Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. WhiteHorse Finance, Inc. (1552198) 10-Q published on Nov 07, 2016 at 5:27 pm
Recent Accounting Pronouncements: In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-07, Equity Method and Joint Ventures (Topic 323), which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 should be applied prospectively for investments that qualify for the equity method of accounting after the effective date. For public companies, ASU 2016-07 would be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-07 would have on its consolidated financial statements and disclosures.
Interest expense totaled $2.1 million and $5.9 million for the three and nine months ended September 30, 2016, respectively. We incurred interest expense of $1.7 million and $5.0 million for the three and nine months ended September 30, 2015, respectively. The increase was due to higher interest rates and the higher spread on our revolving credit facility over the comparable periods during the prior year.
For the three and nine months ended September 30, 2016 we incurred a net realized gain of $0.7 million and a net realized loss of $0.5 million, respectively. No realized gains or losses were incurred during the three months ended September 30, 2015. For the nine months ended September 30, 2015, net realized losses of $0.4 million were incurred. Realized gains/losses are related to the opportunistic sales of investments.
In March 2016, the Financial Accounting Standards Board, or FASB, issued ASU, 2016-07, Equity Method and Joint Ventures (Topic 323), which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 should be applied prospectively for investments that qualify for the equity method of accounting after the effective date. For public companies, ASU 2016-07 would be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and early adoption is permitted. The We are currently evaluating the impact that ASU 2016-07 would have on our consolidated financial statements and disclosures.