WhiteHorse Finance, Inc. WHF

Nasdaq

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

Last close 8.11 2026-10-28
Market cap $174.2M 2026-06-30 share count
52-week range 6.07 - 8.13

Valuation FY2025 figures against the last close

P/S—
P/E13.1x
P/FCF2.3x
EV/EBITDA—
Dividend yield—
Diluted EPS0.62

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 0.620.470.880.681.421.55—
EPS, diluted 0.620.470.880.681.421.55—
Shares, diluted (wtd. avg.) 23.2M23.2M23.2M23.2M21.2M20.5M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 10M 20M 30M 40M Net income, FY2020: 31.7M Net income, FY2021: 30.1M Net income, FY2022: 15.7M Net income, FY2023: 20.4M Net income, FY2024: 10.9M Net income, FY2025: 14.3M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — —
Gross profit — — — — — — —
Net income — $31.7M $30.1M $15.7M $20.4M $10.9M $14.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.