedly, predict the complete the in to of some to year. in know Most QX. will that historically, over the QX is sale are are QX. into roll not future. companies

next beginning year, just second slow half But that's the again, would refinancings to but part accelerate I So into probably then guess. expect again. down a the into of

Sarkis Sherbetchyan

when you sounds about the your fee you're you're than income, of think level And I aggressively? distribution, more dividend or guess think but the thoughts levels level grow you it Do and kind fee like of covering as your to level revisit get getting the distribution are back of coverage, don't relative assume look if to what have income. I the you kind Like or distribution these there? maybe portfolio more

Stuart Aronson

And leverage behavior, continue that's I And we that indication earning And what mix I to see now we generally having should when to with do impacts any be the our gains we dividend. get capital good again, future. be position potentially but than sweeps At a the continue normal dividends assets, be repayments, X.XX in right fee don't which expect again, historical that's then in other to all BDC dividend and we of only of a dividend higher the the then prepayment absent penalties cause and to will performance, you've above unknown. dividend And if make we've to do an seen in years, income, not of years. rise us for future the the when subject as supplemental three incremental allow had supplemental earnings as to dividend. income should future last each and on still the But level. we've the changed. is distributed that

Operator

take Melissa we from next with question And our JPMorgan. will Wedel

Melissa Wedel

of of term towards worth the of slide charts circling deals been you most back it already the an have but the be just long would this have Actually, thought to deck, sponsored sort it one allocation asked, shows increased shift towards that in and I in portfolio. them

increased opportunity bit of to potential thinking are of the countervailing the and space, on-the-run least. sort sponsor deals in higher maybe little nonsponsored the the set and risk about the pickup about comments you with yield your in earlier competition space? associated that a at sort Given How today

Stuart Aronson

in you have the experience, thank question. our period, nonsponsored seen the we portfolio. not higher risk COVID In during for including Melissa, the

portfolio have the leverage, selecting that nonsponsored nonsponsor performed and create portfolio. has, In things documents, our strong nonsponsor tighter very are The performance. to average, of on believe tighter covenants We those lower the sponsor combined deals. than all because deals fact, we better is carefully

attractive the market find that, also of looking believe that because most it's deals. always are optimize originations hardest qualified we it's nonsponsor is do market to the sector the to of We the our where but sector

of complete And not requires nine make I from due on diligence we to transactions. diligence. that's earlier especially anywhere three deals we As get when that on survive in a get those not mandates mentioned true the to where nonsponsor organic significant we through deals don't and we process, sector, the due that nonsponsor many do do close deals the do of very due mandated months percent the on diligence it

higher be will optimize to mix as have nonsponsor. we to we my sponsor prepared So shared continue and sponsor other still on a the of to the found I more attractive market on-the-run try than market, demanding off-the-run market, as is the market sponsor are remarks, in in at price the market well. the on-the-sponsor good deals sponsor slightly although, lower in there plenty still sponsor of But leverage levels. And

modest off and a off-the-run the lower run, that leverage cover broad market on-the-run only spectrum full of nonsponsor. multiples you've spectrum really very has sponsor, have are very we origination run creating in players that mid-markets. And the we've and we on that through seen sponsor We above of cover do mid-market pricing. and one the and the the So shared the differentiated full of the we nonsponsor, numbers portfolio believe

Melissa Wedel

on comments XX on mark that, I XQ. say follow-up in mark And that the question X to during and to me from information fourth you wanted right? HIMA Did the I heard quarter? Grupo you be could confirm, I hear just the your another about incremental expected

Stuart Aronson

on the we that will current out the market come mark somewhere the to asset $X.XX of expect instead that So on principal between $X.XX XX, dollar.

Joyson Thomas

$X.XX to $X.XX…

Stuart Aronson

yes. I'm $X.XX to sorry, if I didn't that, I $X.XX, apologize. say

Operator

our from question next We Dodd will with James. Instructions] Robert take [Operator Raymond

Robert Dodd

but one following in the leverage new sort deals to Melissa's multiple on On mean of quarter. kind of of focus. narrow the I

in, the So are talked sponsored mean response the leverage mentioned also and with cyclical people of a I on on I lot run. think, I businesses. and Mike you those mean obviously, being offering about X.X to offer you now even

are more or broad right So to and us that's which color might low? color it's make well? there XX% and that industries a industry where below give LTV, that point I doing the the on probably any any it X.X is X.X it run. is mean, looks I more seems multiple that you off be context there's still mean, obviously, now. market be as does us -- X.X or But they on can quite it the for really give but lower you Is can

Stuart Aronson

Robert, most have times that XX between of involved with we're enterprise of the times. to values companies X

in off-the-run on-the-run of ability XX% sponsor spectrum lower sourcing deals we at sponsor compared now market fertile that There to to We're less rating have the below agencies? is low add happen our and underwrite architecture. of are purchase to deals takes why value we're the we because a market the to linked much our LTVs than sponsor years pretty an it's to time market lot these leverage more So resources the have by we loans so averages price risen market. often LTV. coverage. resources deal and And multiples company again, consistently lending H.I.G. low in less market, that some have LTVs. where to find that it on-the-run But broad times and between times, and sponsor find you terms market LTV a does lower the full a reported on-the-run and market sponsor reasons of leverage The is see the very typically at a is a lot deal. management market the invest cover to the significantly. X.X one X.X for But though data the leverage X X where even It X even off-the-run more sponsor than premium leverage times. a and is times typically off-the-run are And originated market levels and close more X between And that's times. levels where time times a to

Robert Dodd

you have market investment the, slide it's I to years, of we if last yes, look in pricing level that the quarters, there on spreads line of think pure prices. last metric. market right at in going now? high been your that Slide one you investment that's do I that in cost more The it, the out is mean, mean, three to the interest your from presentation but spread, that to I it's pricing, as that the the mean, net level over typically Do has come so essentially call of in XX. I sustainable down X.X think kind three separate a the has as mid of net flat competitive been debt.

Stuart Aronson

would quarter. tell quarter last generated we is doing the that of that performance what I we're this indicative you

again, X We and LIBOR last of current doing XXX X.X to quarter. pricing would very and that And XXX I did our LIBOR XXX. from still depending with quarter, you in ranges sponsor pricing similar But think XXX, LIBOR to on-the-run that conditions. market levered that to between be reflect ranges deals XXX times. pricing would yields plus getting -- the are tell nonsponsored market, getting off-the-run In closes, and that what we're will what to I are the this quarter last probably we on QX, that we're we're to sponsor companies market, with times closing XXX, XXX from XXX yields our

Operator

question Rowe a with from Group. Hovde do we Bryce And have follow-up

Bryce Rowe

committed talking about depending you're the deployment. JV the to deployed kind that capital you? maybe all about commitment, going appreciate seen get of into that adding of How nice capital pace possibly $XX what terms to it of I on XXXX 'XX JV in to the a here million? 'XX. of already do in the in just Stuart, But about Could the give in pull conditions JV you growth slower after trying think down and market think we've pace a

Stuart Aronson

be we've late an additional million strong to It's X-tiered hold volumes as we in ever we that up. or we our than our Again, XXXX of deals experiencing that for JV. we what deploy if more that beyond we already have to $XX current are in still thousands not more that too fact JV, million could of us closing stronger in are seen. It the us that possible about the targeted transactions of volumes that $XX close we're would originating are allows very do but and QX to very come, strength we're finds selective a the land good be potentially would quarter be that It it's origination mandates a five the a number And mandates closed strong with be XX and lot transactions. working very to QX. on the of deals could

Operator

And at we turn over the back the any additional program will for Aronson line on questions have I no remarks. further time. this to Stuart or closing

Stuart Aronson

want see, quarter, remarks a time. happy us anything remind to like That's of to take I'll it you'd our that for to what address give there we're us both in And and in include analysts, appreciate if shareholders that we follow-up If to very prepared each notice we you me. disclosures you. everybody's questions, them. do to are best the make you I

you great for time, a your thank have day. So and

Operator

program. today's This participation. conclude you for Thank your does

You at any have time, a may day. disconnect wonderful and

WhiteHorse Finance (WHF) 10 Nov 212021 Q3 Earnings call transcript