8.10
-3.46%
Close of 9 Nov 2026, in USD
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About WhiteHorse Finance
From its filings with the US Securities and Exchange Commission
WhiteHorse Finance is based in Miami, Florida and is incorporated in Delaware. Its shares trade on Nasdaq under the ticker WHF. In the fiscal year to 31 December 2025, it reported net income of $14.3m. At that date it held total assets of $615.1m and shareholders' equity of $259.8m.
We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, and intend to qualify annually for such treatment.
We invest primarily in loans and securities that are rated below investment grade by rating agencies or that may be rated below investment grade if they were so rated. Below investment grade securities, which are often referred to as “junk” bonds, are viewed as speculative investments because of concerns with respect to the issuer’s capacity to pay interest and repay principal.
As of December 31, 2025, our investment portfolio consisted primarily of senior secured loans across 129 positions in 68 companies with an aggregate fair value of approximately $578.6 million. As of December 31, 2024, our investment portfolio consisted primarily of senior secured loans across 127 positions in 71 companies with an aggregate fair value of approximately $642.2 million. As of both dates, the majority of our portfolio comprised senior secured loans to lower middle market borrowers.
Quoted from its 10-K, filed 6 Mar 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Financials
- Industry
- Capital Markets
- Listed since
- 5 Dec 2012
- Head office
- 1450 Brickell Avenue, 31st Floor, Miami, FL, 33131
- Incorporated in
- DE
- Filer status
- Accelerated filer
Leadership
Pay as last reported
- Mr. John BolducChairman of the Board, since 2012
- Mr. Stuart AronsonChief Executive Officer, Director, since 2016
- Mr. Joyson ThomasChief Financial Officer
- Mr. Marco CollazosChief Compliance Officer
- Mr. Jay CarvellDirector, since 2012
- Mr. Rick FrierIndependent Director$74,341
- Mr. Ricky PuckettIndependent Director$112,500
- Mr. G. Stacy SmithIndependent Director$112,500
- Mr. John VolpeIndependent Director
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 0
- Environment
- 0
- Social
- 0
- Governance
- 0
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- WhiteHorse Finance Inc focuses on senior secured loans to lower middle market companies in the US Financials sector.
- The company's investment strategy includes floating interest rates based on LIBOR for three to six-year terms.
- H.I.G. WhiteHorse Advisers LLC provides expertise in originating and managing senior secured loan investments.
Weaknesses
- WhiteHorse Finance Inc is a non-diversified closed-end investment company with limited sector exposure.
- The company's reliance on LIBOR-based floating rates exposes it to interest rate volatility.
- The firm's focus on lower middle market companies may limit growth opportunities in larger markets.
Opportunities
- Expanding senior secured loan investments in the US lower middle market segment.
- Opportunities to increase mezzanine loan and equity interest investments within the Financials sector.
- Growth potential in the US Financial Services industry through strategic capital structure investments.
Threats
- Regulatory changes in the US Financials sector could impact investment strategies.
- Economic downturns in the US lower middle market may reduce loan demand.
- Competition from other Financial Services firms in the US market.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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