WhiteHorse Finance, Inc.

WHF

$7.07

+0.71%

2026-09-02 16:00:00 EDT+$0.05

Financial Services

Asset Management

NASDAQ

Active Trading

WhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth ...

Price Action of WHF

$7.07

+0.71%+$0.05

High—

Low—

52W High-7.9%

Rel. vol—

Interval

Range5.2h

Volume—SMA5SMA10

—

WhiteHorse Finance, Inc. (NASDAQ: WHF) is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. Founded in 2011 and headquartered in Miami, Florida, the company specializes in originating senior secured loans to ...WhiteHorse Finance, Inc. (NASDAQ: WHF) is an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. Founded in 2011 and headquartered in Miami, Florida, the company specializes in originating senior secured loans to privately held, lower middle market companies with enterprise values typically between $50 million and $350 million. Investment sizes range from $5 million to $25 million, targeting sectors such as healthcare services, software, business services, and consumer products. WHF aims to generate current income and capital appreciation through a diversified portfolio, with over $569 million in investments as of mid-2026, funded through a combination of equity and debt. The company is led by CEO Stuart Daniel Aronson, with a small team of 3 employees, though it leverages the resources of its external manager, WhiteHorse Capital, which employs over 75 investment professionals. WHF has invested over $2.9 billion across 278 transactions since its IPO in 2012. The company focuses on risk-adjusted returns, emphasizing strong credit underwriting and asset management. WHF is structured as a BDC, which requires it to distribute at least 90% of its taxable income to shareholders, resulting in a high dividend yield (approximately 17.6% as of the latest data). Financially, WHF maintains a conservative leverage profile with a market cap of about $144 million, and trades at a price-to-book ratio of 0.57, suggesting potential value. The company's investment strategy is designed to perform across economic cycles, with a focus on downside protection and senior secured positions.ExpandCollapse

Founded

2011

Employees

CEO

Stuart Daniel Aronson

Full Name

WhiteHorse Finance, Inc.

Sector

Financial Services

Industry

Asset Management

ROE

6.83%

Market Cap

$0.15B

Current Ratio

0.30

WACC

6.78%

ROIC

-35.05%

Contact Information

https://www.whitehorsefinance.com

13053792322

1450 Brickell Avenue, 31st Floor, Miami, FL 33131

Key Metrics of WHF

Snapshot

Latest / TTM · 6 periods

Market Cap

$151.84M

ROCE

4.5%

EV / EBITDA

16.18x

-2.1% YoY

FCF Yield

51.1%

+39.2% YoY

Cash Conversion Cycle

17.7d

Current Ratio

0.30

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of WHF

Profitability trend

Latest / TTM · 6 periods

Gross Margin

61.2%

Net Margin

37.2%

P/E Ratio

9.03x

n/a

Debt / Equity

1.29

n/a

Current Ratio

0.30

Dividend Yield

16.6%

Understanding

TTM —

Current ratio below 1.0

Calendar of WHF

Upcoming

Sep 21, 2026In 17 days
Ex-dividend date
$1.14 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.25 · Revenue $15.19M · 4 analysts
Oct 5, 2026In 31 days
Dividend payment
$1.14 per share
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.25 · Revenue $15.63M · 4 analysts

Recent history

Aug 10, 2026
Q2 FY2026 · Results reported
EPS $0.48 · Revenue $14.37M
View filing
May 7, 2026
Q1 FY2026 · Results reported
EPS $-0.03 · Revenue $11.16M
View filing
Mar 6, 2026
FY2025 · Annual results
EPS $0.62 · Revenue $37.89M
View filing
Nov 10, 2025
Q3 FY2025 · Results reported
EPS $-0.02 · Revenue $6.74M
View filing
Aug 7, 2025
Q2 FY2025 · Results reported
EPS $0.10 · Revenue $10.04M
View filing
May 12, 2025
Q1 FY2025 · Results reported
EPS $0.30 · Revenue $11.68M
View filing

Financial Statements of WHF

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$37.9M	+121.6%	+28.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$14.3M	+32.1%	+1615.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+52.3%	-47.7%	+16.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+100.9%	+44.1%	+70.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+37.8%	-40.4%	+1276.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$19.3M	-75.5%	+805.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+50.9%	-89.0%	+647.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	124.7%	+1.0%	-0.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	1.14x	+154.8%	-25.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$615.1M	-9.1%	-0.3%

Actual vs Estimate

A Dec 31Q Jun 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	0.62 vs 1.11	-43.9%	0.48 vs 0.25	+91.4%
Revenue Surprise	$37.9M vs $72.2M	-47.5%	$14.4M vs $15.7M	-8.2%

Insider Transactions of WHF

Acquisitions (A)

Since Jun 1, 2026

Disposals (D)

Since Jun 1, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Jun 18, 2026	BOLDUC JOHN	director	Common Stock, par value $0.001 per share	A	7,690	$6.49
Jun 18, 2026	BOLDUC JOHN	director	Common Stock, par value $0.001 per share	A	7,690	$6.49
Jun 15, 2026	Aronson Stuart D	director, officer: Chief Executive Officer	Common Stock, par value $0.001 per share	A	15,000	$6.41
Jun 5, 2026	BOLDUC JOHN	director	Common Stock, par value $0.001 per share	A	3,570	$6.77
Jun 5, 2026	BOLDUC JOHN	director	Common Stock, par value $0.001 per share	A	3,570	$6.76

Earnings Call Transcript of WHF

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Good afternoon, everyone. My name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to the WhiteHorse Finance Second Quarter 2026 Earnings Conference Call. Our host for today's call are Mr. Stuart Aronson, Chief Executive Officer; and Mr. Joyson Thomas, Chief Financial Officer. Today's call is being recorded, and a replay is available through a webcast in the Investor Relations section of our website at whitehorsefinance.com. [Operator Instructions] It is now my pleasure to turn the call over to Mr. Robert Brinberg of Rose & Company. Please go ahead, sir. Robert Brinberg: Thank you, Bo, and thank you, everyone, for joining us today to discuss WhiteHorse Finance's Second Quarter 2026 Earnings Results. Before we begin, I'd like to remind everyone that certain statements, which are not based on historical facts made during this call, including any statements relating to financial guidance, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because these forward-looking statements involve known and unknown risks and uncertainties, these are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. WhiteHorse Finance assumes no obligation or responsibility to update any forward-looking statements. Today's speakers may refer to material from the WhiteHorse Finance Second Quarter 2026 earnings presentation, which was posted on our website yesterday. With that, allow me to introduce WhiteHorse Finance's CEO, Stuart Aronson. Stuart, you may begin. Stuart Aronson: Thank you, Rob. Good afternoon, everyone, and thank you for joining us today. As you're aware, we issued our earnings yesterday after market close, and I hope you've had a chance to review our results for the period ending June 30, 2026, which can also be found on our website. On today's call, I'll begin by addressing our second quarter results and current market conditions. Then Joyson Thomas, our Chief Financial Officer, will discuss our performance in greater detail, after which, we will open the floor for questions. At a high level, our second quarter results reflect 3 main themes: one, net asset value per share increased, primarily driven by unrealized gains in one of our existing workout accounts; two, share repurchases during the quarter, again provided a meaningful benefit to NAV per share accretion; and three, core earnings moderated relative to the prior quarter, reflecting a portfolio yield that was impacted as a result of a smaller average portfolio size as well as our loan investment in Outward Hound going on to nonaccrual status in the first quarter. Touching more specifically on unrealized appreciation in the portfolio and following the markdowns that weighed on the first quarter's results that we had previously flagged, our portfolio marks turned net positive for this …

Leadership Team of WHF

4 executives

Name	Title	Gender	Year Born	Status
Joyson C. Thomas	Chief Financial Officer & Principal Accounting Officer	Male	1982	Active
Richard H. Siegel	Secretary	Male	1966	Active
Stuart D. Aronson	Chief Executive Officer & Director	Male	1963	Active
Marco A. Collazos	Chief Compliance Officer	Male	1976	Active

Recent News of WHF

Seeking Alpha8/11/2026Neutral

WhiteHorse Finance (WHF) Q2 2026 Earnings Call Transcript

MarketBeat8/11/2026Neutral

WhiteHorse Finance Q2 Earnings Call Highlights

WhiteHorse Finance NASDAQ: WHF reported second-quarter core net investment income of $4.7 million, or $0.217 per share, down from $5.6 million, or $0.253 per share, in the first quarter. The company said the decline reflected a smaller average portfolio and the first-quarter move of its Outward Hound loan investment to non-accrual status.

Zacks Investment Research8/10/2026Neutral

WhiteHorse Finance (WHF) Misses Q2 Earnings and Revenue Estimates

WhiteHorse Finance (WHF) came out with quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.28 per share a year ago.

PRNewsWire8/10/2026Neutral

WhiteHorse Finance, Inc. Announces Second Quarter 2026 Earnings Results and Declares Quarterly Distribution of $0.25 Per Share

NEW YORK, Aug. 10, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the second quarter ended June 30, 2026. In addition, the Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ended June 30, 2026.

Zacks Investment Research8/4/2026Neutral

Analysts Estimate WhiteHorse Finance (WHF) to Report a Decline in Earnings: What to Look Out for

WhiteHorse (WHF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Historical Employee Count of WHF

Current

Minimum

Maximum

Recent Filings

Report Date	Form Type	Filing Date	SEC Filing
Dec 31, 2025	10-K	Mar 6, 2026	View
Dec 31, 2024	10-K	Mar 7, 2025	View
Dec 31, 2023	10-K	Mar 5, 2024	View
Dec 31, 2022	10-K	Mar 3, 2023	View
Dec 31, 2021	10-K	Mar 4, 2022	View

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WhiteHorse Finance, Inc.