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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.