WHF Research | Milton Maxwell

WHF

WhiteHorse Finance, Inc.

7.21

-0.18-2.44%

Dec 16, 4:00:01 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Buybacks prioritized over deployments

3/1/26Mar 1, 2026

Q&A hammered home management's tilt toward share repurchases over new on-balance sheet deployments at a 40%+ NAV discount—shares outshine deals. Analysts grilled discount causes, from JV equity subordination to portfolio marks; Stuart countered with the JV's clean first-lien assets, common modest leverage, and transparent ups/downs like Telestream gains. No link to discount per feedback. Pipeline lags last year but Q1 beats prior; nonsponsors tempt with SOFR+600bps+ pricing, scant competition. Repurchases are hugely accretive. Watch buyback velocity and M&A flows.

Key Stats

Market Cap

167.58M

P/E (TTM)

16.77

Basic EPS (TTM)

0.43

Dividend Yield

0.21%

Recent Filings

8-K

Cuts commitments to $50M

3/13/26Mar 13, 2026

WhiteHorse Finance's subsidiary slashed its loan agreement's financing commitments from $100M to $50M via Twelfth Amendment on March 10, 2026. Lenders waived the 1% premium, easing the cut. Borrowing capacity halved.

10-K

FY2025 results

3/6/26Mar 6, 2026

WhiteHorse Finance's FY2025 portfolio shrank to $578.6M fair value from $642.2M in FY2024, reflecting $249.7M repayments/sales against $191.7M new investments; investment income fell 22% to $72.7M amid lower yields (9.2% weighted average vs 10.4%) and PIK compression. Q4 accelerated realizations with $35.6M net losses (e.g., American Crafts $21M), yet unrealized gains flipped to $23.8M positive, driving $14.3M net income vs $10.9M prior year. Debt mix shifted post-CLO issuance ($174M Class A at SOFR+1.70%), dropping total leverage to $328.5M (179% coverage); liquidity strong at $29.7M cash plus $44M Credit Facility availability. No annual guidance disclosed. Portfolio concentration risks persist in lower middle market.

8-K

Auditor switch to Deloitte

3/4/26Mar 4, 2026

WhiteHorse Finance dismissed Crowe LLP as its auditor effective after the 2025 financials, with a clean audit history and no disagreements. The board then tapped Deloitte & Touche to audit 2026 statements. Smooth switch. No prior consults with Deloitte.

8-K

Q4 earnings, $0.26 dividend

3/2/26Mar 2, 2026

WhiteHorse Finance reported Q4 and full-year 2025 results on March 2, 2026, with NAV at $11.68 per share, down from $12.31 year-end 2024 yet up from Q3's $11.41. Portfolio shrank to $578.6 million amid $77.1 million deployments but $49.6 million repayments; NII fell 29.8% to $26.1 million yearly from lower yields and non-accruals. Declared $0.25 quarterly plus $0.01 supplemental distributions, payable April 6; insiders bought 1.1 million shares.

8-K

Earnings call scheduled

2/20/26Feb 20, 2026

WhiteHorse Finance announced it will release Q4 and full-year 2025 financial results on March 2, 2026, followed by a 1:30 p.m. ET conference call. Investors dial in via 800-267-6316 or access the webcast at whitehorsefinance.com. Replays run through March 9. No results disclosed yet.

About

WhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth capital industries. It invests in broadline retail, office services and supplies, building products, health care services, health care supplies, research and consulting services, application software, home furnishings, specialized consumer services, data processing and outsourced services, leisure facilities, cable, and satellite. It prefers to invest in United States. It typically invests between $5 million to $25 million in companies having enterprise value of between $50 million and $350 million.

CEO

Mr. Joyson C. Thomas CPA

IPO

12/6/2012

Website

https://www.whitehorsefinance.com

Sector

Financial Services

Industry

Asset Management