Net interest income declined from $13.2M in 2024Q1 to $9.4M in 2026Q2 with NIM slipping from 1.8% to 1.6%, while earnings were propped up by a volatile non-interest swing that lifted 2026Q2 net income to $10.4M.
WhiteHorse Finance, Inc. (WHF) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 25.25M | 30.31M | 38.5M | 58.07M | 52.08M | 46.56M | 43.51M | 44.03M | 44.61M | 39.42M | 40.46M | -9.97M | -5.82M | -5.34M | -1.13M |
| NII Growth % | -170.09% | -21.28% | -33.69% | 11.5% | 11.85% | 7.01% | -1.19% | -1.29% | 13.16% | -2.57% | 505.83% | -71.36% | -8.93% | -372.24% | - |
| Net Interest Margin % | 4.18% | 4.93% | 5.69% | 7.95% | 6.54% | 5.47% | 6.05% | 6.98% | 8.68% | 8.12% | 9.07% | -2.26% | -1.36% | -1.43% | -0.3% |
| Interest Income | 45.87M | 53.45M | 66.4M | 87.98M | 74.02M | 63.15M | 56.63M | 57.5M | 56.21M | 49.23M | 48.65M | 0 | 0 | 0 | 0 |
| Interest Expense | 20.62M | 23.14M | 27.9M | 29.91M | 21.94M | 16.59M | 13.13M | 13.47M | 11.6M | 9.81M | 8.19M | 9.97M | 5.82M | 5.34M | 1.13M |
| Loan Loss Provision | -2.36M | -5.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.05M | -20.04M | -5.34M | -725K |
| Non-Interest Income | 1.25M | -15.56M | -21.41M | -32.38M | -30.72M | -11.21M | -7.49M | -9.79M | 16.69M | -2.25M | -6.23M | 639K | 23.33M | 22.39M | 40.71M |
| Non-Interest Income % | 4.71% | -105.46% | -125.23% | -126.1% | -143.88% | -31.69% | -20.79% | -28.6% | 27.23% | -6.06% | -18.19% | -6.85% | 133.23% | 131.34% | 102.86% |
| Total Net Revenue | 26.5M | 14.75M | 17.09M | 25.68M | 21.35M | 35.35M | 36.02M | 34.24M | 61.3M | 37.17M | 34.23M | -9.33M | 17.51M | 17.04M | 39.58M |
| Revenue Growth % | 178.53% | -13.71% | -33.44% | 20.27% | -39.6% | -1.85% | 5.2% | -44.15% | 64.93% | 8.57% | 466.88% | -153.29% | 2.73% | -56.94% | - |
| Non-Interest Expense | 6.78M | -18.41M | 5.12M | 4.3M | 4.65M | 4.25M | 3.59M | 2.59M | 3.06M | 10.96M | 7.22M | 3.47M | 3.78M | 3.35M | 749K |
| Efficiency Ratio | 25.6% | -124.78% | 29.97% | 16.76% | 21.76% | 12.04% | 9.97% | 7.55% | 4.99% | 29.48% | 21.1% | -37.15% | 21.61% | 19.68% | 1.89% |
| Operating Income | 22.07M | 38.23M | 11.97M | 21.38M | 16.71M | 31.1M | 32.43M | 31.65M | 58.24M | 26.21M | 27.01M | 20.75M | 17M | 19.31M | 42.2M |
| Operating Margin % | 83.3% | 259.13% | 70.03% | 83.24% | 78.24% | 87.96% | 90.03% | 92.45% | 95.01% | 70.52% | 78.9% | -222.43% | 97.1% | 113.3% | 106.62% |
| Operating Income Growth % | - | 219.3% | -44% | 27.95% | -46.28% | -4.1% | 2.44% | -45.65% | 122.2% | -2.96% | 30.14% | 22.08% | -11.96% | -54.24% | - |
| Pretax Income | 17.96M | 14.34M | 10.85M | 21.38M | 16.71M | 31.1M | 32.43M | 31.65M | 58.24M | 34.45M | 31.33M | -2.83M | 19.54M | 19.03M | 39.56M |
| Pretax Margin % | 67.77% | 97.19% | 63.47% | 83.24% | 78.24% | 87.96% | 90.03% | 92.45% | 95.01% | 92.68% | 91.51% | 30.3% | 111.62% | 111.65% | 99.94% |
| Income Tax | 413K | 0 | 0 | 965K | 1.02M | 1M | 742K | 813K | 942K | 0 | 0 | 1K | 0 | 0 | 0 |
| Effective Tax Rate % | 2.3% | 0% | 0% | 4.51% | 6.13% | 3.23% | 2.29% | 2.57% | 1.62% | 0% | 0% | -0.04% | 0% | 0% | 0% |
| Net Income | 17.55M | 14.34M | 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 |
| Net Margin % | 66.22% | 97.19% | 63.47% | 79.48% | 73.45% | 85.12% | 87.97% | 90.07% | 93.47% | 92.68% | 91.51% | 30.3% | 111.62% | 111.65% | 99.94% |
| Net Income Growth % | 393.25% | 32.13% | -46.84% | 30.15% | -47.89% | -5.02% | 2.74% | -46.18% | 66.34% | 9.96% | 1208.21% | -114.46% | 2.7% | -51.89% | - |
| Net Income (Continuing) | 17.55M | 14.34M | 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 |
| EPS (Diluted) | 0.81 | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 | 1.54 | 1.50 | 2.79 | 1.77 | 1.71 | -0.18 | 1.30 | 1.27 | 2.64 |
| EPS Growth % | 434.81% | 31.91% | -46.59% | 29.41% | -52.11% | -7.79% | 2.67% | -46.24% | 57.63% | 3.51% | 1050% | -113.85% | 2.36% | -51.89% | - |
| EPS (Basic) | - | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 | 1.54 | 1.50 | 2.79 | 1.77 | 1.71 | -0.18 | 1.30 | 1.27 | 2.64 |
| Diluted Shares Outstanding | 21.57M | 23.17M | 23.24M | 23.24M | 23.23M | 21.15M | 20.55M | 20.55M | 20.54M | 19.43M | 18.3M | 15.32M | 14.98M | 14.97M | 14.97M |
Quick answers to the most common questions about buying WHF stock.
For fiscal year 2025, WhiteHorse Finance, Inc. (WHF) reported total revenue of $14.8M. This represents a 62.7% decline compared to $39.6M in 2012.
WhiteHorse Finance, Inc. (WHF) is profitable, generating $14.3M in net income for the fiscal year ending 2025 with a net profit margin of 97.2%.
WhiteHorse Finance, Inc. (WHF) reported an operating income of $38.2M, resulting in an operating profit margin of 259.1%. This margin reflects the operational efficiency of the business before interest and taxes.
WhiteHorse Finance, Inc. (WHF) generated $19.8M in gross profit for the year, representing a gross profit margin of 134.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Non-interest income volatility and NII compression
Metrics are mathematically derived from official filings.
NII Compression Persists Despite Stabilization
Based on reported figures, WHF's net interest income fell from $13.2M in 2024Q1 to $9.4M in 2026Q2, a decline of roughly 29% over ten quarters, with the most recent quarter showing a 7.0% year-over-year contraction.
The steady decline in NII across the period suggests that asset repricing, likely from lower benchmark rates and portfolio churn, is outpacing any offsetting volume growth. The sequential stabilization in 2025Q4 and 2026Q1 may indicate the trough is forming, but the 2026Q2 figure still signals that investors should monitor whether top-line earnings power can rebuild. Without disclosed deposit or funding cost detail, the drivers of this compression warrant further investigation.
Fee Income Volatility Dominates Earnings Mix
As reported in financial statements, WHF's non-interest income swung from a $4.3M loss in 2026Q1 to a $142K gain in 2026Q2, with several prior quarters showing losses exceeding $9M.
The recurring sign reversals and large negative swings suggest non-interest income is driven by mark-to-market or investment-related items rather than stable recurring fees, which limits its reliability as an earnings anchor. The fee percentage of total revenue moving between -134.9% and 26.0% indicates total revenue is heavily dependent on these volatile components. Investors should treat reported revenue quality as low until the composition of these non-interest items is clarified.
Provisioning Largely Absent, Modest Recent Charges
Based on WHF's reported figures, provision expense was zero across most quarters from 2024Q1 through 2025Q4 before reappearing at -$1.1M in both 2026Q1 and 2026Q2.
The absence of provisions for most of the period may reflect a benign credit environment or limited reserve activity, but it could also indicate that reserving practices were not sensitive to risk during those quarters. The reappearance of charges in 2026 suggests some credit or valuation reassessment has begun, though the magnitude remains small relative to revenue. Data on loan quality and reserve adequacy is unavailable here, so the sustainability of current credit costs cannot be assessed.
Earnings Recovery Relies on Volatile Items
Quarterly net income has swung between losses and gains, with 2026Q2 net income of $10.4M heavily reliant on a non-interest swing that may not repeat.
The 2026Q2 rebound to $10.4M net income coincides with a shift in non-interest income from a $4.3M loss to a small gain, and operating income of $15.2M appears inconsistent with the much smaller revenue base implied by NII alone. This suggests the quarter may contain non-recurring or valuation-driven items that could reverse. Investors should monitor whether earnings normalize toward the $2M to $4M range seen in prior quarters before extrapolating the recent result.