WhiteHorse Finance, Inc.

Listed Company

WHFCLCIK 0001552198NasdaqNon-AcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$14.34M

Total Assets

$615.13M

Equity

$259.79M

Shares Out

22.23M

Op. Cash Flow

$77.27M

Business

WhiteHorse Finance, Inc. is an externally managed, non-diversified closed-end management investment company that operates as a business development company and regulated investment company. It primarily originates and invests in senior secured loans and other debt instruments, and may opportunistically invest in mezzanine loans, equity interests and receive warrants in connection with debt investments. Key business components include its direct lending platform, investment advisory and administration arrangements with WhiteHorse Advisers/WhiteHorse Administration and a joint venture (STRS JV) for senior loans. It targets U.S.-based lower middle market companies and sources investments through H.I.G. Capital’s deal network, direct origination and joint venture partnerships.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investment income	73	93	103	88	72
Interest expense	23	28	30	22	17
Base management fees	11	12	15	16	14
Performance-based incentive fees	6	9	11	7	8
Administrative service fees	683,000	683,000	683,000	683,000	683,000
General and administrative expenses	5	4	4	4	4
Total expenses, before fees waived	46	54	60	49	42
Performance-based incentive fees waived	−200,000	—	—	—	—
Total expenses	46	54	60	49	—
Net investment income before excise tax	27	38	44	38	30
Excise tax	662,000	1	965,000	1	1
Net investment income after excise tax	26	37	43	37	29
Net realized gains (losses)	−35	−18	6	−14	9
Foreign currency transactions	−784,000	−1,000	950,000	−310,000	262,000
Foreign currency forward contracts	602,000	13,000	27,000	—	−3,000
Net realized gains (losses)	−36	−18	947,000	−14	9
Net change in unrealized appreciation (depreciation)	24	−10	−22	−9	−8
Translation of assets and liabilities in foreign currencies	33,000	1	−1	2	94,000
Foreign currency forward contracts	−343,000	63,000	−40,000	−3,000	—
Net change in unrealized appreciation (depreciation)	24	−8	−23	−7	−8
Net realized and unrealized gains (losses) on investments and foreign currency transactions	−12	−26	−22	−22	1
Net increase (decrease) in net assets resulting from operations	14	11	20	16	30
Basic earnings (losses) per common share	0.62	0.47	0.88	0.68	1.42
Diluted earnings (losses) per common share	0.62	0.47	0.88	0.68	1.42
Dividends and distributions declared per common share	1.44	1.79	1.55	1.47	1.56
Basic weighted average common shares outstanding	23	23	23	23	21
Diluted weighted average common shares outstanding	23	23	23	23	21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investments, at fair value (amortized cost $607,574 and $695,240, respectively)	579	642	696	760	819
Cash and cash equivalents	7	12	11	10	12
Restricted cash and cash equivalents	22	15	13	15	10
Restricted foreign currency (cost of $405 and $894, respectively)	405,000	864,000	1	2	469,000
Interest and dividend receivable	6	6	8	8	8
Amounts receivable on unsettled investment transactions	124,000	112,000	343,000	283,000	—
Prepaid expenses and other receivables	984,000	1	1	1	1
Unrealized appreciation on foreign currency forward contracts	2,000	20,000	—	—	—
Total assets	615	677	731	796	851
Debt (net of unamortized debt issuance costs of $4,666 and $2,876, respectively)	324	353	386	440	476
Distributions payable	6	9	9	8	8
Management fees payable	3	3	4	4	4
Incentive fees payable	19	18	10	6	8
Amounts payable on unsettled investment transactions	—	4	—	—	—
Interest payable	1	2	2	3	2
Accounts payable and accrued expenses	2	2	2	2	2
Advances received from unfunded credit facilities	490,000	340,000	316,000	825,000	839,000
Unrealized depreciation on foreign currency forward contracts	323,000	—	43,000	3,000	—
Total liabilities	355	391	414	464	501
Commitments and contingencies (See Note 8)	—	—	—	—	—
Common stock, 22,234,045 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized	22,000	23,000	23,000	23,000	23,000
Paid-in capital in excess of par	329	337	338	339	339
Accumulated earnings (losses)	−69	−51	−22	−7	11
Total net assets	260	286	317	332	350
Total liabilities and total net assets	615	677	731	796	851
Number of shares outstanding	22	23	23	23	23
Net asset value per share	11.68	12.31	13.63	14.3	15.1

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment-in-kind income	−2	−7	−6	−2	−1
Net realized loss on foreign currency translation	821,000	—	30,000	—	—
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	−33,000	−1	1	—	—
Accretion of discount	−4	−4	−4	−6	−7
Amortization of deferred financing costs	1	2	2	2	2
Acquisition of investments	−192	−207	−145	−280	−544
Proceeds from principal payments and sales of portfolio investments	166	186	128	240	306
Proceeds from sales of portfolio investments to STRS JV	83	59	69	83	117
Interest and dividend receivable	−16,000	3	−335,000	−293,000	−989,000
Prepaid expenses and other receivables	25,000	202,000	−37,000	133,000	−246,000
Amounts receivable on unsettled investment transactions	−12,000	231,000	−60,000	−283,000	5
Amounts payable on unsettled investment transactions	−4	4	—	—	−497,000
Management fees payable	−272,000	−663,000	−265,000	94,000	412,000
Incentive fees payable	1	7	5	−2	2
Accounts payable and accrued expenses	−257,000	52,000	−240,000	−109,000	726,000
Interest payable	−429,000	−248,000	−705,000	687,000	217,000
Advances received from unfunded credit facilities	150,000	24,000	−509,000	−14,000	467,000
Net cash provided by / (used in) operating activities	77	79	90	72	−90
Proceeds from notes issued	174	—	35	—	100
Purchases of common stock, net of offering costs	−7	—	—	—	—
Borrowings	40	119	132	141	358
Repayments of debt	−242	−153	−222	−175	−366
Deferred financing costs	−3	—	−1	−580,000	−2
Distributions paid to common stockholders, net of distributions reinvested	−37	−41	−35	−33	−30
Net cash provided by / (used in) financing activities	−75	−75	−92	−68	97
Effect of exchange rate changes on cash	33,000	−13,000	−21,000	290,000	−298,000
Net change in cash, cash equivalents and restricted cash	2	3	−2	4	7
Interest paid	22	26	29	20	14
Taxes, including excise tax, paid during the year	1	1	1	1	910,000
Non-cash exchanges of investments	—	—	6	25	24

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