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

WHF•NASDAQ

$6.78

10.9× P/E·Price updated Jul 2, 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

EBITDA$37M+213.0%
Net Income$14M+32.1%
EPS (Diluted)0.62+31.9%
Gross Margin52.31%-47.7%
EBITDA Margin98.9%+41.2%
Operating Margin100.89%+44.1%
Net Margin37.84%-40.4%
ROE5.25%+45.9%

WHF Price & Volume

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

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Persistent Earnings Volatility Masks Structural Capital Erosion

Investment Thesis • Updated 2026Q1

VerdictNegative

Growth:Mixed

Profitability:Strained

Financial:Strained

Cash Flow:Mixed

Primary Risk:Portfolio fair value volatility

Key Thesis Takeaways

WhiteHorse Finance faces a challenging outlook characterized by erratic revenue streams and a significant erosion of retained earnings, which have deteriorated to a $75.8M deficit as of 2026Q1.
While the firm maintains a high dividend yield of 24.0%, the sustainability of these payouts appears questionable given the extreme variability in operating cash flow and the reliance on non-cash fair value adjustments.
Investors should monitor the firm's ability to stabilize its $606.0M asset base and address the underlying credit risks within its lower middle market portfolio.

Verdict Logic

the combination of a $75.8M retained earnings deficit and the extreme volatility in free cash flow, which dropped to -$2.5M in 2026Q1, suggests significant long-term solvency risks that outweigh the current 24.0% dividend yield.

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 →

Latest WHF News

Recent stock market news and headlines for WhiteHorse Finance, Inc. (WHF)

Seeking Alpha·Jun 18, 2026

WhiteHorse Finance: Small Portfolio Improvements In Progress

WhiteHorse Finance (WHF) continues to face portfolio contraction, persistent net realized losses, and elevated non-accruals, justifying a maintained Hold rating. WHF trades at a historically deep 44.55% discount to NAV, but this reflects ongoing portfolio and earnings challenges rather than a buying opportunity. Dividend coverage remains razor-thin; the 15.7% yield is at risk of a cut as net investment income barely matches distributions and non-accruals rise.

Peers Comparison

Key metrics vs top competitors for WhiteHorse Finance, Inc. (WHF)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
WHFWhiteHorse Finance, Inc.Current	$6.78	$146.53M	10.94	121.65%	37.84%	5.25%	23.3%
GBDCGolub Capital BDC, Inc.	$12.84	$3.34B	9.04	42.5%	26.91%	5.24%	—
TPVGTriplePoint Venture Growth BDC Corp.	$5.07	$205.84M	4.16	36.55%	-19.55%	-3.39%	—
PFLTPennantPark Floating Rate Capital Ltd.	$7.51	$745.13M	10.43	2.2%	34.83%	5.84%	—
SLRCSLR Investment Corp.	$12.45	$679.21M	7.32	24.76%	39.78%	7.31%	—
CSWCCapital Southwest Corporation	$24.04	$1.49B	12.65	50.13%	50.89%	11.68%	—

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 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

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WHF Frequently Asked Questions

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

Growth & Financials

What is WhiteHorse Finance, Inc.'s revenue?

WhiteHorse Finance, Inc. (WHF) reported $42.8M in revenue for fiscal year 2025.

How fast is WhiteHorse Finance, Inc. growing?

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

Is WHF profitable?

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

Dividend & Returns

Does WHF pay dividends?

Yes, WhiteHorse Finance, Inc. (WHF) pays a dividend with a yield of 23.30%. This makes it attractive for income-focused investors.

What is WHF's return on equity?

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

What is WhiteHorse Finance, Inc.'s free cash flow?

WhiteHorse Finance, Inc. (WHF) generated $81.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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

Total return calculator · dividends reinvested · 14+ years of data

See returns →

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%

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

WHFWhiteHorse Finance, Inc.Current

$6.78

$146.53M

10.94

121.65%

37.84%

5.25%

23.3%

GBDCGolub Capital BDC, Inc.

$12.84

$3.34B

9.04

42.5%

26.91%

5.24%

—

TPVGTriplePoint Venture Growth BDC Corp.

$5.07

$205.84M

4.16

36.55%

-19.55%

-3.39%

—

PFLTPennantPark Floating Rate Capital Ltd.

$7.51

$745.13M

10.43

2.2%

34.83%

5.84%

—

SLRCSLR Investment Corp.

$12.45

$679.21M

7.32

24.76%

39.78%

7.31%

—

CSWCCapital Southwest Corporation

$24.04

$1.49B

12.65

50.13%

50.89%

11.68%

—