Welcome to our dedicated page for Whitehorse SEC filings (Ticker: WHF), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to U.S. Securities and Exchange Commission filings for WhiteHorse Finance, Inc. (NASDAQ: WHF), a business development company that originates and invests in loans to privately held, lower middle market companies. Through these filings, investors can review detailed information on the company’s financial condition, portfolio composition, governance, and material contracts.
WhiteHorse Finance, Inc. files annual reports on Form 10-K and quarterly reports on Form 10-Q, which include audited and interim financial statements, net asset value per share, total investment income, net investment income, and disclosures about realized and unrealized gains or losses. These reports also describe the composition of the investment portfolio, including allocations to first lien secured loans, second lien loans, unsecured loans, equity positions, and investments in STRS JV, along with weighted average effective yields on income-producing debt investments.
The company also submits numerous current reports on Form 8-K. Recent 8-K filings have furnished press releases announcing quarterly earnings results, regular and special distributions, and conference call details, as well as reported items such as amendments to the company’s bylaws, changes to financing arrangements for its subsidiary WhiteHorse Finance Credit I, LLC, and the results of the annual meeting of stockholders. Other filings, including the definitive proxy statement on Schedule 14A, describe director elections, the ratification of the independent registered public accounting firm, voting procedures, and stockholder rights.
On Stock Titan, these filings are updated as they become available from the SEC’s EDGAR system. AI-powered summaries help explain the key points from lengthy documents such as 10-K and 10-Q reports, highlight important items in Form 8-K filings, and clarify concepts like core net investment income, distribution declarations, and changes in borrowing arrangements. Users can also review filings related to the company’s 7.875% Notes due 2028 (trading under WHFCL on the Nasdaq Global Select Market) and track how WhiteHorse Finance, Inc. discloses its obligations under loan agreements and note offerings.
WhiteHorse Finance, Inc. (WHF) is a business development company focused on lending to privately held U.S. lower middle market companies, generally with enterprise values between $50 million and $350 million. It primarily originates floating-rate senior secured first- and second-lien loans.
As of December 31, 2025, the investment portfolio totaled $578.6 million at fair value across 129 positions in 68 companies, compared with $642.2 million across 127 positions in 71 companies a year earlier. Most assets are senior secured loans, often with three- to six-year terms and SOFR-based rates.
Credit quality is monitored through a 1–5 risk rating system. At year-end 2025, 81.2% of the portfolio was rated 2, 7.9% rated 3, 2.7% rated 4, and 3.5% rated 5, versus 61.5%, 20.1%, 6.1%, and 1.3%, respectively, at year-end 2024. WHF also participates in the WHF STRS Ohio Senior Loan Fund joint venture, which held $335.9 million of assets as of December 31, 2025.
WHF is externally managed by WhiteHorse Advisers, an affiliate of H.I.G. Capital, which oversaw approximately $70 billion of capital as of December 31, 2025. Effective January 1, 2024, the base management fee declined from 2.00% to 1.75% of consolidated gross assets, with a reduced 1.25% rate on assets above a leverage-based threshold. The adviser also earns a performance-based incentive fee subject to a multi-quarter look-back cap and deferral mechanism.
WhiteHorse Finance is changing its independent auditor. The board, following the audit committee’s recommendation, dismissed Crowe LLP as auditor effective after issuing the company’s financial statements for the year ended December 31, 2025. Crowe has served in this role since 2006.
Crowe’s audit reports for 2024 and 2023 contained no adverse opinions, disclaimers, or qualifications, and the company reports no disagreements or reportable events with Crowe. The board has appointed Deloitte & Touche LLP to audit WhiteHorse Finance’s consolidated financial statements for the fiscal year ending December 31, 2026.
WhiteHorse Finance reported weaker 2025 results while continuing to return cash to shareholders. Net investment income fell to $26.1 million, or $1.127 per share, down from $37.2 million and $1.602 per share in 2024, as lower yields, non-accruals, and a smaller portfolio weighed on earnings.
The investment portfolio at fair value declined to $578.6 million from $642.2 million a year earlier. Net asset value was $259.8 million, or $11.68 per share, versus $12.31 per share at year-end 2024, though Q4 saw a net increase in net assets from operations of $8.4 million.
The board declared a regular quarterly distribution of $0.25 per share and a supplemental $0.01 per share for the quarter ending March 31, 2026, payable April 6, 2026. The company and H.I.G. insiders bought about 1.1 million shares for roughly $8.0 million, and the share repurchase authorization was raised by $7.5 million to $22.5 million.
WhiteHorse Finance, Inc. filed a current report outlining plans to share upcoming financial results rather than reporting numbers now. The company will release its fourth quarter and full year results for the year ended December 31, 2025 on March 2, 2026 and host a conference call at 1:30 p.m. ET that day to discuss the details. Investors can access the live call and replay via telephone or through the investor relations section of the company’s website. The report also reiterates that WhiteHorse Finance operates as a business development company focused on loans to privately held, lower middle market companies, with investment activities managed by an affiliate of H.I.G. Capital, which has over $74 billion of capital under management.
WhiteHorse Finance, Inc. insider trading report: the company’s Chief Financial Officer, listed as an officer of WhiteHorse Finance (ticker WHF), reported buying additional common shares. On 12/24/2025, the insider purchased 4,502 shares of WhiteHorse Finance common stock at a price of $7.01 per share in an open-market transaction coded as a purchase (code "P").
After this transaction, the reporting person beneficially owned a total of 22,000.835 shares of WhiteHorse Finance common stock held directly.
WhiteHorse Finance, Inc. director John Bolduc reported multiple open-market purchases of the company’s common stock on a Form 4. On December 23, 2025, entities associated with him purchased 7,100 shares at a weighted average price of $6.99 per share and another 7,100 shares at a weighted average price of $7.00 per share, with actual trade prices ranging from $6.98 to $7.00.
On December 24, 2025, related entities bought 4,613 shares and 4,361 shares, each at a weighted average price of $6.99 per share, at prices between $6.96 and $7.00. The shares are held indirectly through Bolduc Family LP and Bolduc Investments X, LLC, and Bolduc disclaims beneficial ownership beyond his pecuniary interest in these entities.
WhiteHorse Finance, Inc. (WHF) director reports open-market share purchase. Director John P. Volpe acquired 1,000 shares of WhiteHorse Finance common stock on 11/12/2025 in an open-market transaction at a price of $6.95 per share. After this transaction, he beneficially owns 1,000 shares directly. The filing is a Form 4, which discloses changes in insider ownership.
WhiteHorse Finance, Inc. director John Bolduc reported multiple open-market purchases of the company’s common stock. On 11/13/2025 and 11/14/2025, entities affiliated with him bought a total of 28,300 shares at weighted average prices around $6.88–$6.91 per share. After these transactions, his indirect beneficial holdings through Bolduc Family LP and Bolduc Investments X, LLC were updated, with each line item in the report reflecting the new share counts for those entities. The footnotes state that the reported prices are weighted averages over multiple trades within specified price ranges, and Bolduc commits to provide detailed breakout information upon request.
WhiteHorse Finance, Inc. reports softer results for the quarter ended September 30, 2025. Total investment income was $17.7 million, down from $22.9 million a year earlier, while expenses fell to $11.4 million from $13.4 million. Net investment income after excise tax was $6.1 million, compared with $9.2 million in the prior-year quarter.
Realized and unrealized losses on investments and foreign currency transactions totaled $6.7 million, versus losses of $16.0 million a year ago, leading to a small net decrease in net assets from operations of $0.6 million. For the first nine months of 2025, net investment income after excise tax was $19.5 million and net assets from operations increased $6.0 million.
At September 30, 2025, investments at fair value were $568.4 million and total assets were $626.0 million. Debt was $323.5 million, net assets were $265.2 million, and net asset value per share was $11.41, down from $12.31 at December 31, 2024. Cash, cash equivalents, restricted cash and restricted foreign currency together totaled $45.9 million.
WhiteHorse Finance, Inc. filed a current report to let investors know it has announced a quarterly distribution and its financial results for the third quarter ended September 30, 2025. The details are provided in a press release furnished as Exhibit 99.1, which covers the company’s performance and the distribution decision.
The company also prepared an earnings presentation for the same period, furnished as Exhibit 99.2, to give additional context around its results. Both exhibits are furnished rather than filed, which means they are not automatically incorporated into other securities law filings unless specifically referenced.