WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WHFCL SEC filings page.
This page shows WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
WHFCL’s dominant mechanic is balance-sheet contraction: debt and assets shrink while cash generation remains above reported earnings.
From FY2021 to FY2025, total assets fell from$851M to$615M , indicating a smaller funding base rather than expansion. Debt-to-equity remained near 1.2x because equity contracted alongside liabilities; retained earnings were-$69M despite FY2025 profit, so current earnings have not rebuilt the historical equity base.
Cash conversion is unusually detached from reported profit: operating cash flow was
Financing activity absorbs internally generated cash: FY2025 financing cash flow was
Financial Health Signals
WhiteHorse Finance, Inc. 7.875% Notes due 2028 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, WhiteHorse Finance, Inc. 7.875% Notes due 2028 generates $5.39 in operating cash flow ($77.3M OCF vs $14.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
WhiteHorse Finance, Inc. 7.875% Notes due 2028 reported $10.4M in net income in Q2 2026. This represents an increase of 362.6% from the same quarter a year earlier. Against the prior quarter it is up 1615.1%.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 earned $0.48 per diluted share (EPS) in Q2 2026. This represents an increase of 380.0% from the same quarter a year earlier. Against the prior quarter it is up 1700.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
WhiteHorse Finance, Inc. 7.875% Notes due 2028 held $8.5M in cash against $324.4M in long-term debt as of Q2 2026.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 paid $0.25 per share in dividends in Q2 2026. This represents a decrease of 35.9% from the same quarter a year earlier. Against the prior quarter it is down 3.8%.
Not reported for Q2 2026.
Margins & Returns
WhiteHorse Finance, Inc. 7.875% Notes due 2028's ROE was 4.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.4 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
WhiteHorse Finance, Inc. 7.875% Notes due 2028 spent $2.6M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 15.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
WHFCL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $1.1M-12.8% | $1.2M+27.6% | N/A | $1.2M+15.0% | $1.3M+6.1% | $953K-9.0% | N/A | $1.0M+29.3% |
| Interest Expense | $4.8M-21.7% | $5.0M-19.1% | N/A | $5.8M-16.5% | $6.1M-14.0% | $6.2M-15.6% | N/A | $6.9M-8.3% |
| Net Income | $10.4M+362.6% | -$687K-116.1% | N/A | -$556K+91.9% | $2.3M-71.3% | $4.3M-28.6% | N/A | -$6.9M-222.5% |
| EPS (Basic) | $0.48+380.0% | -$0.03-116.7% | $0.36+111.8% | -$0.02+93.3% | $0.10-70.6% | $0.18-30.8% | $0.17+13.3% | -$0.30-225.0% |
| EPS (Diluted) | $0.48+380.0% | -$0.03-116.7% | $0.36+111.8% | -$0.02+93.3% | $0.10-70.6% | $0.18-30.8% | $0.17+13.3% | -$0.30-225.0% |
| Diluted Shares (Avg) | 22M-7.2% | 22M-4.6% | N/A | 23M0.0% | 23M0.0% | 23M0.0% | N/A | 23M0.0% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.
WHFCL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $604.1M-10.0% | $606.0M-10.7% | $615.1M-9.1% | $626.0M-8.4% | $670.9M-4.6% | $678.8M-7.7% | $676.8M-7.4% | $683.6M-8.4% |
| Cash & Equivalents | $8.5M-19.6% | $11.8M+3.0% | $7.0M-43.4% | $9.5M-14.6% | $10.5M-18.1% | $11.4M-11.0% | $12.4M+15.6% | $11.2M+5.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $351.3M-11.3% | $355.7M-10.5% | $355.3M-9.0% | $360.8M-6.7% | $396.2M+1.4% | $397.3M-5.7% | $390.7M-5.6% | $386.7M-8.8% |
| Long-Term Debt | $324.4M-10.7% | $324.1M-10.2% | $323.8M-8.3% | $323.5M-8.3% | $363.2M+1.2% | $361.1M-7.5% | $353.1M-8.6% | $352.8M-11.4% |
| Total Equity | $252.8M-8.0% | $250.3M-11.1% | $259.8M-9.2% | $265.2M-10.7% | $274.8M-12.1% | $281.4M-10.3% | $286.1M-9.7% | $296.9M-7.9% |
| Retained Earnings | -$70.8M-13.3% | -$75.8M-35.9% | -$69.4M-35.7% | -$72.0M-73.8% | -$62.5M-143.9% | -$55.8M-127.6% | -$51.1M-137.4% | -$41.4M-144.1% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.
WHFCL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M-159.8% | $28.2M+503.3% | $959K-95.4% | $61.6M+322.9% | $21.7M-47.7% | -$7.0M-537.8% | $21.1M+33.4% | $14.6M-65.5% |
| Financing Cash Flow | -$8.3M-3.3% | -$8.6M-595.2% | -$17.2M-23.8% | -$48.9M-212.4% | -$8.0M+80.2% | -$1.2M+76.0% | -$13.9M+34.3% | -$15.7M+55.9% |
| Share Buybacks | $2.6M | $3.0M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
WHFCL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 4.1%+3.3pp | -0.3%-1.8pp | N/A | -0.2%+2.1pp | 0.8%-1.7pp | 1.5%-0.4pp | N/A | -2.3%-4.0pp |
| Return on Assets | 1.7%+1.4pp | -0.1%-0.7pp | N/A | -0.1%+0.9pp | 0.3%-0.8pp | 0.6%-0.2pp | N/A | -1.0%-1.8pp |
| Debt-to-Equity | 1.280.0x | 1.290.0x | 1.250.0x | 1.220.0x | 1.32+0.2x | 1.280.0x | 1.230.0x | 1.190.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Where WhiteHorse Finance, Inc. 7.875% Notes due 2028 Ranks
Frequently Asked Questions
Is WhiteHorse Finance, Inc. 7.875% Notes due 2028 profitable?
Yes, WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) reported a net income of $14.3M in fiscal year 2025.
How much debt does WhiteHorse Finance, Inc. 7.875% Notes due 2028 have?
As of fiscal year 2025, WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had $7.0M in cash and equivalents against $323.8M in long-term debt.
Does WhiteHorse Finance, Inc. 7.875% Notes due 2028 pay dividends?
Yes, WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) paid $1.44 per share in dividends during fiscal year 2025.
What is WhiteHorse Finance, Inc. 7.875% Notes due 2028's return on equity (ROE)?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) has a return on equity of 5.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is WhiteHorse Finance, Inc. 7.875% Notes due 2028's operating cash flow?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) generated $77.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are WhiteHorse Finance, Inc. 7.875% Notes due 2028's total assets?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had $615.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What is WhiteHorse Finance, Inc. 7.875% Notes due 2028's debt-to-equity ratio?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had a debt-to-equity ratio of 1.25 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is WhiteHorse Finance, Inc. 7.875% Notes due 2028's return on assets (ROA)?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is WhiteHorse Finance, Inc. 7.875% Notes due 2028's Piotroski F-Score?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are WhiteHorse Finance, Inc. 7.875% Notes due 2028's earnings high quality?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) has an earnings quality ratio of 5.39x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.