WhiteHorse Finance, Inc.

WhiteHorse Finance, Inc. Earnings Recaps

WHF Financials 1 recap
Q3 2025 Nov 12, 2025

WhiteHorse Finance's third-quarter 2025 results show a decline in net investment income and NAV per share, leading to a prudent reset of the quarterly base distribution amid challenging market conditions.

Key takeaways
  • GAAP net investment income decreased to $6.1 million ($0.263 per share), down from $6.6 million ($0.282 per share) in Q2.
  • NAV per share declined by 3.6% to $11.41, impacted by $6.7 million in realized and unrealized losses.
  • The quarterly base distribution has been reset to $0.25 per share, equating to an 8.8% annualized yield based on NAV.
  • The adviser has voluntarily reduced the incentive fee from 20% to 17.5% for the next two fiscal quarters to support distributions.
  • A $15 million share buyback program has been approved to take advantage of the stock's discount to book value, currently over 40%.
Full recap