Here are the 10-K annual reports from WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow WHFCL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WHFCL filings page.
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.