WhiteHorse Finance, Inc.(WHF)Earnings, Financials & Key Ratios

WHF•NASDAQ•Banking & Credit

10.4× P/E·Price updated Jun 19, 2026

SectorFinancial Services IndustryAsset Management Sub-IndustryPrivate credit and BDC lenders

AboutWhiteHorse 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 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.Show more

Net Interest Income$30M-21.3%
Total Revenue$38M+121.6%
Net Income$14M+32.1%
Return on Equity5.25%+45.9%
Net Interest Margin4.93%-13.4%
Efficiency Ratio-48.58%-262.1%
ROA2.22%+43.9%
Equity / Assets42.23%-0.1%
Book Value per Share11.21-8.9%

WHF Key Insights

WhiteHorse Finance, Inc. (WHF) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Strong NIM of 4.9%
✓Efficient operations: -48.6% efficiency ratio
✓Well capitalized: 42.2% equity/assets
✓Trading at only 0.6x book value

✗Weaknesses

✗Profits declining 14.7% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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WHF Price & Volume

WhiteHorse Finance, Inc. (WHF) stock price & volume — 10-year historical chart

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WHF Growth Metrics

WhiteHorse Finance, Inc. (WHF) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years50.42%

5 Years-5.07%

3 Years-4.35%

TTM-

Profit CAGR

10 Years-

5 Years-14.67%

3 Years-2.95%

TTM2.62%

EPS CAGR

10 Years-

5 Years-16.64%

3 Years-3.03%

TTM-21.2%

Return on Capital

10 Years5.22%

5 Years3.49%

3 Years3.75%

Last Year6.46%

WHF Recent Earnings

WhiteHorse Finance, Inc. (WHF) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 3/12 qtrs (25%)●Beat Revenue 1/12 qtrs (8%)

Q2 2026Latest

May 7, 2026

Metric

Actual

Est

EPS

$0.26-7.1%

$0.28

Rev

$16M-3.0%

$16M

Q2 2026

Mar 2, 2026

Metric

Actual

Est

EPS

$0.29+7.4%

$0.27

Rev

$17M+2.0%

$17M

Q4 2025

Nov 10, 2025

Metric

Actual

Est

EPS

$0.26-10.5%

$0.29

Rev

$16M-13.6%

$18M

Q3 2025

Aug 7, 2025

Metric

Actual

Est

EPS

$0.28-9.7%

$0.31

Rev

$10M-48.2%

$19M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 7, 2026	$0.26vs $0.28-7.1%	$16Mvs $16M-3.0%
Q2 2026	Mar 2, 2026	$0.29vs $0.27+7.4%	$17Mvs $17M+2.0%
Q4 2025	Nov 10, 2025	$0.26vs $0.29-10.5%	$16Mvs $18M-13.6%
Q3 2025	Aug 7, 2025	$0.28vs $0.31-9.7%	$10Mvs $19M-48.2%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
GBDCGolub Capital BDC, Inc.Direct Competitor	3.22B	12.35	8.70	42.5%	26.91%	5.24%	1.23
TPVGTriplePoint Venture Growth BDC Corp.Direct Competitor	202.99M	5.00	4.10	36.55%	-19.55%	-3.39%	1.33
PFLTPennantPark Floating Rate Capital Ltd.Direct Competitor	742.15M	7.48	10.39	2.2%	34.83%	5.84%	1.65
SLRCSLR Investment Corp.Direct Competitor	677.57M	12.42	7.31	24.76%	39.78%	7.31%	1.15
CSWCCapital Southwest CorporationDirect Competitor	1.43B	22.98	12.09	50.13%	50.89%	11.68%	1.12
HRZNHorizon Technology Finance CorporationDirect Competitor	186.22M	4.22	4.02	17.91%	37.39%	8.95%	1.49
ARCCAres Capital CorporationProduct Competitor	12.95B	18.03	9.69	32.87%	43.69%	8.11%	1.12
FSCOFS Credit Opportunities Corp.Product Competitor	997.19M	4.93	6.49	-18.64%		10.48%	0.20

Compare WHF vs Peers

WhiteHorse Finance, Inc. (WHF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GBDC

Most directly comparable listed peer for WHF.

Scale Benchmark

vs BX

Larger-name benchmark to compare WHF against a more recognizable public peer.

Peer Set

Compare Top 5

vs GBDC, TPVG, PFLT, SLRC

WHF Income Statement

WhiteHorse Finance, Inc. (WHF) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Net Interest Income	39.42M	44.61M	44.03M	43.51M	46.56M	52.08M	58.07M	38.5M	30.31M	40.19M
NII Growth %	-2.57%	13.16%	-1.29%	-1.19%	7.01%	11.85%	11.5%	-33.69%	-21.28%	-42.38%
Net Interest Margin %	8.12%	8.68%	6.98%	6.05%	5.47%	6.54%	7.95%	5.69%	4.93%	6.63%
Interest Income	49.23M	56.21M	57.5M	56.63M	63.15M	74.02M	87.98M	66.4M	53.45M	62.14M
Interest Expense	9.81M	11.6M	13.47M	13.13M	16.59M	21.94M	29.91M	27.9M	23.14M	21.95M
Loan Loss Provision	0	0	0	0	0	0	0	-27.9M	-5.07M	-1.08M
Non-Interest Income	-2.25M	16.69M	-9.79M	-7.49M	-11.21M	-30.72M	-32.38M	-49.31M	-15.56M	-19.35M
Non-Interest Income %	-4.8%	22.9%	-20.53%	-15.24%	-21.57%	-70.96%	-58.25%	-288.43%	-41.06%	-45.22%
Total Revenue	46.98M▲ 0%	72.9M▲ 55.2%	47.71M▼ 34.6%	49.14M▲ 3.0%	51.95M▲ 5.7%	43.29M▼ 16.7%	55.6M▲ 28.4%	17.09M▼ 69.3%	37.89M▲ 121.6%	42.79M▲ 0%
Revenue Growth %	10.74%	55.18%	-34.56%	3.01%	5.7%	-16.66%	28.42%	-69.25%	121.65%	318.11%
Non-Interest Expense	10.96M	3.06M	2.59M	3.59M	4.25M	4.65M	4.3M	5.12M	-18.41M	6.95M
Efficiency Ratio	23.32%	4.2%	5.42%	7.31%	8.19%	10.73%	7.74%	29.97%	-48.58%	16.24%
Operating Income	26.21M▲ 0%	58.24M▲ 122.2%	31.65M▼ 45.7%	32.43M▲ 2.4%	31.1M▼ 4.1%	16.71M▼ 46.3%	21.38M▲ 28.0%	11.97M▼ 44.0%	38.23M▲ 219.3%	14.97M▲ 0%
Operating Margin %	55.8%	79.89%	66.35%	65.98%	59.86%	38.59%	38.45%	70.03%	100.89%	34.99%
Operating Income Growth %	-2.96%	122.2%	-45.65%	2.44%	-4.1%	-46.28%	27.95%	-44%	219.3%	-
Pretax Income	34.45M▲ 0%	58.24M▲ 69.1%	31.65M▼ 45.7%	32.43M▲ 2.4%	31.1M▼ 4.1%	16.71M▼ 46.3%	21.38M▲ 28.0%	10.85M▼ 49.2%	14.34M▲ 32.1%	9.94M▲ 0%
Pretax Margin %	73.33%	79.89%	66.35%	65.98%	59.86%	38.59%	38.45%	63.47%	37.84%	23.23%
Income Tax	0	942K	813K	742K	1M	1.02M	965K	0	0	557K
Effective Tax Rate %	0%	1.62%	2.57%	2.29%	3.23%	6.13%	4.51%	0%	0%	5.6%
Net Income	34.45M▲ 0%	57.3M▲ 66.3%	30.84M▼ 46.2%	31.68M▲ 2.7%	30.09M▼ 5.0%	15.68M▼ 47.9%	20.41M▲ 30.2%	10.85M▼ 46.8%	14.34M▲ 32.1%	9.39M▲ 0%
Net Margin %	73.33%	78.6%	64.65%	64.47%	57.93%	36.23%	36.71%	63.47%	37.84%	21.93%
Net Income Growth %	9.96%	66.34%	-46.18%	2.74%	-5.02%	-47.89%	30.15%	-46.84%	32.13%	2.62%
Net Income (Continuing)	34.45M	57.3M	30.84M	31.68M	30.09M	15.68M	20.41M	10.85M	14.34M	9.39M
EPS (Diluted)	1.77▲ 0%	2.79▲ 57.6%	1.50▼ 46.2%	1.54▲ 2.7%	1.42▼ 7.8%	0.68▼ 52.1%	0.88▲ 29.4%	0.47▼ 46.6%	0.62▲ 31.9%	0.42▲ 0%
EPS Growth %	3.51%	57.63%	-46.24%	2.67%	-7.79%	-52.11%	29.41%	-46.59%	31.91%	-21.2%
EPS (Basic)	1.77	2.79	1.50	1.54	1.42	0.68	0.88	0.47	0.62	-
Diluted Shares Outstanding	19.43M	20.54M	20.55M	20.55M	21.15M	23.23M	23.24M	23.24M	23.17M	22.17M

WHF Balance Sheet

WhiteHorse Finance, Inc. (WHF) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash & Short Term Investments	35.22M	24.15M	4.29M	8.06M	12.19M	9.51M	10.75M	12.42M	29.32M	98.63M
Cash & Due from Banks	35.22M	24.15M	4.29M	8.06M	12.19M	9.51M	10.75M	12.42M	29.32M	49.23M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments	440.68M	0	589.69M	690.74M	819.21M	760.23M	696.17M	130M	578.65M	543.04M
Investments Growth %	7.04%	-100%	-	17.14%	18.6%	-7.2%	-8.43%	-81.33%	345.1%	801.47%
Long-Term Investments	440.68M	0	589.69M	690.74M	819.21M	760.23M	696.17M	130M	578.65M	1.56B
Accounts Receivables	783K	10.22M	6.37M	11.25M	7.52M	8.1M	8.49M	5.74M	5.77M	5.32M
Goodwill & Intangibles	0	0	0	0	0	0	0	0	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	0	479.15M	0	0	0	0	0	512.21M	1.39M	933K
Total Current Assets	44.85M	34.95M	41.54M	28.25M	31.81M	36.25M	34.58M	34.61M	35.09M	62.06M
Total Non-Current Assets	440.68M	479.15M	589.69M	690.74M	819.21M	760.23M	696.17M	642.21M	580.04M	543.97M
Total Assets	485.53M▲ 0%	514.1M▲ 5.9%	631.22M▲ 22.8%	718.99M▲ 13.9%	851.02M▲ 18.4%	796.47M▼ 6.4%	730.75M▼ 8.3%	676.82M▼ 7.4%	615.13M▼ 9.1%	606.04M▲ 0%
Asset Growth %	8.81%	5.88%	22.78%	13.9%	18.36%	-6.41%	-8.25%	-7.38%	-9.12%	-32.84%
Return on Assets (ROA)	7.39%	11.46%	5.39%	4.69%	3.83%	1.9%	2.67%	1.54%	2.22%	1.49%
Accounts Payable	8.52M	11.62M	1.94M	2.21M	2.44M	2.33M	2.09M	5.68M	8.87M	0
Total Debt	182.12M	175.95M	298.92M	384.88M	475.96M	440.43M	386.45M	353.12M	323.83M	324.62M
Net Debt	146.9M	151.81M	294.63M	376.82M	463.77M	430.92M	375.7M	340.69M	294.51M	275.39M
Long-Term Debt	182.12M	175.95M	298.92M	384.88M	475.96M	410.53M	386.45M	313.23M	323.83M	324.62M
Short-Term Debt	0	0	0	0	0	29.89M	0	39.89M	0	0
Other Liabilities	0	11.22M	143K	372K	839K	825K	316K	340K	813K	31.08M
Total Current Liabilities	16.46M	11.62M	19.2M	20.84M	24.47M	52.73M	27.21M	77.12M	30.69M	0
Total Non-Current Liabilities	182.12M	187.18M	299.07M	385.25M	476.8M	411.36M	386.76M	313.56M	324.65M	355.7M
Total Liabilities	198.58M	198.8M	318.27M	406.09M	501.27M	464.09M	413.98M	390.69M	355.34M	355.7M
Total Equity	286.95M▲ 0%	315.3M▲ 9.9%	312.95M▼ 0.7%	312.9M▼ 0.0%	349.75M▲ 11.8%	332.39M▼ 5.0%	316.77M▼ 4.7%	286.13M▼ 9.7%	259.79M▼ 9.2%	250.34M▲ 0%
Equity Growth %	15.06%	9.88%	-0.74%	-0.02%	11.78%	-4.96%	-4.7%	-9.67%	-9.21%	-43.05%
Equity / Assets (Capital Ratio)	59.1%	61.33%	49.58%	43.52%	41.1%	41.73%	43.35%	42.28%	42.23%	41.31%
Return on Equity (ROE)	12.85%	19.03%	9.82%	10.13%	9.08%	4.6%	6.29%	3.6%	5.25%	3.58%
Book Value per Share	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31	11.21	11.29
Tangible BV per Share	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31	11.21	11.29
Common Stock	20K	21K	21K	21K	23K	23K	23K	23K	22K	217K
Additional Paid-in Capital	302.29M	301.56M	300.74M	300M	339.16M	339.24M	338.27M	337.2M	329.12M	326.11M
Retained Earnings	-15.36M	13.72M	12.19M	12.87M	10.57M	-6.88M	-21.53M	-51.09M	-69.35M	-75.79M
Accumulated OCI	-15.36M	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

WHF Cash Flow Statement

WhiteHorse Finance, Inc. (WHF) cash flow — operating, investing & free cash flow history

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	7.17M	31.07M	-94.98M	24.34M	30.34M	29M	90.37M	78.76M	19.28M	81.75M
Operating CF Growth %	-67.79%	333.42%	-405.67%	125.63%	24.62%	-4.41%	211.6%	-12.85%	-75.51%	877.36%
Net Income	34.45M	57.3M	30.84M	31.68M	30.09M	15.68M	20.41M	10.85M	26.77M	9.39M
Depreciation & Amortization	-8.13M	433K	-53K	0	0	0	0	9.57M	-24.1M	-15.52M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-20.02M	-28.16M	-118.89M	-11.07M	-6.88M	14.82M	67.26M	45.31M	19.66M	101.35M
Working Capital Changes	870K	1.5M	-6.88M	3.73M	7.13M	-1.51M	2.7M	13.03M	-3.04M	-6.94M
Cash from Investing	120.65M	285.78M	249.44M	-88.94M	-120.53M	42.99M	0	0	57.99M	30.77M
Purchase of Investments	-137.64M	-277.04M	-363.16M	-302.73M	-544.16M	-280.09M	0	0	-191.74M	-71.37M
Sale/Maturity of Investments	120.65M	285.78M	249.44M	213.79M	423.63M	323.08M	0	186.25M	249.73M	121.96M
Net Investment Activity	-17M	8.74M	-113.72M	-88.94M	-120.53M	42.99M	0	186.25M	57.99M	50.59M
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	363.16M	0	0	0	0	-186.25M	0	-19.82M
Cash from Financing	2.87M	-36.28M	88.79M	52.98M	97.01M	-68.49M	-92.13M	-75.4M	-75.42M	-82.79M
Dividends Paid	-26.38M	-28.95M	-33.18M	-31.74M	-29.8M	-33.14M	-35.33M	-41.49M	-36.61M	-33.26M
Share Repurchases	0	0	0	0	0	-125K	0	0	-7.42M	-3.02M
Stock Issued	30.29M	0	0	0	37.49M	0	0	0	0	0
Net Stock Activity	30.29M	0	0	0	37.49M	-125K	0	0	-7.42M	-3.02M
Debt Issuance (Net)	0	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	0
Other Financing	-1.03M	-2.32M	-1.94M	0	0	250K	-1.45M	0	0	-9.55M
Net Change in Cash	10.04M▲ 0%	-5.2M▼ 151.8%	-6.19M▼ 18.9%	-11.6M▼ 87.6%	6.52M▲ 156.2%	3.8M▼ 41.8%	-1.78M▼ 146.8%	3.35M▲ 288.5%	1.89M▼ 43.6%	29.73M▲ 0%
Exchange Rate Effect	-120.65M	-285.78M	-249.44M	14K	-297K	290K	-21K	-13K	33K	0
Cash at Beginning	28.89M	38.94M	33.73M	27.55M	15.94M	22.47M	26.26M	24.49M	27.84M	29.73M
Cash at End	38.94M	33.73M	27.55M	15.94M	22.47M	26.26M	24.49M	27.84M	29.73M	49.36M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	7.17M▲ 0%	31.07M▲ 333.4%	-94.98M▼ 405.7%	24.34M▲ 125.6%	30.34M▲ 24.6%	29M▼ 4.4%	90.37M▲ 211.6%	78.76M▼ 12.8%	19.28M▼ 75.5%	81.75M▲ 0%
FCF Growth %	-67.79%	333.42%	-405.67%	125.63%	24.62%	-4.41%	211.6%	-12.85%	-75.51%	-6.93%

WHF Banking Ratios

WhiteHorse Finance, Inc. (WHF) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	12.85%	19.03%	9.82%	10.13%	9.08%	4.6%	6.29%	3.6%	5.25%	3.58%
Return on Assets (ROA)	7.39%	11.46%	5.39%	4.69%	3.83%	1.9%	2.67%	1.54%	2.22%	1.49%
Net Interest Margin	8.12%	8.68%	6.98%	6.05%	5.47%	6.54%	7.95%	5.69%	4.93%	6.63%
Efficiency Ratio	23.32%	4.2%	5.42%	7.31%	8.19%	10.73%	7.74%	29.97%	-48.58%	16.24%
Equity / Assets	59.1%	61.33%	49.58%	43.52%	41.1%	41.73%	43.35%	42.28%	42.23%	41.31%
Book Value / Share	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31	11.21	11.29
NII Growth	-2.57%	13.16%	-1.29%	-1.19%	7.01%	11.85%	11.5%	-33.69%	-21.28%	-11.34%
Dividend Payout	76.58%	50.53%	107.59%	-	-	-	173.08%	23.21%	255.35%	294.69%

WHF SEC Filings & Documents

WhiteHorse Finance, Inc. (WHF) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 7, 2026·SEC

Material company update

Apr 23, 2026·SEC

Material company update

Mar 13, 2026·SEC

10-K Annual Reports

FY 2026

Mar 6, 2026·SEC

FY 2025

Mar 7, 2025·SEC

FY 2024

Mar 5, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 7, 2026·SEC

FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 7, 2025·SEC

WHF Frequently Asked Questions

WhiteHorse Finance, Inc. (WHF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

WhiteHorse Finance, Inc. (WHF) grew revenue by 121.6% over the past year. This is strong growth.

Yes, WhiteHorse Finance, Inc. (WHF) is profitable, generating $9.4M in net income for fiscal year 2025 (37.8% net margin).

Dividend & Returns

Yes, WhiteHorse Finance, Inc. (WHF) pays a dividend with a yield of 24.49%. This makes it attractive for income-focused investors.

WhiteHorse Finance, Inc. (WHF) has a return on equity (ROE) of 5.3%. This is below average, suggesting room for improvement.

Industry Metrics

WhiteHorse Finance, Inc. (WHF) has a net interest margin (NIM) of 4.9%. This indicates healthy earnings from lending activities.

WhiteHorse Finance, Inc. (WHF) has an efficiency ratio of -48.6%. This is excellent, indicating strong cost control.

What if you invested $1,000 in WHF back in 2012?

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Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 7, 2026

$0.26vs $0.28-7.1%

$16Mvs $16M-3.0%

Q2 2026

Mar 2, 2026

$0.29vs $0.27+7.4%

$17Mvs $17M+2.0%

Q4 2025

Nov 10, 2025

$0.26vs $0.29-10.5%

$16Mvs $18M-13.6%

Q3 2025

Aug 7, 2025

$0.28vs $0.31-9.7%

$10Mvs $19M-48.2%

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Net Interest Income

39.42M

44.61M

44.03M

43.51M

46.56M

52.08M

58.07M

38.5M

30.31M

40.19M

NII Growth %

-2.57%

13.16%

-1.29%

-1.19%

7.01%

11.85%

11.5%

-33.69%

-21.28%

-42.38%

Net Interest Margin %

8.12%

8.68%

6.98%

6.05%

5.47%

6.54%

7.95%

5.69%

4.93%

6.63%

Interest Income

49.23M

56.21M

57.5M

56.63M

63.15M

74.02M

87.98M

66.4M

53.45M

62.14M

Interest Expense

9.81M

11.6M

13.47M

13.13M

16.59M

21.94M

29.91M

27.9M

23.14M

21.95M

Loan Loss Provision

-27.9M

-5.07M

-1.08M

Non-Interest Income

-2.25M

16.69M

-9.79M

-7.49M

-11.21M

-30.72M

-32.38M

-49.31M

-15.56M

-19.35M

Non-Interest Income %

-4.8%

22.9%

-20.53%

-15.24%

-21.57%

-70.96%

-58.25%

-288.43%

-41.06%

-45.22%

Total Revenue

46.98M▲ 0%

72.9M▲ 55.2%

47.71M▼ 34.6%

49.14M▲ 3.0%

51.95M▲ 5.7%

43.29M▼ 16.7%

55.6M▲ 28.4%

17.09M▼ 69.3%

37.89M▲ 121.6%

42.79M▲ 0%

Revenue Growth %

10.74%

55.18%

-34.56%

3.01%

5.7%

-16.66%

28.42%

-69.25%

121.65%

318.11%

Non-Interest Expense

10.96M

3.06M

2.59M

3.59M

4.25M

4.65M

4.3M

5.12M

-18.41M

6.95M

Efficiency Ratio

23.32%

4.2%

5.42%

7.31%

8.19%

10.73%

7.74%

29.97%

-48.58%

16.24%

Operating Income

26.21M▲ 0%

58.24M▲ 122.2%

31.65M▼ 45.7%

32.43M▲ 2.4%

31.1M▼ 4.1%

16.71M▼ 46.3%

21.38M▲ 28.0%

11.97M▼ 44.0%

38.23M▲ 219.3%

14.97M▲ 0%

Operating Margin %

55.8%

79.89%

66.35%

65.98%

59.86%

38.59%

38.45%

70.03%

100.89%

34.99%

Operating Income Growth %

-2.96%

122.2%

-45.65%

2.44%

-4.1%

-46.28%

27.95%

-44%

219.3%

Pretax Income

34.45M▲ 0%

58.24M▲ 69.1%

31.65M▼ 45.7%

32.43M▲ 2.4%

31.1M▼ 4.1%

16.71M▼ 46.3%

21.38M▲ 28.0%

10.85M▼ 49.2%

14.34M▲ 32.1%

9.94M▲ 0%

Pretax Margin %

73.33%

79.89%

66.35%

65.98%

59.86%

38.59%

38.45%

63.47%

37.84%

23.23%

Income Tax

942K

813K

742K

1.02M

965K

557K

Effective Tax Rate %

1.62%

2.57%

2.29%

3.23%

6.13%

4.51%

5.6%

Net Income

34.45M▲ 0%

57.3M▲ 66.3%

30.84M▼ 46.2%

31.68M▲ 2.7%

30.09M▼ 5.0%

15.68M▼ 47.9%

20.41M▲ 30.2%

10.85M▼ 46.8%

14.34M▲ 32.1%

9.39M▲ 0%

Net Margin %

73.33%

78.6%

64.65%

64.47%

57.93%

36.23%

36.71%

63.47%

37.84%

21.93%

Net Income Growth %

9.96%

66.34%

-46.18%

2.74%

-5.02%

-47.89%

30.15%

-46.84%

32.13%

2.62%

Net Income (Continuing)

34.45M

57.3M

30.84M

31.68M

30.09M

15.68M

20.41M

10.85M

14.34M

9.39M

EPS (Diluted)

1.77▲ 0%

2.79▲ 57.6%

1.50▼ 46.2%

1.54▲ 2.7%

1.42▼ 7.8%

0.68▼ 52.1%

0.88▲ 29.4%

0.47▼ 46.6%

0.62▲ 31.9%

0.42▲ 0%

EPS Growth %

3.51%

57.63%

-46.24%

2.67%

-7.79%

-52.11%

29.41%

-46.59%

31.91%

-21.2%

EPS (Basic)

1.77

2.79

1.50

1.54

1.42

0.68

0.88

0.47

0.62

Diluted Shares Outstanding

19.43M

20.54M

20.55M

21.15M

23.23M

23.24M

23.17M

22.17M

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash & Short Term Investments

35.22M

24.15M

4.29M

8.06M

12.19M

9.51M

10.75M

12.42M

29.32M

98.63M

Cash & Due from Banks

35.22M

24.15M

4.29M

8.06M

12.19M

9.51M

10.75M

12.42M

29.32M

49.23M

Short Term Investments

Total Investments

440.68M

589.69M

690.74M

819.21M

760.23M

696.17M

130M

578.65M

543.04M

Investments Growth %

7.04%

-100%

17.14%

18.6%

-7.2%

-8.43%

-81.33%

345.1%

801.47%

Long-Term Investments

440.68M

589.69M

690.74M

819.21M

760.23M

696.17M

130M

578.65M

1.56B

Accounts Receivables

783K

10.22M

6.37M

11.25M

7.52M

8.1M

8.49M

5.74M

5.77M

5.32M

Goodwill & Intangibles

Goodwill

Intangible Assets

PP&E (Net)

Other Assets

479.15M

512.21M

1.39M

933K

Total Current Assets

44.85M

34.95M

41.54M

28.25M

31.81M

36.25M

34.58M

34.61M

35.09M

62.06M

Total Non-Current Assets

440.68M

479.15M

589.69M

690.74M

819.21M

760.23M

696.17M

642.21M

580.04M

543.97M

Total Assets

485.53M▲ 0%

514.1M▲ 5.9%

631.22M▲ 22.8%

718.99M▲ 13.9%

851.02M▲ 18.4%

796.47M▼ 6.4%

730.75M▼ 8.3%

676.82M▼ 7.4%

615.13M▼ 9.1%

606.04M▲ 0%

Asset Growth %

8.81%

5.88%

22.78%

13.9%

18.36%

-6.41%

-8.25%

-7.38%

-9.12%

-32.84%

Return on Assets (ROA)

7.39%

11.46%

5.39%

4.69%

3.83%

1.9%

2.67%

1.54%

2.22%

1.49%

Accounts Payable

8.52M

11.62M

1.94M

2.21M

2.44M

2.33M

2.09M

5.68M

8.87M

Total Debt

182.12M

175.95M

298.92M

384.88M

475.96M

440.43M

386.45M

353.12M

323.83M

324.62M

Net Debt

146.9M

151.81M

294.63M

376.82M

463.77M

430.92M

375.7M

340.69M

294.51M

275.39M

Long-Term Debt

182.12M

175.95M

298.92M

384.88M

475.96M

410.53M

386.45M

313.23M

323.83M

324.62M

Short-Term Debt

29.89M

39.89M

Other Liabilities

11.22M

143K

372K

839K

825K

316K

340K

813K

31.08M

Total Current Liabilities

16.46M

11.62M

19.2M

20.84M

24.47M

52.73M

27.21M

77.12M

30.69M

Total Non-Current Liabilities

182.12M

187.18M

299.07M

385.25M

476.8M

411.36M

386.76M

313.56M

324.65M

355.7M

Total Liabilities

198.58M

198.8M

318.27M

406.09M

501.27M

464.09M

413.98M

390.69M

355.34M

355.7M

Total Equity

286.95M▲ 0%

315.3M▲ 9.9%

312.95M▼ 0.7%

312.9M▼ 0.0%

349.75M▲ 11.8%

332.39M▼ 5.0%

316.77M▼ 4.7%

286.13M▼ 9.7%

259.79M▼ 9.2%

250.34M▲ 0%

Equity Growth %

15.06%

9.88%

-0.74%

-0.02%

11.78%

-4.96%

-4.7%

-9.67%

-9.21%

-43.05%

Equity / Assets (Capital Ratio)

59.1%

61.33%

49.58%

43.52%

41.1%

41.73%

43.35%

42.28%

42.23%

41.31%

Return on Equity (ROE)

12.85%

19.03%

9.82%

10.13%

9.08%

4.6%

6.29%

3.6%

5.25%

3.58%

Book Value per Share

14.77

15.35

15.23

16.54

14.31

13.63

12.31

11.21

11.29

Tangible BV per Share

14.77

15.35

15.23

16.54

14.31

13.63

12.31

11.21

11.29

Common Stock

20K

21K

23K

22K

217K

Additional Paid-in Capital

302.29M

301.56M

300.74M

300M

339.16M

339.24M

338.27M

337.2M

329.12M

326.11M

Retained Earnings

-15.36M

13.72M

12.19M

12.87M

10.57M

-6.88M

-21.53M

-51.09M

-69.35M

-75.79M

Accumulated OCI

-15.36M

Treasury Stock

Preferred Stock

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash from Operations

7.17M

31.07M

-94.98M

24.34M

30.34M

29M

90.37M

78.76M

19.28M

81.75M

Operating CF Growth %

-67.79%

333.42%

-405.67%

125.63%

24.62%

-4.41%

211.6%

-12.85%

-75.51%

877.36%

Net Income

34.45M

57.3M

30.84M

31.68M

30.09M

15.68M

20.41M

10.85M

26.77M

9.39M

Depreciation & Amortization

-8.13M

433K

-53K

9.57M

-24.1M

-15.52M

Deferred Taxes

Other Non-Cash Items

-20.02M

-28.16M

-118.89M

-11.07M

-6.88M

14.82M

67.26M

45.31M

19.66M

101.35M

Working Capital Changes

870K

1.5M

-6.88M

3.73M

7.13M

-1.51M

2.7M

13.03M

-3.04M

-6.94M

Cash from Investing

120.65M

285.78M

249.44M

-88.94M

-120.53M

42.99M

57.99M

30.77M

Purchase of Investments

-137.64M

-277.04M

-363.16M

-302.73M

-544.16M

-280.09M

-191.74M

-71.37M

Sale/Maturity of Investments

120.65M

285.78M

249.44M

213.79M

423.63M

323.08M

186.25M

249.73M

121.96M

Net Investment Activity

-17M

8.74M

-113.72M

-88.94M

-120.53M

42.99M

186.25M

57.99M

50.59M

Acquisitions

Other Investing

363.16M

-186.25M

-19.82M

Cash from Financing

2.87M

-36.28M

88.79M

52.98M

97.01M

-68.49M

-92.13M

-75.4M

-75.42M

-82.79M

Dividends Paid

-26.38M

-28.95M

-33.18M

-31.74M

-29.8M

-33.14M

-35.33M

-41.49M

-36.61M

-33.26M

Share Repurchases

-125K

-7.42M

-3.02M

Stock Issued

30.29M

37.49M

Net Stock Activity

30.29M

37.49M

-125K

-7.42M

-3.02M

Debt Issuance (Net)

-1000K

1000K

-1000K

Other Financing

-1.03M

-2.32M

-1.94M

250K

-1.45M

-9.55M

Net Change in Cash

10.04M▲ 0%

-5.2M▼ 151.8%

-6.19M▼ 18.9%

-11.6M▼ 87.6%

6.52M▲ 156.2%

3.8M▼ 41.8%

-1.78M▼ 146.8%

3.35M▲ 288.5%

1.89M▼ 43.6%

29.73M▲ 0%

Exchange Rate Effect

-120.65M

-285.78M

-249.44M

14K

-297K

290K

-21K

-13K

33K

Cash at Beginning

28.89M

38.94M

33.73M

27.55M

15.94M

22.47M

26.26M

24.49M

27.84M

29.73M

Cash at End

38.94M

33.73M

27.55M

15.94M

22.47M

26.26M

24.49M

27.84M

29.73M

49.36M

Interest Paid

Income Taxes Paid

Free Cash Flow

7.17M▲ 0%

31.07M▲ 333.4%

-94.98M▼ 405.7%

24.34M▲ 125.6%

30.34M▲ 24.6%

29M▼ 4.4%

90.37M▲ 211.6%

78.76M▼ 12.8%

19.28M▼ 75.5%

81.75M▲ 0%

FCF Growth %

-67.79%

333.42%

-405.67%

125.63%

24.62%

-4.41%

211.6%

-12.85%

-75.51%

-6.93%

Metric

2017

2018

2019

2020

2021

2022

2023

2024

2025

TTM

Return on Equity (ROE)

12.85%

19.03%

9.82%

10.13%

9.08%

4.6%

6.29%

3.6%

5.25%

3.58%

Return on Assets (ROA)

7.39%

11.46%

5.39%

4.69%

3.83%

1.9%

2.67%

1.54%

2.22%

1.49%

Net Interest Margin

8.12%

8.68%

6.98%

6.05%

5.47%

6.54%

7.95%

5.69%

4.93%

6.63%

Efficiency Ratio

23.32%

4.2%

5.42%

7.31%

8.19%

10.73%

7.74%

29.97%

-48.58%

16.24%

Equity / Assets

59.1%

61.33%

49.58%

43.52%

41.1%

41.73%

43.35%

42.28%

42.23%

41.31%

Book Value / Share

14.77

15.35

15.23

16.54

14.31

13.63

12.31

11.21

11.29

NII Growth

-2.57%

13.16%

-1.29%

-1.19%

7.01%

11.85%

11.5%

-33.69%

-21.28%

-11.34%

Dividend Payout

76.58%

50.53%

107.59%

173.08%

23.21%

255.35%

294.69%

WhiteHorse Finance, Inc.(WHF)Earnings, Financials & Key Ratios

WHF Key Insights

✓Strengths

✗Weaknesses

WHF Price & Volume

WHF Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

WHF Recent Earnings

WHF Peer Comparison

Compare WHF vs Peers

vs GBDC

vs BX

Compare Top 5

WHF Income Statement

WHF Balance Sheet

WHF Cash Flow Statement

WHF Banking Ratios

WHF SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

WHF Frequently Asked Questions

WhiteHorse Finance, Inc.(WHF)Earnings, Financials & Key Ratios

WHF Key Insights

✓Strengths

✗Weaknesses

WHF Price & Volume

WHF Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

WHF Recent Earnings

WHF Peer Comparison

Compare WHF vs Peers

vs GBDC

vs BX

Compare Top 5

WHF Income Statement

WHF Balance Sheet

WHF Cash Flow Statement

WHF Banking Ratios

WHF SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

WHF Frequently Asked Questions