Cash conversion efficiency is highly erratic, as demonstrated by an OCF/NI ratio that fluctuated from 22.99 in 2023Q4 to -110.83 in 2025Q3, complicating the firm's ability to fund operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 81.75M | 19.28M | 78.76M | 90.37M | 29M | 30.34M | 24.34M | -94.98M | 31.07M | 7.17M | 22.26M | -4.51M | -139.76M | -13.34M | 31.41M |
| Operating CF Growth % | 877.36% | -75.51% | -12.85% | 211.6% | -4.41% | 24.62% | 125.63% | -405.67% | 333.42% | -67.79% | 593.55% | 96.77% | -947.46% | -142.48% | - |
| Net Income | 9.39M | 26.77M | 10.85M | 20.41M | 15.68M | 30.09M | 31.68M | 30.84M | 57.3M | 34.45M | 31.33M | -2.83M | 19.54M | 19.03M | 39.56M |
| Depreciation & Amortization | -15.52M | -24.1M | 9.57M | 0 | 0 | 0 | 0 | -53K | 433K | -8.13M | -4.8M | 23.2M | 2.61M | 280K | -7.01M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 101.35M | 19.66M | 45.31M | 67.26M | 14.82M | -6.88M | -11.07M | -118.89M | -28.16M | -20.02M | 9.28M | -30.99M | -133.03M | -91.63M | 31.89M |
| Working Capital Changes | -6.94M | -3.04M | 13.03M | 2.7M | -1.51M | 7.13M | 3.73M | -6.88M | 1.5M | 870K | -13.55M | 6.11M | -28.88M | 58.97M | -33.03M |
| Cash from Investing | 30.77M | 57.99M | 0 | 0 | 42.99M | -120.53M | -88.94M | 249.44M | 285.78M | 120.65M | 133.72M | 135M | 135.24M | 169.46M | 53.23M |
| Purchase of Investments | -71.37M | -191.74M | 0 | 0 | -280.09M | -544.16M | -302.73M | -363.16M | -277.04M | -137.64M | -121.48M | -167.68M | 0 | 0 | -61.48M |
| Sale/Maturity of Investments | 121.96M | 249.73M | 186.25M | 0 | 323.08M | 423.63M | 213.79M | 249.44M | 285.78M | 120.65M | 133.72M | 135M | 135.24M | 169.46M | 114.71M |
| Net Investment Activity | 50.59M | 57.99M | 186.25M | 0 | 42.99M | -120.53M | -88.94M | -113.72M | 8.74M | -17M | 12.24M | -32.68M | 135.24M | 169.46M | 53.23M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -19.82M | 0 | -186.25M | 0 | 0 | 0 | 0 | 363.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -82.79M | -75.42M | -75.4M | -92.13M | -68.49M | 97.01M | 52.98M | 88.79M | -36.28M | 2.87M | -27.99M | 15.63M | 58.5M | -49.88M | 124.71M |
| Dividends Paid | -33.26M | -36.61M | -41.49M | -35.33M | -33.14M | -29.8M | -31.74M | -33.18M | -28.95M | -26.38M | -25.99M | -21.28M | -21.19M | -17.38M | 0 |
| Share Repurchases | -3.02M | -7.42M | 0 | 0 | -125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -163.99M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 37.49M | 0 | 0 | 0 | 30.29M | 0 | 43.98M | 0 | 0 | 150.75M |
| Net Stock Activity | -3.02M | -7.42M | 0 | 0 | -125K | 37.49M | 0 | 0 | 0 | 30.29M | 0 | 43.98M | 0 | 0 | -13.24M |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 0 | -1000K | -1000K | 1000K | -1000K | 1000K |
| Other Financing | -9.55M | 0 | 0 | -1.45M | 250K | 0 | 0 | -1.94M | -2.32M | -1.03M | 0 | -3.57M | -810K | 0 | -3.3M |
| Net Change in Cash | 29.73M | 1.89M | 3.35M | -1.78M | 3.8M | 6.52M | -11.6M | -6.19M | -5.2M | 10.04M | -5.73M | 11.12M | -81.26M | -63.22M | 124.71M |
| Exchange Rate Effect | 0 | 33K | -13K | -21K | 290K | -297K | 14K | -249.44M | -285.78M | -120.65M | -133.72M | -135M | -135.24M | -169.46M | -84.64M |
| Cash at Beginning | 29.73M | 27.84M | 24.49M | 26.26M | 22.47M | 15.94M | 27.55M | 33.73M | 38.94M | 28.89M | 22.77M | 11.65M | 92.91M | 156.12M | 31.41M |
| Cash at End | 49.36M | 29.73M | 27.84M | 24.49M | 26.26M | 22.47M | 15.94M | 27.55M | 33.73M | 38.94M | 17.04M | 22.77M | 11.65M | 92.91M | 156.12M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 81.75M | 19.28M | 78.76M | 90.37M | 29M | 30.34M | 24.34M | -94.98M | 31.07M | 7.17M | 22.26M | -4.51M | -139.76M | -13.34M | 31.41M |
| FCF Growth % | -6.93% | -75.51% | -12.85% | 211.6% | -4.41% | 24.62% | 125.63% | -405.67% | 333.42% | -67.79% | 593.55% | 96.77% | -947.46% | -142.48% | - |
Portfolio fair value volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 22.99 in 2023Q4 to -110.83 in 2025Q3, indicating that reported earnings provide little insight into the firm's actual cash-generating capacity.
The extreme volatility in the OCF/NI ratio suggests that non-cash fair value adjustments dominate the income statement, rendering traditional earnings metrics unreliable for assessing liquidity. Investors should monitor whether this disconnect persists, as it complicates the ability to forecast sustainable dividend coverage from core operations.
Based on quarterly cash flow data, free cash flow has exhibited significant instability, ranging from a high of $78.7M in 2023Q4 to a low of -$7.0M in 2025Q1, reflecting the lumpy nature of portfolio exits and the inherent unpredictability of the firm's investment cycle.
The lack of a consistent FCF trajectory suggests that the company's cash position is highly sensitive to the timing of loan repayments and capital deployment. This inconsistency makes it difficult to determine if the current dividend payout is supported by recurring cash flows or merely by periodic asset liquidations.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, with a notable $15.1M inflow in 2024Q3 contrasting sharply with a $6.7M outflow in 2026Q1, highlighting the sensitivity of the firm's cash position to short-term balance sheet movements.
These fluctuations in working capital appear to be tied to the timing of interest collections and the settlement of investment-related receivables. Such volatility warrants further investigation into whether these movements represent genuine operational efficiency or merely the timing of interest accruals within the loan portfolio.
As indicated by historical cash flow data, dividend payments have remained relatively stable despite significant swings in operating cash flow, with the firm paying out $8.9M in most quarters while operating cash flow has fluctuated wildly between -$7.0M and $78.7M.
The persistence of dividend payments during periods of negative operating cash flow suggests that the firm may be relying on balance sheet liquidity or capital recycling to maintain distributions. This strategy may be unsustainable if the underlying portfolio fails to generate consistent cash interest to cover the dividend obligations.
Quick answers to the most common questions about buying WHF stock.
WhiteHorse Finance, Inc. (WHF) generated $19.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WhiteHorse Finance, Inc. (WHF) generated $19.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
WhiteHorse Finance, Inc. (WHF) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, WhiteHorse Finance, Inc. (WHF) returned $36.6M to shareholders via cash dividends and spent $7.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.