WhiteHorse Finance (NASDAQ: WHF) NII down 29.8% as NAV slips

Q: How did WhiteHorse Finance (WHF) perform financially in 2025?

WhiteHorse Finance’s 2025 net investment income was $26.1 million, or $1.127 per share, down from $37.2 million and $1.602 per share in 2024. Total investment income declined as portfolio size and yields fell, while realized and unrealized losses totaled $11.8 million for the year.

Q: What is WhiteHorse Finance’s current net asset value per share?

As of December 31, 2025, WhiteHorse Finance’s net asset value was $259.8 million, or $11.68 per share. This compares with $286.1 million, or $12.31 per share, at December 31, 2024, reflecting portfolio markdowns and a smaller investment base despite positive Q4 operating results.

Q: What dividends did WhiteHorse Finance (WHF) declare around year-end 2025?

For the quarter ending March 31, 2026, WhiteHorse Finance declared a $0.25 per share distribution and a $0.01 supplemental, payable April 6, 2026 to holders of record March 12, 2026. For 2025, total declared distributions were $1.44 per share, including a $0.035 special payout.

Q: How large is WhiteHorse Finance’s investment portfolio and what are its yields?

At December 31, 2025, WhiteHorse Finance’s portfolio fair value was $578.6 million, with a weighted average effective yield of 9.1% on income-producing debt investments. Excluding STRS JV, the debt portfolio’s weighted average size was $517.5 million in 2025 with a 9.2% weighted average yield.

Q: What is WHF’s exposure and return from the STRS JV investment?

WhiteHorse Finance’s investment in WHF STRS Ohio Senior Loan Fund LLC was about $106.0 million at fair value as of December 31, 2025. STRS JV’s portfolio totaled $323.6 million and produced an annualized gross investment yield of roughly 13.2% for WhiteHorse Finance during the fourth quarter of 2025.

Q: What liquidity and borrowing capacity does WhiteHorse Finance have?

As of December 31, 2025, WhiteHorse Finance held $29.7 million in cash and cash equivalents, including restricted cash, and had $100.0 million of undrawn revolver capacity. Due to borrowing base limits, approximately $43.8 million was actually available to be drawn under the credit facility.

Q: Did WhiteHorse Finance repurchase shares in the fourth quarter of 2025?

During the fourth quarter of 2025, WhiteHorse Finance and H.I.G. directors, officers and employees purchased roughly 1.1 million shares for about $8.0 million. On February 26, 2026, the board also approved a $7.5 million increase in the stock repurchase program, raising total authorization to $22.5 million.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

Positive

Capital return and alignment: The board declared a regular quarterly distribution of $0.25 per share plus a $0.01 supplemental for Q1 2026, while the company and H.I.G.-related insiders acquired about 1.1 million shares for approximately $8.0 million and expanded repurchase authorization to $22.5 million.

Negative

Material earnings and NAV pressure: 2025 net investment income fell to $26.1 million from $37.2 million, a 29.8% decline, and net asset value per share decreased from $12.31 at December 31, 2024 to $11.68 at December 31, 2025 amid lower yields, non-accruals, and portfolio shrinkage.

Insights

Net investment income and NAV declined, but payouts and buybacks continue.

WhiteHorse Finance generated 2025 net investment income of $26.1M, down from $37.2M, a 29.8% drop. Total investment income fell as the debt portfolio shrank from $584.5M to $517.5M on average and yields declined from 10.4% to 9.2% excluding STRS JV.

Despite lower earnings, the company paid annual distributions of $1.44 per share and ended 2025 with NAV of $259.8M, or $11.68 per share, versus $12.31 a year earlier. Credit marks, including markdowns in Camarillo Fitness Holdings, contributed to a $11.8M net realized and unrealized loss for the year.

Capital actions partly offset pressure: about 1.1 million shares were repurchased by the company and H.I.G.-related participants for roughly $8.0M, and the repurchase authorization rose to $22.5M. Future filings will clarify whether portfolio repositioning and STRS JV yields around 13.2% in Q4 can stabilize earnings.

03/02/2026 - 07:30 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2026

WhiteHorse Finance, Inc.

(Exact name of registrant as specified in its charter)


Delaware	814-00967	45-4247759
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)


1450 Brickell Avenue, 31st Floor Miami, Florida		33131
(Address of principal executive offices)		(Zip Code)

(305) 381-6999

(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 Registered
Common Stock, par value $0.001 per share	WHF	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)
7.875% Notes due 2028	WHFCL	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

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 March 2, 2026, WhiteHorse Finance, Inc. (the “Company”) issued a press release announcing a quarterly distribution and its financial results for the fourth quarter and fiscal year ended December 31, 2025. A copy of the press release is furnished 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 shall 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, shall 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 shall 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 shall 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, shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall 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 March 2, 2026.

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: March 2, 2026	WHITEHORSE FINANCE, INC.

	By:	/s/ Joyson C. Thomas
		Joyson C. Thomas
		Chief Financial Officer

Exhibit 99.1

WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2025 Earnings Results and Declares Quarterly Distribution of $0.25 Per Share and Supplemental Distribution of $0.01 Per Share

NEW YORK, March 2, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its fourth quarter and full year financial results for the year ended December 31, 2025. In addition, the Company’s board of directors has declared a distribution of $0.25 per share with respect to the quarter ending March 31, 2026 and a supplemental distribution of $0.01 per share. Both distributions will be payable on April 6, 2026 to stockholders of record as of March 12, 2026.

Fourth Quarter 2025 Summary Highlights

● Net Asset Value of $259.8 million, or $11.68 per share, compared to $12.31 per share in 2024

● Investment portfolio⁽¹⁾ totaling $578.6 million

● STRS JV investment portfolio totaling $323.6 million

● Gross investment deployments of $77.1 million for the fourth quarter, including new originations of $64.0 million and $13.1 million of fundings for add-ons to existing investments

● Gross investment deployments of $180.8 million for the year, including new originations of $152.1 million and $28.7 million of fundings for add-ons to existing investments

● Net investment income and core net investment income⁽²⁾ of $6.6 million, or $0.287 per share, for the fourth quarter

● Annual net investment income and core net investment income⁽²⁾ of $26.1 million, or $1.127 per share

● Annual distributions of $1.44 per share, including a special distribution of $0.035 per share

● During the fourth quarter, the Company and H.I.G. directors, officers, and employees purchased an aggregate of approximately 1.1 million shares for approximately $8.0 million

● On February 26, 2026, the Company’s board of directors approved a $7.5 million increase in the authorized amount available for repurchases under the Stock Repurchase Program up to $22.5 million

Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer, commented, “During the fourth quarter, we delivered improved earnings and an increase in NAV, supported by disciplined portfolio management and share repurchases executed at a meaningful discount to book value. With the prudent reset of our base dividend last quarter, we are positioned to earn our distribution on a more consistent basis, while maintaining our established framework for supplemental distributions when incremental earnings are available. Our portfolio remains overwhelmingly first lien and we continue to actively manage underperforming credits with dedicated restructuring resources, while remaining selective in a highly competitive origination environment and focused on structure and credit quality.”

Portfolio and Investment Activity

As of December 31, 2025, the fair value of WhiteHorse Finance’s investment portfolio was $578.6 million, compared with $642.2 million as of December 31, 2024. The portfolio as of December 31, 2025 consisted of 129 positions across 68 companies with a weighted average effective yield of 9.1% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $3.7 million with the overall portfolio comprised of approximately 74.3% first lien secured loans, 0.8% second lien secured loans, 0.2% unsecured loans, 6.4% equity and 18.3% 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 1.3% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended December 31, 2025, WhiteHorse Finance made investments in seven new portfolio companies for a total of $64.0 million, added a total of $13.1 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $49.6 million for the three months ended December 31, 2025, driven by four full realizations in Bridgepoint Healthcare, LLC, Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC), Event Services America, Inc. (d/b/a Contemporary Services Corporation) and ELM One Call Locators, Inc. (d/b/a One Call Locators, Ltd.), and the Company received net repayments of $1.2 million from revolver loans.

In addition to the transactions discussed above, during the three months ended December 31, 2025, WhiteHorse Finance transferred assets comprised of two new portfolio companies and two add-on investments, totaling $19.2 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2025, WhiteHorse Finance invested $152.1 million across 19 new portfolio companies. The Company also invested $28.7 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $155.7 million for the year.

In addition to the transactions above, during the year ended December 31, 2025, WhiteHorse Finance transferred assets totaling $83.3 million in exchange for cash proceeds from STRS JV. As of December 31, 2025, the Company’s investment in STRS JV was approximately $106.0 million, at fair value.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2025, STRS JV’s portfolio totaled $323.6 million, consisted of 43 portfolio companies and had a weighted average effective yield of 9.9% on its portfolio.

Results of Operations

For the three months and year ended December 31, 2025, the Company’s net investment income was approximately $6.6 million and $26.1 million, compared with approximately $8.0 million and $37.2 million for the same periods in the prior year, representing a decrease of approximately 17.5% and a decrease of 29.8%, respectively. The decrease in net investment income for the year-over-year period was primarily attributable to lower yields, investments placed on non-accrual status and lower portfolio size. For the year ended December 31, 2025, the weighted average size and weighted average yield of the debt portfolio, excluding STRS JV, was $517.5 million and 9.2%, respectively. For the year ended December 31, 2024, the weighted average size and weighted average yield of the debt portfolio, excluding STRS JV, was $584.5 million and 10.4%, respectively.

For the three months ended December 31, 2025, the Company’s investment in STRS JV generated an annualized, gross investment yield of approximately 13.2%.

For the three months and year ended December 31, 2025, core net investment income⁽³⁾ was $6.6 million and $26.1 million, or $0.287 per share and $1.127 per share, respectively, compared with $8.0 million and $37.2 million, or $0.343 per share and $1.602 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2025, WhiteHorse Finance reported a net realized and unrealized gain and loss on investments and foreign currency transactions of $1.8 million and ($11.8) million, respectively. This compares with the three months and year ended December 31, 2024 net realized and unrealized loss on investments and foreign currency transactions of ($4.1) million and ($26.4) million, respectively. The decrease for the year ended December 31, 2025 period was primarily attributable to markdowns of $6.0 million in Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and net markdowns across the portfolio.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $8.4 million and $14.3 million for the three months and year ended December 31, 2025, respectively which compares with a net increase of $3.9 million and $10.8 million for the three months and year ended December 31, 2024, respectively.

WhiteHorse Finance’s net asset value was $259.8 million, or $11.68 per share, as of December 31, 2025, compared with $265.2 million, or $11.41 per share, as of September 30, 2025. As of December 31, 2024, WhiteHorse Finance’s net asset value was $286.1 million, or $12.31 per share.

Liquidity and Capital Resources

As of December 31, 2025, WhiteHorse Finance had cash and cash equivalents of $29.7 million, compared with $45.9 million as of September 30, 2025, inclusive of restricted cash. As of December 31, 2025, the Company also had $100.0 million of undrawn capacity under its revolving credit facility and due to borrowing based limitations approximately $43.8 million was available to be drawn by the company.

Distributions

The Company's board of directors has declared a distribution of $0.25 per share and a supplemental distribution of $0.01 per share with respect to the quarter ending March 31, 2026. The distribution will be payable on April 6, 2026, to stockholders of record as of March 12, 2026.

On November 10, 2025, the Company declared a distribution of $0.25 per share for the quarter ended December 31, 2025. The distribution was paid on January 5, 2026 to stockholders of record as of December 22, 2025. In addition, previously on October 15, 2025, the Company declared a special distribution of $0.035 per share, which was paid on December 10, 2025 to stockholders of record as of October 31, 2025.

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 Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its full year financial results for the period ended December 31, 2025, at 1:30 p.m. ET on Monday, March 2, 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 #WHFQ425. 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 March 9, 2026. The teleconference replay can be accessed by dialing 800-839-2417 (domestic) or +1 402-220-7209 (international). 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 $74 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 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 press release.

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $106.0 million, at fair value.

(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 (i) the net impact of costs associated with the refinancing of the Company’s indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees).

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.

(3) 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 (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters and years ended December 31, 2025 and December 31, 2024.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2025 and December 31, 2024 (in thousands, except per share data):


	December 31, 2025				December 31, 2024
	Amount		Per Share		Amount		Per Share
			Amounts				Amounts
Net investment income	$	6,604	$	0.287	$	7,976	$	0.343
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	$	6,604	$	0.287	$	7,976	$	0.343

The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2025 and December 31, 2024 (in thousands, except per share data):


	December 31, 2025				December 31, 2024
	Amount		Per Share		Amount		Per Share
			Amounts				Amounts
Net investment income	$	26,110	$	1.127	$	37,238	$	1.602
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	$	26,110	$	1.127	$	37,238	$	1.602

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


			December 31, 2025			December 31, 2024

Assets
Investments, at fair value
Non-controlled/non-affiliate company investments		$	436,589		$	504,832
Non-controlled affiliate company investments			36,042			29,851
Controlled affiliate company investments			106,018			107,530
Total investments, at fair value (amortized cost $607,574 and $695,240, respectively)			578,649			642,213
Cash and cash equivalents			7,033			12,424
Restricted cash and cash equivalents			22,287			14,548
Restricted foreign currency (cost of $405 and $894, respectively)			405			864
Interest and dividend receivable			5,647			5,631
Amounts receivable on unsettled investment transactions			124			112
Prepaid expenses and other receivables			984			1,009
Unrealized appreciation on foreign currency forward contracts			—			20
Total assets		$	615,129		$	676,821

Liabilities
Debt (net of unamortized debt issuance costs of $4,666 and $2,876, respectively)		$	323,834		$	353,117
Distributions payable			5,597			8,949
Management fees payable			2,660			2,932
Incentive fees payable			19,157			17,848
Amounts payable on unsettled investment transactions			—			3,539
Interest payable			1,392			1,821
Accounts payable and accrued expenses			1,884			2,141
Advances received from unfunded credit facilities			490			340
Unrealized depreciation on foreign currency forward contracts			323			—
Total liabilities		$	355,337		$	390,687

Commitments and contingencies

Net assets
Common stock, 22,234,045 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized			22			23
Paid-in capital in excess of par			329,122			337,205
Accumulated earnings (losses)			(69,352)			(51,094)
Total net assets			259,792			286,134
Total liabilities and total net assets		$	615,129		$	676,821
Number of shares outstanding			22,234,045			23,243,088
Net asset value per share		$	11.68		$	12.31

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)


		Year ended December 31,
		2025		2024		2023
Investment income
From non-controlled/non-affiliate company investments
Interest income	$	53,449	$	66,402	$	78,493
Payment-in-kind income		1,637		6,175		3,960
Fee income		2,207		2,247		2,966
Dividend income		82		116		450
From non-controlled affiliate company investments
Interest income		378		93		—
Payment-in-kind income		513		705		314
Dividend income		—		—		84
From controlled affiliate company investments
Interest income		9,070		9,838		9,488
Payment-in-kind income		—		380		1,347
Dividend income		5,336		6,861		6,158
Total investment income		72,672		92,817		103,260
Expenses
Interest expense		23,139		27,899		29,915
Base management fees		11,111		12,127		14,684
Performance-based incentive fees		6,477		9,309		10,678
Administrative service fees		683		683		683
General and administrative expenses		4,690		4,440		3,622
Total expenses, before fees waived		46,100		54,458		59,582
Performance-based incentive fees waived		(200)		—		—
Total expenses		45,900		54,458		59,582
Net investment income before excise tax		26,772		38,359		43,678
Excise tax		662		1,121		965
Net investment income after excise tax		26,110		37,238		42,713

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments		(14,403)		(17,993)		309
Non-controlled affiliate company investments		—		—		(339)
Controlled affiliate company investments		(20,980)		—		—
Foreign currency transactions		(784)		(1)		950
Foreign currency forward contracts		602		13		27
Net realized gains (losses)		(35,565)		(17,981)		947
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments		7,511		7,421		(7,871)
Non-controlled affiliate company investments		(2,877)		(7,775)		(5,608)
Controlled affiliate company investments		19,468		(9,213)		(8,490)
Translation of assets and liabilities in foreign currencies		33		1,098		(1,239)
Foreign currency forward contracts		(343)		63		(40)
Net change in unrealized appreciation (depreciation)		23,792		(8,406)		(23,248)
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(11,773)		(26,387)		(22,301)
Net increase (decrease) in net assets resulting from operations	$	14,337	$	10,851	$	20,412

Per Common Share Data
Basic and diluted earnings (losses) per common share	$	0.62	$	0.47	$	0.88
Dividends and distributions declared per common share	$	1.44	$	1.79	$	1.55
Basic and diluted weighted average common shares outstanding		23,174,909		23,243,088		23,243,088

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Debt Investments
Advertising
Avision Holdings, LLC (d/b/a Avision Sales Group)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.00%	9.82%	05/31/24	12/15/26	652	$	647	$	650	0.3	%
Avision Holdings, LLC (d/b/a Avision Sales Group)⁽²⁹⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	6.00%	9.82%	05/31/24	12/15/26	548		544		546	0.2
										1,191		1,196	0.5
Air Freight & Logistics
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)⁽³⁰⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	7.00%	10.72% (9.72% Cash + 1.00% PIK)	12/16/22	12/18/28	8,956		8,820		8,697	3.3
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)^(7)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	7.00%	10.72%	12/16/22	12/18/28	605		596		584	0.2
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)^(29)(34)	First Lien Secured Term Loan	1.00%	Base Rate	6.50%	10.37%	07/12/21	07/12/28	13,175		13,104		13,135	5.0
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)^(7)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	6.50%	10.48%	07/12/21	07/12/28	630		626		637	0.2
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)⁽²⁸⁾	First Lien Secured Term Loan	2.00%	SOFR (1M)	7.25%	11.07%	06/29/23	06/29/28	7,701		7,586		7,701	3.0
										30,732		30,754	11.7
Application Software
MBS Highway, LLC⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (6M)	8.00%	12.03%	10/13/22	10/13/27	9,204		9,122		9,184	3.5
Colonnade Parent, Inc. (d/b/a Naviga Inc.)^(17)(29)	First Lien Secured Term Loan	1.00%	SOFR (3M)	1.00%	4.77%	06/14/19	09/30/26	3,667		2,988		1,925	0.7
Colonnade Parent, Inc. (d/b/a Naviga Inc.)^(17)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	1.00%	4.77%	06/14/19	09/30/26	301		287		158	0.1
UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (6M)	7.50%	11.63%	01/12/23	04/05/29	9,819		9,665		9,621	3.7
										22,062		20,888	8.0
Building Products
Trimlite Buyer LLC (d/b/a Trimlite LLC)^{(9)(13)(26)(29)}	First Lien Secured Term Loan	1.00%	CORRA (3M)	5.50%	8.08%	07/27/21	07/27/27	18,868		14,957		13,748	5.3
										14,957		13,748	5.3
Construction & Engineering
Kelso Industries LLC⁽³⁰⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	9.57%	12/26/24	12/31/29	4,785		4,710		4,823	1.9
PGI Parent LLC (d/b/a Prime Electric, Inc.)⁽²⁹⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.00%	8.67%	12/31/25	12/31/31	5,077		5,026		5,026	1.9
PGI Parent LLC (d/b/a Prime Electric, Inc.)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.00%	8.67%	12/31/25	12/31/31	—		—		—	—
										9,736		9,849	3.8
Construction Materials
Claridge Products and Equipment, LLC⁽²⁹⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	8.75%	12.57% (8.19% Cash + 4.38% PIK)	12/30/20	03/31/27	5,124		5,123		4,661	1.8
Claridge Products and Equipment, LLC^(7)(29)(31)	First Lien Secured Revolving Loan	1.00%	Base Rate	8.38%	13.54% (9.11% Cash + 4.19% PIK)	12/30/20	03/31/27	561		561		498	0.2
										5,684		5,159	2.0
Data Processing & Outsourced Services
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (6M)	6.50%	10.29%	04/04/24	03/30/29	7,374		7,231		7,331	2.8
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)^(7)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (6M)	6.50%	10.34%	04/04/24	03/30/29	276		270		283	0.1
Future Payment Technologies, L.P.⁽³⁰⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	8.25%	12.22%	12/23/16	12/07/26	19,175		19,160		19,175	7.4
										26,661		26,789	10.3
Distributors
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	7.50%	11.32%	12/22/23	12/22/28	9,188		9,051		9,193	3.5
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽²⁸⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	7.50%	11.32%	12/22/23	12/22/28	639		629		639	0.2
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽²⁹⁾	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	7.50%	11.32%	12/22/23	12/22/28	572		563		572	0.2
										10,243		10,404	3.9

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Diversified Chemicals
Chase Products Co. (f/k/a Starco)^(6)(21)(29)	Second Lien Secured Term Loan	1.00%	SOFR (3M)	5.50%	9.17% (8.99% Cash + 0.18% PIK)	03/16/23	03/16/28	3,404	$	3,404	$	3,404	1.3	%
										3,404		3,404	1.3
Diversified Support Services
NNA Services, LLC⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.75%	10.57%	08/27/21	08/27/26	8,073		8,060		8,037	3.1
Quest Events, LLC⁽²⁹⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.75%	10.48%	09/13/24	09/30/27	1,270		1,258		1,187	0.5
Quest Events, LLC^(7)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	7.50%	11.48%	03/21/25	09/30/27	124		122		113	—
										9,440		9,337	3.6
Education Services
EducationDynamics, LLC^(30)(34)	First Lien Secured Term Loan	1.00%	Base Rate	6.50%	10.32%	09/15/21	09/15/27	12,592		12,532		12,137	4.7
EducationDynamics, LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	Prime	5.50%	12.25%	09/15/21	09/15/27	360		358		320	0.1
Media Source, LLC (d/b/a Media Source Inc.)^(6)(25)(29)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	9.54% (4.77% Cash + 4.77% PIK)	09/01/25	08/30/30	4,242		4,242		4,242	1.6
Media Source, LLC (d/b/a Media Source Inc.)^{(6)(7)(8)(25)}	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.75%	9.54% (4.77% Cash + 4.77% PIK)	09/01/25	08/30/30	—		—		17	—
										17,132		16,716	6.4
Environmental & Facilities Services
Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	6.50%	10.32%	12/17/25	08/01/29	—		—		—	—
Juniper Landscaping Holdings LLC⁽²⁹⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	9.43%	05/23/25	12/29/27	454		449		454	0.2
Juniper Landscaping Holdings LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	5.75%	9.56%	05/23/25	12/29/27	890		884		910	0.4
Juniper Landscaping Holdings LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.75%	9.51%	05/23/25	12/29/27	238		235		246	0.1
										1,568		1,610	0.7
Health Care Facilities
Four Winds Health, LLC⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	7.00%	10.67%	07/31/25	07/31/29	4,364		4,286		4,343	1.7
Four Winds Health, LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	7.00%	10.67%	07/31/25	07/31/29	250		248		272	0.1
Four Winds Health, LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	7.00%	10.67%	07/31/25	07/31/29	—		—		8	—
										4,534		4,623	1.8
Health Care Services
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)⁽²⁹⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	6.00%	9.82%	12/27/24	03/01/29	938		930		942	0.4
W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.25%	9.92%	08/01/24	08/01/29	7,148		7,045		7,100	2.7
W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	6.25%	9.92%	08/01/24	08/01/29	—		—		1	—
W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	6.25%	9.92%	08/01/24	08/01/29	345		340		346	0.1
										8,315		8,389	3.2
Health Care Supplies
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)⁽²⁹⁾	First Lien Secured Term Loan	0.75%	SOFR (3M)	7.50%	11.34%	02/23/22	02/23/28	20,409		20,227		20,026	7.7
										20,227		20,026	7.7
Home Furnishings
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.50%	9.37%	11/07/25	11/07/30	13,455		13,259		13,255	5.1
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.50%	9.37%	11/07/25	11/07/30	—		—		—	—
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	5.25%	8.97%	11/06/23	08/20/26	2,848		2,832		2,848	1.1
										16,091		16,103	6.2
Household Appliances
Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)^(17)(29)	First Lien Secured Term Loan	0.50%	SOFR (3M)	6.00%	9.99%	05/26/22	05/31/29	1,587		1,363		1,199	0.5
										1,363		1,199	0.5

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Household Products
The Kyjen Company, LLC (d/b/a Outward Hound)⁽²⁹⁾	First Lien Secured Term Loan	1.00%	SOFR (6M)	7.50%	11.61% (10.61% Cash + 1.00% PIK)	04/05/21	04/05/26	11,409	$	11,400	$	9,790	3.8	%
The Kyjen Company, LLC (d/b/a Outward Hound)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (6M)	7.50%	11.61% (10.61% Cash + 1.00% PIK)	04/05/21	04/05/26	—		—		(132)	(0.1)
										11,400		9,658	3.7
Human Resource & Employment Services
Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	9.42%	02/19/25	02/19/30	2,947		2,899		2,907	1.1
Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)^(7)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.75%	9.42%	02/19/25	02/19/30	—		—		2	—
										2,899		2,909	1.1
Industrial Machinery & Supplies & Components
W Electric Intermediate Holdings, LLC (d/b/a Westinghouse Electric Corporation)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.50%	10.22% (9.22% Cash + 1.00% PIK)	08/15/24	08/15/29	12,308		12,154		12,334	4.7
										12,154		12,334	4.7
Integrated Telecommunication Services
Patagonia Holdco LLC (d/b/a Lumen LATAM)⁽²⁸⁾	First Lien Secured Term Loan	0.50%	SOFR (3M)	5.75%	9.62%	08/05/22	08/01/29	14,150		12,839		11,603	4.5
GTT Communications Global, LLC (d/b/a GTT Communications, Inc.)⁽³⁰⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.00%	9.73%	04/15/25	04/15/31	15,283		15,014		15,129	5.8
										27,853		26,732	10.3
Interactive Media & Services
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)⁽³⁰⁾	First Lien Secured Term Loan	0.50%	SOFR (3M)	4.75%	8.42%	01/31/24	01/31/31	13,945		13,701		13,945	5.4
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	0.50%	SOFR (3M)	4.75%	8.42%	01/31/24	01/31/31	—		—		32	—
										13,701		13,977	5.4
IT Consulting & Other Services
MGT Merger Target, LLC (d/b/a MGT Consulting Group)^(7)(29)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	5.00%	8.74%	04/08/25	04/10/29	283		281		300	0.1
										281		300	0.1
Leisure Facilities
Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)^{(6)(17)(24)(29)}	First Lien Secured Term Loan	1.00%	SOFR (3M)	8.50%	12.32% PIK	09/25/24	09/25/29	13,370		10,231		5,354	2.1
Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)^{(6)(7)(17)(29)}	First Lien Secured Delayed Draw Loan	1.00%	SOFR (6M)	8.50%	12.83% PIK	01/10/25	09/25/29	1,218		1,135		196	0.1
Lift Brands, Inc.⁽²⁹⁾	First Lien Secured Term Loan A	1.00%	SOFR (1M)	7.50%	11.32%	06/29/20	09/30/26	5,120		5,119		5,120	2.0
Lift Brands, Inc.⁽²⁹⁾	First Lien Secured Term Loan B	N/A	N/A	9.50%	9.50% PIK	06/29/20	09/30/26	1,753		1,752		1,753	0.7
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)^(11)(29)	First Lien Secured Term Loan C	N/A	N/A	9.50%	9.50% PIK	06/29/20	09/30/26	2,098		2,095		2,098	0.8
										20,332		14,521	5.7
Leisure Products
Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.25%	9.99%	09/06/24	09/06/29	5,679		5,596		5,645	2.2
Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)^(7)(29)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (6M)	6.25%	9.99%	09/06/24	09/06/29	1,002		987		1,000	0.4
Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)^(7)(29)(33)	First Lien Secured Revolving Loan	1.00%	Base Rate	5.90%	10.82%	09/06/24	09/06/29	451		444		450	0.2
Leviathan Intermediate Holdco, LLC⁽³⁰⁾	First Lien Secured Term Loan	1.50%	SOFR (3M)	6.00%	9.67%	12/27/22	12/27/27	13,645		13,486		13,584	5.2
Leviathan Intermediate Holdco, LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.50%	SOFR (3M)	6.00%	9.67%	12/27/22	12/27/27	—		—		4	—
Playmonster Group LLC^(6)(19)(29)	Priority First Lien Secured Term Loan	1.00%	SOFR (3M)	6.75%	10.74% PIK	12/09/22	06/08/26	1,442		1,438		1,355	0.5
Playmonster Group LLC^{(6)(17)(19)(29)}	First Lien Secured Term Loan	1.00%	SOFR (3M)	9.00%	12.99% PIK	06/07/21	06/08/26	5,595		3,661		1,729	0.7
										25,612		23,767	9.2
Oil & Gas Storage & Transportation
Island Energy Services, LLC⁽²⁸⁾	First Lien Secured Term Loan	0.50%	SOFR (3M)	5.75%	9.64%	07/16/25	07/16/32	10,472		10,077		10,158	3.9
										10,077		10,158	3.9
Packaged Foods & Meats
PANOS Brands, LLC⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	5.75%	9.48%	05/14/24	05/14/29	4,027		3,973		4,027	1.6
PANOS Brands, LLC⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	5.75%	9.48%	05/14/24	05/14/29	—		—		6	—
										3,973		4,033	1.6

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Paper Products
M2S Group Intermediate Holdings, Inc. (d/b/a M2S Group Holdings Inc.)⁽²⁸⁾	First Lien Secured Term Loan	0.50%	SOFR (3M)	4.75%	8.59%	08/22/24	08/25/31	9,368	$	8,838	$	9,276	3.6	%
										8,838		9,276	3.6
Pharmaceuticals
Meta Buyer LLC (d/b/a Metagenics, LLC)^(15)(29)	First Lien Secured Term Loan	0.75%	EurIBOR (3M)	5.25%	7.29%	12/22/25	12/22/31	4,621		5,378		5,374	2.1
Meta Buyer LLC (d/b/a Metagenics, LLC)⁽²⁹⁾	First Lien Secured Term Loan	0.75%	SOFR (3M)	5.25%	8.94%	12/22/25	12/22/31	6,720		6,653		6,653	2.6
Meta Buyer LLC (d/b/a Metagenics, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	0.75%	SOFR (3M)	5.25%	8.94%	12/22/25	12/22/31	—		—		—	—
Meta Buyer LLC (d/b/a Metagenics, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	0.75%	SOFR (3M)	5.25%	8.94%	12/22/25	12/22/31	—		—		—	—
										12,031		12,027	4.7
Real Estate Services
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.50%	10.32%	11/16/21	11/16/27	10,294		10,230		9,781	3.8
Monarch Collective Holdings, LLC⁽³⁰⁾	First Lien Secured Term Loan	1.50%	SOFR (3M)	7.25%	10.92%	01/10/24	01/10/29	9,212		9,073		9,061	3.5
Monarch Collective Holdings, LLC⁽²⁸⁾	First Lien Secured Delayed Draw Loan	1.50%	SOFR (3M)	7.25%	10.97%	01/10/24	01/10/29	1,579		1,562		1,553	0.6
										20,865		20,395	7.9
Research & Consulting Services
M&M OpCo, LLC (d/b/a Escalent, Inc.)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.00%	9.67%	04/07/23	04/09/29	4,827		4,748		4,827	1.9
M&M OpCo, LLC (d/b/a Escalent, Inc.)^(7)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	6.00%	9.67%	04/07/23	04/09/29	—		—		4	—
										4,748		4,831	1.9
Specialized Consumer Services
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	8.00%	11.82%	12/02/22	12/02/27	5,032		4,974		5,021	1.9
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)^(7)(30)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	8.00%	11.82%	12/02/22	12/02/27	1,652		1,637		1,653	0.6
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	8.00%	11.82%	12/02/22	12/02/27	—		—		8	—
Texas Express Wash, LLC (d/b/a ClearWater Express Wash)⁽³⁰⁾	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.50%	10.23%	11/26/25	11/26/30	11,128		10,778		10,776	4.1
Texas Express Wash, LLC (d/b/a ClearWater Express Wash)⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	6.50%	10.23%	11/26/25	11/26/30	—		—		—	—
Texas Express Wash, LLC (d/b/a ClearWater Express Wash)⁽²⁹⁾	Second Lien Secured Term Loan	N/A	N/A	14.00%	14.00% (7.00% Cash + 7.00% PIK)	11/26/25	11/26/31	1,569		1,436		1,435	0.6
Texas Express Wash, LLC (d/b/a ClearWater Express Wash)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	6.50%	10.23%	11/26/25	11/26/30	104		100		100	—
										18,925		18,993	7.2
Specialized Finance
Rewards Network Inc.⁽²⁸⁾	First Lien Secured Term Loan	0.75%	SOFR (3M)	6.00%	9.76%	12/05/25	12/05/31	10,213		10,036		10,034	3.9
Rewards Network Inc.⁽⁷⁾⁽⁸⁾	First Lien Secured Delayed Draw Loan	0.75%	SOFR (3M)	6.00%	9.76%	12/05/25	12/05/31	—		—		—	—
Rewards Network Inc.⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	0.75%	SOFR (1M)	6.00%	9.82%	12/05/25	12/05/31	638		627		627	0.2
WHF STRS Ohio Senior Loan Fund LLC^{(7)(8)(9)(11)(14)(18)}	Subordinated Note	N/A	SOFR (1M)	6.50%	10.18%	07/19/19	N/A	84,416		84,416		84,416	32.5
										95,079		95,077	36.6
Systems Software
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)^{(6)(7)(9)(22)(23)(27)(29)}	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	8.00%	11.99% PIK	01/03/24	01/04/27	781		775		1,240	0.5
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)^{(6)(22)(27)(29)}	Unsecured Loan	N/A	N/A	9.00%	9.00% PIK	01/03/24	07/02/29	636		627		636	0.2
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)^{(6)(22)(27)(29)}	Unsecured Loan	N/A	N/A	9.00%	9.00% PIK	01/03/24	07/02/29	650		642		650	0.3
LogicMonitor, Inc.⁽³⁰⁾	First Lien Secured Term Loan	0.75%	SOFR (3M)	5.50%	9.34%	11/19/24	11/19/31	8,220		8,130		8,186	3.2
LogicMonitor, Inc.⁽²⁹⁾	First Lien Secured Delayed Draw Loan	0.75%	SOFR (3M)	5.50%	9.34%	12/02/25	11/19/31	—		—		—	—
LogicMonitor, Inc.^(7)(29)	First Lien Secured Revolving Loan	0.75%	SOFR (3M)	5.50%	9.34%	11/19/24	11/19/31	—		—		5	—
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)^(9)(28)	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.25%	9.97%	06/21/24	06/21/29	8,602		8,483		8,631	3.3
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)^(7)(9)(29)	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	6.25%	9.97%	06/21/24	06/21/29	—		—		12	—
										18,657		19,360	7.5
Technology Hardware, Storage & Peripherals
Telestream 2 LLC (d/b/a Telestream Holdings Corporation)^(20)(30)	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.25%	10.19%	06/07/25	06/07/28	11,437		11,437		11,437	4.4
Telestream 2 LLC (d/b/a Telestream Holdings Corporation)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	6.25%	10.19%	06/07/25	06/07/28	—		—		20	—
										11,437		11,457	4.4

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Transaction & Payment Processing Services
TOT Group, Inc. (d/b/a Netevia Group LLC)⁽²⁸⁾	First Lien Secured Term Loan	1.00%	SOFR (3M)	7.25%	10.92%	06/28/24	06/28/29	9,146	$	9,000	$	9,023	3.4	%
TOT Group, Inc. (d/b/a Netevia Group LLC)^(7)(30)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	7.25%	10.92%	06/28/24	06/28/29	1,103		1,084		1,091	0.4
TOT Group, Inc. (d/b/a Netevia Group LLC)⁽⁷⁾⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	7.25%	10.92%	06/28/24	06/28/29	—		—		1	—
										10,084		10,115	3.8

Total Debt Investments									$	532,286	$	520,114	200.2	%

Equity Investments⁽¹²⁾
Advertising
Avision Holdings, LLC (d/b/a Avision Sales Group)⁽⁸⁾	Class A LLC Interests	N/A	N/A	N/A	N/A	12/15/21	N/A	299	$	299	$	322	0.1	%
ImageOne Industries, LLC⁽⁸⁾	Common A Units	N/A	N/A	N/A	N/A	09/20/19	N/A	238		13		—	—
										312		322	0.1
Air Freight & Logistics
Motivational CIV, LLC (d/b/a Motivational Fulfillment)⁽⁸⁾	Class B Units	N/A	N/A	N/A	N/A	07/12/21	N/A	1,250		1,250		774	0.3
										1,250		774	0.3
Application Software
Atlas Parent, LLC (d/b/a Alvaria, Inc.)^(8)(35)	Common Units	N/A	N/A	N/A	N/A	10/24/25	N/A	19		1,682		1,853	0.7
										1,682		1,853	0.7
Broadline Retail
Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)⁽⁸⁾	Preferred Units	N/A	N/A	8.00%	8.00% PIK	12/04/20	N/A	600		514		735	0.3
										514		735	0.3
Building Products
PFB Holding Company, LLC (d/b/a PFB Corporation)^(8)(13)	Class A Units	N/A	N/A	N/A	N/A	12/17/21	N/A	1		24		—	—
										24		—	—
Construction & Engineering
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)⁽⁸⁾	Class B Units	N/A	N/A	N/A	N/A	12/01/23	N/A	404		404		57	—
										404		57	—
Diversified Chemicals
Pressurized Holdings, LLC (f/k/a Starco)^(6)(8)(21)	Common Units	N/A	N/A	N/A	N/A	03/16/23	N/A	—		—		—	—
Pressurized Holdings, LLC (f/k/a Starco)^{(6)(8)(10)(21)}	Preferred Units	N/A	N/A	14.00%	14.00% PIK	03/16/23	N/A	—		4,537		4,784	1.8
										4,537		4,784	1.8
Diversified Support Services
Quest Events, LLC⁽⁸⁾	Common Units	N/A	N/A	N/A	N/A	12/28/18	N/A	385		385		—	—
										385		—	—
Education Services
EducationDynamics, LLC (d/b/a EDDY Enterprises, LLC)⁽⁸⁾	Senior Preferred Units	N/A	N/A	N/A	N/A	09/15/21	N/A	167		167		—	—
Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)^(8)(10)	Preferred Units	N/A	N/A	12.00%	12.00%	09/15/21	N/A	167		167		—	—
TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)^(6)(8)(25)	Class A Units	N/A	N/A	N/A	N/A	09/01/25	N/A	20,765		—		—	—
TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)^(6)(8)(25)	Class B Units	N/A	N/A	N/A	N/A	09/01/25	N/A	2		3,291		3,291	1.3
										3,625		3,291	1.3
Environmental & Facilities Services
BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)⁽⁸⁾	Class A Units	N/A	N/A	N/A	N/A	12/29/21	N/A	90		942		1,645	0.6
										942		1,645	0.6
Food Distributors
Twin Ridge CRS, LP (d/b/a CRS OneSource)⁽⁸⁾	Class A Common Units	N/A	N/A	N/A	N/A	05/10/24	N/A	63		317		264	0.1
										317		264	0.1
Household Appliances
BBQ Buyer, LLC (d/b/a BBQGuys)⁽⁸⁾	Shares	N/A	N/A	N/A	N/A	08/28/20	N/A	1,100		1,100		1,003	0.4
										1,100		1,003	0.4
Industrial Machinery & Supplies & Components
BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)⁽⁸⁾	Class A Units	N/A	N/A	N/A	N/A	02/01/22	N/A	733		788		561	0.2
										788		561	0.2

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Interactive Media & Services
What If Media Group, LLC⁽⁸⁾	Common Units	N/A	N/A	N/A	N/A	07/02/21	N/A	3,081	$	851	$	1,963	0.8	%
										851		1,963	0.8
IT Consulting & Other Services
CX Holdco LLC (d/b/a Cennox Inc.)⁽⁸⁾	Common Units	N/A	N/A	N/A	N/A	05/04/21	N/A	1,068		1,116		218	0.1
Keras Holdings, LLC (d/b/a KSM Consulting, LLC)⁽⁸⁾	Shares	N/A	N/A	N/A	N/A	12/31/20	N/A	496		496		446	0.2
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)⁽⁸⁾	Series A Units	N/A	N/A	N/A	N/A	04/10/23	N/A	—		—		308	0.1
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)⁽⁸⁾	Preferred Units	N/A	N/A	N/A	N/A	04/10/23	N/A	—		—		15	—
										1,612		987	0.4
Leisure Facilities
H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC)^(6)(8)(24)	Limited Partner Interests	N/A	N/A	N/A	N/A	09/25/24	N/A	—		—		—	—
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁸⁾	Class A Common Stock	N/A	N/A	N/A	N/A	06/29/20	N/A	2		1,941		507	0.2
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁸⁾	Warrants	N/A	N/A	N/A	N/A	06/29/20	N/A	1		793		205	0.1
										2,734		712	0.3
Leisure Products
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)^{(6)(8)(10)(19)}	Preferred Stock	N/A	N/A	14.00%	14.00% PIK	01/24/22	N/A	36		3,600		—	—
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)^(6)(8)(19)	Common Stock	N/A	N/A	N/A	N/A	01/24/22	N/A	72		460		—	—
										4,060		—	—
Paper & Plastic Packaging Products & Materials
Max Solutions Inc.⁽⁸⁾	Common Stock	N/A	N/A	N/A	N/A	09/29/22	N/A	4		400		—	—
										400		—	—
Real Estate Services
Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)^(8)(10)	Preferred Units	N/A	N/A	10.00%	10.00% PIK	11/16/21	N/A	15		840		31	—
										840		31	—
Research & Consulting Services
Merriman Holdings LP (d/b/a Escalent, Inc.)⁽⁸⁾	Class A Units	N/A	N/A	N/A	N/A	04/07/23	N/A	327		333		312	0.1
										333		312	0.1
Specialized Consumer Services
Salon Republic Investments LLC (d/b/a Salon Republic, LLC)^(8)(10)	Preferred Stock	N/A	N/A	8.00%	8.00% PIK	12/02/22	N/A	200		200		265	0.1
Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁸⁾	Common Stock	N/A	N/A	N/A	N/A	12/02/22	N/A	400		400		6	—
Texas Wash Holdings, LLC (d/b/a ClearWater Express Wash)⁽⁸⁾	Warrants	N/A	N/A	N/A	N/A	11/26/25	N/A	—		197		197	0.1
										797		468	0.2
Specialized Finance
WHF STRS Ohio Senior Loan Fund^{(7)(8)(9)(14)(18)}	LLC Interests	N/A	N/A	N/A	N/A	07/19/19	N/A	21,104		21,104		21,602	8.3
										21,104		21,602	8.3
Systems Software
Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)^{(6)(8)(22)(27)}	Common Units	N/A	N/A	N/A	N/A	01/03/24	N/A	663		—		—	—
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)^{(6)(8)(22)(27)}	Common Units	N/A	N/A	N/A	N/A	01/03/24	N/A	663		19,568		9,144	3.5
										19,568		9,144	3.5
Technology Hardware, Storage & Peripherals
Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation)^(8)(20)	Common Units	N/A	N/A	N/A	N/A	06/07/25	N/A	497		7,109		8,027	3.1
										7,109		8,027	3.1

Total Equity Investments									$	75,288	$	58,535	22.5	%

Total Investments									$	607,574	$	578,649	222.7	%

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Net Assets
Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)
Goldman Sachs Financial Square Treasury Obligations Fund⁽¹⁶⁾	Share class: Administration (CUSIP: 38141W315)				3.34%				$	8,829	$	8,829	3.4	%
Invesco Treasury Portfolio⁽¹⁶⁾	Share class: Institutional (CUSIP: 825252406)				3.09%					7,032		7,032	2.7
Dreyfus Treasury Obligations Cash Management Fund⁽¹⁶⁾	Share class: Institutional (CUSIP: 261908107)				3.65%					5,187		5,187	2.0
Total Money Market Funds										21,048		21,048	8.1
Total investments and money market funds									$	628,622	$	599,697	230.8	%

Forward Currency Contracts


Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	20,333	CAD	$	14,515	USD	2/6/26	$	—	$	(325)
Morgan Stanley	€	4,989	EUR		5,874	USD	2/6/26		2		—
Total								$	2	$	(325)

(1)	Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), provide collateral for the Company’s credit facility, and are domiciled in the United States.

(2)

The investments bear interest at a rate that may be determined by reference to SOFR, CORRA, Prime, or EurIBOR, which resets monthly, quarterly or semiannually. The one, three and six-month SOFR were 3.7%, 3.7% and 3.6%, respectively, as of December 31, 2025. The Prime was 6.8% as of December 31, 2025. The three-month CORRA was 2.3%. The one, three and six-month EurIBOR was 1.9%, 2.0% and 2.1%, respectively, as of December 31, 2025.

(3)	The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be.

(4)	Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 222.7% of the Company’s net assets or 94.1% of the Company’s total assets, are subject to legal restrictions on sales.

(5)	The fair value of each investment was determined using significant unobservable inputs.

(6)	Investment is a non-controlled/affiliate investment as defined by the 1940 Act.

(7)	The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of December 31, 2025.

(8)	The investment or a portion of the investment does not provide collateral for the Company’s credit facility and the 2025 CLO Securitization.

(9)

Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 79.4% of total assets as of the date of the consolidated schedule of investments.

(10)	Preferred equity investment is a non-income producing security.

(11)	Security is perpetual with no defined maturity date.

(12)	Ownership of certain equity investments may occur through a holding company or partnership.

(13)	Principal amount is non-USD denominated and is based in Canadian dollars.

(14)	Investment is a controlled affiliate investment as defined by the 1940 Act.

(15)	Principal amount is denominated in Euros.

(16)	The rate shown is the annualized seven-day yield as of December 31, 2025.

(17)	The investment is on non-accrual status.

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(18)

On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests primarily in senior secured first and second lien term loans.

(19)

On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company’s first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC.

(20)

In June 2025, as part of a restructuring agreement between the Company and Telestream Holdings Corporation, the Company’s first lien secured term loan and revolver investments to Telestream Holdings Corporation were converted into a new first lien secured term loan of Telestream 2 LLC (d/b/a Telestream Holdings Corporation) and common equity of Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation).

(21)

In March 2023, as part of a restructuring agreement between the Company and Sklar Holdings, Inc (d/b/a Starco), the Company’s first lien secured term loan investment was converted into a new second lien secured term loan to Chase Products Co. (f/k/a Starco) and preferred units and common units of Pressurized Holdings, LLC (f/k/a Starco).

(22)

In January 2024, as part of a restructuring agreement between the Company and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), the Company’s first lien secured term loan and priority first lien delayed draw loan investments in Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), converted into a new first lien secured delayed draw loan and unsecured notes in Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) and common equity of Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC), and Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC).

(23)	As part of the restructuring agreement between the Company and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), fair value on the first lien secured delayed draw loan includes a preferred return that is earned on capital funded.

(24)

In September 2024, as part of a restructuring agreement between the Company and Honors Holdings, LLC (d/b/a Orange Theory), the Company’s first lien secured term loan, delayed draw loan and revolver investments to Honors Holdings, LLC (d/b/a Orange Theory) were converted into a new first lien secured term loan of Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and common equity of H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC).

(25)

In September 2025, as part of a restructuring agreement between the Company and MSI Information Services, Inc., the Company’s first lien secured term loan and revolver investments in MSI Information Services, Inc., were converted into a new first lien secured term loan and revolver investments of Media Source, LLC (d/b/a Media Source Inc.) and into common equity in TVG I-E-MSI Acquisition, LLC (d/b/a Media Source, Inc).

(26)	The issuer is domiciled in Canada.

(27)	The issuer is domiciled in Cayman Islands.

(28)	Security or portion of the security pledged as collateral for the 2025 CLO Securitization.

(29)	Security or portion of the security pledged as collateral for the Company’s credit facility.

(30)	Security or portion of the security pledged as collateral for the Company’s credit facility and the 2025 CLO Securitization.

(31)	The investment was comprised of two contracts, which were indexed to Prime and SOFR (1M).

(32)	The investment was comprised of two contracts, which were indexed to Prime and SOFR (3M).

(33)	The investment was comprised of two contracts, which were indexed to Prime and SOFR (6M).

(34)	The investment was comprised of two contracts, which were indexed to SOFR (1M) and SOFR (3M).

(35)

In October 2025, as part of a restructuring agreement between the Company and Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.), a portion of the Company’s first lien secured term loan investments in Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.), were converted into common equity in Atlas Parent, LLC (d/b/a Alvaria, Inc.).



Contacts

Stuart Aronson
WhiteHorse Finance, Inc.
212-506-0500
saronson@higwhitehorse.com

or

Joyson Thomas
WhiteHorse Finance, Inc.
305-379-2322
jthomas@higwhitehorse.com

or

Robert Brinberg Rose & Company 212-257-5932 whitehorse@roseandco.com




Source: WhiteHorse Finance, Inc.

Exhibit 99.2

Earnings Presentation Quarter Ended December 31, 2025 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: $140.1MM(1) Credit Rating: Egan-Jones: BBB / DBRS: BBB (low) Portfolio Fair Value: $578.6MM(2) Current Dividend Yield: 15.9%(1)(3) (1) Based on February 27, 2026, share price of $6.30. (2) As of December 31, 2025. (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: $11.68(2)

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) 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 $74BN 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 $578.6MM as of December 31, 2025  Investments across 129(2) positions in 68 portfolio companies as of December 31, 2025 − Average Investment Size(3): $3.7MM (Average Debt Investment Size(3): $5.2MM) − Largest Portfolio Company Investment(3): $22.0MM  Invested $2,889MM in 272 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 $180 $272 $404 $415 $412 $441 $470 $590 $691 $819 $760 $696 $642 $579 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $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 $0.20 $0.32 $0.46 $0.51 $0.58 $0.82 $0.86 $0.11 $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 $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 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net asset value Cumulative special dividends paid Cumulative base dividends paid

4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of December 31, 2025, 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 127 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 December 31, 2025, is 9.1%. 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. (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 in all market conditions 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 from over 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: $2,889MM(1) Invested Capital since IPO: ~272(1) Number of Investments Made: ~$3.7MM(2) Average Investment Size: 11.0%(3) All-in Yield: ~4.2x Net Debt / EBITDA of Current Portfolio (4) Companies: ~99.7%(5) Secured Debt as a % of Total Debt: Investment Strategy

5 Summary of Quarterly Results  Q4 Net Investment Income (“NII”) and Q4 Core NII(1) was $6.6 million, or $0.287 per share, which compares with Q3 NII and Q3 Core NII of $6.1 million, or $0.263 per share.  Net realized and unrealized gains on investments and foreign currency transactions for Q4 2025 totaled $1.8 million, primarily driven by net markups across the portfolio.  Voluntary incentive fee waiver on net investment income from its stated annual rate of 20.00% to 17.50% resulted in a $0.2 million irrevocable fee waiver in Q4 2025. Earnings Summary (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.  The Company made gross investment deployments in seven new portfolio companies for a total of $64.0 million, made add-on investments to nine portfolio companies totaling $13.1 million and had net repayments of $1.2 million on revolver loans.  The Company received dispositions and principal repayments of $49.6 million, driven by four full repayments from Bridgepoint Healthcare, LLC, Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC), Event Services America, Inc. (d/b/a Contemporary Services Corporation), and ELM One Call Locators, Inc. (d/b/a One Call Locators, Ltd.). The Company also transferred four investments, comprised of two existing portfolio companies, to the STRS JV totaling $19.2 million.  The debt investments in Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.) were realized in Q4 2025. As part of the realization, a portion of the debt was converted into common equity.  The weighted average effective yield on income-producing investments at the end of Q4 2025 was approximately 11.0%, as compared with 11.6% in Q3 2025.  As of December 31, 2025, STRS JV had total assets of $335.9 million. The Company’s return on its investment in STRS JV at the end of Q4 2025 was 13.2%(2) . Portfolio Highlights  NAV per share at the end of Q4 2025 was $11.68 per share compared with $11.41 per share from Q3 2025.  Gross leverage levels increased slightly during the quarter to 1.26x from 1.24x at the end of Q3 2025. Cash on-hand at the end of Q4 2025 was $29.7 million resulting in net leverage of 1.15x, an increase from 1.07x at the end of Q3 2025.  Repurchased approximately 1.0 million shares outstanding, at an average price of $7.35 per share for a total cost of $7.4 million, resulting in net asset value accretion of approximately $0.18 per share. Balance Sheet Update  Declared a quarterly distribution of $0.25 per share that was paid on January 5, 2026 and a special distribution of $0.035 per share that was paid on December 10, 2025. On March 2, 2026, declared a quarterly distribution of $0.25 per share and a variable supplemental distribution of $0.01 to be paid on April 6, 2026.  Announced a $7.5 million increase in the Stock Repurchase Program, allowing for authorized repurchases up to $22.5 million. Dividend Policy / Other Events

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 (i) the net 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, and (iii) certain excise or other income taxes (net of incentive fees). 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 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (USD in MM, expect per share data) Total Investment Income (1) $ 18.8 21.0 $ 18.8 $ 17.7 $ 17.3 $ Expenses Interest Expense 6.5 6.2 6.1 5.8 5.0 Accelerated Amortization related to Refinancing Base Management Fees 2.9 2.8 2.8 2.8 2.7 Performance-based Incentive Fees(2) 1.7 2.0 1.6 1.5 1.4 Other Expenses 1.6 1.3 1.7 1.5 1.6 Total Expenses 13.0 12.0 12.2 11.6 10.7 Net Investment Income 8.0 $ 6.8 $ 6.6 $ 6.1 $ 6.6 $ Net Realized and Unrealized Gain / (Loss) (4.1) (2.5) (4.3) (6.7) 1.8 $ 4.3 3.9 $ 2.3 $ (0.6) $ 8.4 $ Per Share Net Investment Income (NII) 0.34 $ 0.29 $ 0.28 $ 0.26 $ 0.29 $ Core NII (3) $ 0.29 0.34 $ 0.28 $ 0.26 $ 0.29 $ Net Realized and Unrealized Gain / (Loss) (0.17) $ (0.10) $ (0.18) $ (0.28) $ 0.08 $ Earnings / (Losses) 0.17 $ 0.18 $ 0.10 $ (0.02) $ 0.36 $ Dividends Declared 0.385 $ 0.385 $ 0.385 $ 0.385 $ 0.250 $ Special Dividends Declared 0.245 $ - $ - $ - $ 0.035 $ Core NII Dividend Coverage 89% 76% 73% 68% 115% 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 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (USD in MM, expect per share data) Assets Investments at Fair Value 642.2 $ 651.0 $ 629.3 $ 568.4 $ 578.6 $ Cash and Equivalents(1) 19.6 27.8 33.3 45.9 29.7 Other Assets 6.8 8.2 8.3 11.6 6.8 Total Assets 676.8 $ 678.8 $ 670.9 $ 626.0 $ 615.1 $ Liabilities Debt (net of issuance costs) 353.1 361.1 363.2 323.5 323.8 Other Liabilities 37.6 36.2 33.0 37.3 31.5 Total Liabilities 390.7 $ 397.3 $ 396.2 $ 360.8 $ 355.3 $ Total Net Assets 286.1 $ 281.5 $ 274.7 $ 265.2 $ 259.8 $ Total Liabilities and Net Assets 676.8 $ 678.8 $ 670.9 $ 626.0 $ 615.1 $ Net Asset Value per Share 12.31 $ 12.11 $ 11.82 $ 11.41 $ 11.68 $ Leverage Ratio(2) 1.24x 1.30x 1.34x 1.24x 1.26x Net Leverage Ratio(3) 1.15x 1.23x 1.22x 1.07x 1.15x Asset Coverage Ratio(4) 180.4% 177.2% 174.6% 180.7% 179.1%

8 Portfolio Highlights Note: Numbers may not foot due to rounding (1) Fundings, exits and repayments may include non-cash transactions (e.g., PIK, equity issuances). (2) Exits and repayments may include sales to STRS JV. Portfolio Highlights Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (USD in MM) Portfolio Activity New Investment Commitments 42.0 $ 59.1 $ 53.7 $ 23.2 $ 101.0 $ Gross Fundings (1) 47.2 37.9 43.2 21.9 79.4 Exits and Repayments (1)(2) (37.5) (47.3) (63.1) (76.8) (72.4) Net Fundings / (Repayments) (9.4) $ 9.7 $ (19.8) $ (54.9) $ 7.0 $ Portfolio Rotation 9.9% 9.6% 9.9% 10.4% 9.4% 5.6% 5.3% 5.6% 6.1% 5.9% 12.5% 12.5% 10.6% 12.3% 11.2% Weighted Average Spread Over The Applicable Base Rate Of New Floating Rate Investments Weighted Average Interest Rate On 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 Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 Total Fair Value of Investments 642.2 $ 651.0 $ 629.3 $ 568.4 $ 578.6 $ Number of Portfolio Investments 127 134 132 125 129 Number of Portfolio Companies 71 74 71 66 68 Average Investment Size(1) $ 4.1 4.3 $ 4.0 $ 3.8 $ 3.7 $ Average Borrower Size(1) $ 7.5 7.6 $ 7.5 $ 7.1 $ 7.1 $ Average Debt Investment Size(1) $ 5.2 5.5 $ 5.0 $ 5.2 $ 5.2 $ Fair Value as a Percentage of Principal(1)(2) 91.1% 90.6% 94.0% 92.1% 94.6% Total Portfolio Effective Yield (3) Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 Weighted average effective yield on income-producing investments(1) 12.5% 12.1% 11.9% 11.6% 11.0% Weighted average effective yield on total portfolio(4) 10.2% 9.6% 9.8% 9.5% 9.1% Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 Percentage of fixed rate investments 1.3% 1.3% 1.3% 1.3% 1.3% Percentage of floating rate investments 98.7% 98.7% 98.7% 99.1% 98.7% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 Sponsor 66.6% 67.2% 65.9% 65.3% 65.5% Non-Sponsor 33.4% 32.8% 34.1% 34.7% 34.5% Total Portfolio Composition by Instrument Type (Fair Value) Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 First lien secured loans 78.2% 79.4% 77.6% 74.7% 74.3% Second lien secured loans 1.3% 0.5% 0.5% 0.6% 0.8% Subordinated debt 0.2% 0.2% 0.2% 0.2% 0.2% STRS JV 16.7% 16.4% 16.9% 18.6% 18.3% Equity 3.6% 3.5% 4.8% 5.9% 6.3% Investments on Non-Accrual Status (Debt Investments) Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 Fair Value of Investments on Non-accrual Status 37.0 $ 45.9 $ 24.0 $ 11.5 $ 10.6 $ Cost of Investments on Non-accrual Status 69.6 $ 79.6 $ 39.9 $ 31.9 $ 19.7 $ % of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 6.2% 7.6% 4.2% 2.2% 2.0% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 11.0% 12.4% 6.7% 5.9% 3.7%

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 December 31, 2025. Weighted averages are based on non-accruals as a percentage of amortized cost across total investments. (3)The Company’s Q4 2025 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% 0.1% 0.2% 0.4% 0.4% 0.9% 1.3% 1.3% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Floating Fixed 32% 44% 53% 58% 67% 62% 65% 67% 66% 68% 56% 47% 42% 33% 38% 35% 33% 34% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sponsor Non-Sponsor 52% 77% 81% 85% 85% 80% 78% 74% 39% 21% 11% 4% 3% 3% 1% 1% 9% 3% 3% 3% 3% 2% 4% 6% 6% 7% 9% 15% 17% 18% 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2023 2024 2025 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 2.1% 2.9% 0.0% 5.2% 10.0% 3.2% 3.3% 3.5% 3.3% 3.5% 4.4% 2.8% 2.1% 2.6% 3.2% 2.4% 2.2% 2.6% 2.7% 3.0% 3.3% 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 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1 6.3% 2.3% 22.2% 15.4% 8.6% 18.3% 11.0% 10.7% 10.3% 8.8% 4.7% 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% 63.4% 66.5% 73.0% 81.2% 3 7.6% 7.9% 13.0% 16.1% 13.6% 13.1% 15.0% 8.9% 22.2% 19.2% 20.1% 17.2% 14.7% 12.0% 7.9% 4 0.0% 0.0% 0.0% 0.6% 1.0% 3.0% 0.9% 6.1% 7.5% 7.4% 4.4% 2.7% 5 1.8% 0.0% 1.3% 1.1% - - 2.2% 1.3% 1.2% 1.1% 1.8% 3.5% 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 Perfomance 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.

18.3% 3.5% 3.4% 3.3% 2.6% 2.5% 2.4% 2.4% 2.3% 2.3% 57.0% STRS JV ABB/Con-cise Optical Group LLC Telestream Holdings Corporation Future Payment Technologies, L.P. GTT Communications Global, LLC Motivational Marketing, LLC Zephyr Buyer, L.P. Trimlite Buyer LLC Leviathan Intermediate Holdco, LLC Sleep OpCo LLC Other 12 Note: As of December 31, 2025, 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 ~99.7% of WHF loans are senior secured STRS JV 6.7% 6.0% 5.7% 5.7% 5.0% 4.8% 4.3% 4.2% 4.2% 4.1% 4.1% 3.4% 41.8% Air Freight & Logistics Systems Software Data Processing & Outsourced Services Integrated Telecommunication Services Leisure Products Application Software Real Estate Services Health Care Supplies Education Services Technology Hardware, Storage & Peripherals Specialized Consumer Services Home Furnishings 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 (a) 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% 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% 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% 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% 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% 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 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 December 31, 2025 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 (i) the net 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, and (iii) certain excise or other income taxes (net of incentive fees). 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. 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 dividends. Source: Company filings Covered by $0.09 Missed by $0.02 Covered by $0.01 Missed by $0.03 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 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 Borrower Leverage through WHF Security Effective Yield $0.32 $0.34 $0.33 $0.37$0.48 $0.46 $0.46 $0.47 $0.46 $0.47 $0.40 $0.39 $0.34 $0.29 $0.28 $0.26 $0.29$0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.37 $0.37 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.25 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 Core NII per share Dividends per share Missed by $0.04 Covered by $0.04

3 Variable Supplemental Distribution Framework 1. 50% of net investment income in excess of quarterly base distribution 2. Net asset value constraint test, with a maximum of $0.15 per share decline in net asset value over current the preceding two quarters. Supplemental distributions shall not exceed the net asset value $0.20 per share constraint test. 3. On March 2, 2026, declared a variable supplemental distribution of $0.01 to be paid on April 6, 2026. Distribution Framework Supplemental Distribution: Step 1 Q4 2025 Net investment income $ 0.287 Base distribution (0.250) Earnings in excess of base distribution 0.037 50% of excess 0.019 Eligible supplemental distribution (rounded to nearest cent) 0.020 A NAV Constraint Test: Step 2 Q4 2025 Current Quarter NAV $ 11.68 Preceding 2 Quarters NAV 11.82 NAV fluctuation 0.14 Eligible supplemental distribution 0.02 Net NAV fluctuation 0.16 NAV Constraint (not to exceed) (0.15) Maximum eligible supplemental distribution 0.01 B Proposed supplemental distribution 0.01 $ Minimum of A and B 15

NAV Per Share Bridge 16 Note: Numbers may not foot due to rounding. 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 (i) the net 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, and (iii) certain excise or other income taxes (net of incentive fees). 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 17 *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 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 $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 Net Asset Value

9/30/2025 QtQ Change 12/31/2025 Outstanding Debt: Outstanding Debt: $328.5 +$0.0 $328.5 NAV: NAV: $265.2 ($5.4) $259.8 Leverage Migration 18 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.26x Leverage Ratio: 1.24x Driven by share repurchases Sales & Principal Payments 72.4 Acquisition of Investments 79.4 Net Investment Income 6.6 Dividend Payment 9.8 Balance Sheet Cash 16.2 Stock Repurchase Program 7.4 Other Balance Sheet Changes 1.4 Total $96.6 Total $96.6 Sources Uses

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 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 Debt/ Equity Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. (1) As of December 31, 2025, WHF had $4.7MM 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 $174.0 million were issued through a private placement. The Class B Notes, Class C Notes and 2025 Subordinated CLO Notes are fully retained by the Company and eliminated upon consolidation. (3) Gross leverage excluding cash. 3 Current Debt Outstanding (as of December 31, 2025) Outstanding Weighted Average Interest Rate Maturity (1) ($ in MM) Commitment 2030 S+2.250% payable quarterly Revolving Credit Facility $100.0 $0.0 2037 S+1.700% payable quarterly 2025 Senior Secured CLO Notes $174.0 $174.0 (2) 2026 5.375% payable semi-annually; Unsecured 5.375% 2026 Notes $10.0 $10.0 2026 4.000% payable semi-annually; Unsecured 4.000% 2026 Notes $75.0 $75.0 2027 5.625% payable semi-annually; Unsecured 5.625% 2027 Notes $10.0 $10.0 2028 4.250% payable semi-annually; Unsecured 4.250% 2028 Notes $25.0 $25.0 2028 7.875% payable quarterly; Unsecured $34.5 $34.5 7.875% 2028 Notes (NASDAQ: WHFCL) 5.4% weighted average cost of debt Total Debt $428.5 $328.5 $259.8 NA Total Shareholders’ Equity/Net Assets Funding Profile Gross Debt to Equity(3) 1.00x-1.35x Target Leverage 19

20 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 72 investment and origination professionals  Regional footprint with 21 dedicated direct lending originators in 12 North American offices  Global platform of approximately 520 investment professionals across 18 offices in 9 countries and 3 continents  Additional 25+ generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to middle market 21 Existing offices with senior originators Headquarters of a current portfolio company Headcount data as of December 31, 2025. (Calgary) Los Angeles Miami New York Boston Atlanta Stamford San Francisco Dallas Cincinnati Washington, D.C. (Winnipeg) Chicago Alaska Nashville

Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. As of December 31, 2025 STRS JV had $2.4MM of deferred debt issuance costs. 3 Maturity Weighted Average Interest Rate Outstanding(1) ($ in MM) Commitment 2029 S+2.25% payable quarterly $171.9 $262.5 ($75 Accordion Feature) Revolving Credit Facility N/A S+6.50% Subordinated Note $140.0 $128.5 payable quarterly 7.8% weighted average cost of debt Total Debt $402.5 $300.4 Equity $35.0 $32.9 N/A N/A STRS JV Key Terms and Funding Profile  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 $115 million  WHF and STRS Ohio share voting control 50%/50%  Equity ownership of 65.71% WHF and 34.29% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Key Terms Current Debt Outstanding (as of December 31, 2025) ($ in MM) 22

23 Note: As of December 31, 2025, 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 5.5% 5.3% 4.2% 4.1% 4.1% 4.1% 3.9% 3.8% 3.5% 3.3% 58.2% Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC Juniper Landscaping Holdings LLC AB Centers Acquisition Corporation Drew Foam Companies Inc RCKC Acquisitions LLC Forward Solutions, LLC Pirtek Holdco, LLC Quest Events, LLC MGT Merger Target, LLC NM Z Holdco Inc. 10.8% 9.1% 7.3% 7.0% 5.9% 5.5% 4.7% 5.3% 4.6% 4.1% 3.8% 3.2% 28.7% IT Consulting & Other Services Environmental & Facilities Services Diversified Support Services Building Products Advertising Technology Hardware, Storage & Peripherals Broadline Retail Construction & Engineering Paper & Plastic Packaging Products & Materials Health Care Facilities Real Estate Services Household Products Other

Origination Pipeline Funnel(1) 24 (1) Origination Pipeline figures reflect 2014 through December 31, 2025. 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 Transactions Closed Deals being sourced by over 500 Investment Professionals across H.I.G.’s platform Total % of Sourced 13,461 100.0% 3,048 22.0% 788 5.7% 311 2.2%

25 Corporate Data Board of Directors Investment Committee Corporate Executive Officers Research Coverage Corporate Counsel John Bolduc Sami Mnaymneh Stuart Aronson Sean-Paul Adams Dechert LLP Chairman of the Board Co-Founder, Co-Executive Chairman and Chief Executive Officer B. Riley FBR New York, NY CEO of H.I.G. Capital Stuart Aronson Marco Collazos Rick Shane Corporate Headquarters Director Anthony Tamer Chief Compliance Officer J.P. Morgan 1450 Brickell Avenue Co-Founder and Co-Executive Chairman 31st Floor Jay Carvell of H.I.G. Capital Joyson Thomas Christopher Nolan Miami, FL 33131 Director Chief Financial Officer Ladenburg Thalmann & Co. Inc. Stuart Aronson Transfer Agent G. Stacy Smith Chief Executive Officer and Director Mitchel Penn Equiniti Trust Company, LLC Independent Director Oppenheimer & Co. New York, NY Mark Bernier Rick P. Frier Managing Director of WhiteHorse Capital - U.S. Robert Dodd Investor Relations Contact Independent Director Raymond James 1450 Brickell Avenue John Bolduc 31st Floor Rick D. Puckett Chairman of the Board, Executive Managing Attention: Investor Relations Independent Director Director of H.I.G. Capital Miami, FL 33131 (305) 381-6999 John P. Volpe Javier Casillas Independent Director Chief Investment Officer and Managing Independent Registered Director of WhiteHorse Capital - U.S. Public Accounting Firm Crowe LLP Pankaj Gupta Chicago, IL CEO and Managing Director of WhiteHorse Capital - U.S. Equity Securities Listing NASDAQ: WHF Sobia Khaliq Managing Director of WhiteHorse Capital - U.S. Please visit our website at: www.whitehorsefinance.com David Indelicato Managing Director of WhiteHorse Capital - U.S. Brian Schwartz Co-President of H.I.G. Capital John Yeager Managing Director of WhiteHorse Capital - U.S.

Source: View Original Filing on SEC EDGAR

FAQ

How did WhiteHorse Finance (WHF) perform financially in 2025?

WhiteHorse Finance’s 2025 net investment income was $26.1 million, or $1.127 per share, down from $37.2 million and $1.602 per share in 2024. Total investment income declined as portfolio size and yields fell, while realized and unrealized losses totaled $11.8 million for the year.

What is WhiteHorse Finance’s current net asset value per share?

As of December 31, 2025, WhiteHorse Finance’s net asset value was $259.8 million, or $11.68 per share. This compares with $286.1 million, or $12.31 per share, at December 31, 2024, reflecting portfolio markdowns and a smaller investment base despite positive Q4 operating results.

What dividends did WhiteHorse Finance (WHF) declare around year-end 2025?

For the quarter ending March 31, 2026, WhiteHorse Finance declared a $0.25 per share distribution and a $0.01 supplemental, payable April 6, 2026 to holders of record March 12, 2026. For 2025, total declared distributions were $1.44 per share, including a $0.035 special payout.

How large is WhiteHorse Finance’s investment portfolio and what are its yields?

At December 31, 2025, WhiteHorse Finance’s portfolio fair value was $578.6 million, with a weighted average effective yield of 9.1% on income-producing debt investments. Excluding STRS JV, the debt portfolio’s weighted average size was $517.5 million in 2025 with a 9.2% weighted average yield.

What is WHF’s exposure and return from the STRS JV investment?

WhiteHorse Finance’s investment in WHF STRS Ohio Senior Loan Fund LLC was about $106.0 million at fair value as of December 31, 2025. STRS JV’s portfolio totaled $323.6 million and produced an annualized gross investment yield of roughly 13.2% for WhiteHorse Finance during the fourth quarter of 2025.

What liquidity and borrowing capacity does WhiteHorse Finance have?

As of December 31, 2025, WhiteHorse Finance held $29.7 million in cash and cash equivalents, including restricted cash, and had $100.0 million of undrawn revolver capacity. Due to borrowing base limits, approximately $43.8 million was actually available to be drawn under the credit facility.

Did WhiteHorse Finance repurchase shares in the fourth quarter of 2025?

During the fourth quarter of 2025, WhiteHorse Finance and H.I.G. directors, officers and employees purchased roughly 1.1 million shares for about $8.0 million. On February 26, 2026, the board also approved a $7.5 million increase in the stock repurchase program, raising total authorization to $22.5 million.

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How did WhiteHorse Finance (WHF) perform financially in 2025?

What is WhiteHorse Finance’s current net asset value per share?

What dividends did WhiteHorse Finance (WHF) declare around year-end 2025?

How large is WhiteHorse Finance’s investment portfolio and what are its yields?

What is WHF’s exposure and return from the STRS JV investment?

What liquidity and borrowing capacity does WhiteHorse Finance have?

Did WhiteHorse Finance repurchase shares in the fourth quarter of 2025?

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FAQ

How did WhiteHorse Finance (WHF) perform financially in 2025?

What is WhiteHorse Finance’s current net asset value per share?

What dividends did WhiteHorse Finance (WHF) declare around year-end 2025?

How large is WhiteHorse Finance’s investment portfolio and what are its yields?

What is WHF’s exposure and return from the STRS JV investment?

What liquidity and borrowing capacity does WhiteHorse Finance have?

Did WhiteHorse Finance repurchase shares in the fourth quarter of 2025?

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