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WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2025 Earnings Results and Declares Quarterly Distribution of $0.25 Per Share and Supplemental Distribution of $0.01 Per Share

WHF
  • WhiteHorse Finance, Inc. announced fourth quarter and full-year 2025 financial results with a Net Asset Value (NAV) of $259.8 million ($11.68 per share) as of December 31, 2025.
  • The company declared a $0.25 per share distribution plus a $0.01 supplemental distribution for the quarter ending March 31, 2026, payable on April 6, 2026, to record holders on March 12, 2026.
  • Full-year 2025 net investment income totaled $26.1 million ($1.127 per share), while fourth quarter net investment income was $6.6 million ($0.287 per share).
  • Annual gross investment deployments reached $180.8 million, including $152.1 million in new originations and $28.7 million in add-ons to existing investments.
  • The investment portfolio fair value stood at $578.6 million, consisting of 129 positions across 68 companies with a weighted average effective yield of 9.1% on income-producing debt.
  • The portfolio composition included approximately 74.3% first lien secured loans, 0.8% second lien secured loans, 0.2% unsecured loans, 6.4% equity, and 18.3% in STRS JV investments.
  • WhiteHorse Finance and H.I.G. insiders purchased approximately 1.1 million shares for about $8.0 million during the fourth quarter.
  • The board approved a $7.5 million increase to the stock repurchase program authorization, raising the total available amount to $22.5 million.
  • Annual distributions paid totaled $1.44 per share, including a special distribution of $0.035 per share.
  • Net realized and unrealized losses on investments for the year 2025 were $11.8 million, primarily driven by markdowns in Camarillo Fitness Holdings, LLC.
  • The company reported $29.7 million in cash and cash equivalents and had $100.0 million in undrawn capacity under its revolving credit facility as of December 31, 2025.
  • The STRS JV portfolio totaled $323.6 million with a weighted average effective yield of 9.9% as of December 31, 2025.
  • Four full realizations occurred in the fourth quarter totaling approximately $49.6 million in proceeds from Bridgepoint Healthcare, Sleep OpCo, Event Services America, and ELM One Call Locators.
  • The company held a conference call on March 2, 2026, to discuss results, with a replay available until March 9, 2026.