WhiteHorse Finance, Inc. WHF
We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, and intend to qualify annually for such treatment.
We are a direct lender targeting debt investments in privately held, lower middle market companies located in the United States. We define the lower middle market as those companies with enterprise values between $50 million and $350 million. Our investment objective is to generate attractive risk-adjusted returns primarily by originating and
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| SG&A | $4.7M | $4.4M | $3.6M | $4.0M | $3.6M | $2.9M | — |
| Interest expense | $23.1M | $27.9M | $29.9M | $21.9M | $16.6M | $13.1M | — |
| Pre-tax income | $14.3M | $10.9M | $20.4M | $15.7M | — | — | — |
| Income tax | $0 | $0 | $0 | $0 | — | — | — |
| Net income | $14.3M | $10.9M | $20.4M | $15.7M | $30.1M | $31.7M | — |
| EPS, basic | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 | 1.55 | — |
| EPS, diluted | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 | 1.55 | — |
| Shares, diluted (wtd. avg.) | $23.2M | $23.2M | $23.2M | $23.2M | $21.2M | $20.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.0M | $12.4M | $10.7M | $9.5M | $12.2M | $8.1M | — |
| Total assets | $615.1M | $676.8M | $730.8M | $796.5M | $851.0M | — | — |
| Long-term debt | $323.8M | $353.1M | $386.4M | $440.4M | $476.0M | — | — |
| Total liabilities | $355.3M | $390.7M | $414.0M | $464.1M | $501.3M | — | — |
| Retained earnings | -$69.4M | -$51.1M | -$21.5M | -$6.9M | $10.6M | — | — |
| Total equity | $259.8M | $286.1M | $316.8M | $332.4M | $349.8M | $312.9M | $313.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $77.3M | $78.8M | $90.4M | $72.0M | -$90.2M | -$64.6M | — |
| Financing cash flow | -$75.4M | -$75.4M | -$92.1M | -$68.5M | $97.0M | $53.0M | — |
| Buybacks | $7.4M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-024735.