Welcome to our dedicated page for WhiteHorse Finance SEC filings (Ticker: WHF), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
WhiteHorse Finance, Inc. filings document regulatory disclosures for a business development company with common stock and listed 7.875% notes due 2028 on Nasdaq. Recent Form 8-K reports cover results of operations, quarterly and special distributions, Regulation FD earnings presentations, and financial-results announcements.
The filing record also includes material agreement disclosures involving WhiteHorse Finance Credit I, LLC and amendments to its loan arrangements, as well as governance and reporting matters such as changes in the registrant's certifying accountant. These filings provide formal disclosure on portfolio-manager obligations, capital structure, debt securities, board and audit-committee actions, and public-company reporting controls.
WhiteHorse Finance, Inc. Chief Executive Officer Stuart D. Aronson bought additional common stock in two open-market transactions. He purchased 5,000 shares at $7.10 per share on March 20, 2026 and 8,000 shares at $6.95 per share on March 23, 2026. Following these buys, he directly owns 80,000 shares of WhiteHorse Finance common stock.
WhiteHorse Finance director John Paul Volpe made an open-market purchase of 1,000 shares of common stock on March 13, 2026 at a price of $7.18 per share. Following this transaction, he holds 1,000 shares of WhiteHorse Finance stock directly.
WhiteHorse Finance director-linked entities increased their stake through open-market purchases of common stock. Entities associated with director John Bolduc bought a total of 25,170 shares of WhiteHorse Finance, Inc. common stock in a series of open-market transactions between March 12 and March 16, 2026, at weighted average prices reported around $7.09–$7.15 per share.
The shares are held indirectly through Bolduc Family LP and Bolduc Investments X, LLC, and Bolduc disclaims beneficial ownership except to the extent of his pecuniary interest. Following these transactions, indirect holdings reported in the filing are shown at levels above 270,000 shares.
WhiteHorse Finance, Inc., through its wholly owned subsidiary WhiteHorse Finance Credit I, LLC, entered into a Twelfth Amendment to its Amended Loan Agreement with JPMorgan Chase Bank and other parties. The amendment reduces the Financing Commitments from $100,000,000 to $50,000,000 as of March 10, 2026.
In connection with this change, the administrative agent and lenders agreed to waive the 1% premium they would otherwise have been entitled to under the prior loan terms. The full text of the Twelfth Amendment, which attaches the Amended Loan Agreement, is filed as Exhibit 10.1.
WhiteHorse Finance, Inc. reported a Form 4 showing that entities associated with director John Bolduc made open-market purchases of a total of 16,668 shares of common stock on March 5–6, 2026.
The shares were bought at prices between $7.11 and $7.25 per share and are reported as indirectly owned. The filing notes that Bolduc-related entities Bolduc Family LP and Bolduc Investments X, LLC hold the securities, and Bolduc disclaims beneficial ownership except for his pecuniary interest.
WhiteHorse Finance, Inc. (WHF) is a business development company focused on lending to privately held U.S. lower middle market companies, generally with enterprise values between $50 million and $350 million. It primarily originates floating-rate senior secured first- and second-lien loans.
As of December 31, 2025, the investment portfolio totaled $578.6 million at fair value across 129 positions in 68 companies, compared with $642.2 million across 127 positions in 71 companies a year earlier. Most assets are senior secured loans, often with three- to six-year terms and SOFR-based rates.
Credit quality is monitored through a 1–5 risk rating system. At year-end 2025, 81.2% of the portfolio was rated 2, 7.9% rated 3, 2.7% rated 4, and 3.5% rated 5, versus 61.5%, 20.1%, 6.1%, and 1.3%, respectively, at year-end 2024. WHF also participates in the WHF STRS Ohio Senior Loan Fund joint venture, which held $335.9 million of assets as of December 31, 2025.
WHF is externally managed by WhiteHorse Advisers, an affiliate of H.I.G. Capital, which oversaw approximately $70 billion of capital as of December 31, 2025. Effective January 1, 2024, the base management fee declined from 2.00% to 1.75% of consolidated gross assets, with a reduced 1.25% rate on assets above a leverage-based threshold. The adviser also earns a performance-based incentive fee subject to a multi-quarter look-back cap and deferral mechanism.
WhiteHorse Finance is changing its independent auditor. The board, following the audit committee’s recommendation, dismissed Crowe LLP as auditor effective after issuing the company’s financial statements for the year ended December 31, 2025. Crowe has served in this role since 2006.
Crowe’s audit reports for 2024 and 2023 contained no adverse opinions, disclaimers, or qualifications, and the company reports no disagreements or reportable events with Crowe. The board has appointed Deloitte & Touche LLP to audit WhiteHorse Finance’s consolidated financial statements for the fiscal year ending December 31, 2026.
WhiteHorse Finance reported weaker 2025 results while continuing to return cash to shareholders. Net investment income fell to $26.1 million, or $1.127 per share, down from $37.2 million and $1.602 per share in 2024, as lower yields, non-accruals, and a smaller portfolio weighed on earnings.
The investment portfolio at fair value declined to $578.6 million from $642.2 million a year earlier. Net asset value was $259.8 million, or $11.68 per share, versus $12.31 per share at year-end 2024, though Q4 saw a net increase in net assets from operations of $8.4 million.
The board declared a regular quarterly distribution of $0.25 per share and a supplemental $0.01 per share for the quarter ending March 31, 2026, payable April 6, 2026. The company and H.I.G. insiders bought about 1.1 million shares for roughly $8.0 million, and the share repurchase authorization was raised by $7.5 million to $22.5 million.
WhiteHorse Finance, Inc. filed a current report outlining plans to share upcoming financial results rather than reporting numbers now. The company will release its fourth quarter and full year results for the year ended December 31, 2025 on March 2, 2026 and host a conference call at 1:30 p.m. ET that day to discuss the details. Investors can access the live call and replay via telephone or through the investor relations section of the company’s website. The report also reiterates that WhiteHorse Finance operates as a business development company focused on loans to privately held, lower middle market companies, with investment activities managed by an affiliate of H.I.G. Capital, which has over $74 billion of capital under management.
WhiteHorse Finance, Inc. insider trading report: the company’s Chief Financial Officer, listed as an officer of WhiteHorse Finance (ticker WHF), reported buying additional common shares. On 12/24/2025, the insider purchased 4,502 shares of WhiteHorse Finance common stock at a price of $7.01 per share in an open-market transaction coded as a purchase (code "P").
After this transaction, the reporting person beneficially owned a total of 22,000.835 shares of WhiteHorse Finance common stock held directly.