WhiteHorse Finance Inc SEC Filings

WhiteHorse Finance, Inc. reported a small net loss for the quarter ended March 31, 2026 as credit losses and valuation moves offset steady interest income. Net assets were $250.3 million with net asset value of $11.47 per share, down from $11.68 at year-end.

Total investments at fair value were $543.0 million versus $578.6 million on December 31, 2025, while debt remained broadly stable at $324.1 million. Investment income was $15.9 million, down from $18.8 million a year earlier, reflecting lower interest and fee income.

After total expenses of $10.1 million, net investment income after excise tax was $5.6 million, compared with $6.8 million in the prior-year quarter. Net realized and unrealized losses on investments and foreign currency of $6.3 million drove the overall net decrease in net assets from operations of $0.7 million, or $(0.03) per share. The company declared dividends of $0.26 per share and repurchased common stock for $3.0 million. Cash, cash equivalents and restricted cash increased to $49.4 million, supported by $28.2 million of net cash provided by operating activities.

WhiteHorse Finance, Inc. reported first quarter 2026 results and maintained its regular shareholder payout. Total investment income was $15.9 million and net investment income was $5.6 million, or $0.253 per share, compared with $0.287 per share in the prior quarter.

Net asset value per share was $11.47 as of March 31, 2026, slightly lower than $11.68 at year-end 2025, reflecting net realized and unrealized losses. The investment portfolio had a fair value of $543.0 million across 65 companies, with a weighted average effective yield of 10.8% on income-producing debt.

The board declared a distribution of $0.25 per share for the quarter ending June 30, 2026, payable on July 6, 2026 to stockholders of record on May 21, 2026. WhiteHorse Advisers also voluntarily reduced the incentive fee rate on net investment income from 20.00% to 17.50% for the fiscal quarter ending June 30, 2026.

WhiteHorse Finance, Inc. reported first quarter 2026 results and maintained its regular shareholder payout. Total investment income was $15.9 million and net investment income was $5.6 million, or $0.253 per share, compared with $0.287 per share in the prior quarter.

Net asset value per share was $11.47 as of March 31, 2026, slightly lower than $11.68 at year-end 2025, reflecting net realized and unrealized losses. The investment portfolio had a fair value of $543.0 million across 65 companies, with a weighted average effective yield of 10.8% on income-producing debt.

The board declared a distribution of $0.25 per share for the quarter ending June 30, 2026, payable on July 6, 2026 to stockholders of record on May 21, 2026. WhiteHorse Advisers also voluntarily reduced the incentive fee rate on net investment income from 20.00% to 17.50% for the fiscal quarter ending June 30, 2026.

WhiteHorse Finance, Inc. announced it will release its first quarter 2026 financial results for the period ended March 31, 2026 on May 7, 2026. The company will host a conference call that day at 2:00 p.m. ET, with live and replay access via phone and webcast.

WhiteHorse Finance is a business development company focused on lending 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. announced it will release its first quarter 2026 financial results for the period ended March 31, 2026 on May 7, 2026. The company will host a conference call that day at 2:00 p.m. ET, with live and replay access via phone and webcast.

WhiteHorse Finance is a business development company focused on lending 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. 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, 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 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 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., 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. 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, 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 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.