WhiteHorse Finance Q3 GAAP net investment income falls 5.2%
GAAP net investment income declined 5.2%, while non-GAAP core net investment income increased 2.7% from the prior quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
WhiteHorse Finance, Inc. (WHF) reported results for the three months ended September 30, 2026, and declared a $0.25-per-share distribution for the quarter ending December 31, 2026, payable January 6, 2027, to holders of record December 21, 2026. Total investment income was $14.829 million, up 3.2% from the three months ended June 30, 2026; GAAP net investment income was $4.439 million, down 5.2%, while core net investment income, a non-GAAP measure, was $4.806 million, up 2.7%.
Net increase in net assets resulting from operations was $6.511 million, down 37.4% from $10.409 million in the prior quarter. Net asset value was $11.82 per share as of September 30, 2026, versus $11.77 as of June 30, 2026. Total investments at fair value were $569.073 million; weighted average effective yield on income-producing debt investments was 11.0%.
A separate $0.17-per-share special distribution is payable December 10, 2026, to holders of record October 30, 2026. WhiteHorse Advisers voluntarily agreed to waive and reduce its incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the fiscal quarter ending December 31, 2026. Non-accruals declined following a restructuring, and there were no new additions during the quarter.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointGAAP net investment income fell 5.2% from the prior quarter.
- Moderate pointThe net increase from operations declined 37.4% quarter over quarter.
Filing Explained
During the third quarter, WhiteHorse transferred assets from five portfolio companies valued at
8-K Event Classification
Key Figures
Key Terms
Core net investment income financial
Weighted average effective yield financial
Non-accrual financial
First lien financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was WHF's third-quarter 2026 net investment income?
What distributions did WHF declare, and when are they payable?
What fee change did WhiteHorse Advisers agree to for WHF?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 9, 2026, WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) issued a press release announcing a quarterly distribution and its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished to the Securities and Exchange Commission (the “SEC”) as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and will not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as will be expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
A copy of an earnings presentation that is intended to be used by representatives of the Company is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, is being furnished and will not be deemed “filed” for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as will be expressly set forth by specific reference in such filing.
Forward-Looking Statements
This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this Current Report on Form 8-K may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 | Press Release of WhiteHorse Finance, Inc. dated November 9, 2026. |
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99.2 | Earnings Presentation of WhiteHorse Finance, Inc. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 9, 2026 | WHITEHORSE FINANCE, INC. | |
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| By: | /s/ Joyson C. Thomas |
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| Joyson C. Thomas |
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| Chief Financial Officer |
Exhibit 99.1
WhiteHorse Finance, Inc. Announces Third Quarter 2026 Earnings Results and Declares Quarterly Distribution of $0.25 Per Share
NEW YORK, November 9, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its financial results for the third quarter ended September 30, 2026. In addition, the Company’s board of directors has declared a distribution of $0.25 per share with respect to the quarter ending December 31, 2026. The distribution will be payable on January 6, 2027 to stockholders of record as of December 21, 2026.
Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer, commented, “During the third quarter, we continued to execute on the priorities we have previously outlined, including actively managing restructured and underperforming credits and maintaining discipline in new originations. Net asset value per share increased for a second consecutive quarter, driven by favorable portfolio markups. Non-accruals declined following the completion of a restructuring, and there were no new additions to non-accrual during the quarter. Core net investment income increased modestly from the prior quarter, and all of our new originations were first lien loans. We remain focused on realizing value from our equitized positions and redeploying that capital into income-producing investments, while managing risk and investing selectively.”
Recent Developments:
On November 9, 2026, WhiteHorse Advisers voluntarily agreed to waive and reduce the incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the next fiscal quarter ending December 31, 2026.
Summary Information as of September 30, 2026 and June 30, 2026 (unaudited):
| | | Three Months Ended | | | Three Months Ended | | | Change | ||
($ in thousands except per share data) | | | September 30, 2026 | | | June 30, 2026 | | | $ | | % |
Total investment income | | $ | 14,829 | | $ | 14,369 | | | 460 | | 3.2 |
Total expenses, including excise tax | | | 10,390 | | | 9,688 | | | 702 | | 7.2 |
Net investment income | | | 4,439 | | | 4,681 | | | (242) | | (5.2) |
Net investment income per share | | | 0.207 | | | 0.217 | | | (0.010) | | (4.7) |
Core net investment income(1) | | | 4,806 | | | 4,681 | | | 125 | | 2.7 |
Core net investment income(1) per share | | | 0.224 | | | 0.217 | | | 0.007 | | 3.3 |
Distributions per share | | | 0.250 | | | 0.250 | | | — | | — |
Net realized gains (losses) | | | (3,631) | | | (51) | | | (3,580) | | NM |
Net unrealized appreciation (depreciation) | | | 5,703 | | | 5,779 | | | (76) | | (1.3) |
Net increase (decrease) in net assets resulting from operations | | | 6,511 | | | 10,409 | | | (3,898) | | (37.4) |
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($ in thousands except per share data) | | | As of September 30, 2026 | | | As of June 30, 2026 | | | $ | | % |
Total investments, at fair value(2) | | $ | 569,073 | | $ | 569,202 | | | (129) | | (0.0) |
STRS JV total investments, at fair value | | | 332,601 | | | 340,272 | | | (7,671) | | (2.3) |
Net asset value per share | | | 11.82 | | | 11.77 | | | 0.05 | | 0.4 |
Portfolio and Investment Activity
As of September 30, 2026, the fair value of WhiteHorse Finance’s investment portfolio was $569.1 million, compared with $569.2 million as of June 30, 2026. The portfolio as of September 30, 2026 consisted of 125 positions across 64 companies with a weighted average effective yield of 11.0% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $5.2 million with the overall portfolio comprised of approximately 70.7% first lien secured loans, 0.9% second lien secured loans, 0.2% unsecured loans, 7.9% equity and 20.3% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the Secured Overnight Financing Rate) with fixed rate securities representing only 1.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.
During the three months ended September 30, 2026, WhiteHorse Finance made investments in two new portfolio companies for a total of $14.8 million, added a total of $6.2 million to existing portfolio companies and net fundings of $0.2 million to revolving loans. Proceeds from sales and repayments totaled approximately $10.0 million for the three months ended September 30, 2026, driven by full realizations from Transervice and PFB equity.
In addition to the transactions discussed above, during the three months ended September 30, 2026, WhiteHorse Finance transferred assets comprised of five portfolio companies, totaling $21.4 million to STRS JV in exchange for a net investment in STRS JV of $7.2 million as well as cash proceeds of $14.2 million.
Distributions
The Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ending December 31, 2026. The distribution will be payable on January 6, 2027 to stockholders of record as of December 21, 2026. In addition, on October 14, 2026, the Company declared a special distribution of $0.17 per share, which will be payable on December 10, 2026 to stockholders of record as of October 30, 2026.
On August 10, 2026, the Company declared a distribution of $0.25 per share with respect to the quarter ended September 30, 2026. The distribution was paid on October 5, 2026, to stockholders of record as of September 21, 2026.
Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company’s periodic reports filed with the SEC.
Conference Call
WhiteHorse Finance will host a conference call to discuss its third quarter results for the period ended September 30, 2026, at 1:00 p.m. ET on Monday, November 9, 2026. To access the teleconference, please dial 800-267-6316 (domestic) or +1 203-518-9783 (international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID #WHFQ326. Investors may also access the call on the investor relations portion of the Company’s website www.whitehorsefinance.com.
If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through November 16, 2026. The teleconference replay can be accessed by dialing 800-757-4770 or +1 402-220-7228 for international callers. A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.
About WhiteHorse Finance, Inc.
WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with $76 billion of capital under management(3) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
(1) “Core net investment income” is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (net of any incentive fee impact) (i) the impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, (iii) certain excise or other income taxes and (iv) certain non-recurring expenses that are one-time in nature and are not representative of ongoing expenses incurred during the Company’s normal course of business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.
(2) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture.
(3) As of November 9, 2026, based on total capital raised by H.I.G. Capital and affiliates.
SCHEDULE 1
As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company’s non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company’s indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses and certain non-recurring expenses that are one-time in nature and are not representative of ongoing expenses incurred during the Company’s normal course of business (net of any incentive fee impact). There were no excise or other income taxes related to net realized gains and losses for the quarters ended September 30, 2026, and September 30, 2025.
The following table provides a reconciliation of net investment income to core net investment income for the three months ended September 30, 2026, and September 30, 2025 (in thousands, except per share data):
| | September 30, 2026 | | | September 30, 2025 | ||||||||||
| | Amount | | | Per Share | | | Amount | | | Per Share | ||||
| | | | | | Amounts | | | | | | | Amounts | ||
Net investment income | | $ | 4,439 | | | $ | 0.207 | | | $ | 6,101 | | | $ | 0.263 |
Net impact of non-recurring expenses | | | 367 | | | | 0.017 | | | | — | | | | — |
Net impact of costs associated with refinancing of indebtedness | | | — | | | | — | | | | — | | | | — |
Accrual for capital gains incentive fee | | | — | | | | — | | | | — | | | | — |
Net impact of excise tax expense related to net realized gains and losses | | | — | | | | — | | | | — | | | | — |
Core net investment income | | $ | 4,806 | | | $ | 0.224 | | | $ | 6,101 | | | $ | 0.263 |
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Contacts | |
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Stuart Aronson | |
WhiteHorse Finance, Inc. | |
212-506-0500 | |
saronson@higwhitehorse.com | |
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or | |
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Joyson Thomas | |
WhiteHorse Finance, Inc. | |
305-379-2322 | |
jthomas@higwhitehorse.com | |
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or | |
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Robert Brinberg | |
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Source: WhiteHorse Finance, Inc. | |
Exhibit 99.2
| Earnings Presentation Quarter Ended September 30, 2026 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028) |
| 1 References in this presentation to “WHF”, “WhiteHorse Finance”, “we”, “us”, “our” and “the Company” refer to WhiteHorse Finance, Inc. This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. Investors are advised to consider carefully the Company’s investment objectives, risks, charges and expenses before investing in the Company’s securities. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission (“SEC”), contain this and other information about the Company and should be read carefully before investing in the Company’s securities. The information in this presentation is not complete and may be changed. This presentation is not an offer to sell the Company’s securities and is not soliciting an offer to buy the Company’s securities in any jurisdiction where such offer or sale is not permitted. A shelf registration statement relating to the Company’s securities is on file with the SEC. A public offering of the Company’s securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by writing the Company at 1450 Brickell Avenue, 31st Floor, Miami, FL 33131, Attention: Investor Relations, or by calling (305) 381-6999; copies may also be obtained by visiting EDGAR on the SEC’s website at http://www.sec.gov. Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements, which relate to future events or the Company’s future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: the Company’s future operating results; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of the Company’s assets; the Company’s business prospects and the prospects of its prospective portfolio companies; the impact of investments that the Company expects to make; the impact of increased competition; the Company’s contractual arrangements and relationships with third parties; the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests; the ability of the Company’s prospective portfolio companies to achieve their objectives; the relative and absolute performance of the Company’s investment adviser; the Company’s expected financings and investments; the adequacy of the Company’s cash resources and working capital; the timing of cash flows, if any, from the operations of the Company’s prospective portfolio companies; and the impact of future acquisitions and divestitures. Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The Company has based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and the Company assumes no obligation to update any such forward-looking statements. Actual results could differ materially from those implied or expressed in the Company’s forward-looking statements for any reason, and future results could differ materially from historical performance. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that are made directly to you or through reports that the Company in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. For a further discussion of factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the annual reports on Form 10-K and quarterly reports on Form 10-Q we file with the SEC. Important Information and Forward Looking Statements |
| 2 WhiteHorse Finance Snapshot Company: WhiteHorse Finance, Inc. Equity Ticker: NASDAQ: WHF Market Cap: $180.2MM(1) Credit Rating: Egan-Jones: BBB / DBRS: BBB (low) Portfolio Fair Value: $569.1MM(2) Current Dividend Yield: 11.9%(1)(3) (1) Based on shares outstanding of 21,476,471 and share price of $8.39 as of November 6, 2026. (2) As of September 30, 2026. (3) Based on annualized $0.25 per share quarterly distribution, excluding special and supplemental distributions, relative to closing share price. External Manager: Affiliate of H.I.G. Capital, LLC (“H.I.G. Capital” or “H.I.G.”) NAV / Share: $11.82(2) |
| $180 $272 $404 $415 $412 $441 $470 $590 $691 $819 $760 $696 $642 $579 $569 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Overview of WhiteHorse Finance, Inc. 3 Portfolio at Fair Value ($MM) NAV + Cumulative Dividends per share Note: As of December 31st, of each respective year presented, unless otherwise noted. Source: Company filings (1) As of the date of this presentation, based on total capital raised by H.I.G. Capital and affiliates. (2) Includes investments in STRS JV. (3) Based on fair value. Does not include investments in STRS JV. WhiteHorse Finance, Inc. is a publicly listed Business Development Company (“BDC”) that completed its IPO in December 2012 WhiteHorse Finance’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC (the “Investment Adviser”), an affiliate of H.I.G. Capital, a leading global alternative asset manager with over $76BN of capital under management(1) Principally focused on originating senior secured loans to performing lower middle market companies with individual enterprise values generally between $50MM and $350MM Diversified investment portfolio totaling $569.1MM as of September 30, 2026 Investments across 125(2) positions in 64 portfolio companies as of September 30, 2026 − Average Investment Size(3): $3.7MM (Average Debt Investment Size(3): $5.2MM) − Largest Portfolio Company Investment(3): $20.4MM Invested $2,945MM in 280 transactions since December 2012 IPO The Company and State Teachers Retirement System of Ohio (“STRS Ohio”), a public pension fund established under Ohio law, partnered to create WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), a joint venture formed to invest in directly originated, senior secured first and second lien term loans $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $15.23 $15.10 $14.30 $13.63 $12.31 $11.68 $11.82 $0.20 $0.32 $0.46 $0.51 $0.58 $0.82 $0.86 $0.86 $0… $1.53 $2.95 $4.37 $5.79 $7.21 $8.63 $10.05 $11.47 $12.89 $14.31 $15.79 $17.33 $18.74 $19.49 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 $27.02 $28.45 $29.12 $30.00 $30.46 $31.27 $32.16 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Net asset value Cumulative special dividends paid Cumulative base dividends paid |
| 4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of September 30, 2026, unless otherwise noted. (1) Reflects life-to-date since IPO and may exclude follow-on transactions and investments in STRS JV made via asset transfers in-kind. (2) Across 123 investments. Does not include investments in STRS JV. (3) Reflects weighted average effective yield of income-producing debt investments. Weighted average effective yield for entire portfolio, including equities and investments in STRS JV, as of September 30, 2026, is 8.6%. Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Measured at origination based on borrower reporting and WHF’s target underwriting leverage. Does not include investments in STRS JV. (5) Based on fair value. Does not include the Company’s investments in STRS JV. Generate attractive risk-adjusted returns primarily by originating and investing in senior secured loans to performing lower middle market companies and leveraging the knowledge of H.I.G. Capital Differentiated proprietary deal flow of 70+ dedicated deal professionals sourcing through direct coverage of financial sponsors and intermediaries Rigorous credit process focused on fundamental analysis with emphasis on downside protection and cash flow visibility 11-person investment committee with approximately 350 years of industry experience Investment strategy focused on first lien and second lien senior secured investments in lower middle market companies with a target hold size of $5MM to $25MM Summary Stats: Invested Capital since IPO: $2,945MM(1) Number of Investments Made: ~280(1) Average Investment Size: ~$3.7MM(2) All-in Yield: 11.0%(3) Net Debt / EBITDA of Current Portfolio Companies: ~4.2x(4) Secured Debt as a % of Total Debt: ~99.8%(5) Investment Strategy |
| 5 Summary of Quarterly Results Earnings Summary Q3 Net Investment Income (“NII”) was $4.4 million, or $0.207 per share, which compares with Q2 NII of $4.7 million, or $0.217 per share. Q3 Core NII(1), after adjusting for non-recurring expenses was $4.8 million, or $0.224 per share, compared with a quarterly distribution of $0.25 per share. This compares with Q2 Core NII of $4.7 million, or $0.217 per share. Net realized and unrealized gains on investments and foreign currency transactions for Q3 2026 totaled $2.1 million, primarily driven by markups on Pressurized Holdings, LLC (f/k/a Starco) ($1.3 million), PlayMonster Group, LLC ($0.7 million) and other net markups across the portfolio ($0.8 million), partially offset by an unrealized loss on Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC) ($0.7 million). (1) Core net investment income is a non-GAAP financial measure. Refer to next slide for components and discussion of core net investment income. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can also be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. (2) Computed as the annual stated rate of the subordinated notes, based on the subordinated notes outstanding as of the period, and dividends received over the last twelve-month period, based on average capital invested. Portfolio Highlights Made gross investment deployments of $21.0 million, comprising $14.8 million in two new portfolio companies and $6.2 million in add-ons to five portfolio companies, plus $0.2 million in net revolver fundings. Received dispositions and principal repayments of $10.0 million, driven by two full realizations from Transervice Logistics, Inc. and PFB Holdco, Inc. Transferred five investments, including KORE Wireless Group Inc., Intermedia Cloud Communications, Inc., Vibration Mountings & Controls, Inc., Trimlite Buyer LLC and MGT Merger Target, LLC, totaling $21.4 million, to STRS JV in exchange for a net investment in STRS JV of $7.2 million as well as cash proceeds of $14.2 million. The investments in The Kyjen Company, LLC (d/b/a Outward Hound) were restructured and returned to accrual status in Q3 2026. The weighted average effective yield on income-producing investments was approximately 11.0% at the end of Q3 2026, compared with 10.8% in Q2 2026. As of September 30, 2026, STRS JV had total assets of $344.1 million. The Company’s return on its investment in STRS JV at the end of Q3 2026 was 13.0%(2). Balance Sheet Update The Company’s NAV increased to $11.82 per share in Q3 2026 from $11.77 per share in Q2 2026. Gross leverage decreased in Q3 2026 to 1.29x from 1.30x at Q2 2026. Net leverage as of Q3 2026 was 1.20x, versus 1.19x at Q2 2026. Dividend Policy / Other Events Declared a quarterly distribution of $0.25 per share, paid on October 5, 2026. Declared a special distribution of $0.17 per share, to be paid on December 10, 2026. On November 9, 2026 declared a quarterly distribution of $0.25 per share to be paid on January 6, 2027. Announced to voluntarily waive incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the fiscal quarter ended December 31, 2026. |
| 6 Quarterly Operating Highlights Note: Numbers may not foot due to rounding. (1) Total investment income includes investment income (e.g., interest and dividends) from investments in STRS JV. (2) Net of fee waivers, if any. (3) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (net of any incentive fee impact) (i) the impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, (iii) certain excise or other income taxes and (iv) certain non-recurring expenses that are one-time in nature and are not representative of ongoing expenses incurred during the Company’s normal course of business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. Source: Company filings Unaudited Quarterly Financials Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (USD in MM, except per share data) Total Investment Income(1) $ 17.7 $ 17.3 $ 15.9 $ 14.4 $ 14.8 Expenses Interest Expense 5.8 5.0 5.0 4.8 4.8 Base Management Fees 2.8 2.7 2.6 2.5 2.6 Performance-based Incentive Fees(2) 1.5 1.4 1.2 1.0 0.9 Other Expenses 1.5 1.6 1.5 1.4 2.1 Total Expenses 11.6 10.7 10.3 9.7 10.4 Net Investment Income $ 6.1 $ 6.6 $ 5.6 $ 4.7 $ 4.4 Net Realized and Unrealized Gain / (Loss) (6.7) 1.8 (6.3) 5.7 2.1 $ (0.6) $ 8.4 $ (0.7) $ 10.4 $ 6.5 Per Share Net Investment Income (NII) $ 0.26 $ 0.29 $ 0.25 $ 0.22 $ 0.21 Core NII (3) $ 0.26 $ 0.29 $ 0.25 $ 0.22 $ 0.22 Net Realized and Unrealized Gain / (Loss) $ (0.28) $ 0.08 $ (0.28) $ 0.27 $ 0.09 Earnings / (Losses) $ (0.02) $ 0.36 $ (0.03) $ 0.48 $ 0.30 Dividends Declared $ 0.385 $ 0.250 $ 0.250 $ 0.250 $ 0.250 Special Dividends Declared $ - $ 0.035 $ 0.010 $ - $ - Core NII Dividend Coverage 68% 115% 101% 87% 90% Net Increase/(Decrease) in Net Assets from Operations |
| 7 Quarterly Balance Sheet Highlights Note: Numbers may not foot due to rounding (1) Includes Restricted Cash. (2) Calculated as Total Gross Debt Outstanding divided by Total Net Assets. (3) Net Leverage Ratio is defined as debt outstanding less cash, divided by total net assets. (4) Calculated as the sum of Total Net Assets and Total Gross Debt Outstanding divided by Total Gross Debt Outstanding. Unaudited Quarterly Financials Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (USD in MM, except per share data) Assets Investments at Fair Value $ 568.4 $ 578.6 $ 543.0 $ 569.2 $ 569.1 Cash and Equivalents(1) 45.9 29.7 $ 49.4 $ 28.1 $ 23.1 Other Assets 11.6 6.8 $ 13.7 $ 6.7 $ 14.8 Total Assets $ 626.0 $ 615.1 $ 606.0 $ 604.1 $ 607.0 Liabilities Debt (net of issuance costs) 323.5 323.8 324.1 324.4 324.8 Other Liabilities 37.3 31.5 31.6 26.9 28.2 Total Liabilities $ 360.8 $ 355.3 $ 355.7 $ 351.3 $ 353.0 Total Net Assets $ 265.2 $ 259.8 $ 250.3 $ 252.8 $ 254.0 Total Liabilities and Net Assets $ 626.0 $ 615.1 $ 606.0 $ 604.1 $ 607.0 Net Asset Value per Share $ 11.41 $ 11.68 $ 11.47 $ 11.77 $ 11.82 Leverage Ratio (2) 1.24x 1.26x 1.31x 1.30x 1.29x Net Leverage Ratio (3) 1.07x 1.15x 1.12x 1.19x 1.20x Asset Coverage Ratio (4) 180.7% 179.1% 176.2% 177.0% 177.3% |
| 8 Portfolio Highlights Note: Numbers may not foot due to rounding (1) Includes investments to STRS JV. (2) Fundings, exits and repayments may include non-cash transactions (e.g., PIK, equity issuances). (3) Exits and repayments may include sales to STRS JV. Portfolio Highlights Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (USD in MM) Portfolio Activity New Investment Commitments(1) $ 23.2 $ 101.0 $ 30.3 $ 28.9 $ 27.4 Gross Fundings(2) 21.9 79.4 28.1 30.5 23.9 Exits and Repayments(2)(3) (76.8) (72.4) (58.9) (11.0) (27.0) Net Fundings / (Repayments) $ (54.9) $ 7.0 $ (30.8) $ 19.5 $ (3.1) Portfolio Rotation 10.4% 9.4% 8.9% 9.2% 9.9% 6.1% 5.9% 5.3% 5.6% 6.0% 12.3% 11.2% 9.4% N/A 9.6% Weighted Average Spread Over The Applicable Base Rate Of New Floating Rate Investments Weighted Average Interest Rate On Full Investment Realizations Or Repayments Weighted Average Interest Rate On New Investments |
| Portfolio Highlights 9 Note: Not a guarantee of future performance or investment pace. (1) Does not include investments in STRS JV. (2) Calculated based on funded principal amounts of debt investments. (3) Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Weighted average effective yield for entire portfolio, including equities and investments in STRS JV. (5) Includes STRS JV Subordinated Note. Source: Company filings ($ in MM, except per share data) Portfolio Investment Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total Fair Value of Investments $ 568.4 $ 578.6 $ 543.0 $ 569.2 $ 569.1 Number of Portfolio Investments 125 129 128 131 125 Number of Portfolio Companies 66 68 65 67 64 Average Investment Size(1) $ 3.8 $ 3.7 $ 3.5 $ 3.6 $ 3.7 Average Borrower Size(1) $ 7.1 $ 7.1 $ 6.8 $ 7.0 $ 7.2 Average Debt Investment Size(1) $ 5.2 $ 5.2 $ 4.8 $ 4.9 $ 5.2 Fair Value as a Percentage of Principal(1)(2) 92.1% 94.6% 94.0% 94.5% 95.3% Total Portfolio Effective Yield(3) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Weighted average effective yield on income-producing investments(1) 11.6% 11.0% 10.8% 10.8% 11.0% Weighted average effective yield on total portfolio(4) 9.5% 9.1% 8.7% 8.8% 8.7% Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Percentage of fixed rate investments 0.9% 1.3% 1.4% 1.4% 1.4% Percentage of floating rate investments 99.1% 98.7% 98.6% 98.6% 98.6% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sponsor 65.3% 65.5% 61.8% 60.3% 58.2% Non-Sponsor 34.7% 34.5% 38.2% 39.7% 41.8% Total Portfolio Composition by Instrument Type (Fair Value) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 First lien secured loans 74.7% 74.3% 72.7% 72.7% 70.7% Second lien secured loans 0.6% 0.8% 0.9% 0.9% 0.9% Subordinated debt 0.2% 0.2% 0.2% 0.2% 0.2% STRS JV 18.6% 18.3% 19.5% 19.1% 20.3% Equity 5.9% 6.3% 6.7% 7.1% 7.9% Investments on Non-Accrual Status (Debt Investments) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Fair Value of Investments on Non-accrual Status $ 11.5 $ 10.6 $ 14.4 $ 15.1 $ 8.1 Cost of Investments on Non-accrual Status $ 31.9 $ 19.7 $ 29.6 $ 29.9 $ 18.2 % of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 2.2% 2.0% 3.0% 3.0% 1.6% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 5.9% 3.7% 5.9% 5.8% 3.6% |
| Portfolio Trends Historical Portfolio Trends 10 % Floating and % Fixed (Based on Fair Value) % Instrument Type (Based on Fair Value) % Sponsored / Non-Sponsored (Based on Fair Value) % Non-Accruals (Based on Cost of Investments)(1)(2)(3) Note: As of end of each year/quarter presented, unless otherwise noted; percentages may not add up to 100% due to rounding. Not a guarantee of future performance or investment pace. (1) Based on amortized cost of total investments, including STRS JV. (2) BDC Peer Average includes approximately 10-15 publicly traded BDCs with total investments > $500 million & < $1.5 billion. BDC Industry Weighted Average and BDC Industry Median includes approximately 40 publicly traded BDCs. Data is sourced from Raymond James and Company filings as of September 30, 2026. Weighted averages are based on non-accruals as a percentage of amortized cost across total investments. (3)The Company’s Q3 2026 non-accruals is not an indication that the Company performed better than any of the three other measurements during such quarter. 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 99.1% 98.7% 98.7% 98.6% 0.1% 0.2% 0.4% 0.4% 0.9% 1.3% 1.3% 1.4% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Floating Fixed 52% 77% 81% 85% 85% 80% 78% 74% 71% 39% 21% 11% 4% 3% 3% 1% 1% 1% 9% 3% 3% 3% 3% 2% 4% 6% 8% 6% 7% 9% 15% 17% 18% 20% 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2023 2024 2025 Q3 2026 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 32% 44% 53% 58% 67% 62% 65% 67% 66% 58% 68% 56% 47% 42% 33% 38% 35% 33% 34% 42% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Sponsor Non-Sponsor 2.1% 2.9% 0.0% 5.2% 10.0% 3.2% 5.2% 5.0% 3.1% 3.3% 3.5% 3.3% 3.5% 4.4% 3.2% 4.0% 2.8% 2.1% 2.6% 3.2% 2.4% 2.5% 3.3% 2.2% 2.6% 2.7% 3.0% 3.3% 2.6% 3.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% WHF BDC Peer Average BDC Industry Weighted Average BDC Industry Median |
| Investment Performance Ratings 11 Investment Performance Ratings (% of Portfolio at Fair Value) Rating 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 1 6.3% 2.3% 22.2% 15.4% 8.6% 18.3% 11.0% 4.7% 4.5% 4.0% 14.4% 2 100.0% 92.4% 100.0% 90.3% 87.0% 83.9% 80.1% 83.3% 61.1% 74.7% 66.2% 59.4% 61.5% 81.2% 83.8% 82.6% 70.4% 3 7.6% 7.9% 13.0% 16.1% 13.6% 13.1% 15.0% 8.9% 22.2% 19.2% 20.1% 7.9% 6.2% 8.4% 10.2% 4 0.0% 0.0% 0.0% 0.6% 1.0% 3.0% 0.9% 6.1% 2.7% 2.8% 2.5% 3.3% 5 1.8% 0.0% 1.3% 1.1% - - 2.2% 1.3% 3.5% 2.7% 2.5% 1.7% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Investment Performance Rating Definitions Rating Definition 1 The portfolio company's risk of loss has been reduced relative to initial expectations. 2 The portfolio company is meeting initial expectations with regard to performance and outlook. 3 The investment's risk of loss has increased relative to initial expectation. 4 Investment principal is at a material risk of not being fully repaid. 5 Investment is in payment default and has significant risk of not receiving full repayment. |
| 12 Note: As of September 30, 2026, unless otherwise noted; percentages may not add up to 100% due to rounding. (1) Does not include investments in STRS JV. Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) Borrower and Industry Diversity ~99.8% of WHF loans are senior secured 20.3% 3.6% 3.4% 3.2% 2.7% 2.6% 2.6% 2.5% 2.4% 2.4% 54.3% STRS JV ABB/Con-cise Optical Group LLC Telestream Holdings Corporation FPT Operating Company, LLC GTT Communications Global, LLC Sklar Holdings, Inc. Motivational Marketing, LLC Texas Express Wash, LLC Zephyr Buyer, L.P. Leviathan Intermediate Holdco, LLC Other STRS JV 8.5% 6.9% 6.2% 5.6% 5.1% 4.5% 4.3% 4.0% 3.5% 3.6% 3.9% 3.5% 40.4% Transaction & Payment Processing Services Specialized Consumer Services Systems Software Education Services Application Software Health Care Supplies Technology Hardware, Storage & Peripherals Leisure Products Home Furnishings Diversified Support Services Interactive Media & Services Office Services & Supplies Other |
| Yield & Interest Rate Economic Analysis 13 (1) Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (2) Income yield is calculated as the actual amount earned on earning investments, including interest and recurring fee income, but excluding amortization of capitalized fees and discounts. (3) Calculated as (a) effective yield less (b) weighted average cost of debt. (4) The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. (5) The base reference rate represents the weighted average base rate for the quarter applied on the 2025 CLO Notes and JPM Revolving Credit Facility borrowings. 9.1% 9.2% 9.9% 11.4% 12.6% 13.2% 13.4% 13.6% 13.7% 13.7% 13.8% 13.1% 12.5% 12.1% 11.9% 11.6% 11.0% 10.8% 10.8% 11.0% 8.6% 8.8% 9.4% 10.8% 12.1% 12.6% 12.9% 13.1% 13.2% 13.2% 13.2% 12.5% 12.0% 11.6% 11.4% 11.1% 10.5% 10.4% 10.4% 10.4% 5.7% 5.7% 5.9% 6.8% 7.1% 7.1% 7.1% 7.1% 7.2% 7.2% 7.4% 6.8% 6.4% 6.3% 6.2% 6.1% 5.5% 5.5% 5.6% 5.8% 3.4% 3.5% 4.0% 4.6% 5.5% 6.1% 6.3% 6.5% 6.5% 6.5% 6.4% 6.3% 6.1% 5.8% 5.7% 5.5% 5.5% 5.3% 5.2% 5.2% 0.2% 0.3% 0.9% 2.1% 3.7% 4.8% 5.0% 5.3% 5.4% 5.4% 5.3% 5.2% 4.8% 4.4% 4.2% 4.3% 4.1% 3.8% 3.7% 3.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Effective Yield⁽¹⁾ Income Yield⁽²⁾ Net Investment Spread⁽³⁾ Weighted Average Cost of Debt⁽⁴⁾ Base reference rate⁽⁵⁾ |
| Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to September 30, 2026 14 Core NII(2) to Dividend Coverage(3) Note: Amounts may not foot due to rounding. (1) Portfolio leverage is based on investment leverage at inception. (2) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (net of any incentive fee impact) (i) the impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, (iii) certain excise or other income taxes and (iv) certain non-recurring expenses that are one-time in nature and are not representative of ongoing expenses incurred during the Company’s normal course of business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. (3) Does not include special or supplemental dividends. Source: Company filings Covered by $0.09 Covered by $0.12 Covered by $0.10 Covered by $0.10 Covered by $0.07 Covered by $0.08 Covered by $0.01 Covered by $0.01 Missed by $0.05 Missed by $0.10 Missed by $0.11 Missed by $0.13 Covered by $0.04 Covered by $0.00 Missed by $0.03 Missed by $0.03 2.8x 2.4x 4.1x 3.4x 3.4x 2.1x 4.5x 3.0x 3.8x 2.3x 3.1x 2.7x 3.0x 3.6x 2.9x 3.4x 3.2x 3.5x 3.4x 3.4x 3.2x 3.3x 3.3x 3.5x 3.6x 3.6x 3.6x 3.6x 3.7x 3.8x 3.7x 3.8x 4.0x 4.1x 4.1x 4.1x 4.0x 4.1x 4.1x 4.1x 4.1x 4.1x 4.1x 4.2x 4.1x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.2x 4.2x 4.2x Borrower Leverage through WHF Security Effective Yield |
| NAV Per Share Bridge 15 Note: Numbers may not foot due to rounding. (1) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date. Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (net of any incentive fee impact) (i) the impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, (iii) certain excise or other income taxes and (iv) certain non-recurring expenses that are one-time in nature and are not representative of ongoing expenses incurred during the Company’s normal course of business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. Source: Company filings |
| Net Asset Value Trends 16 *As a supplement to GAAP financial measures, the Company has provided this non-GAAP measure. The Company believes that this non-GAAP financial measure is useful as it highlights the changes in NAV per share of common stock for each quarter excluding the impact of special dividends that were paid and shows the pro forma to the Company’s NAV per share after payment of regular distributions. Net Asset Value Per Share 15.43 15.55 15.56 14.81 14.21 13.13 12.54 12.69 15.00 15.30 15.16 15.04 13.33 13.63 13.98 15.35 15.23 15.23 15.10 14.30 13.63 12.31 11.68 11.82 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Net Asset Value If No Special or Supplemental Dividends Were Paid |
| Leverage Migration 17 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.29x Leverage Ratio: 1.30x Driven by net realized and unrealized gains |
| Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. (1) As of September 30, 2026, WHF had $3.7MM of deferred debt issuance costs. (2) In June 2025, the Company completed a $298.15 million term debt securitization, of which the 2025 Senior CLO Notes, totaling $174.0 million were issued through a private placement. The Class B Notes, Class C Notes and 2025 Subordinated CLO Notes are fully retained by the Company and eliminated upon consolidation. (3) Gross leverage excluding cash. 3 Current Debt Outstanding (as of September 30, 2026) ($ in MM) Commitment Outstanding(1) Weighted Average Interest Rate Maturity Revolving Credit Facility $50.0 $0.0 S+2.250% payable quarterly 2030 2025 Senior Secured CLO Notes(2) $174.0 $174.0 S+1.700% payable quarterly 2037 5.375% 2026 Notes $10.0 $10.0 5.375% payable semi-annually; Unsecured 2026 4.000% 2026 Notes $75.0 $75.0 4.000% payable semi-annually; Unsecured 2026 5.625% 2027 Notes $10.0 $10.0 5.625% payable semi-annually; Unsecured 2027 4.250% 2028 Notes $25.0 $25.0 4.250% payable semi-annually; Unsecured 2028 7.875% 2028 Notes (NASDAQ: WHFCL) $34.5 $34.5 7.875% payable quarterly; Unsecured 2028 Total Debt $378.5 $328.5 5.3% weighted average cost of debt Total Shareholders’ Equity/Net Assets $254.0 NA Funding Profile Gross Debt to Equity(3) 1.25x-1.35x Target Leverage 18 1.38x 1.36x 1.23x 1.27x 1.34x 1.30x 1.32x 1.25x 1.23x 1.26x 1.16x 1.20x 1.24x 1.30x 1.34x 1.24x 1.26x 1.31x 1.30x 1.29x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Debt/ Equity |
| 19 Appendix |
| Origination Footprint Regional Direct Origination Footprint Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions Dedicated direct lending team of 70+ investment and origination professionals Regional footprint with 20 dedicated direct lending originators in 13 North American offices Global platform of 500+ investment professionals across 17 offices in 9 countries and 3 continents Additional 25+ generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to middle market 20 Existing offices with senior originators Headquarters of a current portfolio company Headcount data as of September 30, 2026. (Calgary) Los Angeles Miami New York Boston Atlanta Stamford San Francisco Dallas Cincinnati Washington, D.C. (Winnipeg) Chicago Alaska Nashville Boca Raton |
| Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. (1) As of September 30, 2026 STRS JV had $2.0MM of deferred debt issuance costs. 3 STRS JV Key Terms and Funding Profile Key Terms WHF and STRS Ohio have committed to provide up to $175 million in subordinated notes and equity to STRS JV, with STRS Ohio providing $60 million and WHF providing $115 million WHF and STRS Ohio share voting control 50%/50% Equity ownership of 65.71% WHF and 34.29% STRS An affiliate of H.I.G. provides day-to-day administrative oversight Current Debt Outstanding (as of September 30, 2026) ($ in MM) 21 ($ in MM) Commitment Outstanding(1) Weighted Average Interest Rate Maturity Revolving Credit Facility $262.5 ($75 Accordion Feature) $163.2 S+2.25% payable quarterly 2029 Subordinated Note $140.0 $140.0 S+6.50% payable quarterly N/A Total Debt $402.5 $303.2 8.0% weighted average cost of debt Equity $35.0 $36.0 N/A N/A |
| 22 Note: As of September 30, 2026, unless otherwise noted; percentages may not add up to 100% due to rounding. (1) Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) 100% of STRS JV loans are senior secured STRS JV Borrower and Industry Diversity 5.2% 4.2% 4.1% 4.1% 4.0% 3.8% 3.7% 3.7% 3.6% 3.5% 60.1% Marlin DTC-LS Midco 2, LLC Meta Buyer LLC Juniper Landscaping Holdings LLC AB Centers Acquisition Corporation Drew Foam Companies Inc RCKC Acquisitions LLC Forward Solutions, LLC Quest Events, LLC Pirtek Holdco, LLC Apollon Holdings, LLC Other 10.5% 9.0% 8.9% 8.1% 5.7% 5.3% 5.5% 5.6% 5.2% 4.1% 3.5% 3.0% 25.6% IT Consulting & Other Services Environmental & Facilities Services Diversified Support Services Building Products Advertising Construction & Engineering Paper & Plastic Packaging Products & Materials Personal Care Products Broadline Retail Health Care Facilities Asset Management & Custody Banks Household Products Other |
| Origination Pipeline Funnel(1) 23 (1) Origination Pipeline figures reflect 2014 through September 30, 2026. Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance Approximately 70 WhiteHorse deal professionals dedicated to sourcing and underwriting for WHF 20+ person business development team seeks opportunities from H.I.G.’s proprietary database of over 21,000 contacts (telephonic salesforce) With access to H.I.G. Capital’s extensive sourcing network, the Company is able to capitalize on attractive self-originated lower middle market transactions as compared to the broadly syndicated market Directly originated loans to lower middle market companies typically generate more attractive risk-adjusted returns relative to larger, broadly syndicated credits Typical Underwriting Process: 3-6 months Opportunities Reviewed Initial Due Diligence Term Sheets Delivered Closed Transactions Deals being sourced by over 500 Investment Professionals across H.I.G.’s platform Total % of Sourced 14,617 100.0% 3,283 21.9% 833 5.5% 326 2.2% |
| 24 Corporate Data |
