WhiteHorse Finance 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.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) reported $65.3M in revenue over the twelve months to Jun 30, 2026, down 19.9% from the prior twelve months. This page shows its 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).
The business is shrinking its financed balance sheet while cash generation remains far stronger than reported earnings, but profits remain volatile.
In FY2025, operating cash flow was539.0% of net income, showing that reported profit understates the period's cash production. Yet operating cash flow fell14.5% from FY2023 while net income fell29.8% , making earnings the more volatile measure.
From FY2023 to FY2025, total assets fell
The FY2025 earnings rebound was not matched by cash: net income rose
Financial Health Signals
We do not publish a peer-relative financial health score for WhiteHorse Finance, Inc. 7.875% Notes due 2028, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 passes 5 of 7 computable financial strength tests (2 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, the one computable operating efficiency signal (asset turnover improving) does not 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 generated $14.4M in revenue in Q2 2026. This represents a decrease of 23.7% from the same quarter a year earlier. Against the prior quarter it is down 9.4%.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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 net profit margin was 72.4% in Q2 2026, showing the share of revenue converted to profit. This is up 60.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 76.8 percentage points.
WhiteHorse Finance, Inc. 7.875% Notes due 2028's quarterly ROE was 4.1% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.4M-23.7% | $15.9M-15.6% | $17.3M-17.5% | $17.7M-22.6% | $18.8M-19.8% | $18.8M-26.2% | $21.0M-18.0% | $22.9M-11.7% |
| SG&A Expenses | $1.1M-12.8% | $1.2M+27.6% | $1.3M+10.2% | $1.2M+15.0% | $1.3M+6.1% | $953K-9.0% | $1.2M+41.9% | $1.0M+29.3% |
| Interest Expense | $4.8M-21.7% | $5.0M-19.1% | $5.0M-22.6% | $5.8M-16.5% | $6.1M-14.0% | $6.2M-15.6% | $6.5M-13.3% | $6.9M-8.3% |
| Net Income | $10.4M+362.6% | -$687K-116.1% | $8.4M+114.8% | -$556Kn/m | $2.3M-71.3% | $4.3M-28.6% | $3.9M+13.9% | -$6.9M-222.5% |
| EPS (Basic) | $0.48+380.0% | -$0.03-116.7% | $0.36+111.8% | -$0.02n/m | $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% | -$0.02n/m | $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: 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-K | 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% |
| 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 | -$70.8Mn/m | -$75.8Mn/m | -$69.4Mn/m | -$72.0Mn/m | -$62.5Mn/m | -$55.8Mn/m | -$51.1Mn/m | -$41.4Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M-159.8% | $28.2Mn/m | $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 | -$8.3Mn/m | -$8.6Mn/m | -$17.2Mn/m | -$48.9Mn/m | -$8.0Mn/m | -$1.2Mn/m | -$13.9Mn/m | -$15.7Mn/m |
| 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 72.4%+60.5pp | -4.3%-27.0pp | 48.3%+29.8pp | -3.1%+26.9pp | 11.9%-21.4pp | 22.7%-0.8pp | 18.6%+5.2pp | -30.0%-51.6pp |
| Return on Equity | 4.1%+3.3pp | -0.3%-1.8pp | 3.2%+1.9pp | -0.2%+2.1pp | 0.8%-1.7pp | 1.5%-0.4pp | 1.4%+0.3pp | -2.3%-4.0pp |
| Return on Assets | 1.7%+1.4pp | -0.1%-0.7pp | 1.4%+0.8pp | -0.1%+0.9pp | 0.3%-0.8pp | 0.6%-0.2pp | 0.6%+0.1pp | -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 |
| Liabilities-to-Equity | 1.39-0.1x | 1.420.0x | 1.370.0x | 1.36+0.1x | 1.44+0.2x | 1.41+0.1x | 1.37+0.1x | 1.300.0x |
| Asset Turnover | 0.020.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Where WhiteHorse Finance, Inc. 7.875% Notes due 2028 Ranks
Frequently Asked Questions
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) reported $72.7M in total revenue for fiscal year 2025. This represents a -21.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) revenue declined by 21.7% year-over-year, from $92.8M to $72.7M in fiscal year 2025.
Yes, WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) reported a net income of $17.5M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $14.3M, with a net profit margin of 19.7%.
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.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had a net profit margin of 19.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) paid $1.44 per share in dividends during fiscal year 2025.
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.
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.
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.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had a debt-to-equity ratio of 1.25 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) had a liabilities-to-equity ratio of 1.37 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
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.
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) has a Piotroski F-Score of 5 out of 7 computable signals; 2 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.
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.