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WHF

WhiteHorse Finance, Inc.

WHF

WhiteHorse Finance, Inc. • NASDAQ
$7.27 ▲ 0.97% (+0.07)
Market Cap $168.98 M
52w High $11.31
52w Low $6.39
Dividend Yield 1.41%
P/E 16.91
Volume 81.53K
Outstanding Shares 23.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.924M ▲ $1.322M ▼ $-556K ▼ -3.492% ▼ $-0.02 ▼ $-370K ▼
Q2-2025 $10.042M ▼ $1.465M ▲ $2.25M ▼ 22.406% ▼ $0.097 ▼ $2.436M ▼
Q1-2025 $11.678M ▼ $1.124M ▼ $4.264M ▲ 36.513% ▲ $0.3 ▲ $4.369M ▲
Q4-2024 $12.008M ▲ $1.342M ▲ $3.901M ▲ 32.487% ▲ $0.17 ▲ $4.169M ▲
Q3-2024 $1.536M $1.172M $-6.858M -446.484% $-0.3 $-6.564M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $45.648M ▲ $626.005M ▼ $360.76M ▼ $265.245M ▼
Q2-2025 $10.533M ▼ $670.908M ▼ $396.158M ▼ $274.75M ▼
Q1-2025 $11.444M ▼ $678.767M ▲ $397.318M ▲ $281.449M ▼
Q4-2024 $12.424M ▲ $676.821M ▼ $390.687M ▲ $286.134M ▼
Q3-2024 $11.164M $683.584M $386.709M $296.875M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-556K ▲ $6.719M ▼ $54.9M ▲ $-48.949M ▼ $12.661M ▼ $6.719M ▼
Q2-2025 $-4.264M ▼ $21.699M ▲ $0 $-8.044M ▼ $13.658M ▲ $21.699M ▲
Q1-2025 $4.264M ▲ $-7.005M ▼ $0 ▲ $-1.239M ▲ $-8.215M ▼ $-7.005M ▼
Q4-2024 $3.901M ▲ $70.904M ▲ $-49.83M ▼ $-13.879M ▲ $7.165M ▲ $70.904M ▲
Q3-2024 $-6.858M $21.31M $-6.741M $-15.671M $-1.085M $21.31M

Five-Year Company Overview

Income Statement

Income Statement WhiteHorse Finance’s earnings profile looks steady rather than fast‑growing. Revenue has moved around from year to year, with one notably strong year recently, but overall the top line does not show a clear long‑term growth trend. Despite that, the company has generally managed to stay profitable, which points to disciplined cost control and careful underwriting. Net income and per‑share earnings have been positive throughout the period, but they are not meaningfully higher than a few years ago and, if anything, sit somewhat below the earlier peak years. For a lender, this suggests a focus on stability and capital preservation over aggressive expansion, but it also means upside in earnings has been limited so far.

Balance Sheet

Balance Sheet The balance sheet appears broadly stable and conservative. Total assets, which are mostly loans, have fluctuated within a relatively narrow range and are slightly below their earlier peak, implying that the firm is not stretching aggressively to grow the portfolio. Debt levels are meaningful but not extreme, and leverage has eased a bit from a few years ago, which reduces financial risk somewhat. Equity has grown modestly over time, indicating gradual value build rather than rapid scaling. Cash balances are small, which is typical for a business development company that aims to keep capital deployed, but it does mean the firm relies on credit facilities and markets to manage liquidity.

Cash Flow

Cash Flow Cash generation has improved notably over the period shown. A few years back, operating and free cash flow were negative, likely reflecting portfolio repositioning, new investments, or timing effects in repayments and funding. More recently, cash flow from operations has turned consistently positive, and because the business has virtually no traditional capital spending needs, free cash flow mirrors that improvement. This pattern suggests the portfolio is now throwing off dependable cash, supporting dividends and debt service. The main sensitivities remain credit quality in the loan book and shifts in interest rates, which can quickly change this cash flow profile.

Competitive Edge

Competitive Edge WhiteHorse Finance’s edge comes less from scale and more from specialization and relationships. Its tie to H.I.G. Capital gives it access to a broad pipeline of deals, deep industry expertise, and strong sponsor relationships that many smaller lenders lack. The focus on senior secured, first‑lien loans to lower middle market companies provides a defensible niche: these borrowers are often too small for public markets and not always well served by banks. This can support attractive pricing and better structuring. On the flip side, the firm competes in a crowded direct‑lending landscape, depends heavily on H.I.G. for sourcing and support, and is exposed to credit cycles in a relatively less resilient segment of the economy, where downturns can quickly stress borrowers.

Innovation and R&D

Innovation and R&D Innovation here is mostly about process and structure rather than technology or formal R&D spending. WhiteHorse Finance’s three‑tiered sourcing platform, built around the H.I.G. network, is its main “innovation,” giving it differentiated access to deals and information. The company appears to lean on data, market intelligence, and disciplined underwriting frameworks to manage risk rather than on flashy technology. It also offers tailored, flexible financing packages and aims to move quickly and predictably in closing deals, which can be a real advantage for sponsors and company owners. Overall, innovation is incremental and operational, aimed at better selection, structuring, and monitoring of loans, rather than transformational product development.

Summary

Overall, WhiteHorse Finance looks like a conservative, income‑oriented lender with a stable but not rapidly growing financial profile. Profitability has been steady, cash flow has strengthened in recent years, and the balance sheet shows manageable leverage and a reasonably solid equity base. The real differentiator is its relationship with H.I.G. Capital and its focus on senior secured lending to smaller private companies, which together create a meaningful but specialized moat. Key risks revolve around credit quality in the lower middle market, competition from other direct lenders, sensitivity to interest‑rate cycles, and the reliance on a single advisory platform. The story is one of disciplined execution and niche strength rather than high growth or dramatic innovation.

NEWS

November 10, 2025 · 7:30 AM UTC

WhiteHorse Finance, Inc. Announces Third Quarter 2025 Earnings Results, Stock Repurchase Program up to $15.0 Million And Declares Quarterly Distribution of $0.25 Per Share

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October 15, 2025 · 4:05 PM UTC

WhiteHorse Finance, Inc. Announces Special Distribution And To Report Third Quarter 2025 Financial Results

Read more