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Visual24 Oct 2025
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WhiteHorse Finance (WHF) investor relations material
WhiteHorse Finance Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 net investment income was $6.6M ($0.282/share), down from $6.8M in Q1 and $9.3M in Q2 2024, with realized and unrealized losses totaling $4.3M, mainly from a $21M write-off.
NAV per share declined to $11.82 from $12.11 in Q1 and $12.31 at year-end 2024, reflecting portfolio markdowns and losses.
Portfolio fair value was $629.3M across 132 positions in 71 companies at quarter-end.
Board declared a Q2 distribution of $0.385/share, the 52nd consecutive quarterly distribution since IPO.
Origination activity included $33.1M in new investments and $5.9M in add-ons, with $36.2M in repayments and $22.8M transferred to STRS JV.
Financial highlights
Total investment income for Q2 2025 was $18.8M, flat sequentially but down from $23.5M in Q2 2024.
Net realized losses were $22.0M, mainly from restructurings and foreclosures, offset by $17.7M in unrealized appreciation.
Weighted average effective yield on income-producing debt investments was 11.9%, down from 12.1% in Q1 and 13.8% in Q2 2024.
Net assets at quarter-end were $274.7M, with a market cap of $204.1M as of August 6, 2025.
Distributions declared for the first half of 2025 totaled $17.9M, or $0.77/share.
Outlook and guidance
Management expects continued pressure on yields due to high interest rates and non-accruals, but remains focused on disciplined underwriting and portfolio stability.
Portfolio strategy emphasizes downside protection, cash flow visibility, and selectivity in new originations.
Sufficient liquidity and capital resources are highlighted, with no specific forward guidance.
Elaborate on mitigating actions for tariff pressure.
Assess BDC balance sheet deployment this quarter.
How will 2024 spillover impact 2025/2026 dividends?
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Next WhiteHorse Finance earnings date
Q3 202510 Nov, 2025
Next WhiteHorse Finance earnings date
Q3 202510 Nov, 2025
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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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