WhiteHorse Finance Inc
NASDAQ:WHF
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WhiteHorse Finance Inc
NASDAQ:WHF
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WhiteHorse Finance Inc
WhiteHorse Finance, Inc. is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The company is headquartered in Miami, Florida. The company went IPO on 2012-12-05. The Company’s investment objective is to generate risk-adjusted returns primarily by originating and investing in senior secured loans, including first lien and second lien facilities, to performing lower middle market companies across a range of industries, which typically carry a floating interest rate based on a risk-free index rate, such as London Interbank Offered Rate (LIBOR) and have a term of 3-6 years. The firm is principally focuses on originating senior secured loans to lower middle market companies, it may also opportunistically make investments at other levels of a company’s capital structure, including mezzanine loans or equity interests and may receive warrants to purchase common stock in connection with its debt investments. H.I.G. WhiteHorse Advisers, LLC and H.I.G. WhiteHorse Administration, LLC acts as the investment adviser and administrator of the Company.
WhiteHorse Finance, Inc. is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The company is headquartered in Miami, Florida. The company went IPO on 2012-12-05. The Company’s investment objective is to generate risk-adjusted returns primarily by originating and investing in senior secured loans, including first lien and second lien facilities, to performing lower middle market companies across a range of industries, which typically carry a floating interest rate based on a risk-free index rate, such as London Interbank Offered Rate (LIBOR) and have a term of 3-6 years. The firm is principally focuses on originating senior secured loans to lower middle market companies, it may also opportunistically make investments at other levels of a company’s capital structure, including mezzanine loans or equity interests and may receive warrants to purchase common stock in connection with its debt investments. H.I.G. WhiteHorse Advisers, LLC and H.I.G. WhiteHorse Administration, LLC acts as the investment adviser and administrator of the Company.
Earnings: GAAP net investment income was $6.6 million, or $0.287 per share in Q4 2025, up from $6.1 million or $0.263 in Q3.
NAV: NAV per share rose to $11.68 from $11.41 in Q3, an increase of approximately 2.4%, helped by share repurchases and net marks.
Distributions: Board declared a Q1 2026 base dividend of $0.25 and a supplemental $0.01; Q4 included a $0.25 base and $0.035 special distribution.
Capital allocation: Repurchased ~1 million shares for ~$7.4 million in Q4 (accretive ~$0.184 per share); buyback authorization increased by $7.5 million to $22.5 million (≈$15 million remaining).
Portfolio & credit: Portfolio remains largely first-lien (99.7%); nonaccruals (ex-JV) were 2.4% of the debt portfolio at fair value; several name-specific updates may lead to Q1 marks.
Yields & activity: Weighted average effective yield on income-producing debt fell to 11% from 11.6% (Q3); overall portfolio yield fell to 9.1% from 9.5%; gross deployments were $77.1 million with net deployments $27.5 million.
STRS JV & returns: STRS JV fair value $323.6 million with average effective yield 9.9%; WhiteHorse's JV equity generated a low-teens return on equity and contributed ~$3.8 million of income in Q4.
Balance sheet & leverage: Cash resources ~$29.7 million (including $22.7 million restricted); asset coverage ratio 179.1%; net effective debt-to-equity ~1.15x (vs 1.07x prior quarter).
