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WhiteHorse Finance (WHF) investor relations material
WhiteHorse Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Net investment income for Q3 2025 was $6.1 million ($0.263 per share), down from $6.6 million ($0.282 per share) in Q2 and $9.2 million in Q3 2024, reflecting disappointing results due to interest rate cuts, spread compression, and portfolio markdowns.
Net asset value (NAV) per share declined to $11.41 at September 30, 2025, from $11.82 in Q2 and $12.31 at year-end 2024.
Portfolio fair value was $568.4 million, with 125 positions across 66 companies.
Board reset the quarterly distribution to $0.25 per share and authorized a $15 million share repurchase program, with a temporary reduction in the incentive fee to 17.5% for two quarters.
Ongoing portfolio repositioning and restructuring of underperforming credits remain a focus.
Financial highlights
Total investment income for Q3 2025 was $17.7 million, down from $18.8 million in Q2 and $22.9 million in Q3 2024.
Net realized and unrealized losses totaled $6.7 million in Q3 2025.
Weighted average effective yield on income-producing debt investments was 11.6%, down from 11.9% in Q2.
Asset coverage ratio for borrowings was 180.7% at quarter end.
Net effective debt-to-equity ratio was 1.07x, down from 1.22x in Q2.
Outlook and guidance
The $0.25/share quarterly distribution is intended as a sustainable base, with potential supplemental distributions if earnings exceed the base.
Management expects continued pressure on yields and investment income due to non-accruals and lower portfolio size.
Adviser voluntarily reduced incentive fee from 20% to 17.5% for two quarters.
Non-accrual assets are expected to remain so for 12-24 months, with recoveries dependent on multi-year turnaround efforts.
Focus remains on active portfolio management and risk mitigation.
Share buyback strategy given NAV discount
Compare sponsor vs. nonsponsor deal performance
Incentive fee waiver extension criteria
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Next WhiteHorse Finance earnings date
Q4 202527 Feb, 2026
Next WhiteHorse Finance earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
WhiteHorse Finance Inc. is a business development company that provides debt financing to small and mid-sized private companies across various industries. The company primarily offers senior secured loans, including first lien and second lien loans, as well as subordinated debt, to support growth, acquisitions, and recapitalizations. WhiteHorse Finance focuses on providing flexible and customized financing solutions tailored to the needs of its portfolio companies. The company is headquartered in Miami, Florida, and its shares are listed on the NASDAQ.
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