WHF - NASDAQ

WhiteHorse Finance, Inc.

WHF·NASDAQ

$6.76

+1.1%

Financial ServicesAsset Management

WhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth capital industries. It prefers to invest in United States. It typically invests between $5 million to $25 million in companies having enterprise value of between $50 million and $350 million.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$146.09M

EPS0.6200

P/E Ratio10.90

Earnings Date08/06/2026

19.28M

Operating Cash Flow

-76%

3Y-34.0%

5Y-21.0%

10Y-13.0%

57.99M

Investing Cash Flow

3Y+35.0%

5Y-165.0%

10Y-57.0%

-75.42M

Financing Cash Flow

3Y+10.0%

5Y-242.0%

10Y+169.0%

WhiteHorse Finance, Inc. Cash Conversion Engine

WHF · NASDAQ

FCF Components

Net Income26.77M

Depreciation & Amortization-24.10M

Stock-Based Compensation0.00

Change in Working Capital-3.04M

Others19.66M

Capital Expenditures0.00

Free Cash Flow19.28M

Cash Flow Quality Analysis

FCF Conversion Rate

72.0%

Moderate conversion rate. Some gap between earnings and cash flow may warrant investigation into working capital or non-cash items.

FCF Growth Trend

-75.5%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

-$3.04M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Solid cash generation: Positive free cash flow with reasonable earnings quality provides financial flexibility for growth investments, debt reduction, or shareholder returns.

WhiteHorse Finance, Inc. Cash Flow Statement

WHF • NASDAQ

WhiteHorse Finance, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012
OPERATING ACTIVITIES
Net Income	26.8M	10.9M	20.4M	15.7M	30.1M	31.7M	30.8M	57.3M	34.4M	31.3M	-2.8M	19.5M	19M	39.6M
Depreciation & Amortization	-24.1M	9.6M	0.0	0.0	0.0	0.0	-53K	433K	-8.1M	-4.8M	23.2M	2.6M	280K	-7M
Other Non-Cash Items	19.7M	45.3M	67.3M	14.8M	-6.9M	-11.1M	-118.9M	-28.2M	-20M	9.3M	-31M	-133M	-91.6M	31.9M
Change in Working Capital	-3M	13M	2.7M	-1.5M	7.1M	3.7M	-6.9M	1.5M	870K	-13.6M	6.1M	-28.9M	59M	-33M
Cash from Operating Activities	19.3M	78.8M	90.4M	29M	30.3M	24.3M	-95M	31.1M	7.2M	22.3M	-4.5M	-139.8M	-13.3M	31.4M
INVESTING ACTIVITIES
Purchase of Investments	-191.7M	(0.0)	(0.0)	-280.1M	-544.2M	-302.7M	-363.2M	-277M	-137.6M	-121.5M	-167.7M	(0.0)	(0.0)	-61.5M
Sale/Maturity of Investments	249.7M	186.3M	0.0	323.1M	423.6M	213.8M	249.4M	285.8M	120.6M	133.7M	135M	135.2M	169.5M	114.7M
Other Investing Items	0.0	-186.3M	0.0	0.0	0.0	0.0	363.2M	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	(58M)	(0.0)	(0.0)	(43M)	-120.5M	-88.9M	(249.4M)	(285.8M)	(120.6M)	(133.7M)	(135M)	(135.2M)	(169.5M)	(53.2M)
FINANCING ACTIVITIES
Net Issuance of Common Stock	-7.4M	0.0	0.0	-125K	37.5M	0.0	0.0	0.0	30.3M	0.0	44M	0.0	0.0	-13.2M
Net Issuance of Debt	-31.4M	-33.9M	-55.4M	-35.5M	89.3M	84.7M	123.9M	-5M	0.0	-2M	-3.5M	80.5M	-32.5M	141.3M
Cash Paid for Dividends	-36.6M	-41.5M	-35.3M	-33.1M	-29.8M	-31.7M	-33.2M	-29M	-26.4M	-26M	-21.3M	-21.2M	-17.4M	(0.0)
Share Repurchases	-7.4M	(0.0)	(0.0)	-125K	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-164M
Other Financing Items	0.0	0.0	-1.4M	250K	0.0	0.0	-1.9M	-2.3M	-1M	0.0	-3.6M	-810K	0.0	-3.3M
Cash from Financing Activities	-75.4M	-75.4M	-92.1M	-68.5M	97M	53M	88.8M	-36.3M	2.9M	-28M	15.6M	58.5M	-49.9M	124.7M
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	33K	-13K	-21K	290K	-297K	14K	-249.4M	-285.8M	-120.6M	-133.7M	-135M	-135.2M	-169.5M	-84.6M
Net Change in Cash	1.9M	3.3M	-1.8M	3.8M	6.5M	-11.6M	-6.2M	-5.2M	10M	-5.7M	11.1M	-81.3M	-63.2M	124.7M
Cash at Beginning of Period	27.8M	24.5M	26.3M	22.5M	15.9M	27.5M	33.7M	38.9M	28.9M	22.8M	11.6M	92.9M	156.1M	31.4M
Cash at End of Period	29.7M	27.8M	24.5M	26.3M	22.5M	15.9M	27.5M	33.7M	38.9M	17M	22.8M	11.6M	92.9M	156.1M
Free Cash Flow	19.3M	78.8M	90.4M	29M	30.3M	24.3M	-95M	31.1M	7.2M	22.3M	-4.5M	-139.8M	-13.3M	31.4M

SEC Filings

WHF - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 07, 2026	May 07, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 07, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 23, 2026	April 23, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 13, 2026	March 10, 2026	2026	View Filing
10-K 10-K 2025 FY FY	March 06, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	March 04, 2026	February 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 02, 2026	March 02, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 20, 2026	February 20, 2026	2026	View Filing
10-Q 10-Q 2025 Q3 Q3	November 10, 2025	September 30, 2025	2025	View Filing
8-K 8-K 2025 N/A	November 10, 2025	November 10, 2025	2025	View Filing

Showing 1 to 10 of 286 filings

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