Q4 2025 WhiteHorse Finance Inc Earnings Call Transcript

Mar 2, 2026 / 06:30 PM GMT

Release Date Price: $6.72 (+6.67%)

Transcript 10-K8-K

Key Points

Positve

WhiteHorse Finance Inc (WHF) reported improved earnings and NAV performance in Q4 2025 compared to the previous quarter.
The company declared a supplemental distribution of $0.01 per share in addition to the base $0.25 dividend for Q1 2026.
WhiteHorse Finance Inc (WHF) completed a term debt securitization, improving the stability and cost profile of its secured leverage.
The advisor voluntarily reduced the incentive fee on net investment income from 20% to 17.5%, providing near-term support for distributable earnings.
The company repurchased approximately 1 million shares, which was accretive to NAV by approximately $0.18 per share.

Negative

WhiteHorse Finance Inc (WHF) shares continue to trade at a significant discount to NAV, over 40%.
The weighted average effective yield on income-producing debt investments decreased to 11% at the end of Q4 from 11.6% in Q3.
Non-accrual investments represented 2.4% of the total debt portfolio at fair value, with some investments facing negative developments.
The company recognized $11.3 million in net realized losses during the quarter, primarily driven by restructuring and exit of certain investments.
Market conditions remain competitive, with capital availability exceeding new deal supply, impacting pricing and deal flow.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WHF.OQ - WhiteHorse Finance Inc
Q4 2025 WhiteHorse Finance Inc Earnings Call
Mar 02, 2026 / 06:30PM GMT

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Presentation
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Unidentified_1 [1]
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Stand by your meeting is about to begin.

Good afternoon everyone. Welcome to today's White Horse Finance 4th quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press 1 on your telephone, and to remove yourself from the queue, press 2. Please note this call is being recorded, and it is now my pleasure to turn the meeting over to Mr. Rob Munnings of Rose and Company. Please go ahead, sir.

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Unidentified_2 [2]
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