WHF - Fewer than 10 WhiteHorse Finance portfolio companies have exposure to SVB SBNY

2023-03-20 16:50:50 ET

WhiteHorse Finance ( NASDAQ: WHF ) said on Monday neither it nor its adviser, WhiteHorse Advisers LLC, have exposure to Silicon Valley Bank or Signature Bank ( SBNY ).

"Specifically, neither entity holds any cash or restricted case balances with SVB or SBNY nore has any lending agreements with either bank," the company said in a statement.

Looking into its investments, fewer than 10 portfolio companies of WhiteHorse Finance ( WHF ) as well as its joint venture, WHF STRS Ohio Senior Loand Fund LLC, have remaining exposure to those two banks as of March 15, 2023. The aggregate fair value of the company's investments in those portfolio companies represented $60.1M, or 7.9% of the total fair value of WhiteHorse's  portfolio as of Dec. 31, 2022.

Due to the statement made by the Federal Deposit Insurance Corp. (FDIC), Federal Reserve, and the U.S. Treasury Department over a week ago , the company expects its portfolio companies that still have exposure to SVB and/or SBNY through deposit accounts to be able to access that liquidity.

"WhiteHorse Finance has sufficient liquidity to meet the unfunded needs of current and prospective portfolio companies and broad resources to ensure support of our portfolio companies against the highly volatile market backdrop," said WhiteHorse Finance ( WHF ) CEO Stuart Aronson.

More on bank crisis :

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SVB Financial cut off from records due to FDIC takeover of bank

New York Community Bancorp unit agrees to buy Signature Bank deposits, some loans

SVB Financial’s Silicon Valley Bank fails as FDIC takes over

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