WhiteHorse Finance, Inc. Financial Summary

Complete Filing Data

WhiteHorse Finance, Inc. reported Stockholders Equity Including Portion Attributable To Noncontrolling Interest of $259.79 million for FY2025.

All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean WhiteHorse Finance, Inc. did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.

Income Statement

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Net Income Loss$14.3M$10.9M$20.4M$15.7M$30.1M$31.7M
Interest Expense$23.1M$27.9M$29.9M$21.9M$16.6M$13.1M
General And Administrative Expense$4.7M$4.4M$3.6M$4.0M$3.6M$2.9M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021
Net Income Loss-$556.0K$2.3M$4.3M-$6.9M$7.8M$6.0M$5.6M$3.9M$7.5M$3.8M$7.3M$5.7M$8.3M
Interest Expense$5.8M$6.1M$6.2M$6.9M$7.1M$7.3M$7.6M$7.3M$7.5M$5.6M$4.9M$4.8M$3.8M
General And Administrative Expense$1.2M$1.3M$953.0K$1.0M$1.2M$1.0M$774.0K$896.0K$1.1M$884.0K$1.1M$947.0K$896.0K

Balance Sheet

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Stockholders Equity *$259.8M$286.1M$316.8M$332.4M$349.8M$312.9M$313.0M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations$29.7M$27.8M$24.5M$26.3M$22.5M$15.9M$27.5M
Cash Held In Foreign Currency$405.0K$864.0K$1.2M$2.1M$469.0K$333.0K
Cash And Cash Equivalents At Carrying Value$7.0M$12.4M$10.7M$9.5M$12.2M$8.1M
Restricted Cash And Cash Equivalents$22.3M$14.5M$12.5M$14.7M$9.8M$7.5M
Repayments Of Long Term Debt$242.0M$153.2M$222.1M$175.4M$366.0M$209.9M
Debt And Equity Securities Unrealized Gain Loss$24.1M-$9.6M-$22.0M-$9.2M-$7.6M$3.3M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect$1.9M$3.3M-$1.8M$3.8M$6.5M-$11.6M
Amortization Of Debt Discount Premium-$3.6M-$4.1M-$4.5M-$5.6M-$6.8M-$3.4M
Retained Earnings Accumulated Deficit-$69.4M-$51.1M-$21.5M-$6.9M$10.6M
Restricted Cash And Cash Equivalents Noncurrent$22.3M$14.5M$12.5M$14.7M$9.8M
Qualifying Assets Required Of Acquiree At Time Of Acquisition Of Total Assets Percentage70.0%70.0%70.0%70.0%70.0%
Qualifying Assets Of Acquired Of Total Assets Percentage79.4%80.7%83.3%82.8%88.2%
Prepaid Expenses And Other Receivables$984.0K$1.0M$1.2M$1.2M$1.3M
Management Fee Payable$2.7M$2.9M$3.6M$3.9M$3.8M
Long Term Debt$323.8M$353.1M$386.4M$440.4M$476.0M
Liabilities And Stockholders Equity$615.1M$676.8M$730.8M$796.5M$851.0M
Liabilities$355.3M$390.7M$414.0M$464.1M$501.3M
Investments Of Net Assets Percentage222.7%224.4%219.7%228.8%234.2%
Investment Owned Percent Of Net Assets$2.23$2.24$2.20$2.29$2.34
Investment Of Total Assets Percentage94.1%94.9%95.3%95.4%96.3%
Interest Payable Current And Noncurrent$1.4M$1.8M$2.1M$2.8M$2.1M
Interest And Dividend Receivable$5.6M$5.6M$8.1M$7.8M$7.5M
Incentive Fee Payable$19.2M$17.8M$10.5M$5.6M$8.0M
Distribution Payable$5.6M$8.9M$8.9M$8.3M$8.2M
Common Stock Value$22.0K$23.0K$23.0K$23.0K$23.0K

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021Q2 2021Q1 2021
Stockholders Equity *$265.2M$274.8M$281.4M$296.9M$312.7M$313.8M$322.3M$325.3M$330.0M$343.0M$347.4M$347.9M$323.7M$319.6M$314.3M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations$45.9M$33.3M$19.6M$20.7M$21.8M$21.8M$29.8M$23.1M$22.2M$19.3M$18.6M$21.3M$16.6M
Cash Held In Foreign Currency$292.0K$299.0K$295.0K$873.0K$467.0K$467.0K$1.0M$2.0M$579.0K$17.0K$596.0K$556.0K$241.0K
Cash And Cash Equivalents At Carrying Value$9.5M$10.5M$11.4M$11.2M$12.9M$12.9M$10.6M$10.4M$11.7M$9.9M$9.2M$2.5M$9.6M
Restricted Cash And Cash Equivalents$36.1M$22.4M$7.9M$8.6M$8.4M$8.4M$18.1M$10.6M$9.9M$9.4M$8.8M$18.3M$6.7M
Repayments Of Long Term Debt$9.9M$34.9M$37.5M$58.2M
Debt And Equity Securities Unrealized Gain Loss-$2.2M$434.0K-$3.5M$15.7M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect-$8.2M-$3.6M-$4.0M-$1.2M
Amortization Of Debt Discount Premium-$940.0K-$1.1M-$1.1M-$1.3M
Retained Earnings Accumulated Deficit-$72.0M-$62.5M-$55.8M-$41.4M-$25.6M-$24.5M-$17.0M-$14.0M-$9.2M$2.7M
Restricted Cash And Cash Equivalents Noncurrent$36.1M$22.4M$7.9M$8.6M$8.4M$8.9M$18.1M$10.6M$9.9M$9.4M
Qualifying Assets Required Of Acquiree At Time Of Acquisition Of Total Assets Percentage70.0%70.0%70.0%
Qualifying Assets Of Acquired Of Total Assets Percentage80.9%83.3%83.1%
Prepaid Expenses And Other Receivables$1.5M$1.0M$964.0K$966.0K$1.0M$1.1M$874.0K$1.0M$989.0K$925.0K
Management Fee Payable$2.8M$2.8M$2.8M$3.0M$3.1M$3.1M$3.7M$3.7M$3.7M$3.9M
Long Term Debt$323.5M$363.2M$361.1M$352.8M$358.9M$390.3M$398.1M$424.7M$423.7M$431.0M
Liabilities And Stockholders Equity$626.0M$670.9M$678.8M$683.6M$703.2M$735.0M$746.5M$772.2M$781.0M$796.7M
Liabilities$360.8M$396.2M$397.3M$386.7M$390.5M$421.3M$424.3M$446.9M$451.0M$453.6M
Investments Of Net Assets Percentage231.3%222.2%227.0%
Investment Owned Percent Of Net Assets$2.14$2.29$2.31$2.20$2.11$2.22$2.19$2.24$2.27$2.23
Investment Of Total Assets Percentage95.9%94.9%95.9%
Interest Payable Current And Noncurrent$5.0M$1.5M$3.6M$3.7M$1.9M$3.9M$3.9M$2.8M$4.1M$3.8M
Interest And Dividend Receivable$6.1M$5.9M$5.5M$7.0M$7.8M$7.6M$7.4M$7.2M$7.5M$7.9M
Incentive Fee Payable$18.5M$17.7M$18.0M$15.9M$14.6M$13.2M$7.8M$5.1M$7.6M$4.3M
Distribution Payable$8.9M$8.9M$8.9M$8.9M$8.9M$8.9M$8.6M$8.6M$9.9M$8.3M
Common Stock Value$23.0K$23.0K$23.0K$23.0K$23.0K$23.0K$23.0K$23.0K$23.0K$23.0K

Cash Flow Statement

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Proceeds From Issuance Of Long Term Debt$39.7M$119.3M$132.2M$140.5M$357.8M$236.0M
Proceeds From Disposition Of Investments To Joint Venture$83.3M$59.2M$69.4M$83.5M$117.2M$80.4M
Proceeds From Disposition Of Investment Operating Activity$166.5M$186.3M$128.2M$239.6M$306.4M$133.4M
Payments For Purchase Of Investment Operating Activity$191.7M$207.3M$145.0M$280.1M$544.2M$302.7M
Net Cash Provided By Used In Operating Activities$77.3M$78.8M$90.4M$72.0M-$90.2M-$64.6M
Net Cash Provided By Used In Financing Activities-$75.4M-$75.4M-$92.1M-$68.5M$97.0M$53.0M
Increase Decrease In Prepaid Deferred Expense And Other Assets-$25.0K-$202.0K$37.0K-$133.0K$246.0K-$6.6M
Increase Decrease In Management Fee Payable-$272.0K-$663.0K-$265.0K$94.0K$412.0K$294.0K
Increase Decrease In Interest Payable Net-$429.0K-$248.0K-$705.0K$687.0K$217.0K$196.0K
Increase Decrease In Interest And Dividends Receivable$16.0K-$2.5M$335.0K$293.0K$989.0K$522.0K
Increase Decrease In Incentive Fee Payable$1.3M$7.4M$4.9M-$2.3M$1.8M$887.0K
Increase Decrease In Accounts Payable And Accrued Liabilities-$257.0K$52.0K-$240.0K-$109.0K$726.0K-$52.0K
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents$33.0K-$13.0K-$21.0K$290.0K-$298.0K$14.0K
Increase Decrease In Receivable For Investment Sold$12.0K-$231.0K$60.0K$283.0K-$4.7M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ1 2025Q1 2024Q1 2023Q1 2022
Proceeds From Issuance Of Long Term Debt$18.6M$38.7M$20.0M$50.0M
Proceeds From Disposition Of Investments To Joint Venture$17.0M$8.5M$25.9M$57.7M
Proceeds From Disposition Of Investment Operating Activity$20.5M$46.4M$22.3M$63.3M
Payments For Purchase Of Investment Operating Activity$47.2M$58.2M$37.3M$103.6M
Net Cash Provided By Used In Operating Activities-$7.0M$1.6M$21.8M$15.1M
Net Cash Provided By Used In Financing Activities-$1.2M-$5.2M-$25.8M-$16.6M
Increase Decrease In Prepaid Deferred Expense And Other Assets-$45.0K-$121.0K-$185.0K-$428.0K
Increase Decrease In Management Fee Payable-$99.0K-$479.0K-$149.0K$186.0K
Increase Decrease In Interest Payable Net$1.8M$1.8M$1.3M$1.5M
Increase Decrease In Interest And Dividends Receivable-$146.0K-$528.0K-$313.0K-$754.0K
Increase Decrease In Incentive Fee Payable$129.0K$2.7M$2.0M-$2.5M
Increase Decrease In Accounts Payable And Accrued Liabilities$320.0K-$585.0K-$928.0K-$1.3M
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents$29.0K-$17.0K-$12.0K$288.0K
Increase Decrease In Receivable For Investment Sold$1.6M$7.2M$60.0K$7.9M

Per-Share & Share Counts

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Net Asset Value Per Share$11.68$12.31$13.63$14.30$15.10$15.23$15.23$15.35$13.98
Common Stock Shares Outstanding22.2M23.2M23.2M23.2M23.2M20.5M20.5M20.5M
Weighted Average Number Of Shares Outstanding Basic23.2M23.2M23.2M23.2M21.2M20.5M
Weighted Average Number Of Diluted Shares Outstanding23.2M23.2M23.2M23.2M21.2M20.5M
Earnings Per Share Diluted$0.62$0.47$0.88$0.68$1.42$1.55
Earnings Per Share Basic$0.62$0.47$0.88$0.68$1.42$1.55
Common Stock Dividends Per Share Cash Paid$1.44$1.79$1.55$1.47$1.56$1.55
Common Stock Shares Issued22.2M23.2M23.2M23.2M23.2M
Common Stock Shares Authorized100.0M100.0M100.0M100.0M100.0M
Common Stock Par Or Stated Value Per Share$0.00$0.00$0.00$0.00$0.00

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q3 2021
Net Asset Value Per Share$11.41$11.82$12.11$12.77$13.45$13.50$13.87$14.00$14.20$14.76$14.95$14.99$15.46
Common Stock Shares Outstanding23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M20.9M
Weighted Average Number Of Shares Outstanding Basic23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M20.9M
Weighted Average Number Of Diluted Shares Outstanding23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M20.9M
Earnings Per Share Diluted$-0.02$0.10$0.18$-0.30$0.34$0.26$0.24$0.17$0.32$0.17$0.32$0.25$0.40
Earnings Per Share Basic$-0.02$0.10$0.18$-0.30$0.34$0.26$0.24$0.17$0.32$0.17$0.32$0.25$0.40
Common Stock Dividends Per Share Cash Paid$0.39$0.39$0.39$0.39$0.39$0.39$0.37$0.37$0.43$0.36$0.36$0.36$0.36
Common Stock Shares Issued23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M23.2M
Common Stock Shares Authorized100.0M100.0M100.0M100.0M100.0M100.0M100.0M100.0M100.0M100.0M
Common Stock Par Or Stated Value Per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Other Metrics

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Investment Company Dividend Distribution$33.3M$41.5M$36.0M$34.2M$33.4M$31.7M$31.7M
Unrealized Gain Loss Investment And Derivative Operating After Tax$23.8M-$8.4M-$23.2M-$7.3M-$7.5M$3.4M
Realized Gain Loss Investment And Derivative Operating After Tax-$35.6M-$18.0M$947.0K-$14.3M$8.8M$4.2M
Investment Income Operating After Expense And Tax$26.1M$37.2M$42.7M$37.3M$28.8M$24.2M
Unrealized Gain Loss Investment Derivative And Foreign Currency Transaction Operating Before Tax$23.8M-$8.4M-$23.2M-$7.3M-$7.5M$3.4M
Realized Gain Loss On Investment Derivative And Foreign Currency Transaction And Other Before Tax-$35.6M-$18.0M$947.0K-$14.3M$8.8M$4.2M
Net Investment Income$26.1M$37.2M$42.7M$37.3M$28.8M$24.2M
Management Fee Expense$11.1M$12.1M$14.7M$15.6M$14.0M$12.5M
Investment Income Operating Before Expense And Tax$26.8M$38.4M$43.7M$38.3M$29.8M$24.9M
Investment Excise Tax$662.0K$1.1M$965.0K$1.0M$1.0M$742.0K
Incentive Fee Expense$6.5M$9.3M$10.7M$7.1M$7.5M$7.6M
Gross Investment Income Operating$72.7M$92.8M$103.3M$87.5M$72.1M$61.7M
Foreign Currency Transaction Gain Loss Realized-$784.0K-$1.0K$950.0K-$310.0K$262.0K$70.0K
Administrative Fees Expense$683.0K$683.0K$683.0K$683.0K$683.0K$683.0K
Unrealized Gain Loss On Derivatives-$343.0K$63.0K-$40.0K-$3.0K
Realized And Unrealized Gain Loss Investment Derivative And Foreign Currency Transaction Price Change Operating Before Tax-$11.8M-$26.4M-$22.3M-$21.6M$1.3M
Foreign Currency Transaction Gain Loss Unrealized Excluding Investment Price Change Before Tax$33.0K$1.1M-$1.2M$1.9M$94.0K
Gain Loss On Sale Of Derivatives$602.0K$13.0K$27.0K-$3.0K-$25.0K
Realized Investment Gains Losses-$35.4M-$18.0M$5.7M-$14.0M$8.6M$4.1M
Line Of Credit Facility Increase Decrease For Period Net-$150.0K-$24.0K$509.0K$14.0K-$467.0K-$229.0K
Investment Company Payments Of Dividend Distribution$36.6M$41.5M$35.3M$33.1M$29.8M$31.7M
Interest Paid Net$22.3M$26.5M$29.0M$19.7M$14.2M$11.9M
Amortization Of Financing Costs$1.3M$1.7M$1.6M$1.5M$2.1M$1.1M
Investment Income Investment Expense$46.1M$54.5M$59.6M$49.2M$42.3M$36.8M
Investment Owned At Fair Value$578.6M$642.2M$696.2M$760.2M$819.2M
Investment Owned At Cost$607.6M$695.2M$740.0M$782.4M$832.0M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Investment Company Dividend Distribution$8.9M$8.9M$8.9M$8.9M$8.9M$8.9M$8.6M$8.6M$9.9M$8.3M$8.3M$8.2M$7.4M$7.4M$7.3M
Unrealized Gain Loss Investment And Derivative Operating After Tax-$4.9M$17.7M-$2.2M-$16.1M-$1.4M$788.0K-$5.4M-$6.4M-$3.9M-$6.2M-$2.9M$15.6M$732.0K$5.0M-$7.6M
Realized Gain Loss Investment And Derivative Operating After Tax-$1.8M-$22.0M-$402.0K$39.0K-$93.0K-$5.6M$211.0K-$289.0K$685.0K$230.0K$2.3M-$18.5M-$96.0K-$563.0K$8.2M
Investment Income Operating After Expense And Tax$6.1M$6.6M$6.8M$9.2M$9.3M$10.8M$10.8M$10.6M$10.7M$9.8M$7.9M$8.5M$7.6M$6.1M$7.6M
Unrealized Gain Loss Investment Derivative And Foreign Currency Transaction Operating Before Tax-$4.9M$17.7M-$2.2M-$16.1M-$1.4M$788.0K-$5.4M-$6.4M-$3.9M-$6.2M-$2.9M$15.6M$732.0K
Realized Gain Loss On Investment Derivative And Foreign Currency Transaction And Other Before Tax-$1.8M-$22.0M-$402.0K$39.0K-$93.0K-$5.6M$211.0K-$289.0K$685.0K$230.0K$2.3M-$18.5M-$96.0K
Net Investment Income$6.1M$6.6M$6.8M$9.2M$9.3M$10.8M$10.8M$10.6M$10.7M$9.8M$7.9M$8.5M$7.6M
Management Fee Expense$2.8M$2.8M$2.8M$3.0M$3.1M$3.1M$3.7M$3.7M$3.7M$3.9M$3.9M$4.0M$3.5M
Investment Income Operating Before Expense And Tax$6.3M$6.7M$6.9M$9.4M$9.6M$11.1M$11.0M$10.8M$11.0M$10.0M$8.1M$8.8M$7.9M
Investment Excise Tax$186.0K$186.0K$105.0K$294.0K$267.0K$292.0K$175.0K$250.0K$250.0K$195.0K$175.0K$224.0K$253.0K
Incentive Fee Expense$1.5M$1.6M$1.7M$2.3M$2.3M$2.7M$2.7M$2.6M$2.7M$1.0M$1.8M$1.4M$2.1M
Gross Investment Income Operating$17.7M$18.8M$18.8M$22.9M$23.5M$25.5M$25.9M$25.6M$26.2M$21.6M$20.0M$20.0M$18.4M
Foreign Currency Transaction Gain Loss Realized-$3.0K-$769.0K-$29.0K$29.0K-$8.0K$9.0K$528.0K$41.0K$361.0K-$6.0K-$61.0K-$281.0K-$206.0K
Administrative Fees Expense$171.0K$170.0K$171.0K$171.0K$170.0K$171.0K$171.0K$170.0K$171.0K$171.0K$170.0K$171.0K$171.0K
Unrealized Gain Loss On Derivatives$87.0K$21.0K-$20.0K-$9.0K-$16.0K$52.0K$31.0K-$12.0K$6.0K$10.0K$4.0K-$4.0K$187.0K
Realized And Unrealized Gain Loss Investment Derivative And Foreign Currency Transaction Price Change Operating Before Tax-$6.7M-$4.3M-$2.6M-$16.0M-$1.5M-$4.8M-$5.2M-$6.7M-$3.2M-$5.9M-$528.0K-$2.8M
Foreign Currency Transaction Gain Loss Unrealized Excluding Investment Price Change Before Tax-$8.0K-$10.0K$41.0K-$183.0K$146.0K$302.0K-$37.0K-$458.0K-$371.0K$1.7M$756.0K-$28.0K
Gain Loss On Sale Of Derivatives$303.0K$22.0K$9.0K$28.0K-$28.0K-$9.0K$4.0K-$7.0K-$8.0K$1.0K
Realized Investment Gains Losses-$395.0K-$5.6M$331.0K-$18.2M$562.0K
Line Of Credit Facility Increase Decrease For Period Net-$34.0K-$8.0K$162.0K$173.0K
Investment Company Payments Of Dividend Distribution$8.9M$8.9M$8.3M$7.7M
Interest Paid Net$4.1M$5.1M$5.8M$2.9M
Amortization Of Financing Costs$319.0K$422.0K$391.0K$367.0K
Investment Income Investment Expense$13.4M$13.9M$14.4M$14.9M$14.8M$15.2M$11.6M$11.9M$11.3M$10.5M
Investment Owned At Fair Value$568.4M$629.3M$651.0M$654.3M$660.0M$697.9M$706.8M$728.4M$749.2M$764.6M
Investment Owned At Cost$610.9M$666.8M$706.2M$707.1M$704.5M$740.9M$743.8M$760.0M$774.9M$773.4M

Most recent annual filing with the SEC: March 6, 2026

Data sourced from SEC EDGAR public filings as of August 6, 2026.